Wednesday, June 29 2022

© Reuters. BSV Global Blockchain Convention Opens With Powerful Keynote

By Makkie MacLang

The inaugural BSV Global Blockchain Convention being held at the Grand Hyatt in Dubai from May 24-26, 2022 began with a powerful keynote address from convention host Jimmy Nguyen. The three-day event is also live-streamed for everyone around the world to watch for free.

Nguyen, who is also the founding president of the BSV Blockchain Association, eloquently delivers a series of impassioned but common-sense statements that are hard to refute, delivering maximum impact to the audience.

The emcee begins by explaining the status quo of the digital asset market, listing everything that is wrong. There are currently over 10,000 coins on the market, and people don’t really know what they represent and what they can be used for.

Everyone can see this is a quick way to make some extra cash from cryptocurrency trading, while others are taking advantage of the great interest in cryptocurrencies, scamming people out of their hard-earned cash. . These negative events in the world of digital assets are what make it dark and illicit, what governments are now trying to regulate.

And amid price volatility, high transaction fees and network outages, the potential for good from blockchain technology, the bedrock of digital currencies, has seemingly faded. The goal of the BSV Global Blockchain Convention is to awaken individuals and businesses to the fact that there is a scalable blockchain that is actually useful because it is honest, efficient, and convenient.

“We are here today to help start the conversation here at a higher level about how to build a better blockchain world. And it starts by going back to the beginning of what gave birth to this industry, the creation of . But not the bitcoin you think of, BTC, which really isn’t bitcoin anymore,” Nguyen said.

“But the Satoshi Vision, BSV, which means using Bitcoin’s original protocol, letting it evolve massively to unlock its potential as peer-to-peer e-money, not just a speculative investment asset, and more – a distributed data infrastructure that has more than you thought Bitcoin could ever do. And so, to make blockchain really useful for everyone,” Nguyen added.

The Original Bitcoin Protocol and Design Nguyen then goes on to talk about the original Bitcoin protocol and design as written in the Bitcoin white paper written by Satoshi Nakamoto, who happened to be nChain’s Chief Scientist. , Dr. Craig S. Wright.

Bitcoin was created in order to overcome the fact that the Internet, as evidenced by the error code HTTP 402: payment required, did not have a native way to send payments between devices without going through intermediaries like PayPal (NASDAQ 🙂 and credit cards.

“And Satoshi solved that by using not the word ‘blockchain’, but a distributed ‘timestamp server’ to create a system where we timestamp events in history – sending one coin to another or data, sending and recording the sale of a vehicle, property from one person to another, stamped by date and time,” Nguyen explained.

“And then release it in a distributed way for the world to see and verify. And by not using just one person in the middle to process and validate transactions where they can control information and potentially cheat, but by many. And by having many nodes participate in updating this ledger and publishing the transaction history of timestamps by date and time for the world to see, it breeds honesty because the information is transparent,” added Nguyen.

And really, an honest and transparent network is what the world needs to solve many different problems, such as data manipulation, fraud, money laundering and other criminal actions. An honest system breeds not only efficiency, but also profit in the right hands.

Unlimited Scaling Brings Efficiency and Convenience It’s not enough for a blockchain to be honest and transparent if it can’t handle the data needs of the world. With the 4.66 billion internet users counted worldwide last year, it makes sense to deduce that 1MB chunks of data, like the limit BTC still has, and a maximum of seven transactions per second (tps ) will not suffice.

The popular blockchains, with only around 70 tps at fees ranging from a low of $3.80 to a high of almost $70, and , which are frequently plagued by bots blocking the network, will not suffice neither. And all of these problems are caused by the inability of their blockchains to scale. And that’s why BSV chose to restore the original Bitcoin protocol, to unlock its unlimited scalability.

“The thing is, Bitcoin’s design for the blockchain has always been capable of powerful use of data. People don’t think about it because what happened with the BTC network made it ineffective for pretty much everything,” the BSV Blockchain president revealed.

“But we are here today to inform you, and over the next few days, about the power of merging data, ‘bit’ and ‘coin’, money together and the power of the Bitcoin network at scale. with BSV to merge with the Internet to attach monetary value to data and do more. So if there’s one thing you’re implying from this convention, it’s that Bitcoin in the form of BSV is more than a speculative investment asset… Think of Bitcoin as a complete data system that will change the world for good,” Nguyen added.

Currently, Blockchain BSV is already processing 10 million transactions per day with 4 GB blocks and throughput of 50,000 to 100,000 tps, with average fees of 1/100 to 1/20 cent per transaction . The highest number of transactions was recorded on April 10 this year with 2.4 million transactions in a single 4GB block.

These numbers are indeed impressive and high, especially when compared to those of BTC and ETH. But that’s still not enough to handle the huge amount of data generated by the 4.66 billion internet users who spend an average of nearly seven hours a day online.

And that’s why unlimited scaling is extremely crucial for the global digital infrastructure, which means BSV Blockchain scales, terabyte-sized blocks and millions of tps at a fee of 1 /1,000 cents per transaction are possible in the future.

The Internet began with dial-up connections with speeds of just 56 kbps. Previously, it took over an hour to download an mp3 song. Today, Internet fiber allows speeds of up to 2,000 Mbps, and almost everyone with an Internet connection streams high-definition video.

If the Internet did not evolve, where would the world be today? Again, it only makes sense that these kinds of world-changing technologies can evolve to meet growing demands. And that’s why the same logic has been ingrained in Bitcoin since its birth.

“The thing is, Bitcoin’s design for the blockchain has always been capable of powerful use of data. People don’t think about it because what happened with the BTC network made it ineffective for pretty much everything,” Nguyen pointed out.

“If Satoshi wanted the Bitcoin network to stay at a small 1MB block added every 10 minutes of data, why did Satoshi integrate the original Bitcoin protocol and design an Opcode, OP-PUSHDATA4, one technical components of Bitcoin’s scripting language, which allows a person to push a file containing up to 4.3 GB of data into a single Bitcoin transaction,” Nguyen added.

BSV Blockchain’s constant scaling enables it to meet the demands of large enterprises from different types of industries, such as banking and finance, government, healthcare, supply chain, social media and marketing technology.

Blockchain technology can be used in ways that people have never imagined. For example, the BSV Blockchain Association is currently working with the Sindh Police Department in Pakistan to create time-stamped and verifiable data points that will allow it to verify ammunition inventory at different police stations in real time.

This innovative way of using blockchain is just one of countless ways this emerging technology can create a world of good. And this, and not the seemingly dark underworld of cryptocurrency, is the world that BSV is aiming for.

“I want to see a world where blockchain is actually useful, a world of peer-to-peer transactions, a world of micropayments, a world of digital money, a world where you can actually monetize your own consumer data, but a world that only moves with massive scaling to move us forward, a world that empowers every person in every country to trade in all global markets, to enjoy financial inclusion, to seek new jobs [and] new careers, to fulfill their potential, to control their own identity,” Nguyen concluded.

© 2022 Benzinga does not provide investment advice. All rights reserved.

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