Ryan X. Charles, the CEO of Money Button, has used his technical knowledge and expertise to advance the digital currency space in a number of ways. One of the most exciting is the creation of Paymail, which is going to make transacting in Bitcoin much easier than ever before in a number of ways. Charles has prepared an informative video that breaks down the entire process, as well as why it’s only possible with the Bitcoin SV blockchain.
First, the background. Bitcoin was always meant to be peer-to-peer cash; it was designed to be a digital alternative to paper fiat, but which would still operate in accordance with all established financial regulations and laws. No other blockchain has been willing to build a solution that meets these criteria, except BSV, which is why they’re no longer considered to be actual cryptocurrency in the truest sense of the definition.
Because BSV has the potential for unlimited scaling, it is in a perfect spot to allow direct peer-to-peer transactions without the need for any intermediary or the necessity of processing transactions off the chain. As robust as it is, however, there is still one component that is needed for the system to truly work as intended.
Right now, to send a crypto payment, with only a few limited exceptions, knowing the destination wallet address is required. This is not only cumbersome, but can also lead to potential mistakes if the address has to be manually entered. Paymail provides the optimum solution, allowing users to create names, such as @noahbradley or @bitcoinrules, and use these addresses in place of the wallet hash address.
Because of Internet protocol limitations, there still needs to be some type of naming system that can correlate @noahbradley to the actual hash address. However, just like with sending an email, incorporating a naming system for blockchain transactions doesn’t have to be difficult.
By incorporating Paymail into the blockchain, suddenly a completely secure system is created. Names and wallet addresses are securely and immediately linked, and payments can be sent with greater confidence. The sender can see, without any doubt, that the person to whom he or she is sending a transaction is the legitimate and intended recipient of the transaction, with no way for that transaction to be intercepted.
Simple payment verification (SPV) was designed to do precisely what the name implies—make payment verifications simple. Currently, in sending a transaction on any blockchain, recipients want there to be at least six mining confirmations before considering the transaction legitimate. SPV, because of the unlimiting scaling on BSV, allows for transactions to be sent that include a tiny portion of the necessary block data that allows each transaction to be instantaneously verified—no more waiting.
Combining SPV and Paymail on a single blockchain that can handle millions of transactions at a time, which has been shown to be possible with BSV, creates exactly the solution Bitcoin sought to offer. It would ultimately be a true, secure and transparent peer-to-peer economic alternative that is absolutely no different than handing over cash at a retail shop, except for that experience would now be digital.
This is the direction BSV is headed, and what it always intended to do, and SPV and Paymail are helping it to get there quicker.
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.