This year’s first CoinGeek Conference is being held at Samsung Hall in global financial capital Zurich from June 8 to 10. And Day 1 of the conference commences with an impactful opening speech from Bitcoin Association founding president Jimmy Nguyen. Bitcoin Association is a global industry organization that advances the adoption of the BSV enterprise blockchain.
Due to the popularity that Bitcoin has garnered over the past years, there is now an immense interest in digital currencies, which has paved the way for the creation of thousands of cryptocurrencies available for trading in the market today. Although the number of unique digital currencies increase every day, their only purpose is still centered on payment services and investment trading, much like how stocks are traditionally traded. Other than these two purposes, digital currencies do not offer any other useful properties. What the masses have not realized yet is that digital currencies use blockchain, an innovative technology that opens up an endless potential for use in improving the world’s data systems and various industries’ processes. And this is what sets BSV apart from these digital currencies.
“BSV is different from much of the cryptocurrency world, in fact, almost all of it. And why? We don’t want a coin that you just hold for years. We build a blockchain to be used on a daily basis for billions of payments and business interactions, to create technology infrastructure, to be the new digital plumbing that works with the Internet to ignite the power of data,” Nguyen said.
Harnessing and channeling this power of data to be used in many different areas of business, such as in banking and finance, healthcare, supply chain management, government, iGaming, information technology, eSports and even artificial intelligence and smart cities, is the real strength of blockchain. Days 1 to 3 of the CoinGeek Conference offers viewers presentations from professionals and experts from companies all over the world who are already building or have already developed applications and platforms on the BSV Blockchain, a scalable, distributed and public ledger that immutably and chronologically records transactions, allowing for transparency, security and integrity of data.
“These are all examples of how BSV and blockchain technology takes data and gives to us new things. That’s how [data] all started. It’s a thing given. It’s something humans have always wanted to record—from etchings on a bone to tally numbers, knowledge collected in ancient libraries, tables tracking death to give us hope for new life, machines to count who we are, records on magnets, a dream for an Intergalactic Computer Network, the link to the modern Internet, a Word Wide Web so vast we needed new tools to search, communication that’s gone mobile anywhere, data in server farms up in the cloud, and now, onto the blockchain. Introduced by Bitcoin, the fusion of data and money into one. Using a distributed ledger of transactions organized into blocks, connected across time,” Nguyen eloquently explained.
The most important aspect of the BSV enterprise blockchain is its scalability. “That’s what Satoshi Nakamoto always wanted. Way back in 2009, early in Bitcoin history, he wrote that ‘Bitcoin never really hits a scale ceiling’ and already at that time should be capable of exceeding the VISA network’s payment transaction capacity” at a peak of 56,000 transactions per second (tps). But BTC restricted the network’s growth and limited it into just seven tps. ETH and BCH likewise are only limited to a maximum of 20 and 60 tps, respectively. And because of this, their transaction fees skyrocketed with BTC peaking at $33.94 on April 21 and ETH at $69.92 on May 12 of this year. BTC plateaued with an average transaction fee of $4.33 and ETH at $6.13 on June 3.
In contrast to these popular digital currencies, BSV has continued to scale, allowing for its main net to process an average of 5,124 tps while its test network has already completed over 9,000 tps with over 1.9 million transactions in a single block of data. Because of this, the median transaction fee for BSV is currently only at $0.00028. It can be seen in the numbers how vast the gap is between BSV and these other digital currencies, which is why BSV is the only blockchain operating at enterprise level.
As Nguyen states, imagine if people around the world can only send a total of seven emails per second at a fee of $4.33 per second, it would not have grown into the email known today, which is an integral part of global communication with 2.4 billion emails being sent every second. This is the scale of what BSV can accomplish in the future, and more.
Author: Makkie Maclang