DotWallet, the digital asset wallet that uses the Tokenized protocol, recently experienced BTC and ETH transaction volume record highs. DotWallet allows its users to trade BTC and ETH coins as BSV-based tokens, which means BTC and ETH transactions are cheaper and settled faster than they would be on their native chains.
Based on #BSV tokenized technology, #DotWallet #BTC and #ETH transactions hit a new high!🔥
The fastest speed, the lowest cost. With strength proof BSV is the strongest blockchain!!💪💪@Tokenized_com @RealCoinGeek @BSV_Watchdog @BitcoinAssn @BitcoinSVNode @linzheming pic.twitter.com/W4z3zxMFDJ
— DotWallet (@wallet_dot) May 15, 2020
Within 70 days of its launch, trading volume on DotWallet exceeded 30,000 and the number of individuals using Tokenized—the platform that allows users to issue, manage and trade security and utility tokens on the Bitcoin SV network—exceeded 20,000.
20k users generating 6k token transactions per day!
All using the Tokenized Protocol 💪 https://t.co/ew1dAGcD3b
— Tokenized (@Tokenized_com) May 15, 2020
DotWallet thrives as BTC and ETH struggle
The BTC and ETH networks do not work at scale, but DotWallet shows how BSV can solve BTC and ETH’s problems. The BTC and ETH networks often have high transaction fees that make sending low amounts of money to a recipient expensive. In some cases on the BTC network, the transaction fee costs more than the amount of money that you are looking to send.
Block confirmation times on the BTC and ETH network can also take a long time depending on whether or not the BTC or ETH network is experiencing a high amount of transaction volume. However, BSV can handle high volumes of network traffic and does not have a block size limit, which makes it the best blockchain for handling high throughput at a low cost. The DotWallet team tells CoinGeek:
“Since transaction fees on BTC have risen sharply, Tokenized has solved the problem well. Based on BSV, people can not only pay in BSV but can also use tokenized technology to perform any BTC or ETH transaction, enjoy the lower fees, the faster speed and the more transparent data on-chain.
“There is no doubt BSV has more possibilities than BTC for development. Bigger blocks and much lower transaction costs create a great environment for many developers or companies to catch the opportunity.”
Thanks to Tokenized, BTC and ETH transactions can take place on the BSV network. As a result, the BSV-based BTC and ETH tokens inherit the properties of BSV and payments are settled nearly instantaneously while transaction fees remain low. These features, only available on the original Bitcoin blockchain (BSV), create a great environment for software developers and companies to create and build businesses.
DotWallet has the tools and resources to succeed
“Since the BSV Genesis upgrade, the BSV network has the ability to handle higher volumes of transactions and concurrency,” said DotWallet. “The new records means it’s the real-time for BSV supporters to work together to grow. Its advantages have become more and more apparent and could be used in different ways such as Finance, Medical, Information Security, and so on.
We think that working together to make BSV stronger—is a big priority in this era of rapid development. So we created the DotWallet open platform, which aims to provide developers with various interfaces to help them reduce development costs.”
When the Genesis upgrade took place in February, it allowed the BSV blockchain to reach its full potential. One of the best ways for the BSV network to reach its full potential is through collaboration. Some of the best minds in blockchain build on BSV, and if they work together, they are bound to achieve more than they would if they were working alone.
To accelerate this process and to make collaborating easier, DotWallet has created the infrastructure that software developers need to create a variety of platforms and services while experiencing the lowest development costs.
If you are looking to build on BSV, we recommend exploring the DotWallet API.
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.