The Bitcoin Vision: Episode 15

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Founding President of the Bitcoin Association Jimmy Nguyen is back on the road again, and once again, he’s updating us on the latest developments in the Bitcoin SV (BSV) ecosystem.

This week’s episode featured the latest update on the BSV Network. It recently received a node implementation update, BSV Node v0.2.0. This update was released on May 20. This new release helps Bitcoin SV stay on target for massive scaling of the BSV blockchain.

This update also prepares BSV for the Quasar protocol upgrade scheduled for July 24. It will increase the maximum acceptable block size from 128MB to 2GB. Finally, it delivers a new API to support mining massive blocks.

The Scaling Test Network (STN), an initiative of Bitcoin Association’s SV Node project, was glad to test the new limits of the blockchain version on May 21. The STN saw their record for maximum-mined block size broken 8 times with the test ending at a maximum of 1.42GB

With block sizes this big, the transactions fees collected are more rewarding than the initial block reward. Steve Shadders, BSV technical director had this to say:

“For me the most exciting metric captured in this test is the block transaction fees. For the first time we have seen a block where the transaction fees collected exceeded the block reward.”

This week’s Satoshi shout-out went to Dr. Craig S. Wright. Dr. Wright recently applied and received from the U.S. Copyright office copyright registration for the original Bitcoin white paper and the original Bitcoin code, which he authored under the username Satoshi Nakamoto. He is now one step closer to proving he is Bitcoin’s creator.

The Bitcoin Association has a new resource for developers: The Open BSV License. It is a modified version of the MIT license, meant for developers, projects and companies wishing to make their software or apps available for free use but only on the BSV blockchain.

Neongenesis is a new database for BSV that is powered by Planaria. It was unveiled by ‘Unwriter’. This database is a fork of Genesis but with a key difference. Neongenesis allows users to get access to relative time within a block. This means that users can use this platform to create social media apps, feeds, logs or any other application dealing with real world time.

Hackers gathered for yet another BSV Hackerthon, the Dragonhack which took place in a university in Slovenia, the Eastern European country. The event was sponsored by CREA who has been providing developments support to Bitcoin SV Node team and other nChain projects.

It had 120 developers enter the competition, with the winning team taking the Best Bitcoin Hack Award. This team managed to develop an app that allows capturing of videos on camera and sending them to the BSV website to be used as valid evidence for security purposes.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.