8btc Founder Chang Jia Discusses the Bitcoin Ecosystem and the Bytom Project

HANGZHOU, China, Sept. 1, 2017 /PRNewswire/ -- 8btc founder Chang Jia was recently interviewed by Tuoniao.fm (Q: Tuoniao.fm, A: Chang Jia).

Q: As an early bitcoin adopter, can you imagine a world where bitcoin is widely used?

A: Once bitcoin is widely adopted, international traders won't need to wait several days for a bank wire to clear. Once completing bitcoin's six confirmation steps, the international remittance will be received. Wills, musical works, screenplays, academic papers and other copyrighted statements that need proof of existence can be maintained on blockchain. Even if you don't want to use bitcoin as a means of exchange, you can use the bitcoin blockchain to transfer money and exchange bitcoins for US dollars and euros.

Q: What is the difference between 8btc's Bytom and other ICOs? What are its application scenarios? What is its direct commercial value?

A: The leading differentiator with Bytom is that its project team and product orientation did not appear out of thin air. Members of the team are early adopters of blockchain who have been engaged in the sector for many years. Bytom is designed to solve real commercial needs.

Bytom's application scenario will be focused on the registration and transfer of assets. Other public chain platforms are like Schweizer Messer that can be used in many business applications, whereas Bytom isĀ more specific holding assets, including income rights, equity and securitized assets. The commercial value and advantages of blockchain technology when applied to assets are clear. For example, Bytom can provide transparent standards and auditing. Smart contracts leave permanent public records on Bytom, eliminating asymmetric information. The records cannot be changed or deleted. Traditional payment means and auditing firms are unable to attain such a high level of trust and security. Traditionally, the issuing of securitized assets must seek the support of a securities firm. These companies can only seek a subscription from an investor after they have signed a fundraising contract with a securities intermediary and complete a cumbersome application procedure.

Q: Will blockchain technology change the world in the same what that the internet did? Why?

A: Blockchain is absolutely an epoch-making technology. We see it as dominos in reverse and bitcoin is just the first domino that has stood up. It means we are finally building a bridge between the world of atoms and the world of bits where we can manage competitive resources. In the past, we struggled to prevent resources online from being replicated, or protect data from being tampered with or lost. From processing information to processing value, centralized server to peer-to-peer networks, TCP/IP to a decentralized consensus mechanism, big data and credit checking services dominated by oligopolies to managing our assets and credit by ourselves with a private key, more and more of these dominoes will take their place in the blockchain ecosystem. This is not only a technological innovation, but also an innovation in terms of concept and business logic.

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