Blockchain concept with Bitcoin Association logo.

Dear Elon Musk: Contrary to popular belief, Bitcoin has the ability to scale

The following letter, originally written by Bryan Daugherty (Director of Blockchain Policy at Bitcoin Association for BSV), was sent to Elon Musk (business magnate, investor, and current CEO of Twitter). The author has granted permission to publish this letter publicly in the hope that it will reach a wider audience and attempt to gain the attention of Elon Musk.

Dear Mr. Musk,

I hope this letter finds you well and in good spirits. As a highly respected innovator in the tech industry, I wanted to express my admiration for your work and the many ways in which you continue to contribute towards the advancement of society, both culturally and technologically.

Based on your public statements, it seems that we have differing viewpoints when it comes to the utility of blockchain technology, specifically proof-of-work consensus mechanisms for data and financial interchange.

Unbeknownst to most in the digital asset space, including some of the foremost experts, Bitcoin has the ability to scale, as originally expressed by Satoshi Nakamoto in April of 2009: “Bitcoin can already scale much larger than [Visa] with existing hardware for a fraction of the cost. It never really hits a scale ceiling.”

Navigating the complex landscape of social crypto influencers, Ponzi schemes, and illegal security offerings can be difficult, but it is important to understand that blockchain technology represents a different type of opportunity—one that is less volatile and speculative, and mirrors some of the greatest technological leap’s humanity has experienced, albeit without the same level of fanfare.

In terms of whether proof-of-work can scale, the answer may not be as complicated as the journey to understand it. Since block #556767 was mined on November 15th, 2018, BSV developers have been breaking proof-of-work scaling barriers which were once believed to be inconceivable.

MNP, a prominent accounting, tax, and business consulting firm in Canada, has conducted extensive research on the topic of Bitcoin and has recently published two reports on the importance of the original Bitcoin protocol, the impact of changes to the popular BTC version on its capabilities, and how the competing version, BSV, has been able to harness the native scaling capabilities that were present when the system was first released.

Unbounded scaling enables new possibilities in the realm of microtransactions, IPv6 compatibility, extreme data efficiency, verifiable identity, and secure critical infrastructure, providing a great opportunity for innovators like yourself to capitalize on the most efficient, resilient, globally stable, and secure data distribution model.

As an example, SpaceX could use IPv6 in combination with BSV to transmit financial transactions securely and efficiently with its customers for its internet service. Tesla could use BSV to trace the origin of materials in its supply chain management, track and maintain vehicles, trade energy, or even utilize IPv6 to enable secure communication between vehicles, charging stations, and other devices. In addition, utilizing BSV blockchain as a cybersecurity solution, it is possible to protect the internal network of every company against unauthorized access or data breach.

This is due to Bitcoin’s native ability to monetize, manage, and secure data. Often overlooked by most, Bitcoin is the fusion of data (bits) and coin (finance). With the capability to currently handle over 50,000 transactions per second, it is now possible to send micropayments, monetize data, transfer data, and capture an immutable time-stamped audit trail of all activity on a network.

The UTXO model of Bitcoin makes it scalable and capable of parallel processing, enabling almost instantaneous, real-time payments with settlement times of just seconds and fees that are a fraction of a cent (less than 1/5000th of a penny). The potential uses and benefits of Bitcoin are virtually limitless.

One of the key advantages of using BSV as the underlying infrastructure on a platform like Twitter, is the potential to allow users to earn micropayments for their content. By utilizing BSV-based tokens, loyalty points, or digital assets, users can be rewarded for producing high quality content that is valuable to the community. This not only encourages users to create higher quality content, but it also helps to establish a more sustainable business model for the platform.

In addition to these benefits, using a scalable blockchain like BSV could also give users greater control over their data. With traditional social media platforms, users have little say in how their data is used or who has access to it. By storing user data on the BSV blockchain, users can have greater control over who has access to their information and how it is used.

Furthermore, a BSV-based social media platform could also have a native marketplace for users to create, buy, and sell digital assets, as well as monetize content such as art, music, and blogs. This would open up new revenue streams for both the platform and its users.

Using a blockchain like BSV could also enable in-app payments, allowing users to make purchases easily and securely within the app. This could be particularly useful for purchasing premium content or accessing exclusive features such as with Twitter Blue.

Finally, I wanted to applaud your efforts in respect to the Twitter Files. It is of utmost importance that transparency and accountability is a high priority for social media platforms, especially in light of increasing levels of cyber-bullying and fake accounts.

Overall, I believe that the adoption of a blockchain like BSV has the potential to revolutionize social media platforms like Twitter and bring numerous benefits to both the platform and its users. I hope that you will consider this perspective and the potential for these technologies to improve the user experience and business model of Twitter.

I would like to request the opportunity to further discuss the potential benefits of the BSV Blockchain, as well as to invite you to the London Blockchain Conference on May 31- June 2nd at the Queen Elizabeth II Conference Centre in London. This conference will showcase innovative technologies and businesses working to transform industries and build the new internet of value. I truly believe it would be a valuable opportunity for you to see for yourself the potential of this technology and would be honored if you were my VIP guest.

Bryan W. Daugherty – CCI, CBI, SME
Public Policy Director – Bitcoin Association for BSV Blockchain

Watch: London Blockchain Conference 2023 brings government enterprise onto the blockchain

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.