The Bitcoin Vision: Episode 4

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https://www.youtube.com/watch?v=Cfg6rQaHn0s

There’s a lot of excitement happening as the Bitcoin SV (BSV) ecosystem builds the world’s new money and global enterprise blockchain. This week’s episode of The Bitcoin Vision, coming to you from London, recaps the recent developments happening in the network—from an update to the Bitcoin SV code to an important rebrand, plus wins at a recent wallet workshop, moving EDI to BDI, as well as the latest Wright Vision from Dr. Craig Wright.

bComm Association, the leading industry group for Bitcoin business, is now the Bitcoin Association, dedicated to advancing business with Bitcoin SV. According to Founding President of the Bitcoin Association Jimmy Nguyen, the organization brings together merchants, exchanges, wallet operators, application developers, big enterprises, miners and other members of the Bitcoin ecosystem—all committed “to advancing all business uses of this powerful blockchain, not just payments and ecommerce.”

“Everyone knows Bitcoin for its vision to become the world’s peer-to-peer electronic cash system, but it can be so much more. Now that BSV has rebirthed the original Bitcoin, there is a scaling plan and technical roadmap for Bitcoin to become the world’s data ledger and data network,” Nguyen noted. “The name Bitcoin Association better captures this broader mission.”

Companies around the world are invited to join the Bitcoin journey, and there’s no fee to join the Bitcoin Association as a member. To learn more and register, visit bitcoinassociation.net.

In other news, the BSV development team, which works on the reference implementation for the Bitcoin SV, has released version 0.1.1 of its software. The latest update continues BSV’s focus on massive scaling, delivering performance and capacity increases to transaction propagation. The upgrade offers faster relaying of transactions, improvements in the security of instant transactions, while larger network messages will also allow higher volumes of transactions, and finally, the parallelization of network communication will increase efficiency across the network.

The scaling improvements in this release have all been researched and tested in the newly public Bitcoin SV Scaling Test Network (STN), which is now open to other network participants in the Bitcoin SV system.

Speaking of wins, significant achievements were made at a recent nChain-hosted wallet workshop in London, organized by the Bitcoin Association and sponsored by CoinGeek. The wallet workshop gathered representatives from BSV wallets around the world, who discussed how to enable more seamless integration among wallet applications and improve the user experience. Among the topics discussed were payment protocols between client and merchant wallets, payment channel implementations and easy addressing mechanisms.

Can we move EDI to BDI? EDI or electronic data interchange is the B2B backend tool that underpins 14 trillion dollars worth of global industry. It comprises such things as transmission of purchase orders, invoices, shipping documents and other data that all form part of a real-world transactional process. There are many national benefits to using Bitcoin as a transmission and storage mechanism of EDI, and several parties are already independently developing EDI to BDI projects, including specially commissioned nChain projects.

Finally we have The Wright Vision. Each week, nChain Chief Scientist Dr. Craig Wright authors a Medium post where he describes exciting new uses of the Bitcoin SV blockchain, especially incorporating nChain intellectual property. A recent Medium post of his, titled Forex accounting in script, explains how the BSV system can allow for the creation of complete end-to-end development contracts that are legally enforceable and paperless. It allows for complete payment of subcontractors in the integration of existing project-planning and scheduling software.

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