Bitcoin Association names former SBI Group executive Jerry David Chan as Japan and South Korea Manager to grow Bitcoin SV

Bitcoin Association has named Jerry David Chan one of its new managers in Asia. Most recently, Jerry spearheaded blockchain strategic initiatives at SBI Group, the financial technology conglomerate in Japan, and served as General Manager and Chief of Digital Asset Solutions. Based in Tokyo, his portfolio covers growth of Bitcoin Satoshi Vision (BSV) throughout Japan and South Korea – two key markets
for the Bitcoin industry. Jerry will also devote time to Singapore and Malaysia. His work will highlight the unique capabilities of the Bitcoin SV blockchain to developers, enterprises, miners, venture investors, and Bitcoin users.

Bitcoin Association is the global industry organization for the business of Bitcoin. It supports BSV as the only coin with a blockchain that significantly scales (now), has robust utility (now), and is committed to a set-in-stone protocol for developers to build on. BSV is also the only project that adheres to the original design of Bitcoin creator Satoshi Nakamoto. In short, BSV is Bitcoin.

Much like Bitcoin’s design leverages insight into many disciplines, Jerry brings comprehensive skillsets to the BSV’s ecosystem. Jerry is a 14-year veteran of Wall Street technology; before his tenure at SBI Group, he worked in New York and Tokyo at the technology departments of Goldman Sachs and JPMorgan FICC. Jerry’s experience bridges technology, economics, and how Bitcoin and blockchain innovations can be applied to real world business applications. He is a well-known Bitcoin thought leader, being a frequent and well-respected speaker and writer on Bitcoin and blockchain topics.  Jerry is a graduate of the University of Waterloo in Canada, with a degree in Electrical and Computer Engineering.

Jerry’s hire is another step in the global expansion of Bitcoin Association. Last week, the organization named Lise Li (former COO of Rawpool, a Bitcoin mining pool based in China) as its new China Manager.

Jimmy Nguyen, Founding President of Bitcoin Association, commented: “BSV is the ideal blockchain for enterprise applications, and Jerry is the ideal leader for BSV’s business growth in Japan and other key Asian countries. He knows what big corporates need, and can help organizations understand technically how to build BSV blockchain applications to solve those needs. Jerry is one of the most impressive and well-reasoned professionals working in Bitcoin, and enthusiastically supports the Satoshi Vision. I am thrilled to welcome him to the Bitcoin Association family.”

Jerry remarked: “As a long time fintech professional and Bitcoin enthusiast, I have always believed in the Satoshi Vision with its potential applications and exciting new developments that could benefit all aspects of society. After years of being disappointed as Bitcoin failed to scale, I’m excited to see BSV finally fulfil Bitcoin’s destiny to become the global enterprise blockchain. Bitcoin is my passion, and I thank Bitcoin Association for this opportunity to dedicate my full time to support BSV – what Bitcoin was always born to be.”

UPCOMING: COINGEEK SEOUL CONFERENCE – October 1-2

Come to Seoul, South Korea to learn about “The Power of BSV Scaling” and Bitcoin SV’s massively-scaled blockchain enables businesses to build more powerful applications. Join the top names in Bitcoin at the CoinGeek Seoul conference October 1-2.

Blockchain investment at all-time high with little to show for it

Blockchain start-up investment has never been more fashionable. That’s the reveal from Outlier Ventures, who recently published a report analyzing blockchain investments going back to 2013.

In their study, Outlier Ventures reveals that $23.7 billion has been invested in blockchain companies since 2013. More than half of that amount came in 2018 alone, with nearly $14 billion being raised. Another $3.7 billion has been raised so far in 2019.

The details of the investments is perhaps more revealing. Outlier notes that 55% of the investment funding rounds were for seed funding. They have thoughts as to why companies are struggling to get additional investment:

This financing has not converted to follow on-rounds, and indicates that while early stage funding is relatively easy, many traditional VCs are waiting for evidence of product-market fit and clearer signs of revenue before making further investments.

Their theory is that while blockchain companies have succeded in getting initial funding, they haven’t had much help with actually building their project. “The challenge is more about expertise and guidance at early stages, especially when it comes to areas unique to Web3 such as token design,” they conclude.

