Simplified Payment Verification

BSV Blockchain launches SPV Wallet: The standardized BSV open-source wallet reference implementation

ZUG, Switzerland, April 29, 2024 — BSV Blockchain today announced the release of its new SPV (Simplified Payment Verification) Wallet, which is now available in public beta, following a private beta period. The SPV Wallet, developed and maintained by the BSV Blockchain, is an open-source, non-custodial hosted wallet that seamlessly integrates with the existing BSV ecosystem. It serves as the standardised open-source wallet reference implementation for the BSV ecosystem.

The SPV Wallet is designed to be cost-effective and accessible. It is the standardised way that BSV wallets will be able to interact with the BSV network, when Teranode and Overlay services go live. By utilising SPV Wallets in place of the full node software, businesses can validate transactions and make outbound payments, leading to significant cost savings.

Thomas Giacomo, Director of Utilisation at BSV Blockchain said, “The maximum transactions per second settled on BSV Blockchain has been trending up rapidly for the last few years and is expected to skyrocket as we go forward. This will inevitably drive-up costs for full node operators and raise the corresponding demand for SPV Wallet solutions.”

Darren Kellenschwiler, Technical Lead of Utilisation at BSV Blockchain, “This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction. Running SPV Wallet in place of a full node leads to significant cost savings. This saving is due to the disparity between relevant transactions for the exchange, and overall network transaction volume.”

Who can benefit from SPV Wallet?

  • Exchanges: The SPV Wallet can be used in the place of BSV blockchain node software to validate transactions and make outbound payments and enhance compliance purposes.
  • Wallet providers: It offers validation functions and data models which allow for safe instant transactions,compatible with existing Paymail standards.
  • Businesses: SPV Wallet integration aligns with the latest industry and BSV standards and improves the application’s robustness and security.

Key features and roadmap

  •  Account creation, transaction signing and checking balance.
  • Sending transactions.
  • Receiving and validating inbound transactions.
  • Storing transactions and corresponding metadata.
  • Confirming your transactions on the BSV Blockchain
  • CLI, JavaScript, and Go clients for the Wallet API.

Extensive test scenario coverage has been performed to ensure maximal security. The planned roadmap includes a mobile wallet app, payment counterparty validation, identity manager and token and smart contract support.

For more information about the SPV Wallet and development, visit here. Users are also encouraged to contact the team on the SPV Wallet Discord channel.

About BSV Blockchain:

One Blockchain for Everyone.

The BSV Blockchain leads the BSV Blockchain for Enterprise and Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.

The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.

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