Bill Barhydt, CEO and founder of the exchange and digital wallet app Abra, said he sees Bitcoin Blockchain (BTC) as difficult to mass accept the asset as a store of value given the technology. Stream of the same.
“Bitcoin can certainly be scaled today by third-party providers such as exchanges and wallets such as Abra or other so-called second-tier technologies such as Lightning (Network) outside the chain.” said Barhydt according to Cointelegraph on July 15th.
“In this way, the scalability of Bitcoin is likely to be unlimited. However, Bitcoin still does not have the scalability required to be used by billions of people as a value chain.”
Larger block size for chain scaling
Earlier reports revealed Bitcoin’s vision of Barhydt as a store of value, similar to gold, which took an increasingly less correlated price path compared to mainstream markets. However, mass acceptance as a global store of value obviously requires the ability to deal with high user traffic.
Over the years, Several industry participants have proposed larger blocks to address transaction speed issues. Bitcoin Cash (BCH) remarkably separated from BTC in 2017, Debate about larger block sizes like the answerwhile others were looking Second layer solutions, How the Lightning Network to solve the problem.
Barhydt’s comments show her trust in second-tier solutions. although he mentioned Larger blocks for scaling the bitcoin chain. “To scale billions of people in chains, new technologies and dramatically increased block sizes are required,” he said. “Bitcoin may only scale off-chain to meet the needs of the masses in the future.” noted and added: “We will see”.
The application of Abra uses the blockchain of each asset
With Over 100 different crypto assets available on your platform, Abra supports multiple blockchains. “The digital assets found in Abra’s system today are 100% native,” explained Barhydt. “They use every platform on which every single digital asset of the approximately 100 digital assets that our Abra application supports is created.” added and noted the existence of custody of assets by third parties that have been coordinated in connection with the application.
In the future, after a $ 5 million investment from the Stellar Development Foundation (SDF) in May 2020, Open toHora also wants to offer conventional banking features based on the Stellar blockchain, Barhydt explained.