Of the many Bitcoin experts to take the stage during the recent CoinGeek Toronto 2019 conference was Ryan X. Charles, the animated CEO of Money Button. He prepared a presentation on some of the finer points of what is being developed on the Bitcoin SV (BSV) blockchain, and some of what’s to come, but the theme is the same as what has been reiterated throughout the conference, as well as the life of BSV. BSV is not about creating a virtual playground where developers can build their own designs with no cohesion to other projects. To the contrary, the idea is to create a single ecosystem that benefits everyone mutually.
Over the past couple of months, Dr. Craig Wright has been publishing one piece after another designed to really dig deep into how, and why, Bitcoin works. As Charles points out in his presentation, the majority of the developers of projects such as Bitcoin Core (BTC) and Bitcoin Cash (BCH) have, over the years, incorrectly assumed they understood the inner workings of cryptocurrency, but Wright is proving otherwise. All of the information that has been distributed recently is working to facilitate change in the crypto world and, as Charles puts it, this is “bigger than anybody previously realized.” (4:50)
One of the possibilities being considered is getting rid of TCP (transmission control protocol), which is the backbone of Internet communications. Instead of having to route communications through various servers or nodes, Bitcoin can create a real, hash-based routing solution that goes directly from one user to another. This has already been proven to be possible, thanks to the understanding of how Bitcoin transactions work, how they can be configured and what types of information they can contain.
Ultimate, this means that money, contracts, photos—anything—could potentially be sent from one user to another while ensuring an immutable and permanent record in a more secure form of communication. Literally replace the Internet with Bitcoin (15:50).
Charles also reveals the real meaning behind the term Bitcoin, whether or not this was intentional. Bit is information, coin is money. 14:05, meaning that the capabilities of the crypto system were already considered when it was created. There was no need to try and reinvent the wheel, as many developers have done.
One of the more recent advances seen on BSV is Paymail. It was created to facilitate communication between individuals using BSV. It eliminates the need for long addresses through the use of names, which can be purchased for $1. This isn’t a money grab; it’s a form of helping to ensure bots don’t come in and try to scoop up a million names and then hold them for ransom.
Coming down the pipe are some cool projects. Things like debuggers, compilers and pay-to-view systems are in the works, none of which is offered by any other blockchain project. This is because BSV developers are focused on ensuring that the blockchain has real use for businesses and isn’t just a platform for hobbyists. Anyone interested in seeing what’s available, and what’s being worked on, can check out Money Button’s library at docs.moneybutton.com.
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.