Bitcoin development has stalled over the past decade. It is sad that although it is a pioneering technology that brought about the use of digital currencies and blockchain, creating a whole new market for digital assets, disagreement within the Bitcoin community has led to it splitting several times.
A divided community has then slowed down Bitcoin development, only ramping up in the past couple of years when the technology has become more stable and efficient. In the meantime, BTC’s price continued to soar reaching over $60,000 per coin, establishing itself as a pseudo digital gold that acts as a speculative investment for those who can afford it.
But this is not at all what Bitcoin white paper author Satoshi Nakamoto has envisioned his invention to be. In fact, it is the opposite. Bitcoin was supposed to initially resolve the current financial system’s double spending problem and become the future global payment infrastructure.
Satoshi Nakamoto also envisioned Bitcoin to transcend payments and be utilized to improve the digital infrastructure of many industries, where people are using Bitcoin in their everyday lives without even realizing they are actually using it.
BTC makes this vision impossible, with its 1MB block size limit, maximum throughput of only seven transactions per second (tps) and high fees currently averaging $4.99 per transaction, its blockchain is completely impractical for businesses to adopt.
The Bitcoin to Build On
While many consider BTC to be the original Bitcoin, it is nearly impossible for developers to efficiently build on it in a cost-effective manner. So, why build on Bitcoin?
It must first be understood that the splits in Bitcoin occurred due to disagreement when it comes to scaling and changing the original Bitcoin protocol. Scaling means bigger data blocks and higher throughput, while changing the supposed fixed protocol means making the foundation of Bitcoin unstable.
In 2018, BSV, which stands for Bitcoin Satoshi Vision, was born after the second major hard fork. In line with the original vision for Bitcoin, BSV has restored the original Bitcoin protocol and had it set in stone, creating a solid foundation for developers to build applications and platforms on.
BSV has also enabled limitless scaling. As the network continues to scale, it has broken world records in the biggest blocks mined on a blockchain, the latest at 2GB. Throughput is also constantly being improved. The Teranode project, which will be released next year, will enhance network capacity to up to 100,000 tps, surpassing that of the VISA network.
And as the network scales and these numbers rise, so will the transaction fees go down. At present, it takes less than a cent to transact on the BSV blockchain, and this amount will only be lowered as the blockchain continues to scale up.
With a stable protocol, no limit to the amount of data that can be stored on the blockchain, a high number of instant transactions per second and cheap transaction fees that almost cannot be felt, BSV is the Bitcoin that businesses can use.
BSV Use Cases
Bitcoin is all about utility, and in the short span since its establishment, BSV has continually demonstrated its relevance across many different industries. With the ongoing pandemic, healthcare date is of utmost importance, and many companies are capitalizing on Bitcoin development to break down data silos and create a global healthcare database, such as Veridat, VXPASS and EHR Data.
Two of the sectors that have grown rapidly during the pandemic are iGaming and eSports, and companies such as BitBoss, FYX Gaming, Haste Arcade and Built by Gamers, have built solutions on the BSV blockchain due to its powerful capabilities and cost-efficient nature.
“BSV improves gaming platforms in a meaningful way. We also have extensive Ethereum experience. While I do like the idea of smart contracts on Ethereum, the application of those contracts in gaming is arduous from a cost perspective. There are also block time issues that can slow the speed of play on Ethereum. Similar chains such as EOS and Tron attempted to fix some of the Ethereum issues however they were caught up in other problems,” Matthew Dickson, CEO and co-founder of BitBoss, said.
While there are other companies in other major industries that are currently using the BSV blockchain in streamlining its processes, such as seafood supply chain firm UNISOT, digital asset marketplace Fabriik, social media network Twetch, content platform Keyport TV, experiential reality platform Omniscape to name a few, the BSV ecosystem is also home to many successful start-ups.
API marketplace Codugh, promotion marketplace TonicPow, online review platform Britevue and digital infrastructure provider mintBlue are just some of the BSV start-ups that are now servicing clients from all over the world.
“At mintBlue, we use the original Bitcoin protocol, because we want one chain to do it all. We want a solution to be fast and lean,” mintBlue CEO Niels van den Bergh stated while announcing European accounting firm Yuki has chosen to work with them due to its platform’s efficiency as it is built on the highly competitive and economical BSV blockchain.
“But for mintBlue, the accounting industry is just one vertical. mintBlue is not an accounting tool. mintBlue is not bound by any sector. Because when we look at it, we’ve only integrated our digital certificate solution into this organization. But we have many other off-the-shelf solutions that people and organizations can just plug in into their systems and build,” van den Bergh added.