“Source of truth”: Winklevoss says that Bitcoin is more than digital gold

“Source of truth”: Winklevoss says that Bitcoin is more than digital gold
NEWS
Cameron Winklevoss, half of the family office with the same name Winklevoss Capital and co-founder of the Gemini cryptocurrency exchange, says that the possibilities of Bitcoin (BTC) go beyond digital gold.

In a tweet published on October 23, Cameron argued that:

“Since Bitcoin is open-source software, its possibilities are unlimited. I often speak of gold as a target market, but that is only the beginning .... it is digital gold, a source of truth, etc ... ”

A single shared "source of truth"
Cameron's argument aims to go beyond the common Bitcoin analogy with gold, whose advocates compare the scarcity of precious metal with Bitcoin's finite offer to emphasize the role of cryptocurrency as a value digital store.

While accepting this perspective, its emphasis is placed on the revolutionary potential of cryptocurrency open-source software, which establishes a decentralized digital public registry of transactions that is immutable, secure and anonymous: a source of shared and unique truth.

In information systems, a Source of Truth (SOT) is a term used to denote a reliable data source that gives a complete picture of the data object as a whole.

This robust and untrusted model to ensure data integrity among a massive network of participants is, then, in Cameron's opinion, the basis for the unique promise of the asset.

Uproot falsehood
The cryptocurrency commentators had already implicitly linked these two perspectives, on scarcity and integrity, particularly in response to the counterfeit crisis that hit the gold industry this summer.

This August, approximately 1,000 bars of fake gold were found in the vaults of major banks, such as JPMorgan Chase, and it is likely that many more have been in circulation.

As a cryptocurrency argued at that time:

“Would you accept gold as payment from someone you don't trust, without checking the weight and purity of gold before sending your products? Think of a complete Bitcoin node as a “fake Bitcoin detector,” all you need to verify the “purity” of your Bitcoin is a Raspberry Pi. ”