There’s another way to look at this. The vast majority of blockchain projects are almost like hobby projects, and they are not built to scale to the needs of the market. Although developers are working on neat ideas that can secure initial funding, they fail at being adopted because they can’t scale to the needs of adopters.

That’s precisely why investment firms should look to developers who work on the only blockchain that can scale massively to the needs of businesses and the public, Bitcoin SV (BSV). BSV projects are not just ideas being built in a vacuum; the talented developers working on the real Bitcoin are working on business plans that can be rolled out immediately for public use. They are the most likely candidates to take a round of funding and realize something of utility in short order.

Bigger blocks will make the whole mining network raise its game

It’s an exciting time in the most techy part of the Bitcoin SV ecosystem: as a result of increases in block size, “bubbles are starting to form in the great mining broth,” says mining expert Kristy-Leigh Minehan.

Now CTO of the technology infrastructure company Core Scientific, Kristy-Leigh has been working in crypto mining since the early days of Bitcoin. And she says that the buzz around Bitcoin SV now reminds her of those pioneering times, with the same potential for the future. Back in 2010, she says, “it wasn’t profitable, no-one really did it at scale, and it was also an incredibly exciting time. Bitcoin SV feels like that.” 

In a few years, she expects those involved today will be grateful to have committed to BSV when they did. “Think about how excited miners were in 2017/8, when all of those coins they’d mined in 2012 were suddenly worth a ton. Just imagine you could go back in time and ride that hype wave. You have that opportunity with Bitcoin SV — even though a lot of people don’t realise it.”

The increase in the block size will force changes on the whole mining network, Kristy-Leigh says. For instance, it will require new investment in node infrastructure to increase network propagation because “an insane amount of data” needs to be pushed through the network with big blocks. 

The new investment is “a really good thing” and “is going to end up changing mining as a whole, allowing all chains to end up transacting faster — and hit Visa-like transactions per second.”

Nodes and miners that don’t invest will end up “being left behind with a ton of orphan blocks.” But “that will be a great measure of the network health — telling people you need to step up and specialise.” New miners coming into the ecosystem will invest in the infrastructure first off, to be ready to scale up as the network needs it. 

As for negative stories about the climate-changing impact of crypto mining, Kristy-Leigh insists that they’re completed wrong: Bitcoin mining “is inherently green — the greenest form of energy consumption known to date.” 78% of Bitcoin mining is powered by renewable energy: “that’s really impressive.”

By making use of renewable energy that couldn’t otherwise be sold, the mining business makes sustainable energy economically viable. “Right now mining serves a very powerful purpose of consuming the world’s unused energy. With solar, wind and gas, there is so much unused energy that they cannot sell because the world’s not consuming it.”

In Kristy-Leigh’s view, mining also delivers a range of other benefits, both economic and social. “Mining ends up creating jobs, ends up changing how we consume renewable energy, changing how we build data centres and it’s going to change how we think about distributed computing. And this is just the infrastructure.”

So mining makes a critical contribution to creating the world we’ll soon be living in: “and that’s why I get so passionate about mining because we’re literally building the backbone to a new financial future.”

Watch Kristy-Leigh Minehan’s presentation at the CoinGeek Conference in Toronto last May.

Jack Davies blog series delves into finer details of Metanet

The Metanet concept was first introduced by nChain Chief Scientist Dr. Craig Wright less than a year ago. Speaking at the CoinGeek Week Conference, Dr. Wright unveiled the concept as a vision for new paradigms for the Internet and data sharing.

The Metanet protocol is defined by inventor Dr. Craig Wright in concept as a ‘value network,’ which would relegate the Internet to a sidechain of a more comprehensive Bitcoin blockchain.

“The Internet becomes a sidechain to the Bitcoin blockchain. The Metanet is a value network — the entire global system of online activity and data connected commercially.”

Now, nChain researcher Jack Davies has taken this a step further, in a new blog series designed specifically to raise awareness and understanding of the Metanet in concept, and the Metanet protocol which supports its development.

In part one of the Metanet blog series, published on Medium, Davies wrote: “The Metanet represents a complete and utter redefinition of the paradigms that pervade the existing Internet infrastructure — particularly with respect to human interactions and the value we ascribe to them.”

