While most people are still looking to use newly released technology at some point, inventors are already working on their next big thing. And the same can be said for nString Chief scientist and creator of Bitcoin, Dr. Craig S. Wright, who can usually be found creating new patents or reading one of his 50,000 books.
One of Dr. Wright’s traits is his remarkable foresight when it comes to technologies like the internet and cybersecurity. Dr. Wright recently presented to the standards committee of the Institute of Electrical and Electronics Engineers. The subject: IPv6 and blockchain.
In this special episode of The Bitcoin Bridge, Dr. Wright shares for the first time ever the presentation he gave to a panel of industry experts deciding the future of the internet. Host Jon Southurst also explores what the scientist has been up to since his historic victory in Florida court late last year.
Speaking of remarkable foresight, the Internet Engineering Task Force (IETF) has been working on Internet Protocol Version 6 (IPv6) since the early 1990s. And it was this collection of standards that Dr. Wright had in mind. when he was still creating Bitcoin.
“When I first released bitcoin ironically IPv6 was part of the protocol,” he told The Bitcoin Bridge. “It’s been taken down and I’ve listened to people telling me no one can handle it, so it’s a security issue at the moment, blah blah blah.”
In hindsight, trusting these people was apparently a bit of a mistake.
“I was dumb enough not to think those guys had a different agenda than mine,” Dr. Wright said.
The scientist then explained why he believed IPv6 was the appropriate protocol to partner with blockchain technology, citing several reasons. One of them is the ability to pass through firewalls without network address translation (NAT), which works by blocking internet traffic unless a device on the private network requests it.
Another reason is IP-to-IP transfer, which he explained is one of the key aspects of how Bitcoin is supposed to operate, grow and evolve. Dr. Wright specifically highlighted how Simplified Payment Verification (SPV) works, a concept he described in the Bitcoin White Paper.
“It’s not supposed to be Alice sends to miners who send to another miner who ultimately sends to Bob,” Dr. Wright explained. “It’s supposed to be sent by Alice to Bob, and Bob and Alice can communicate and set up whatever information they need.”
In practice, he explains, both parties to a transaction can agree on invoices and exchange contract information before updating the blockchain with the completed transaction.
This scenario, which requires no intermediaries, is a key concept in how Bitcoin and the blockchain work.
“IPv6 was instrumental in this early on, allowing any number of machines to connect directly,” Dr Wright said. “IPv4 is problematic because although there are four billion IP addresses in IPv4, only 2 billion of them are actually usable.”
‘That’s pretty much all IPv6 now’
While IPv6 developed quite early, Dr Wright said it took a long time to get to where it is today. He pointed out that Google hosted IPv6 Day just a few years ago, and it was also fairly recently that the backbone of the Internet began to move to IPv6.
Now, the protocol suite is finally gaining more traction than ever.
“It’s almost all IPv6 now,” Dr. Wright said. “There are a lot of reasons for this, including ones that most people don’t think of.”
An important part of what the chief scientist of nChain discussed before the IEE is how to use Bitcoin and IPv6 as well as how to integrate transactions natively. In his presentation, Dr. Wright gave several use cases as an example of the potential of integration:
Web servers can easily integrate Bitcoin IP transaction functionality to charge clients for access.
IP transactions would be useful when making a payment to someone near you or on the same local network link.
The system can be used for any type of messaging, including email.
- Public transport terminals
The concept of making Bitcoin payments directly to an IP address is particularly powerful in scenarios where automated tasks are performed by electronic devices, which each have an associated IP address.
Overall, Dr. Wright told The Bitcoin Bridge that his presentation was incredibly well received and that all attendees were interested not only in integrating IPv6 with blockchain, but also in next-gen solutions. .
These “next-gen” solutions include mesh networking, wireless mesh networking, 5G, and remember what we said about remarkable foresight? Some companies that attended Dr. Wright’s presentation were even already interested in 6G integration for even faster pathway to the future.
“There’s only one protocol that does that.”
Asked about the likelihood of the standards committee actually following through on its recommendations, Dr. Wright said members were extremely interested in blockchain integration.
This is because the blockchain has an unalterable record of all interactions, information that hackers cannot simply delete.
“It makes a lot of sense from a safety perspective,” Dr. Wright explained. “It makes perfect sense to integrate the Internet of Things, devices based on the Industrial Internet of Things.”
The scientist added that although there are currently over 100 different IoT standards, part of the ongoing effort is to try to integrate them and start moving towards a single methodology.
“As with Wi-Fi and other methodologies, people have started to move towards one way of connecting. So over time, what we’re hoping to see is that all of that migrates. And the good thing we have is that it’s going to bring more and more connectivity, more and more access, and to be honest, there’s only one protocol that does that.
Bitcoin creator and nChain chief scientist Dr. Craig Wright discusses all this and more on The Bitcoin Bridge. Watch this special episode on the CoinGeek YouTube Channel to see his full IEEE presentation and to hear exactly what he has to say about his tech industry critics.
New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.