The CoinGeek Toronto scaling conference marked an important moment in the history of Bitcoin, celebrating how far it’s come and laying out a clear path for its future. To open up the ceremonies, Bitcoin Association Founding President Jimmy Nguyen delivered the opening speech, explaining the Bitcoin Vision and motivating Bitcoin SV’s (BSV) proponents on the path forward.
The agenda for the conference was summed up succinctly at the beginning of Nguyen’s speech. “We are here today to talk about how that vision will continue its journey to become the all-in-one coin that makes other coins unnecessary and the global data ledger of the future,” he said (1:09). That vision, as he reminded the crowd, is based on the four pillars of BSV’s ongoing development: A stable protocol, massive scalability, security and safe, instant transactions.
Nguyen then turned to some of the most common questions and roadblocks that are put in front of BSV, starting with: why does BSV insist on the original Bitcoin protocol? As with the creation of Bitcoin, the reasons are primarily about the economic model of the future. With a scaling block size and increased transactions, it creates an economic incentive for miners, which then creates a more secure and livelier network.
Just as importantly, businesses need a stable protocol to build on and create adoption or the BSV blockchain. They would be unable to do that with a shifting protocol and centralization created by SegWitCoin BTC’s development, which creates uncertainty over whether transactions would be valid tomorrow, never mind in 20 years.
As he explained, the development of BTC has simply gotten too complicated and confusing, creating barriers for entry. BSV, on the other hand, is striving for simplicity and scalability for big businesses to get on board. He explained:
“We are building what is the infrastructure for tomorrow’s technology. The high way upon which all businesses will operate. You don’t want to build a narrow lane; you want to build a massive highway that will power the world’s enterprises. And I say right now, big blocks, big business.” (10:23)
Those bigger blocks are already happening. 128MB blocks have already been mined repeatedly, and the Scaling Test Network (STN) has already seen blocks as big as 1.4GB. Nguyen outlined the plans to move to 2GB default block sizes by July2019, and the goal of 1TB blocks down the road, capable of 4 billion Bitcoin transactions and a capacity of 7 million transactions/second.
He then turned to the question of law, and why BSV has chosen to be friendly to regulation. Quite simply, it’s another necessary step towards global adoption. He said, “For businesses to build comfortably, and for consumers to feel confident about using Bitcoin, they need to have an ecosystem like this with law at its center, with order that breeds confidence.”(15:16)
He then pointed to examples of companies who have flouted the law. The notable failure of QuadrigaCX did more to scare away potential users and businesses than it did welcome them to digital currencies. The mess of Bitfinex, which is still unfolding, could cause disaster for many investors.
Instead, BSV has the partnership of businesses who want to work within the legal constraints of global governments. Nguyen specifically commented on Float SV, “promising to be the real exchange, trading real assets and tokens based on the real world.” (16:49)
They aren’t the only company that has opted for BSV though. In the short six months since BSV was born from a contentious hard-fork, it has gained the support of the follow companies and projects: Centbee, Handcash, Relay, Gravity from Bitstocks creating banking based on BSV, Drive Markets, Tokenized, Yours, Money Button, Streamanity, Metaflix, Kronoverse, Unisot, Open Directory, BitcoinFiles.org, Bico.Media and BitPaste.
The Bitcoin Association Founding President ended his speech acknowledging the adversity the Bitcoin Vision, and its supporters, have faced, but urged them on with these words:
“With so many of you, and those watching around the world saying #WeChooseSV. We choose this, because Satoshi Vision is rising, and I know, talking to so many of you in this room, it’s not always easy. It’s not always fun being the people who fight for Satoshi vision. People don’t say nice things about us. People say we’re crazy. People want to knock us down. But you know what I have to say? We rise.” (22:15)
The whole speech is worth watching for the information Nguyen shares, and the inspiring words Nguyen shares.
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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