Davies said that the Metanet helps address a fundamental problem with the Internet — that high quality data cannot be available free of charge.

He argues that information comes at a cost, and that these costs cannot be accurately met by the current structures of the Internet and data sharing, and that information quality benefits when true value is ascribed to the information.

“The broad solution, therefore, is an internet-like platform that puts the value of data at the centre of everything,” Davies wrote. “When it is expensive to deploy thousands of bots to spread falsehoods, when the mere act of reading an article requires a cost barrier, we are forced to think: how much do I value this data as information?”

He added, “It is here where the issues we face with the current Internet begin to fall away. By incorporating financial costs — however small — into our online behaviour, we are asked to express how much we truly value information with our wallets. Here lies one of the central goals that the Metanet, running natively on top of Bitcoin SV, can achieve.”

The series of blog posts is expected to cover the concept in overview, as well as specifics in relation to the Metanet protocol, with a view to raising awareness amongst BSV developers towards the end goal of a more valuable global data sharing infrastructure, powered by the technological superiority, and particularly the mass scalability, of BSV.

Dr. Craig Wright to speak at MoneyMuseum event in Zurich

nChain Chief Scientist Dr. Craig Wright is to appear at the forthcoming MoneyMuseum event scheduled for this September.

The event, to be held in Zurich on September 3, will explore the path to global scalability for Bitcoin SV (BSV), with an emphasis on the business needs and commercial applications of the technology as it moves ever closer towards mainstream global adoption.

Titled “Satoshi Vision Explored: Scaling Bitcoin To Global Use,” the event will also examine the BSV blockchain in the context of IP, regulation and compliance.

According to MoneyMuseum, the event is intended to discuss the potential of BSV in a commercial context, as well as examining how BSV can add value to existing and new businesses: “It is the intent of the MoneyMuseum to form a group of dedicated bitcoin/blockchain enthusiasts for quarterly discussion rounds. We wish to explore this technology and its potential among the attendants such that they act as a catalyst.

“In this specific event we want to learn about the Satoshi Vision and challenge its potential to provide value to new and existing businesses. We would like to elaborate what is available and what still needs to be built. What could Bitcoin do for business?”

Dr. Wright will join an esteemed panel of speakers, which also features Martin Vinsome, partner at respected U.K. IP law firm UDL, and Daniel Diemers, a blockchain strategy consultant at PwC.

As the only blockchain to reflect Satoshi Nakamoto’s original whitepaper vision for Bitcoin, BSV is already the protocol of choice for developers exploring commercial applications for the technology.

The one-day event will be moderated by Bernhard Müller and Jürg Conzett, and will see the panelists engage in open discussion, which will ultimately be opened up to an audience of delegates, to better inform on the technology and its practical implications in a commercial context.

This latest event will see Dr. Wright discuss how businesses can put BSV to use in several key use cases, most notably around regulatory compliance and the protection and enforcement of intellectual property rights.

Why developers should attend CoinGeek Seoul

There are many reasons why developers should attend CoinGeek Seoul conference in October. As the only cryptocurrency capable of realizing massive on-chain scaling as originally envisioned in Satoshi Nakamoto’s whitepaper, Bitcoin SV (BSV) is the weapon of choice for an increasing number of blockchain developers.

Yet it is an ecosystem that is continually developing and improving to more accurately reflect both the origins of Bitcoin and the needs of developers, miners and the wider community. This is one of the many reasons why developers should attend CoinGeek Seoul, taking place on October 1-2 at the Le Meridien Hotel. The event is aimed at giving developers a greater insight into the technology, and the upcoming developments in BSV that can aid future projects.

The event will see BSV developers and stakeholders of all kinds meet to discuss issues and learn more about the direction for the protocol, with a view to giving more developers the confidence to build on BSV. Another reason why developers should attend CoinGeek Seoul is that the event — the second of its kind to take place in Asia — will help them learn more about BSV and why it remains the optimum choice for blockchain developers.

“Professionals from leading blockchain and cryptocurrency startups, global enterprises, crypto mining, investors, and other brands are coming to learn about exciting developments for Bitcoin SV, as well as the benefits of massive on-chain scaling for miners, application developers, and enterprises.”

