Transitioning to Web3 with AWS and BSV blockchain

The transition from Web2 to Web3 is top of mind for any business that wants to stay ahead of the competition, but the question is how. There are many factors to consider, especially what tech to use as plumbing, so the ability to scale into the future is there. 

To make it easy for businesses to make this transition, the BSV Association has partnered with Amazon Web Services (AWS) (NASDAQ: AMZN) to test Web3-enabling tech and offer one-click Web3 solutions via the AWS marketplace.

“We are all excited about partnering with AWS because that is our crucial strategic partner. We have a go-to-market strategy with the BSV blockchain,” Aleksander Gora, Market Adoption for BSV Association, told CoinGeek. 

“The first step in this partnership was to establish all the key components of a network like SPV wallet and overlay services, stand-alone elements which could be deployed in the marketplace for developers with a one-click deployment,” he said. 

While including solutions within the AWS marketplace will make it easy for developers to harness blockchain technology, it’s essential to use a highly scalable blockchain such as BSV to power the peer-to-peer economy within Web3.

“We do have a scalable blockchain,” BSV Association’s Utilization Technical Team Lead Darren Kellenschwiler said of BSV.

“And that’s important because there’s so many applications that could be using blockchain, but we always run into scaling limits when we try and build those on other blockchains,” he said. 

“So if we can remove that restriction, then it frees us up to build micropayment economies that are predicated on the fact that you can do some simple task for a small fee, but you have to do that a million times a second to actually make any decent revenue over time,” Kellenschwiler added.

BSV blockchain has the unique capability to scale massively due to its set-in-stone protocol and “Teranode” upgrade, which was tested in the cloud with AWS. To help educate businesses on BSV’s ability to scale, the BSV Association took part in the AWS Zurich Summit on September 4 with a booth, a speaking slot, and several reps roaming the floor. 

BSV Association’s Siggi Oskarsson, Teranode Director, delivered the presentation at the event, and his main message was the importance of a scalable digital backbone when transitioning to Web3 and how Teranode fits in.

“Teranode is a new implementation of the Bitcoin node software, and we’re trying to scale it out, so we’re taking the original node implementation and splitting it up into microservices so we can actually scale out every component separately,” he told CoinGeek after the presentation.

“And we’ve managed to do a million transactions a second like we’ve talked about many times before and beyond,” he added. 

AWS has played a vital role in the development of Teranode, and Gora elaborated on why this is the case. 

“We realized how crucial it is to have a strategic partnership with someone who is as established as AWS. Infrastructure cloud providers is a vital key player to make any technology being adopted on a global scale,” he said.

In addition to providing the ideal testing environment for the Teranode team, AWS will also be hosting the BSV blockchain overlay service, which can be considered the layer between Teranode and the end user. 

“For overlay services in SPV wallet, it’s one-click deployable on AWS, and it’s aligned with all the requirements called the FTR requirements coming from AWS to be distributed within the AWS marketplace,” explained Thomas Giacomo, Utilization Director for BSV Association. 

“So for the different application builders that want to leverage the BSV blockchain, they will take our open source components—overlay services in SPV wallet—and then in one click, they can deploy it on AWS services,” he said.

So, what is SPV? End users will have peer-to-peer communication through SPV or “Simplified Payment Verification.”  SPV wallets will facilitate all the micropayments bouncing around in a Web3 world, and we need many of these micropayments to generate significant revenue.

“SPV allows us to scale the blockchain network, so instead of relying on all of us running a node, we just interact with SPV,” Connor Murray, BSV Association’s Director of Stewardship, told CoinGeek.

“With massive scalability, you have low fees that enable millions of transactions per second at low cost, and it enables a more peer-to-peer world, which is our vision of transitioning from Web2 to Web3,” he said.

Watch: Web3 is natural progression of technology