Events

Erik Gibbs

Jimmy Nguyen on ‘The Great Reset’: Bitcoin SV is ‘global public ledger of the future’

At the beginning of this month, marketing and consulting firm Faiā held a session on cryptocurrencies in Singapore, allowing anyone interested in learning more about crypto and why it’s important to meet some of the best minds in the industry. On hand was nChain’s Jimmy Nguyen, who gave an insightful presentation, now available on YouTube, on why Bitcoin SV (BSV) exists and what it has accomplished, as well as the story behind “the great reset.”

The great reset refers to taking cryptocurrency back to its roots. As Nguyen, also the Founding President of the bComm Association, states, it is an opportunity to “go back in time to correct Bitcoin and reverse the issues brought about by Bitcoin Core (BTC) development.”

Bitcoin has not achieved its full vision as expressed by the original Satoshi Nakamoto whitepaper. This is why so many organizations, including CoinGeek and nChain, as well as many others, are putting all their weight behind Bitcoin SV (BSV), the only version of crypto that adheres to Satoshi’s original vision.

Crypto is meant to be used as cash—that was the fundamental reason it was created and is what will ultimately drive its adoption. However, it has to work through an economic incentive model to maintain a single global ledger not controlled by a single authority.

Nguyen points out that BTC developers entered limitations and restrictions that wouldn’t allow the blockchain to scale. Initially, BTC only allowed the chain to manage an average of seven transactions per second (tps), which could never compete with networks such as Visa that regularly handle 2,000 tps.

One of the most exciting developments, and one that has just surfaced in the past month, is the demonstration that OP_RETURN codes are giving BSV a tremendous amount of flexible. They allow text to be included in a transaction, which means that a single payment transaction can be sent that includes all the pertinent details—amount, sender, receiver, invoice numbers, purchase details and much more. In addition, because there are no limits on data size with BSV OP_RETURN codes, they can also be used to create serverless websites. The entire website and everything within it, from data storage to payment services, can be integrated directly into the blockchain. This is only possible with BSV, which is why the blockchain is going to be the “global public ledger of the future.”

“The original Satoshi design has everything it needed for Bitcoin to survive and to flourish,” explains Nguyen. “When you disturb the protocol you risk upsetting the economic incentive balance.”

This is where “the great reset” enters. It is BSV adhering to the original crypto design and allow Bitcoin to do what it should have been allowed to do years ago, operate in a stable environment that isn’t constantly changed by developers. Satoshi said it best in 2010 when he stated, “The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”

BSV is already advancing well beyond all other blockchains in terms of scaling and flexibility. 64MB blocks are already possible and the block size will increase to 512MB this year, especially after it has been shown that 103MB blocks are realistic. After that, 1-2GB blocks will be seen and, later, 1TB blocks—this would allow over 7 million transactions per second, rivaling any payment service solution available today, including Visa and MasterCard.

BSV is bringing a lot of benefits to enterprise operations. Tokenization is already possible, which gives companies to offer a number of options, such as stocks or shares, coupons, airplane or bus tickets and more. Near-field communication (NFC) transfers have been made possible through HandCash, giving instant payments a whole new meaning. Additionally, Cashport has created a system that allows for micropayment integration on virtually any website, creating an entirely new segment of revenue channels.

One of the most exciting developments, and one that has just surfaced in the past month, is the demonstration that OP_RETURN codes are giving BSV a tremendous amount of flexible. They allow text to be included in a transaction, which means that a single payment transaction can be sent that includes all the pertinent details—amount, sender, receiver, invoice numbers, purchase details and much more. In addition, because there are no limits on data size with BSV OP_RETURN codes, they can also be used to create serverless websites. The entire website and everything within it, from data storage to payment services, can be integrated directly into the blockchain. This is only possible with BSV, which is why the blockchain is going to be the “global public ledger of the future.”

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