JHL, former Google engineer, explained the utility of Bitcoin, as well as the greatest crypto assets for investment at the recent DCentral Miami conference.
The recent DCentral Miami conference brought together some of the sharpest minds in the cryptocurrency sector to discuss ideas.
JHL stated that there are many other tokens or initiatives that have more usefulness than the flagship digital asset when discussing what may replace Bitcoin as a store of wealth. This sparked a debate about whether BTC has any inherent worth because it accomplishes nothing; others argue that because it has no use, it should be valued at zero.
JHL replied :
“It’s an interesting question. I think you know there are things that came before Bitcoin that might be in a similar position like some say gold and those things are obviously very valuable now. So I think that doesn’t necessarily mean the Bitcoin price should be zero.”
In terms of transaction speeds and prices, the contributor stated that Bitcoin “will always be one of the fastest to transact and one of the cheapest” since whichever blockchain or collection of blockchains wins the race, those blockchains will likely have some method of bridging Bitcoin to them.
He continued, saying:
“You can’t say the same thing will be true about any other token. It’s just because Bitcoin is so big and so well adopted now that I think any blockchain that comes about will likely have a big bridge from Bitcoin to that blockchain.”
As an engineer, JHL was asked what features distinguish a project and suggest that it has development potential for investors. He said that long-term sustainability in the protocol is what investor should be looking for, ensuring that it can earn revenues for itself and, as a result, justify its own pricing. He thinks that the best two protocols to look at in this area are Uniswap and SushiSwap.
The former Google developer stated that there are costs connected with Uniswap; however, those payments are only given to the Liquidity Provider, and as a consequence, the Uni token does not generate fees for its holders; rather, the Uni token is utilized as a governance token.
In contrast, the Sushi token he mentioned earns fees, which are allocated to Sushi token holders via the X Sushi staking process.