A successful first Bitcoin project: ImmortalSV review

As the Bitcoin blockchain was designed to be immutable, saving information for the world to forever look back upon, using it to archive important data is a natural use case. While naturally that works for digital money, as Bitcoin SV (BSV) has scaled massively and also become the data carrier of the world, it also works great for things like websites, best evidenced by ImmortalSV.com.

Much like how archive.org and it’s WayBackMachine helps archive the internet, ImmortalSV offers the same service to anyone looking to do the same on the blockchain. The service is pretty simple to use: simply enter a website address, and the site will take a screenshot for you to archive. Using a Money Button wallet, just pay for your screenshot to be recorded on the blockchain, and the site provides a bico.media address for you to see that it worked.

We tested the site and found it worked flawlessly for what it’s intended to do. Using the website for the top movie in the world at the time, Joker, we paid $0.08 in BSV, and an image of the site was quickly written to a transaction and saved on the blockchain.

A successful first Bitcoin project: ImmortalSV review

There are some important differences from how archive.org’s service that have to be taken into account. The site doesn’t proactively seek out websites to record to the blockchain; it only saves those that users wish to save. That could be both a pro and a con, in that it may miss out on quality content that should be saved to the blockchain, but it’s also more efficient, in that it won’t save a bunch of junk there either. It also doesn’t save the code of a website like archive.org does, only taking a screenshot instead.

But the business model is very different from archive.org as well. ImmortalSV requires users to pay their own way to make the service work, while archive.org requires donations from the public to provide an ad free service.

We reached out to the site’s creator, Twitter user @Synfonaut, to ask him more about the site and what his motivation in creating it was. “The inspiration behind ImmortalSV was to build something quickly so that I could learn BSV development,” he replied. “I wanted to build a useful tool, and the ability to store snapshots of websites on the blockchain seemed like a good fit.”

If you’re hoping for ImmortalSV to become a more feature filled site, Synfonaut cautioned that he thinks you should look to another service. “There aren’t any more major plans for ImmortalSV,” he noted. “I had some future ideas for more archiving, but etched has done a fantastic job providing this.”

But if you’re impressed with Synfonaut’s ingenuity and first attempt at a Bitcoin app, he’s got more coming. “Shortly after ImmortalSV, I launched Open Directory and since then have been working on a major update that helps content creators monetize their work—I should have a big announcement soon!”

Student hacker may have attempted to breach West Virginia’s blockchain voting pilot

Last year, West Virginia became the first state to test out a new voting mechanism that would allow remote voters to make their selections over the blockchain. The goal was to make it easier for state residents not physically in the state, such as those serving overseas in the military, to participate in elections and have the results calculated more efficiently. Given the advantages blockchain technology can offer many applications, it is a worthwhile pilot with positive implications for a number of industries. And last year’s pilot may have been successful in more ways than one. It appears that someone attempted to hack into the system, but couldn’t.

According to a statement that was just released by West Virginia Secretary of State Mac Warner about threats to the election process, there could have been an attempt to break into the system last year. He explains in the letter, “In last year’s election, we detected activity that may have been an attempt to penetrate West Virginia’s mobile voting process. No penetration occurred and the security protocols to protect our election process worked as designed. The IP addresses from which the attempts were made have been turned over to the FBI for investigation. The investigation will determine if crimes were committed.”

The statement comes in response to a new federal law regarding foreign interference in domestic US elections. President Trump signed an Executive Order, “Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election,” that could result in sanctions being applied to countries if any interference is uncovered from those states.

Warner adds, “Every safeguard designed for the system was very successful and worked as designed: to gain as much information as possible, and protect the sanctity of the voters’ identities and ballots. Although the details of the investigation cannot be disclosed, we can say that no votes were altered, impacted, viewed or in any way tampered with.”

The FBI’s investigation has reportedly led to the University of Michigan. According to CNN, the attempt may have been part of a course on election security, but the investigation is still continuing. The University of Michigan is involved significantly with election security research and is the home of the Michigan Election Security Commission. Warner added in his statement:

This announcement is made for its deterrent effect. This is to caution people to not even attempt to mess with an election. Even if well intentioned, the mere act of attempting to probe a voter registration list, a mobile device, or any aspect of the election process may amount to a criminal offense. We have the 2020 election coming up, and everyone should now know that local, state, and federal officials take election security very seriously.

Walmart pilot to track shrimp imports via blockchain

American retail giant Walmart has continued its foray into blockchain technology with a pilot project that will track shrimp imports. The project will ensure end-to-end traceability for shrimp sourced from India, a report by Inc42 has revealed. The retailer, which is the largest in the world both by revenue and employee count, believes the use of blockchain technology will improve the quality of the product.

