Business

Jasmine Solana

The Bitcoin Vision: Episode 3

The Bitcoin Vision is back this week—this time coming to you from Melbourne, Australia. The city is home of the Pause Fest, a creativity-infused business event with a side event organized by the Blockchain Centre and Innovation Melbourne. It’s the perfect environment to talk about the explosion of creativity in Bitcoin SV (BSV), the rebirth of the original Bitcoin.

There’s so much creativity going on in the Bitcoin SV ecosystem. First, there was the public launch of the BSV Scaling Test Network (STN), which is designed to be a permanent test network with regular and consistent large volumes of transactions. STN also includes enhancements that the nChain team used to demonstrate sustained 64MB blocks in their own testing. To learn more about STN, visit the Bitcoin Scaling Test Network site.

Now that the OP_RETURN data size limit has been lifted, Bitcoin SV has been seeing an explosion of nonstop development. But what does this mean for businesses?

According to nChain’s Jimmy Nguyen, who is also the Founding President of bComm Association, enterprises can use this potential in many different ways. For instance, businesses can embed contracts with permanency into the blockchain.

He explains, “A business could take a contract and record it permanently in a Bitcoin transaction in the OP_RETURN field so that they could find it later in the event of a dispute with the other contracting party. This will ensure permanency in the contract terms and less disagreement on what the terms were in the contract.”

Meanwhile, this week’s Satoshi shoutout goes out to the team behind one of the first Bitcoin SV block explorers, WhatsonChain.com, which recently added new features related to OP_RETURN such as being able to see the different data types embedded into OP_RETURN fields.

Then there’s also Money Button, which has gone hybrid on-chain; while Cryptofights, a mobile game with a free-to-play model, has announced that it’s moving over to the Bitcoin SV blockchain. And now making easier for BSV enthusiasts to keep track of all the meetups happening around the world, we have the Bitcoin Meetup Network. With this site, anyone running a local meetup can post information about their event. To date, meetups in cities like Brisbane, Sydney and Melbourne in Australia, Toronto in Canada, Haarlem in the Netherlands, Oslo in Norway, Singapore, London, Chicago, Keene, New Hampshire and San Francisco in the United States, and Manila in the Philippines can be found on the Bitcoin Meetup Network. Check it out here.

Finally, we have The Wright Vision, which features Dr. Craig Wright’s recent posts about the new usages of the Bitcoin SV blockchain using nChain’s intellectual property. This week, Dr. Wright wrote about the Internet of Things (IOT). The Medium post, titled Generic Thin Operating Systems for Blockchain IOT Devices, outlines solutions for increasing security and privacy of IOT devices, while at the same time, creating automatic management all by linking them to the BSV blockchain.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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