Bitcoin SV (BSV) has continued to surpass its peers and establish itself as the superior blockchain network. One of the reasons many have abandoned other blockchain projects for BSV is because it has introduced new business models. BSV’s low fees and massive scalability has enabled developers to create solutions and applications that open up new opportunities not available elsewhere. During the CoinGeek Seoul Conference, Jimmy Nguyen noted all these points, and revealed some of these new business models that BSV has introduced.
In his presentation, the Founding President of the Bitcoin Association looked at how the extremely low fees in BSV have enabled an ‘Earn and Use’ ecosystem, different from the ‘Buy and Hodl’ ecosystem present in other crypto projects. The low fees enable BSV users to make microtransactions which consequently introduces new business models that were previously not possible.
With BSV micropayments, users can reimagine the existing business models and create new ones that would attract more users. For instance, digital newspapers can change the monthly subscription model to one where the user pays per article or blog post. In online videos, users can pay per minute watched as opposed to paying for the whole video. For the gamers, they can pay for in-game features and items using BSV instead of the tokens that are currently in use. In social media, getting likes could translate to micropayments. The opportunities are endless.
There have been plenty of applications that have been developed to capitalize on the new business models introduced by BSV. For social media, Twetch has been a standout, with its platform allowing you to earn whenever other users share or like your content. This is in contrast to the current social media platforms which generate billions of dollars from your content through advertising.
For video streaming, Streamanity is introducing a new business model where content creators get paid in BSV for their content. The creators can offer just a few seconds of the video for free beyond which one must pay to watch. And since BSV supports microtransactions, you can pay by the second.
For file storage, Bitcoin Files allows its users to upload their content on the BSV blockchain for a fee. However, you can grant access to your files to other people who have to pay you in BSV.
In real estate, Zwesipace is capitalizing on BSV to not only improve title registries, but also to detect earthquakes using IoT devices. TonicPow, the runner up in the inaugural BSV Virtual Hackathon, is using BSV to introduce new business models in the advertising space, while WeatherSV allows users to create new business models by having reliable weather data recorded on the BSV blockchain.
Nguyen concluded, “So, the lesson of all this is that BSV, because of its really large blocks and its super massive scaling capacity, it enables the users to do lots of transactions for a very tiny fee and that means that its data ledger can be used for all types of business applications.”
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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