Bitcoin SV Node project receives CHAINSIGHTS Award for Blockchain Technology Breakthroughs of 2019

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Bitcoin Association Founding President Jimmy Nguyen accepted a CHAINSIGHTS award in Beijing on behalf of the Bitcoin SV Node project, which was feted as one of the Blockchain Technology Breakthroughs of the year. The award recognizes blockchain applications that “took the lead in combining blockchain technology with actual application scenarios in 2019.” The Bitcoin SV Node is a project of the Bitcoin Association, the global industry organization which advances Bitcoin SV; its lead developer is Daniel Connolly and technical director is Steve Shadders, and they lead work by a strong development team at nChain.

The honor was presented at the red-carpet EDGE Awards hosted in conjunction with the T-EDGE technology conference.  The event is one of biggest technology summits in China, organized by Chinese tech media outlet TMTPost and blockchain news and data provider ChainDD. It comes just one day after the Bitcoin Association successfully hosted its first BSV China conference in Beijing where Nguyen was a featured speaker along with Bitcoin creator Dr. Craig S. Wright.

The winners were chosen after a public poll, and then final selection by a special judging panel. The award focused on projects that create a big breakthrough in key technology, and applications that create easier and optimized solutions for blockchain use.

This year, the Bitcoin SV Node project’s work has focused on technical improvements to achieve massive scaling of the Bitcoin network—which was Bitcoin’s original “Satoshi Vision.” The BSV network now regularly surpasses BTC for more daily transaction volume and bigger average block sizes. Last week, for the first time, the BSV network also surpassed Ethereum in 24 hour transaction volume on certain days—reaching over 850,000 transactions in 24 hours. BSV is the only blockchain project seeking to massively scale to support high transaction volume, keep fees super low to enable micropayments and microtransactions, and provide bigger data capacity for enterprise uses.

Li Feifan, CEO of ChainDD, remarked: “We were honoured to host the BSV team in China for our T-EDGE conference and awards. BSV is attracting much attention in China. And Dr. Craig Wright and Jimmy Nguyen’s appearances in Beijing these past few days ignited a crazy tornado of excitement in the CHAINSIGHTS online community and at the T-EDGE conference.”

China is recognizing the power of BSV’s technical achievements for blockchain scaling. This past week, Nguyen and Dr. Wright have taken a power-packed trip to Beijing, giving lectures to students at Asia’s #1 ranked Tsinghua University, as well as doing speaking appearances and meetings with business and technology representatives. Joining them are Bitcoin Association’s China team – China Manager Lise Li and China Ambassador Lin Zheming, CEO of Mempool.

Legal mind promotes a business friendly Bitcoin message

There’s no doubt Nguyen has been one of Bitcoin’s most prominent and energetic advocates. As Bitcoin Association president, he has spent much of the past year travelling the world and appearing on many stages to deliver Bitcoin SV’s message of massive scaling, real business use, true economic benefits, protocol stability, and legal compliance.

A former digital technology lawyer since the 1990s, Nguyen worked with many businesses to navigate early growth of the Internet economy. With that experience, Nguyen highlights that Bitcoin—like the Internet—will only achieve global usage by winning business and government support with a legally responsible approach.

This message is making Bitcoin, as Satoshi Nakamoto originally intended it, far more appealing to large enterprises, institutional investors and world governments. After years of unfulfilled promises and uncertainty over how Bitcoin should actually function, many investors and potential enterprise users had backed away. This had a negative impact not only on Bitcoin adoption, but also its unit value.

China’s leadership in blockchain

China has been a leader in the blockchain industry for years – including for mining and mining hardware, and application development. Recently, China’s President Xi Jinping gave a high-profile speech recognizing blockchain as one of the core innovative technology sectors that China should lead.

TMTPost was founded in 2012, and has become one of China’s leading business and technology media sources. It publishes in both Chinese and English.

ChainDD spun off from TMTPost in 2018, and is a blockchain news and data provider. It is the number 1 blockchain-related news app in China, and has also launched US operations to expand its global presence.

Editor’s note: This article has been updated with new details.

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