When he’s not busy working on the Bitcoin SV network, you can find Jimmy Nguyen promoting the only massively scalable Bitcoin project on international conferences, in the media and even in leading learning institutions. This time, the Founding President of the Bitcoin Association spoke to 8BTC, a Chinese cryptocurrency news site. Nguyen went to great detail explaining why Bitcoin SV is superior to all the other projects, and why it’s the only project that follows Satoshi’s original vision.
Asked about what effect recent legal proceedings with Dr. Craig Wright have on the BSV ecosystem, Nguyen pointed out that BSV is bigger than any one individual. BSV is about the creation of a global P2P electronic cash system as well as becoming a global blockchain to support enterprise applications used by billions across the world.
We don’t ask people to support BSV or build on BSV because of Craig Wright or anyone else. People should – and do – support BSV because they believe in its technical fundamentals and its roadmap to be the only massively scalable blockchain. At the end of the day, nothing else matters.
Nguyen also sought to correct the interviewer who implied that BSV forked from Bitcoin ABC (BCH), saying, “And by the way, BSV did not fork away from BCH. BSV is the only Bitcoin project that continues the original Bitcoin protocol and design. BTC forked away from Bitcoin when Bitcoin Core added SegWit in 2017. And the BCH-ABC camp forked away from Bitcoin, yet again, with the protocol changes it added to the Bitcoin ABC implementation in November 2018.”
SegWitCoin’s (BTC) failure to raise the block size hard cap from 1MB is the reason Bitcoin hasn’t become the universal public ledger yet, Jimmy went on. This has also been the reason other smaller competing blockchains have emerged. While many enterprises would want to build on the blockchain, they struggled to find one that scales to fit their needs. Ethereum is a good example of this, with its founder Vitalik Buterin recently acknowledging that the Ethereum blockchain is almost full and it’s inhibiting its ability to on-board new businesses.
These are some of the problems that BSV emerged to solve.
Bitcoin was always meant to scale, Jimmy pointed out. As far back as 2009, Satoshi Nakamoto sent an email to Mike Hearn telling him that Bitcoin never really hits a scale ceiling. Nakamoto was confident that Bitcoin could scale to handle more transactions than Visa does.
BSV has upheld Nakamoto’s vision and with the Quasar protocol upgrade, and the expected Genesis upgrade, the network’s ability to scale is unquestioned.
In the future, the BSV community should be excited about the Genesis upgrade, slated for February 4, 2020. The upgrade will remove the default hard cap for block size, leaving it to be determined by market forces and economic incentives, not the protocol developers.
He concluded, “In addition, we are seeing an explosion of exciting new applications being built on BSV. Expect to see more projects emerge, and transaction volume on the BSV chain to continue its organic growth in the coming months. In the coming years, expect to see enterprise use of the BSV blockchain. It’s an exciting time, and we invite developers and businesses of the world to come build on BSV.”
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.