The event is not exclusive to BSV supporters, and all developers with an interest in BSV are welcome to attend the event.

As well as learning from keynote speakers at the event, delegates will also benefit from opportunities to network with other developers, and to explore more of what’s possible with BSV tokens and infrastructure.

The event will also feature presentations from the finalists of the upcoming Bitcoin Association’s 2nd BSV Virtual Hackathon, showcasing some of the best concepts developed over the event.

For anyone with an interest in BSV, or in blockchain and cryptocurrency more generally, CoinGeek Seoul remains a must-attend event for crypto developers. Get your tickets today, and learn how you can join harness the power of BSV scaling.

Brad Kristensen: Scaling Test Network makes big blocks a reality

The massive blockchain scaling that’s happening on the Bitcoin SV (BSV) network doesn’t just happen; it takes a lot of work. To help guarantee it works well when changes come to the mainnet, the development team have the Scaling Test Network (STN). Brad Kristensen, Software Engineer at nChain, joined CoinGeek’s Becky Liggero on Developer Day at the recent CoinGeek Toronto 2019 scaling conference to explain the importance of the STN.

The STN isn’t just a sandbox for the Bitcoin SV Node Team to play in, it has important roles to play in the development of BSV. “The Scaling Test Network fourth compatible network for the SV node,” Kristensen said. “It’s important for the ecosystem because it helps the SV node developers get a direct feedback loop on what they’re working in. So they produce the next set of changes, they run it on the STN, the STN provides immediate feedback thanks to the large transaction volume and the large amount of blocks, as to whether they’re making the right move forwards, or in some cases, backwards.”

What’s coming next for the STN is some of the biggest innovations for the BSV blockchain, but as Kristensen told Liggero, he also hopes to see greater participating from the business world. “I would expect to see all of the big leaps forward that Bitcoin SV makes would happen first on the Scaling Test Network,” he said. “We’re hoping to get more businesses running on the Scaling Test Network, testing their applications, building their applications. It’s really supposed to be the onramp and playground for Bitcoin SV and the insight of to what’s coming to Mainnet.”

That’s not an impossible ask either. The STN was opened to businesses in April, and interested groups can get in touch with nChain to start trying out their own business use cases and applications to ensure they are ready for the next phase of the BSV blockchain.

As 2019 is the year of blockchain scaling, Liggero asked what role the STN play in achieving huge blocks. “We make sure it can happen,” Kristensen said simply.

The 2nd BSV Virtual Hackathon is only a week away — are you ready?

The 2nd Bitcoin SV (BSV) Virtual Hackathon is almost here, and the excitement is palpable. The online event, which takes place on August 17, will bring together some of the best developers globally as they compete for their share of the BSV prize pot.

Once the application process was opened a month ago, developers from across the world began submitting applications rapidly. The high demand led to the closure of the applications process recently. However, interested applicants are encouraged to join the waitlist by filling up the waitlist form available on the Bitcoin Association website.

The hackathon is sponsored by CoinGeek and run by nChain. Developers can join the event, either in teams or as individuals, to compete in the creation of innovative solutions on the Bitcoin SV blockchain. Developers can be located anywhere in the world as the entire event is online.

With the Bitcoin SV blockchain recently undergoing the Quasar protocol upgrade, it cemented its position as the best enterprise blockchain. Its ability to scale and meet enterprise needs is second to none, with low transactional costs and enhanced security being among the other benefits. The participating developers will strive to develop new applications that take advantage of all these benefits to offer innovative solutions to their users.

The selected finalists will get the prestigious opportunity to present their applications at the upcoming CoinGeek Seoul conference which begins on October 1—yet another reason why developers should attend CoinGeek Seoul. The finals will take place on October 2, with the developers battling for the chance to win BSV and proceed to present their applications to potential investors during the conference. Get your tickets to the two-day event here.

UptimeSV emerged victorious in the inaugural BSV Virtual Hackathon in May, winning 250 BSV. The application uses the Bitcoin SV blockchain to offer enterprises crowdsourced uptime monitoring and network intelligence for robust DDoS-hardened enterprise systems. Its users can download the app on a desktop or a mobile device to become an Uptime SV node and start earning BSV.

