Paul: Bitcoin 2.0 applications cannot be ignored

Bitcoin angel investor and entrepreneur Roger Ver (also known as Bitcoin Jesus) said that one of the most exciting developments in the Bitcoin space this year was Truthcoin, a Bitcoin sidechain designed by Yale economics researcher Paul Sztorc (who is also one of the advisors to the decentralized prediction market Augur), which is described as a peer-to-peer oracle system and prediction market, but this Bitcoin 2.0 application has always been overlooked in the past.

“I don’t think many people in the world can create something as great as Truthcoin. Before I met Paul, I had heard about some of the benefits that decentralized prediction markets could bring, so after meeting Paul, I decided that he seemed to be the right person to do this, so I chose to participate in this matter.”

Not an empty promise

Paul has stated that he will not conduct any kind of crowdfunding for Truthcoin because there is no actual product behind it. In addition, Paul also expressed his disapproval of previous Bitcoin 2.0 crowdfunding. The creator of Truthcoin insists on not conducting any crowdfunding activities unless the Truthcoin software is built, tested, and has been successfully running for more than 3 months without any hard forks in the middle.

It should be noted that anyone who endorses the Truthcoin network can do this. Any crowdfunding campaign for this project will likely involve the sale of votecoins, which people can use to vote on the outcomes of some real-life events. Votecoin holders who honestly reflect the outcomes of events can receive rewards from the fees generated by participants in a particular prediction market.

In addition to the above possible crowdfunding form, the profit model of this project also includes the expected increase in the price of Bitcoin for digital currency holders.

When will Truthcoin be available?

In an email to Bitcoin Magazine, Paul pointed out that Truthcoin is currently just a test network of altcoins with only two people running nodes. In fact, Truthcoin has not really taken shape yet.

Currently, votecoin is still in its infancy and therefore has no value, similar to the Bitcoin testnet. Paul also talked about how to make Truthcoin a Bitcoin sidechain as soon as possible.

The Truthcoin team has not yet had time to work on sidechain compatibility, and Paul mentioned that this may affect early testing.

Paul also did not want to reveal the release date as he does not agree with such predictions. In the past, Paul has made fun of predictions made by the prediction market fairlay.com for Ethereum’s release, which predicted that Ethereum would not be released until after August, but turned out to be far from the original release date.