The BSV enterprise blockchain is undoubtedly and indisputably head and shoulders above any other blockchain network. Many entities and developers that have started out on rival chains such as Ethereum have discovered this after running into the scaling bottlenecks that these networks face and are migrating to BSV every other day. Vasilisa Marinchuk is one of them, and as she told CoinGeek Backstage, she wishes she had known about blockchain earlier on.
Marinchuk is the director of international relations and engagement at Centre Blockchain de Catalunya, an organization founded in 2017 to promote blockchain adoption and education in Catalonia. While it engages in technical activities, the organization’s primary focus is on outreach to people unfamiliar with the technology as it seeks to introduce them to the bold new world of a decentralized economy.
Marinchuk spoke to CoinGeek’s Becky Liggero on the sidelines of AIBC Dubai, an event in which the BSV Blockchain stood out and where she shared a stage with BSV Blockchain Association Founding President Jimmy Nguyen and other BSV luminaries.
Dubai is the heartbeat of blockchain technology at the moment, Marinchuk said. The city, which will host the BSV Global Blockchain Convention later this month, is integrating blockchain rapidly as it strives to bring every other government process and service on-chain.
Marinchuk has quite some experience with blockchain technology, she told CoinGeek. In 2021, when the world came to a standstill as the COVID-19 pandemic kept people indoors, the Centre Blockchain de Catalunya partnered with the International Chamber of Commerce (ICC) on a blockchain-based COVID test certification program. The two organizations built their application on Ethereum.
The pilot program was conducted in the city of Girona for a month. But as Marinchuk observed, they run into the same scaling bottlenecks that have hindered the widespread use of Ethereum for applications that target mass usage.
Marinchuk’s organization had to absorb the very hefty gas fees that Ethereum transactions come with.
“The 5 euros that the users had to pay to get the test was already a cost,” she stated. “But then they also have to pay the [gas] fees, because we can’t absorb it forever. So for us, it [Ethereum] wouldn’t be a scalable solution. And in this case, you either have to look into the second-layer protocol or look for a completely different blockchain,” Marinchuk said.
Marinchuk isn’t the first and most certainly won’t be the last to have her enthusiasm for blockchain technology cut short by Ethereum. The network has been unable to scale in any meaningful way despite all the effort put into this. This has led to high transaction fees that only the whales moving billions or minting even more through dubious ‘zero-sum-game’ DeFi protocols can afford.
According to Messari, the average transaction fee on Ethereum as of May 15 is $25.65, a cost that’s way too high for an average user. What’s worse is that it has been much higher in the past and will most likely shoot up even more. At the backend of 2021, when most digital asset prices were spiking, the average transaction fee was above $50 on Ethereum.
On April 30, the fee shot to historical levels above $200 when a popular NFT project launched a new project, and as eager users rushed to ape in, the network clogged, and fees spiked tenfold, with tens of thousands in failed transactions. The situation was so bad that despite making hundreds of millions on the day, even this project said it’s contemplating ditching Ethereum like so many others, including CryptoFights, have.
The solution to all these scaling bottlenecks is obvious to Marinchuk—migrate to BSV.
“Honestly, at that time if I’d known the BSV world, if I had heard about it, I would have contacted you and said, ‘Hey guys, we have this wonderful idea, we have all the green lights from the government, let’s do it,’” she told CoinGeek Backstage.
Today, Marinchuk’s organization is working on a clean energy distribution system, and this time, it’s building on the BSV blockchain.
Don’t miss out the first ever BSV Global Blockchain Convention taking place at the Grand Hyatt in Dubai on May 24 – 26. Book your tickets today!
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.