Authors: Zhongben Garlic – Yuan Wei
For a currency to dominate more than 80% of the market, it needs to be ecologically competitive. Ecology means that there are a lot of applications on top of the currency, that is, a variety of “uses”. BCH has a very popular Memo app that is currently being used as a decentralized twitter app, and I don’t think it will stop there.
There are two views of BCH’s blockchain:
1. Global distributed ledger;
2, the global distributed pay network disk space, can be used to store all paid data, including books.
I personally agree with the second one, for the simple reason that BCH is a free world, and we cannot stop global users from breaking through various restrictions to use blockchain. The second one is obviously more free and grand than the first one, and someone will break through the restrictions of the first one. In fact, Op_Return and Memo are already a step beyond the ledger itself, allowing you to write any text message you want, not just the ledger.
From the perspective of development, text information is information, hyperlinks, magnetic links, photos, web pages, videos, all these are also information, as long as the money is in place, all information can be written into the block chain, the global payment network disk.
Someone might immediately say, “How can you just write this information, but you have to write a video? It’s bullshit. It’s impossible.” Ha ha, send you a picture, oneself experience:
If someone’s willing to pay for it, it’s going to impose a limit on how much information you can write in 10 minutes, that’s Core;
Core2.0, which imposes limits on what type of messages can be written every 10 minutes if someone is willing to pay.
Both are essentially the same kind of person, but the latter doesn’t know it.
I change another way: someone bought Baidu network disk space, the cost of 10 yuan a month, from then on day to day to call Baidu customer service, with them said: “Why are you so much for money, to provide for such a big space, why do you want to allow users to write any data, now IT technology is able to support you so wayward, hard disk is full of what to do, the network transmission speed is not enough to do, CPU and memory to support such a large scale of users to do, why do you want to allow users to upload photos, Are you crazy to allow videos?”
If I baidu customer service, I really wish to hand along the phone line stretch past, a anti smoke: “MY side is full of paying users, money to place peace of mind with, encountered hardware bottleneck I will certainly give you prices, you rest assured, actually for service providers to worry about, is really egg pain.”
Going back to Memo, if we accept that blockchain is a global distributed paid public space, then Memo will definitely pay to write more types of information in the future. So what kind of information are we willing to pay for? Two immediately come to mind:
1. The product introduction page of the underground market, because it is profitable;
2. Upload wedding photos or videos to BCH blockchain on wedding day, including all kinds of birthday photos and party commemoration. We’re willing to spend a lot of money on weddings, funerals (cemeteries) and birthdays, and in the future we might be willing to pay to store that information forever without worrying that Facebook or YouTube will go out of business someday. I have calculated that according to the current BCH price, the cost of writing 100K photo data is about 10 yuan. In the future, as hard drive technology evolves, that price will only get lower.
In other words, Memo is much more than meets the eye today.
Again, to change the way you think about blockchain, not just as a technology, not just as a project, not as a currency, not as a ledger, not as part of the existing Internet, but as a whole new Internet on top of the existing Internet. Blockchain is not 5% of the Internet, it’s Internet 2.0. It’s free, it’s safe, it pays, and it’s valuable because it pays.
The Internet is the Internet of information, which can deliver information at a very low cost.
BCH is the Internet of value information, which will deliver value at very low cost.
So there’s going to be a huge change in business models around the world, where the free economy is going to shrink dramatically, and the paid economy is going to rise, because everything can be priced, everything can be paid for, and don’t underestimate that, it’s going to be a very profound change in business models. One of the preconditions for the existence of the free economy, “cross-platform/website micro-payment is very inconvenient”, is likely to be completely solved by BCH.
Imagine getting a picture and paying 0.1 cents RMB; 0.1 points for agreeing with an idea. Is the free economy, which generates a lot of spam because it’s free, really attractive?
Finally, to repeat, all of these changes require two basic premises: open Op_Return space (need to be expanded) and extremely low commission (need to be expanded).
It’s not hard to tell which is more promising, Bitcoin Cash or Bitcoin Core, and which is more like the next tech revolution on the same scale as the Internet.