The pilot will focus on shrimp imported from the state of Andhra Pradesh in India to selected Sam Club’s locations in the United States. The membership-only store, which is operated by Walmart requires all its suppliers of seafood products to complete internationally-recognized standard best aquaculture practices (BAP). This standard has previously made it impossible for small farmers to supply to the retailer, but this is all set to change.

To further support the small farmers in Andhra Pradesh, Walmart intends to fund them so that they can acquire BAP certificates. It will also assist them to gain new market opportunities.

In a statement, the company noted, “The introduction of blockchain in the shrimp supply chain could help improve the quality of information on the product for compliance purposes and for sharing with consumers, providing added traceability beginning at the farm and extending throughout the transportation process.”

Walmart has partnered with Sandhya Aqua, a seafood processing company based in Andhra Pradesh and Stanley Pearlman Enterprises, a U.S.-based supplier.

Chowdary Kunam, managing director of Sandhya Aqua, commented, “This end-to-end blockchain pilot is the first of its kind in India and has the potential to create long-term economic opportunity for the shrimp farming community in Andhra Pradesh, directly benefiting the farmers through new skills training and development.”

The project could grow into a multi-billion dollar channel, especially since India continues to dominate the shrimp market globally. The Asian country exports most of its shrimp to the U.S., with the industry registering $2.17 billion in 2018.

Walmart has continued to venture into blockchain technology, with its projects ranging from supply chain management to stablecoin ambitions. The retailer already relies on blockchain technology to trace its leafy greens while also assisting the FDA to track prescription drugs on the blockchain.

New Balance to use blockchain to stop counterfeit shoes

Tennis shoes are getting a boost from the blockchain. New Balance has announced it is working with the Cardano blockchain to develop an authentication system that will help consumers quickly and accurately determine if their shoes are the real deal, or counterfeit knockoffs. The program reportedly revolves solely around the Cardano blockchain, created by Hong Kong-based FinTech firm IOHK, and won’t use the platform’s associated ADA cryptocurrency.

According to a report by Decrypt, Cardano CEO Charles Hoskinson announced the new partnership during a celebration of the company’s second anniversary. Festivities marking the anniversary were held in Plovdiv, Bulgaria and Hoskinson spoke about the new arrangement during the celebration, stating:

It provides a lot of things to New Balance that they’re really struggling with. Last year New Balance confiscated around 25 million pairs of fake shoes. Authentication is a very expensive proposition for a bunch of brands. What we can bring to the table is not only a very better way for them to accommodate this but also potentially create a marketplace.

According to figures provided by the International Trademark Association, about $1.13 trillion in revenue was lost to counterfeit products last year. The new blockchain platform will be able to establish provenance and determine if any products are being manufactured outside of expected channels. It can also help ensure that commissions and royalties are properly distributed to their intended destinations.

Hoskinson added, “Rolex, Louis Vuitton, Gucci—if you work with these companies, you can dramatically reduce counterfeiting risk, create better supply chains and better markets for their goods. And, frankly, it can give them the ability to sell their goods at even higher prices—because they can have the authentic blockchain version of the bag, and they can mark it up considerably.”

How the platform will work and more specifics of the partnership are forthcoming. According to Decrypt, New Balance is expected to make an official announcement this month, at which time the shoe and apparel company will divulge all the particulars.

From lettuce to wine, and now shoes, more products are continuously finding support from blockchains. Walmart has begun to track supply chains for many of its suppliers using the technology and France-based grocery chain Carrefour has its own internal blockchain to track milk delivered from its suppliers. Several wine producers have also embraced the innovative technology, allowing consumers to verify the origins of their purchases.

Korea Blockchain Week ‘D.FINE’ the blockchain dream

“The DNA of blockchain is seeping into the world.”

That was one of the major takeaways from Galaxy Digital founder and CEO Michael Novogratz, who took part in the Korea Blockchain Week’s main event “D.FINE” on Monday. In a fireside chat with Ryan Lee of Dunamu & Partners, Novogratz noted that by entering the blockchain industry, global giants are helping boost the market.

“Blockchain services with a large number of users will change the industry,” he said, adding that tech-savvy Asia could serve as a test bed for the technology. “Asia’s fintech is just way better than U.S.’s.”

South Korea, in particular, is making huge investments in blockchain—the technology has found use cases in both private and government sectors. The government of Seoul announced that it’s launching a blockchain-based administrative service for residents in November, while the port city of Busan has already been designated as a “regulation-free blockchain zone.” Its close contender for the title, Jeju Island, announced a new initiative called the Blockchain Hub City Development Research Service in August.