TonicPow and Polyglot emerged second and third and won 100 and 50 BSV respectively. TonicPow offers a P2P advertising platform that utilizes BSV to cut out middle men in the advertising chain and let the website owners get their fair share of revenue. Polyglot enables developers to use Python to interact with Metanet protocols and develop BSV applications.

RateSV releases version 1.0, bringing financial big data to blockchain

While several businesses have continued to integrate blockchain technology in their operations, there has still been a big discrepancy in regards to how much data is available on blockchain platforms. RateSV intends to change this, offering its users a platform for earning Bitcoin SV (BSV) by investing in real-time data on the financial data channel.

The goal of RateSV is to build a bridge between the real world and the blockchain world, enabling the flow of data between the two. RateSV announced the new version on Twitter:

The platform offers its users an opportunity to invest in BSV to record precision data and to obtain ownership of the data and the channel. You get to earn revenue every time there’s an API request for this data. Furthermore, you can earn revenue by reselling your channels as well as posting ads on your channels.

RateSV relies on the Metanet, a global protocol designed by Dr. Craig S. Wright for creating transactions that allow applications such as browsers and wallets to interpret and use on-chain data. Most crucially, the Metanet allows the users to be in complete control of their own data using a built-in permissioning system.

Once a user joins RateSV, he can create a channel, which is a formatted data stream. The channel can contain all sorts of information, from stock prices to weather data and even social media information. Each channel has a head that gets to enjoy some privileges. If a channel doesn’t have a head, the first user to bid on the channel automatically becomes the head.

RateSV expects to release version 2.0 in September this year. This version will come with important updates, such as the ability to transfer the ownership of the head and the addition of new virtual currency transactions. In a later update, the platform will increase traditional financial channels such as contracts and futures.

To ensure the security of the data, RateSV applies ECIES encryption. Only the channel heads can decrypt the data, with RateSV completely unable to obtain these keys. The data is stored on the superior Bitcoin SV blockchain ensuring stability, transparency and durability.

BitBoss now using Tokenized protocol on Bitcoin SV

Crypto gaming company BitBoss has announced it is now processing tokens on the Bitcoin SV (BSV) blockchain, in what has been described as a major milestone for the company.

The implementation means BitBoss users will now be able to send and receive tokens on top of the BSV blockchain, opening up access to the benefits of low transaction costs, fast transaction times and scalability-by-design.

According to a post on Medium, BitBoss has been developing via the Javascript implementation, its own contribution to the open source project behind the Tokenized Protocol.

Justin Laue, chief engineer at BitBoss, said the development will allow users to create and send custom tokens within their BitBoss wallets, for even greater functionality on the platform.

“This is a major milestone with our cryptocurrency wallet technology. We leveraged the BitBoss Keyring libraries to develop our BSV wallet, and now we are able to create and send custom tokens within that wallet. We’d like to extend our thanks for the amazing ongoing support that the Tokenized team has provided us throughout our development cycle.”

BitBoss is a gaming company, providing blockchain solutions for the sports betting and casino sectors. According to the Medium post, BSV tokens will allow the firm to experiment with new products.

The firm likened the functionality to ERC20 tokens on Ethereum, while highlighting the particular benefits of choosing BSV.

They explained, “Similar to how ERC-20 tokens power creative solutions on Ethereum, BitBoss is using Tokenized for similar capabilities on BSV, where it can also leverage the highly scalable network, extremely low transaction fees, and built in double spend prevention functionality.”

While there are limited details available on how BitBoss intends to develop its platform with these tokens in mind, it’s not difficult to imagine possible implementations. In the casino sector, for example, custom tokens could represents different chip values, or could be used to otherwise identify or reward users as they play.

In adopting BSV, BitBoss is the latest blockchain firm to recognize Bitcoin SV as the superior technology, and the only protocol following the vision that Satoshi Nakamoto set out in his original whitepaper.

How blockchain can increase transaction throughput

Blockchain technology has revolutionized many industries, from supply chain management to logistics and insurance. The possibilities are limitless with blockchain and this has seen many global tech giants invest in the technology. Bitcoin SV (BSV) has continued to be the trailblazer and by far the best enterprise blockchain, setting an example of how blockchain can increase transaction throughput beyond legacy technology systems.

