Bitcoin Association Founding President Jimmy Nguyen educates a jam-packed audience main stage on how to build a better world with the BSV blockchain during the second day of LEAP 2022, which is considered to be one of the biggest tech events in the world.
Bitcoin Association is the Switzerland-based global industry organization that is pushing for the enterprise adoption of the BSV blockchain. LEAP 2022 is a three-day event focused on emerging cutting-edge technology held on February 1 to 3 at the Riyadh Front Exhibition and Conference Centre in Saudi Arabia.
Nguyen, one of the keynote speakers, delivers a captivating presentation about the powerful capabilities of the BSV blockchain and how global enterprises can benefit from them.
Building a better world does not only mean maximizing profits for businesses—although it is one of the benefits of building on the BSV blockchain—more importantly, it indicates improving systems and processes plagued by chronic problems.
Satoshi Nakamoto created Bitcoin for everyone to use, not just the privileged few who can buy BTC now as a speculative investment. With Bitcoin Satoshi Vision (BSV) having restored the original Bitcoin protocol and unleashed limitless scaling, this is being realized one hardworking day at a time.
Nguyen being a keynote presenter at a global tech event such as LEAP 2022 brings BSV a step closer to worldwide enterprise adoption by creating awareness and making people understand what the BSV blockchain can do.
First, Nguyen introduces the concept of time, how it is a crucial measurement of progress, and how time is the foundation of blockchain technology, which is a timestamped distributed digital ledger.
It is because of this timestamping function of blockchain that it is able to provide immutability to data.
And as a consequence of this immutability, fraudulent activities are minimized as it is almost impossible to manipulate data on the blockchain to commit any kind of fraudulent activity.
“Across all this measurement of time, one key thing is important: time allows us to provide order to events. It is that order that allows us to detect truth and prevent dishonesty and fraud by detecting changes in the order of events. And it is this power of time that actually underpins blockchain technology,” Nguyen said.
“All a blockchain is a data system that is a distributed timestamp server, taking a ledger of records, whether it be payments or other forms of data transactions, and having that record date and timestamp when an event happened and then distributing it,” Nguyen added.
Fixed Protocol and Scalability
Blockchain technology has to be developed in the right way in order for the power of time embedded in it to actually be felt by the world. Not all blockchains are able to offer their services on a global level.
This is because not all blockchains have a stable foundation for applications and platforms that can be used by businesses across different industries to be built on them. Moreover, other blockchains simply cannot scale for them to be used by everyone around the world.
Why are these two features so important for the mass adoption of blockchain? If a protocol is not fixed, this indicates that it can be changed anytime.
Once a protocol of a blockchain is changed, all apps built on it would then have to adjust to these changes, which means system updates and downtime that ultimately results in business interruption and lost revenue.
With BSV, developers can continue creating and innovating their aps without having to worry about protocol changes that may happen every now and then.
And this was exactly how the stable Internet Protocol was maximized by developers, which then made almost everything available online.
Although the NFT sale of the animated series Stoner Cats lasted only 35 minutes before completely selling out, it cost users $790,00 in failed transactions because the ETH network simply could not handle the surge in transactions. And the root cause of the problem is that its base layer, the blockchain, simply could not scale.
With BSV unlocking limitless scaling, it can accommodate bigger data blocks and higher throughput as the network scales. BSV miners are currently getting ready to increase the block hard cap to 4GB, while millions of transactions are already being completed every day at a maximum of 50,000 transactions per second (tps).
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When the Teranode project is released, throughput will be increased to over 100,000 tps, surpassing that of the VISA network, while ETH remains at 40 tps with a current average fee of $28.79 per transaction. This is why it is not practical at all to use ETH and other popular blockchains on an enterprise level, much more on a global scale.
“You cannot plan a mass scale blockchain application for a company, a country, or the world if you don’t know whether the transaction is going to cost on any given day $3 or $70. On BSV, the median transaction fee is 1/25th to 1/100th of a U.S. cent—almost free… That means you can create a network for all sorts of data, not just a payment transaction, on the blockchain,” Nguyen revealed.
And as BSV continues to scale, the blocks only get bigger and throughput higher, which then serves to continually reduce transaction fees. Efficiency and practicality provide the BSV blockchain with utmost utility that can be applied to any kind of industry.