The CoinGeek Pulse Episode 36: Blockchain in China’s 5-year plan, 638MB block on Bitcoin SV, and NFT search boom

This week at CoinGeek Pulse, we look into stories breaking records and making history.

Our top story takes us to China, where for the first time since the 1950s, the economic power mentions blockchain in its national five-year plan.

The five-year plan sets the pathway for social and economic developments in the next half-decade and beyond. It is no longer new for China to stress the increasingly important role of technology but in the 14th plan, blockchain takes the center stage.

Blockchain plays a significant part in the country’s digital economy and in the development strategy of President Xi Jinping’s Vision 2035. While China bans digital currency trading, it has been keen on leveraging the use of blockchain in many areas for as long as it will help in the economic and social goals.

Lawmakers and advisers approved the final version of the national five-year plan during the annual political meeting held in Beijing last week.

This week, Bitcoin SV (BSV) continues to soar and breaks another world record.

A community stress test on the BSV main network resulted in a 638MB block mined. TAAL (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) processed the record-breaking block #678301, which breaks the previous record of 369MB in May 2020.

The huge block of data included micropayment transactions and 2,674 larger-sized files like high-resolution photographs. No other blockchain in the world today is capable of processing transaction blocks that large.

This makes it feasible for businesses and other large organizations to use Bitcoin’s data ledger for an increasing number on new and unique use cases. It is just like Satoshi Nakamoto, who is the creator of Bitcoin, always intended.

Speaking of records, Google search results for NFT or non-fungible tokens hit an all-time high. 

According to data collected by The Block Research, NFT search volume on Google hits a new record for the week starting March 8. This coincided with NFT platforms recording nearly 400,000 users during the same period.

In February, Bitcoin-powered social network Twetch launched its first NFT—the Twetch Hat. It is the first ever tokenized hat on Bitcoin.

Twetch also announced they have crossed the 40k users milestone. They are sending BSV to everyone who replies to their tweet with their $handle and follows them. Head over to their Twitter account to learn more.

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.

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