“Bitcoin SV is the only version of Bitcoin which adheres to the protocol, design and vision of Satoshi Nakamoto,” Steve Shadders told the audience at the WeAreDevelopers Live Week.
The nChain CTO was one of the speakers during the five-day event geared towards exploring emerging technologies. He took the virtual stage on day 4 of the event which focused on blockchain technology.
Shadders delved into what Bitcoin SV is, its pillars and what sets it apart from other Bitcoin versions, the importance of the Genesis upgrade, the Metanet, how BSV-powered microtransactions are changing how we interact with Internet applications and more.
Shadders, who is the technical director of the Bitcoin SV Node project, kicked it off by explaining what BSV is and its four pillars—a stable protocol, massively scalable, secure and safe instant transactions. These pillars make Bitcoin SV the only blockchain that can power enterprise blockchain use while also being a global payment rail.
“Stability and security are the critical pillars – stability because big businesses won’t build on something that’s constantly subject to change, security because users need to be able to trust the software.”
Shadders also delved into the history of Bitcoin, starting with Satoshi Nakamoto over a decade ago to its rebirth as Bitcoin SV and the ensuing hash wars. He talked about the Genesis hard fork that took place earlier this year and how it had altered the course of Bitcoin by removing the artificial limits imposed on the protocol and restored the full original functionality of Bitcoin Script.
One of the biggest issues over the years in the Bitcoin community has been about its ability to scale. For years, the BTC community held back Bitcoin’s power by limiting it to a maximum of 7 transactions per second. Visa, in contrast, does 2,000 transactions per second, scaling to 50,000 transactions in peak periods. This great contrast between the two is against Satoshi’s original vision, with the Bitcoin creator having stated:
“Bitcoin can already scale much larger than [Visa] with existing hardware at a fraction of the cost. It never really hits a scale ceiling.”
Bitcoin SV is restoring this vision, Shadders told the audience. With the Teranode project, BSV will power 4 billion Bitcoin transactions per block with a capacity of 7 million transactions per second.
He also talked about how BSV is powering microtransactions with its very low fees (now $0.000075 per transaction) and instant zero-confirmation transactions. These micropayments are spurring the creation of innovative Internet business models, including social media platforms that reward users with BSV, paying to watch content by the minute and not on a subscription basis, getting paid to view ads, monetizing personal data and more.
Watch Steve Shadders presentation at WeAreDevelopers Live Week.
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.