One of the best-known faces in BSV Blockchain (BSV), Jimmy Nguyen, is making a formal return to the industry as Chairman at new stablecoin issuing platform Change Digital Commerce, Inc. Part of his new mission is “to make stablecoins actually useful, enabling digital payments for real-world commerce and Web3.”
As the previous master of ceremonies at CoinGeek Conferences—now the London Blockchain Conference—he was always front and center in bringing BSV blockchain’s message of optimism through technology to the business world.
Many, including all of us at CoinGeek, are pleased to hear Jimmy will continue bringing his energy and good cheer to everyone in BSV. We would like to congratulate him on his new job and wish him future success.
Change Digital CEO Daniel Lipshitz, who Nguyen describes as a “longtime friend and colleague,” announced the appointment earlier today:
Thrilled to announce , @JimmyWinSV, as the chairman of @ChangeCommerce.
Looking forward to working & building together.#web3 #DigitalPayments https://t.co/KCMFcb67vl
— Daniel Lipshitz (@DanielLipshitz) May 23, 2023
Change Digital plans to issue stablecoins on the BSV blockchain using the STAS token protocol and Relysia wallet infrastructure. The main idea is to issue consumer and enterprise-oriented stablecoins people can use in digital commerce in various applications, including games, social media, IoT environments, and the metaverse. Lipshitz is also the CEO and founder of GAP600, a payments company facilitating instant, risk-mitigated digital currency commerce. GAP600 integrated BSV blockchain in 2019, and Lipshitz is an ardent advocate for restoring Satoshi’s vision for Bitcoin via BSV.
Why the online world needs better stablecoins
Stablecoins have been a fixture in the blockchain world for many years; the best-known examples to date are Tether (USDT) and Circle’s USD Coin (USDC). The concept is a blockchain-issued token that retains a stable value, usually thanks to backing from real-world assets, such as 1:1 reserves of the currency unit it represents (or, in USDT’s case, whatever assets Tether deems roughly equal at the time).
Generally, the most-used stablecoins serve as exchange tokens for speculative traders to “park” value in stable national fiat currencies until they can be used to buy other digital assets. They are otherwise useful for moving fiat-denominated amounts between exchanges to bypass the international banking system. This use case has attracted the most attention and concern from central banks and financial regulators, who see them as a potential threat to government monetary policy.
Change Digital prefers to see stablecoins as something with a more useful purpose, saying it “means transforming the perception of stablecoins away from being a source of scandal to becoming a tool for good.”
Using the BSV blockchain to issue stablecoin tokens also means they can be used for micropayments. Assets like USDT and USDC are tokens issued on blockchains such as Ethereum, with users often discovering they need to fund their wallets with extra amounts of ETH simply to make transactions.
“To be useful for daily payments and Web3, the fee for sending a transaction should not be one U.S. dollar, not 30 cents, not even 5 cents. Instead, it should cost tiny fractions of a U.S. cent, almost free, to send any payment worldwide.”
“In such small payments, there is big power,” Change Digital said.
The ability to spend and earn through micropayments creates new economic opportunities online. They allow content creators to accumulate wealth in tiny amounts at a time, charging cents or cent-fractions to view individual posts or purchase perks. Micropayments can also be used to conduct internet searches or to record and validate data from IoT devices, thus disrupting the “traditional” online economy based on ever more intrusive advertising, or worse, on large corporations harvesting and selling their users’ personal data.
Stablecoins built on non-scalable blockchains (which is pretty much anything other than BSV) have limited utility due to congestion and excessive transaction fees. Change Digital hopes to use BSV to make them a recognizable part of all online commerce; digital tokens with non-volatile values that will appeal to consumer and enterprise users alike.
Watch: Building a world of good with BSV blockchain
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