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Stephanie Tower

Japan Blockchain Conference 2019: Bitcoin SV will become world’s new data network, storage carrier

Bitcoin SV has now opened up a whole new world of uses and is set to become the world’s data network and storage carrier after a single, no-hard-fork-needed change within the Bitcoin blockchain protocol was made recently.

nChain’s Jimmy Nguyen spoke about this vision at the recently concluded Blockchain Japan Conference 2019 in Yokohama. He shared this is what is going to happen for Bitcoin SV after the data size limit of OP_Return, the functionality that allows embedding data into the blockchain, was lifted. This happened with developers and miners coming together to agree to lift this limit without doing a consensus change to the Bitcoin SV blockchain protocol.

This simple yet impactful update now enables a single transaction within Bitcoin SV blockchain to hold 100KB of arbitrary data, and will be much higher in the future.

“So what happened as result of this? What happened is people started very quickly in the last week come up with powerful new ways to embed data in the OP_Return transaction field,” Nguyen said.

Some of examples are embedding the entire text of the book Alice in Wonderland, which is 53KB, in a single OP_Return transaction field. This led to this anonymous, prolific Bitcoin developer known with a Twitter handle @_unwriter to create a serverless website based upon Alice in Wonderland inside a single Bitcoin SV transaction push data.

Bitcoinfiles.org has also emerged to create a dropbox on the blockchain allowing anyone to store and access files, images and content on a content delivery service on Bitcoin SV. Other developers embedded a piece of a music file, a clock and even a chess game.

These are now all possible simply because data size limit of OP_Return was lifted. Nguyen said, “It will also show you the power of believing in the original. The original Bitcoin didn’t have a limit on the OP_Return data size. We lifted the limit and within the week, all of this has happened.”

What do all these mean for businesses?

This means that there is a full world of opportunities of what enterprises can do with Bitcoin SV.

Bitcoin SV also allows enterprises to create tokens that operate in a real world of real laws. These tokens created exclusively within Bitcoin SV were built for businesses to comply with securities and other laws in any jurisdiction around the world.

Nguyen added, “Most importantly, it supports many different asset types.” Some of these are utility tokens used by consumer facing businesses—tickets, transportation, coupons and even carbon credits for the energy industry, and security tokens such as shares, bonds, derivatives and hybrid security.

“If they (enterprises) trust in the original version of Bitcoin to have unlimited block size, unlimited technical capacity, and unlimited belief then you, too, will join what we believe is the future of the single, global public blockchain, ” he added, “it ends with Bitcoin SV just where it begins with a Satoshi vision.”

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