Through a tweet, Cameron justified his position:
“Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that’s really just the beginning…it’s digital gold, source of truth, etc…”
Cameron’s wrangle extends beyond the well known facts used by crypto enthusiasts to back Bitcoin. This includes correlating the dearth of the precious metal with Bitcoin’s limited supply to stress the cryptocurrency’s position as a digital store of value.
While acknowledging the point of view, he underlines the innovative potential of the numero uno crypto’s open-source software, which creates a decentralized electronic public document of dealings that is unalterable, safe and anonymous – technically referred as shared, single Source of Truth (SOT).
In information technology sector, a SOT is used to symbolize a trusted information source that offers a total image of the data object en bloc. This strong and trustless structure for guaranteeing data integrity among a huge network of partakers is the underlying platform for the asset’s distinct promise.
Cryptocurrency enthusiasts had earlier unconditionally blended these two ideas (dearth and integrity), specifically relating to the fraud issue that gripped the gold sector this summer.
This August, almost 1,000 dubious gold kilogram bars were discovered in the vaults of top banks such as JP Morgan Chase, with several more believed to be in circulation.
As one cryptocurrency argued at the time:
“Would you accept gold as payment from someone you didn’t trust, without verifying the weight and purity of the gold before shipping your products to them? Think of a Bitcoin full node as a ‘fake Bitcoin detector’ — all you need to verify ‘purity’ of your Bitcoin is a Raspberry Pi.”