This post originally appeared on ZeMing M. Gao’s website, and we republished with permission from the author. Read the full piece here.
According to bitinfocharts.com, the total volume on the Bitcoin SV network over the past 24 hours surpassed 10 million transactions, which equates to nearly 4 times the total number of transactions of all other blockchains—there are thousands of them—combined.
Denying that this is real adoption is bias.
Denying that this shows actual capacity is dishonesty.
Denying that this proves scalability is unintelligence.
Failing to see what is happening beyond the crypto noise, is blindness.
The uncomfortable truth is that the BSV blockchain is not merely to compete with other blockchains, but to prove that other blockchains shouldn’t exist and shouldn’t have existed in the first place. They do only because Satoshi’s Bitcoin blockchain was perversely and corruptly misunderstood.
Note that I do not suggest that applications on other blockchains shouldn’t exist. That is a different question. Many blockchain/DLT applications have arisen from real needs, some even with greater vision and transforming potential. They’re just built on a wrong blockchain.
The real Bitcoin (not BTC, but BSV) will disrupt not just other blockchains. Its disruptive power threatens the entire current Internet economic model, making the groups with vested interests (especially those with the Silicon Valley business model) so concerned that they have to collectively suppress it. Watch the COPA v. Wright lawsuit if you want to know what this means.
How long can the market remain ignorant? It is difficult to say, because the level of ignorance of the public can often go beyond a humble man’s imagination. But if BSV continues this trend, it is very hard for the Bubble to last longer than one more year from now on.
This recognizes the fact that the barricade not only arises from the natural ignorance of the market, but more importantly is also a product of certain extremely creative misinformation and social engineering.
However, even if the public continues to be ignorant or fooled, the bitcoin miners will wake up first because they as objective businesses will see where higher and higher profitability of mining is happening. See The Economics of Bitcoin Mining.
Beyond digital currency
If you look beyond coins, digital currencies and even payments in general, Bitcoin SV is the only hope for true decentralization of data/information. The current BSV blockchain infrastructure is fully ready for all Web3, NFTs and DeFi applications with true L1 decentralized model rooted in an on-chain decentralized ledger.
But the capacity of BSV is even far beyond that. In the near future, Metanet and Teranode based on the BSV blockchain will integrate IPv6 with Bitcoin blockchain to create the next generation Internet. Not blockchain on Internet. But blockchain with the Internet, or even Internet on the blockchain. See, IEEE UAE Blockchain Symposium Craig Wright keynote: Creating secure internet with Bitcoin & IPv6.
You will hear more about this soon. When you do, it is when the debate over “blockchain truth” is over, with a clear winner. The winning will not be based on a narrative that was designed to mislead the public but based on the reality that was designed to benefit the public.
This article was lightly edited for clarity.
Watch: CoinGeek New York presentation, BSV Technical Update
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