Theory of possible crypto future was explained by the former developer of Bitcoin, Gavin Andresen. Bitcoin transactions don’t happen on the BTC Network in the year 2061, a theoretical situation for BTC Network.
Gavin Andresen, a former Bitcoin developer after the departure of Satoshi Nakamoto, was the lead maintainer of the software. Mike Hearn testifies that he received an email from Satoshi that he was moving to other things but the software is in good hands of Mike and his team. However, he is not leading the software anymore.
Theory of possible crypto future:
Gavin wrote a blog about the Theory of possible crypto future asking the readers that consider it a piece of science fiction but also mentioning that of all possible futures it has a good chance of happening.
He starts his blog post by asking the users to imagine that it is the year 2061. BTC has a price of $6 million, equal to $1 million 2021 dollars because of inflation. Miners are getting as high rewards as 0.006103515625 BTC per block and transaction fees of 5 BTC for 4000. Transactions are also not happening on the BTC network. Most BTC is locked away and mirrored on another chain as wrapped.
People moved their BTC either because they want faster transactions, lower fees, more privacy, or want to invest their BTC in decentralized financial stuff. Or maybe all of the above. The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders (centralized exchanges, central banks, and the decentralized multiparty computation addresses that hold all the wrapped coins).
Gavin also mentioned that there will be no BTC in the supply because whales maintain the BTC network forever. These people will realize in 2100 that there is no mining reward and the number of transactions happening is very low. So, they reach the decision of simply shutting it down.
This is how Gavin has explained the Theory of a possible crypto future. He believes that this theory is most probably to happen in the coming days. For more content please click here.