The cryptocurrency world continues to evolve and there are constantly being added new developments that help to make it stronger and more beneficial. Because of the versatility and flexibility of the Bitcoin SV (BSV) blockchain, it has the opportunity to advance in ways other networks can’t, and one of the areas that is going to see huge improvements is with blockchain explorers. Liam Missin, nChain’s senior software engineer and co-founder of WhatsOnChain, participated in the recent CoinGeek Conference in Seoul and provides some insight into what’s coming.
Blockchain explorers have been around almost as long as blockchains themselves. It was quickly realized that there was a need to be able to review transactions on the network, similarly to how a ledger works, and the first blockchain explorer was born in 2010. However, they have remained virtually the same ever since. Because BSV allows for greater amounts of data programming, due to its larger block sizes and scaling capabilities, future blockchain explorers are going to be much more robust.
One of the biggest changes will be in allowing a blockchain explorer like WhatsOnChain to be customized in order to present configurable transaction receipts, just like what is in place now when someone pays a retailer with a credit card. Instead of just offering a standard template that provides the crypto addresses and amount, commercial establishments, and even end-users, will be able to print out receipts with their own configured data. This has far-reaching implications, as it means that businesses will be able to satisfy reporting requirements that may include things like listing a tax ID number or other identifying data on a receipt or invoice.
Missin is also involved in a project that is going to give miners more incentive to conduct their activity in accordance with established guidelines. MinerID is a system that would easily identify miners and the blocks they mine, while allowing them to sign different documents included in a transaction. This provides a mechanism for miners to be able to show, without a lot of investigative analysis, what they’re mining and how often, and give the crypto community a frame of reference to see who is performing up to standards.
The evolution of the blockchain and its ability to serve in place of conventional enterprise-level solutions continues. There has been more done in the past year than had been seen in the entirety of the life of BTC until now, and there is still much more growth expected, especially as BSV developers continue to innovate.
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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