Blockchain technology has quickly evolved, and, with it, the transactional speed has greatly improved, overtaking most legacy systems. While some blockchain platforms have continued to lag in outdated technology, BSV has improved on the transactional speed with constant upgrades. The most recent is the Quasar protocol upgrade which lifted the block size hard cap from 128MB to 2GB. This enabled the BSV blockchain to process 1,000+ transactions per second.

In comparison, legacy technology systems such as Visa, Mastercard, and Paypal have continued to lag behind BSV. PayPal, for instance, can only process 193 transactions per second. Other blockchain platforms have also failed to scale and meet user demands as BSV has done. SegWitCoin (BTC) only processes 7 transactions per second, while Ethereum, at 20 transactions per second, doesn’t do much better.

Bitcoin SV also has the lowest fees in the blockchain ecosystem and beyond. With PayPal, merchants are charged 2.9% of the payment amount while with Visa charges 1.51% interchange fee for consumer credit cards. In comparison, a Bitcoin SV transaction costs less than 1 cent. 

Bitcoin SV has managed to cement its position as the best enterprise blockchain platform by continuing to scale to meet consumer demand, proving that blockchain can increase transaction throughput. In addition to the recent Quasar protocol upgrade, Bitcoin SV is set to undergo the Genesis upgrade in February 2020 which will eliminate the block size altogether. 

And come October 1, the blockchain world will congregate in Seoul for the eagerly-anticipated CoinGeek Seoul conference. During the two-day event, the attendees get to learn about how blockchain can increase transaction throughput, reduce costs for enterprises, improve security, and much more. nChain chief scientists and the creator of Bitcoin Dr. Craig S. Wright headlines the list of distinguished speakers that also includes the Bitcoin Association President Jimmy Nguyen and nChain Chief Technology Officer Steve Shadders. Get your tickets today for this event that you can’t afford to miss.

ElectrumSV wallet update fixes coin-splitting faucet

The powerful and feature focused ElectrumSV wallet team has announced the release of version 1.2.4 of their Bitcoin SV (BSV) focused wallet. The release focuses on a few vital changes to keep coin-splitting working in the wallet, as well as what blockchain supporters it supports.

Announced in a Medium blog post, the update carefully explains each update, why it was necessary, and how the new functionality works, along with links to documentation.

Perhaps the most important change is a fix to get coin-splitting working once again. Sadly, coin-splitting was made unavailable for some time, as a malicious party got around restrictions and took advantage of the faucet containing all of ElectrumSV’s BSV supply. This mandated a fix that would protect the faucet from further abuse. Roger Taylor explained:

The faucet has been changed to require a captcha, and the way the loser was stealing the funds will no longer work. Also, because we now require the person who is splitting to use the web site directly, this gives the faucet even more leeway to be updated if the loser decides to attack the faucet again.

The full explanation of how to perform coin-splitting, the process of separating BSV from SegWitCoin (BTC) and Bitcoin Cash (BCHABC), is explained in the blog. While it’s mostly the same as it was when ElectrumSV launched, it now will pop-up a browser to collect the faucet dust necessary for the procedure. This will work for wallets on the mainnet, but also wallets on the testnet and the Scaling Test Network (STN), for developers looking to try out their work.

The upgrade also brings changes to the block explorers used by ElectrumSV. Blockchair explorer, which was previously removed because of its insistence in keeping the outdated “cash address.” As the site has now dropped that address format, it fits back in with the standards ElectrumSV has been keeping, and has been re-added.

They used that update to broadcast that other blockchain explorers that wish to be included in the wallet will need to follow Blockchair’s path and remove cash addresses, singling out bsv.btc.com as an example of an explorer they are not currently supporting for that reason.

ElectrumSV has been a feature filled BSV wallet since January, when they released their Desktop wallet for the original Bitcoin. They’ve also signaled that they want to focus on broader adoption by making their wallet friendlier to all users.

Update: This article previously stated ElectrumSV’s coin-splitting faucet was hacked. That was in error, and this article has been updated accordingly.