As impressive as blockchains are, there is still work to be done if they’re to be accepted by businesses on a large scale. Today, the only blockchain that recognizes the importance of being robust—robust enough for corporations the size of IBM and Amazon—is Bitcoin SV (BSV) and the Founding President of the Bitcoin Association Jimmy Nguyen recently sat down for an interview to discuss why BSV is leading the way and how it is the best solution for businesses as they transition to the blockchain.
One thing is clear to business minds. If they’re going to adopt any technology, it has to be stable, it has to be versatile and it has to be powerful. BSV makes all three possible, developing a platform that is capable of thousands of transactions per minute with aspirations of over seven billion transactions per minute. This type of scalability is only possible with BSV, as other blockchains, including Bitcoin Core (BTC) and Ethereum (ETH) have severely limited their capabilities by introducing unnecessary—and often unwanted—code limitations.
It’s important to point out that “transactions” does not necessarily refer only to financial transactions. A transaction can be any type of communication, including data transfer, contract assignations and even picture transmissions. The benefit is that all of the transactions become part of an immutable, permanent record that is available to relevant individuals at all times from anywhere.
In keeping with the model that a blockchain needs to be made for business activities, CoinGeek had recently held a contest to inspire the creation of a real-world use case that has practical benefits for businesses. That contest resulted in a prize of over $6 million awarded to Tokenized, an organization that was created to develop smart contracts for the BSV blockchain. These smart contracts can be issued for stocks, bonds, derivatives and even concert tickets and include a feature not available with any other smart contract system.
BSV supporters understand Bitcoin and understand the importance of creating a solution that allows for adherence to legal and regulatory guidelines. No business will adopt any solution that tries to skirt regulations and BSV ensures that businesses can build solutions with confidence that they are operating within regulatory frameworks. Tokenized ensures that this same mantra is carried, providing a solution that is regulation-friendly and which doesn’t try to violate laws.
Out of the primary blockchain solutions available, only BSV is capable of large-scale operations. It is the only network that has successfully mined blocks of 103 megabytes, and greater, and is working toward blocks in gigabytes and terabytes. Both BTC and ETH have already acknowledged scaling issues, which means neither can offer the volume capabilities found with BSV.
New projects are being introduced to the BSV blockchain on a regular basis that are designed to show its capabilities and flexibility. New payment solutions are coming, as well as supply chain management solutions. There is also Centbee, which has received an investment from CoinGeek founder Calvin Ayre, a crypto company that is proactively expanding adoption by merchants and consumers in South Africa and across the world.
BSV is helping to ensure that the original design—and purpose—of Bitcoin remains intact. Over the past several years, many individuals have felt that they knew more than Bitcoin’s creator and have completely changed the definition and scope of digital currency. All this time, a group of individuals has remained determined to see the original Bitcoin succeed, understanding that the others are not capability of fulfilling Bitcoin’s goals. It is because of this that BSV is keeping the vision alive.
Watch Jimmy Nguyen’s interview with Vincent Everts here:
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.