The BSV blockchain ecosystem is intensely competitive. From tokens to NFTs, users have dozens of options and can select any depending on their needs and preferences. But should the community rally around one protocol, or is the competition a prerequisite for ecosystem growth?
Two of the industry’s prolific developers, Luke Rohenaz and Siggi Oskarsson, joined Kurt Wuckert Jr. on CoinGeek TV on the sidelines of the London Blockchain Conference to discuss blockchain standards. The two are behind BUX, a middleware suite of tools for the BSV blockchain.
The beauty of an open protocol is that it doesn’t matter who is behind it. If the protocol proves to be better than its rivals, any developer can jump aboard and build solutions on top of it, Rohenaz pointed out.
However, Siggi countered that this competition sometimes takes away from the overall vision of pushing blockchain forward.
“It could have gone a little bit better…it would have been nicer if we got along a little more in that sense. But we’re moving in the right direction,” stated the developer.
1Sat Ordinals is the latest token protocol in the Bitcoin space. While it has garnered a lot of interest—and some believe we should unite around it—it has yet to become the ubiquitous protocol.
Rohenaz hopes 1Sat Ordinals can strike the network effect that its predecessors have failed to. “Having a bunch of people switch gears and all get behind it is super promising.”
While the lack of singular protocols has hurt the BSV blockchain ecosystem, it’s a critical stage for growth. The internet started with dozens of competing protocols and implementations. Ultimately, there was consolidation as the technology matured into what it is today.
As Siggi pointed out, most of the successful blockchain applications and protocols are emergent and come about because of endless development and tinkering.
“The stuff that actually works usually surprises us,” he said.
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