The shackles are off for Bitcoin SV (BSV). bComm Association Founding President Jimmy Nguyen recently joined our CoinGeek’s Stephanie Tower to talk about how BSV is evolving with increase OP_RETURN limits, increased block sizes, and enterprise applications for the only protocol to follow Satoshi’s original vision.
One of the recent exciting changes to the BSV blockchain has been the increase of the OP_RETURN. The data size limit of OP_RETURN has been lifted without forcing a hard fork. Instead, it was achieved by allowing miners to decide what size they wanted to accept. Nguyen sees this as confirmation that BSV is on the right path. He commented:
“It’s real validation for us that the path we chose to follow with Bitcoin SV, the Satoshi Vision, lifting the limits, letting it scale as big as possible, was right, and developers would think of amazing new usages of Bitcoin if you just give them the potential unlimited power to do so.”
Nguyen is quick to point out what this means for enterprise usage as well. He says, “This is the signal, the start of Bitcoin SV becoming the world’s new data carrier network. Where the blockchain can be used to store and transmit data of all kinds.”
When asked how enterprises could potentially use the BSV blockchain, the bComm Association founding president is full of examples. “A good example is just seeing that you can create essentially a version of Dropbox on Bitcoin SV, where data of all varying types and sizes can be stored on the blockchain, miners will get paid fees for it, it’s much cheaper,” he points out as one example. He continues, “If I’m a big enterprise, one of the things I’d be thinking about are, what kinds of data could I store on the Bitcoin SV blockchain that I’d want to be able to pair with the ability to access, or give access to that data to other people, in exchange for micropayments. Instead of having large volume fees, you could individualize the access to data. And I think that opens up a whole new world of business models.”
Stability is an emphasis of BSV, and Jimmy Nguyen believes that hard forks are a thing of the past. “No more developer fights, please. No more protocol fights,” he says. “That’s part of our path of Bitcoin SV. Restore the original Satoshi protocol, keep it stable, leave it alone. Lift the limits and let developers build on top of the chain and that will unleash creativity with no bounds.”
The focus is really on massive on chain scaling, and in that area, BSV continues to progress in leaps and bounds. “There have been individual blocks mined on Bitcoin SV on the live network, of 64MB, 65MB in size, and on January 3rd of this year, 103MB in size,” Nguyen points out. “Their next step is to plan a public stress test on the live network to show that this can be done on actually the live network. And they’re confident that with increased work on the solutions to improve block and transaction propagation, they can demonstrate BSV has the capacity for even bigger than 128MB blocks on a sustained, repeated basis. “
The ambitions for BSV are much bigger, and Nguyen hopes that current block sizes will one day be considered small. He concludes, “The plan is, on Bitcoin SV, to raise the default block cap to 512MB as another step towards getting to 1GB to 2GB in size. And one day, much like Op Return, no limits. I think that’s our message. We believe in Bitcoin, #NoLimits.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.