GenerEOS has initiated an interview series, and we kick-start this endeavor with an exclusive conversation featuring Ben Sigman, the CEO of Libre Blockchain. With over two decades of technology experience, Ben shares insights into Bitcoin Libre, its mission to simplify Bitcoin for everyday use, and its significance in regions like El Salvador. This marks the debut of our interview series, offering valuable insights into the cryptocurrency world and its practical applications.
What inspired you to start Bitcoin Libre, and what is the mission behind it?
The original mission of Bitcoin Libre was to make Bitcoin very easy to use for peer to peer transactions. It was specifically built for the “El Salvador Experiment” after pitching the idea of a decentralized wrapped ecosystem for Bitcoin to the government.
How has your 20-year experience in technology influenced your approach to developing Bitcoin Libre?
Absolutely, in terms of really considering user expectations. But I’ll add that what influenced me the most is the value of teamwork and the development of an upside-down pyramid style of leadership – with me at the bottom. Every day I ask myself “What can I do to support my team?”
Are there any specific countries or regions where Bitcoin Libre is seeing significant adoption or interest?
Argentina, El Salvador, Ukraine, Indonesia, and recently, USA.
What are the key challenges you believe the cryptocurrency industry still needs to overcome?
Usability is key. Bitcoin has such a high tolerance for bad UX… many Bitcoiners have a blind spot for how hard it really is for an average user to understand and use bitcoin.
How do you view the competition in the market for Bitcoin-related scaling solutions, and what makes Bitcoin Libre stand out?
In terms of usability – nothing comes close to what Bitcoin Libre provides – instant transactions, no fees, and simple interfaces. There are some technical developments coming up – such as zk-Rollups – but I don’t expect those to create a great user experience, if they do – Libre will integrate zk as well. Libre is very flexible.
What do you see as the most exciting developments on the horizon for Bitcoin Libre?
Several teams building exciting things – one team is building an upgraded MPC bridge, there is also a chrome plugin version of the wallet being built, and a complete reworking of Bitcoin Libre to also support importing of ETH assets.
What role do you believe governments and regulatory bodies should play in the cryptocurrency industry?
Governments should really be learning more and asking lots of questions. They should also have strategic reserves of Bitcoin.
How do you plan to expand the reach and impact of Bitcoin Libre in the coming years?
Bitcoin Libre is a great tool for any asset on Bitcoin – including ordinals and runes. Most users do not want to deal with 10-minute block times and UTXOs.
So, Bitcoin Libre is setting a new standard for usability, it is such a great tool for learning about first principles.
The Bitcoin Libre wallet can teach you:
- How to send and receive cryptocurrency
- What a wrapped token is (in this case, BTC, USDT, and other assets on the Libre chain)
- How to backup your wallet with a seed phrase
- How to login to a website and sign transactions using the account on your phone wallet
- How to use a decentralized currency exchange to swap from one token to another
- How to provide liquidity to a DeFi pool so vou can earn fees when others swap tokens there
- How to take pool tokens and stake them to earn governance tokens (LIBRE, in this case)
- How to claim staking rewards each day
- How to stake governance tokens
- How to vote on validators and DAO proposals using your staked governance tokens
- How to unstake your pool tokens and then convert them back to the original token pair you provided when you added liquidity to the DeFi pool
To learn more from Libre or connect with them directly you can do so with the links below:
This interview marks the beginning of GenerEOS’ insightful interview series, where we delve into the world of blockchain. If you’re interested in staking Libre tokens and understanding how governance works, we’ve got you covered with a detailed article that provides a deeper understanding of these topics.