By Makkie Maclang
The inaugural BSV Global Blockchain Convention being held at the Grand Hyatt, Dubai on May 24 to 26, 2022 has begun with a powerful opening speech from convention host Jimmy Nguyen. The three-day event is also being broadcasted live 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 passionate yet commonsensical statements that are hard to refute, providing maximum impact to the audience.
The master of ceremonies starts off by explaining the status quo of the digital asset market, listing off everything that is wrong with it. There are currently over 10,000 coins in the market, and people do not actually know what they stand for and what they can be used for.
All people can see is a quick way to earn some extra cash through cryptocurrency trading, while others are taking advantage of the high interest in cryptocurrencies, scamming people out of their hard-earned money. These negative occurrences within the digital asset world are what makes it seem dark and illicit—something that governments are now trying to regulate.
And amidst price volatility, high transaction fees and network crashes, the potential for good of blockchain technology, the foundation of digital currencies, has seemingly faded into the background. The BSV Global Blockchain Convention’s goal is to awaken both individuals and businesses to the fact that there is a scalable blockchain that is actually useful because it is honest, efficient and practical.
“We are here today to help start the conversation here at a higher level of how to build a world of blockchain that is better. And that starts with going back to the beginning to what birthed this industry, the creation of Bitcoin. But not the Bitcoin you think about, BTC, which is really not Bitcoin anymore,” Nguyen said.
“But the Satoshi Vision, BSV, which means using Bitcoin’s original protocol, letting it massively scale to unlock its potential to be peer-to-peer electronic cash, not just a speculative investment asset, and more—a distributed data infrastructure that has more than you thought Bitcoin could ever do. And therefore, to make blockchain actually 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 has been proven to be nChain Chief Scientist Dr. Craig S. Wright.
Bitcoin was created in order to make up for the fact that the Internet, as evidenced by the HTTP error code 402: payment required, did not have a native way to send payments between devices without going through intermediaries like PayPal 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—the sending of one coin to another or data, the sending and recording of the selling of a vehicle, a piece of property from one person to another, timestamped by date and time,” Nguyen explained
“And then publishing it in a distributed manner for the world to see and verify. And using not one person in the middle to process and validate the transactions where they can control the information and potentially cheat, but by many. And by having many nodes participate in the updating of this ledger and by publishing the transaction history of timestamps by date and time across for the world to see, it breeds honesty because there’s transparency to the information,” Nguyen added.
And truly, an honest and transparent network is what the world needs in order to resolve many different issues, 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.
Limitless Scaling Brings Efficiency and Practicality
It is not enough for a blockchain to be honest and transparent if it cannot handle the data needs of the world. With the tallied 4.66 billion Internet users around the world last year, it is but commonsense to deduce that 1MB data blocks, like the limit that BTC still has, and a maximum of seven transactions per second (tps) will not cut it.
Popular blockchains Ethereum, with only about 70 tps at fees that range from a low of $3.80 to a high of almost $70, and Solana, which is frequently plagued with bots that crashes the network, also will not do. And all of these problems are caused by their blockchains’ inability to scale. And this is why BSV opted to restore the original Bitcoin protocol—to unlock its capability for unbounded scaling.
“The point is, Bitcoin’s design for blockchain was always capable of powerful data usage. People don’t think about that because what happened with the BTC network rendered it ineffective for virtually anything,” the BSV Blockchain President revealed.
“But we are here today to educate you, and over the next couple of days, about the power of fusing 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 to do more. So, if there’s one thing you leave this convention understanding is that Bitcoin in the form of BSV is more than a speculative investment asset… Think of Bitcoin as an entire data system that will change the world for good,” Nguyen added.
At present, the BSV Blockchain is already processing 10 million transactions a day at 4GB blocks and throughput of 50,000 to 100,000 tps, with average fees of 1/100 to 1/20 of a cent per transaction. The highest number of transactions has been recorded on April 10 of this year at 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 it is still not enough to handle the massive amount of data generated by the 4.66 billion Internet users who on average, spend almost seven hours a day online.
And this is why limitless scaling is extremely crucial to the world’s digital infrastructure, meaning as the BSV Blockchain scales, terabyte-sized blocks and millions of tps at fees of 1/1,000 of a cent per transaction are possible in the future.
The Internet started out with dial-up connections with speeds of just 56 kbps. It used to take more than an hour just to download an mp3 song. Now, fiber Internet allows speeds of up to 2,000 mbps, and almost everyone with an Internet connection is streaming high-definition videos.
If the Internet did not scale, where would the world be today? Again, it is but commonsense for these kinds of world-changing technology to be able to scale to meet increasing demands. And this is why the same logic is embedded in Bitcoin since its birth.
“The point is, Bitcoin’s design for blockchain was always capable of powerful data usage. People don’t think about that because what happened with the BTC network rendered it ineffective for virtually anything,” Nguyen pointed out.
“If Satoshi intended the Bitcoin network to remain at a tiny 1MB block added every 10 minutes of data, why did Satoshi put into the original Bitcoin protocol and design an Opcode, OP-PUSHDATA4, one of the technical components in the script language of Bitcoin, which allows a person to push in a single Bitcoin transaction a file of up to 4.3GB of data,” Nguyen added.
BSV Blockchain constant scaling allows it to meet the demands of big businesses from across 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 people have never imagines. For instance, the BSV Blockchain Association is currently working with the Sindh Police Department in Pakistan in creating timestamped and verifiable data points that will allow it to check in real time ammunition inventory in different police stations.
This innovative way of using the blockchain is but one of the innumerable ways this emerging technology can create a world of good. And this—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 cash, 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 allow them to trade in every global marketplace, to enjoy financial inclusion, to pursue new jobs [and] new careers, to fulfill their potential, to control their own identity,” Nguyen concluded.