To secure global competitiveness, Chang Byunggyu, head of the Presidential Committee on the 4th Industrial Revolution, told the audience at D.FINE that the committee’s upcoming recommendation will include the promotion of blockchain and institutionalization of crypto assets. He said, “Technological advances are so rapid that we need to be able to do a lot of experiments in the industry through the regulatory sandbox.”

Korea Blockchain Week ‘D.FINE’ the blockchain dream

Even more breakthroughs are happening in the private sector. Kim Joowan, VP and Head of Service Planning Group, Mobile Communications Business at Samsung Electronics, noted how blockchain is helping the tech giant build a “multi-chain open ecosystem.”

“We are trying to apply blockchain technology to Samsung Health as well as other services as much as possible,” he said. “It is a true multilateral open ecosystem where users can manage their personal information and identity.”

The D.FINE event—the first conference in Korea hosted by media conglomerates in the country—will run until October 1 at the Grand InterContinental Seoul Parnas. If you’re in the area, also check out the CoinGeek Seoul Conference happening at Le Meridien Hotel on October 1-2.

NBA blocks Spencer Dinwiddie’s attempt to tokenize contract

NBA point guard Spencer Dinwiddie’s heart was in the right place, but his efforts have fallen short. The Brooklyn Nets star had wanted to tokenize his league contract, worth $34.4 million, on a blockchain before the NBA stepped in and shot him down. The league asserts that Dinwiddie’s contract isn’t really his to tokenize.

The 26-year-old basketballer has found his tokenization efforts to be a league foul. According to the New York Times, the NBA said in a statement: 

According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A. [collective bargaining agreement], which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’

Investors would have been able to bet and capitalize on Dinwiddie’s skills on the court as he tried for an even more lucrative contract following the second year of his current contract. He had hoped to raise $4.95 million to $13.5 million through the plan, which was developed through his own company, Dream Fan Shares. The tokenization effort would have had a minimum investment of $150,000 and Dinwiddie has indicated that he would have offered guaranteed interest of a few percentage points for the duration of the contract.

The NBA’s application of the regulation can only be viewed as a loose interpretation at best, since Dinwiddie wasn’t planning on transferring the right to receive compensation. Instead, he was offering to augment the opportunity the contract provides, which is new territory for the NBA.

Dinwiddie isn’t ready to give up and accept the NBA’s decision as final. He has stated that he hopes to meet with league officials to present his plan and show them how it works, adding, “What better way to be invested in a player as a fan than to have some level of skin in the game. […] With the way mine works, if I play well in that player option year and we split the profits up the first year of my new deal, it greatly appreciates the return on this investment vehicle.”

Ant Financial wants to put agriculture on blockchain

China’s fintech giant Ant Financial has partnered with German pharmaceuticals company Bayer Crop Science in a project that intends to put agriculture on the blockchain. The two firms signed a letter of intent during the Apsara Conference which is being held in Hangzhou, China. The partnership will seek to develop a blockchain-powered system for the tracing of agricultural products.

The use of blockchain in agriculture has continued to grow, with provenance solutions enabling consumers to trace the source of their foods. Ant Financial intends on becoming part of this movement, with the proposed system promising to improve efficiency in the agriculture industry, boost farmer income and ensure the highest quality of food products in the market.

In a statement sent to Ledger Insights, the vice president of Ant’s Intelligent Technology Group stated, “We are excited to join hands with Bayer Crop Science to explore the application of blockchain technology in agriculture. Agriculture is the foundation of human civilization. Together with Bayer, our exploration of blockchain in agriculture will improve the transparency and responsiveness of its supply chain, and bring more value to consumers, farmers and the society.”

While it’s mostly renowned as a pharmaceuticals company, Bayer is also a big player in the crop industry, with its crop science division acquiring American agrochemicals firm Monsanto in 2018. The partnership is strategic for Bayer, especially since its crop science division has a strong presence in China where it offers such services as advanced crop solutions, digital farming technologies and safety training.

Weidong Huang, the head of Bayer’s Crop Science division in the Greater China region commented, “By working side by side, we strive to assist the agriculture industry on its transformation in the new era, enhance the application of advanced agricultural technologies, increase agriculture production efficiency, improve farmer’s income, and protect food safety.”

Ant Financial, which is valued at $150 billion making it one of the world largest fintech companies, has been a pioneer in blockchain applications. The company, which runs mobile payment service Alipay, announced last year that it had secured $14 billion to invest in blockchain and other emerging technology.

Ant’s blockchain systems have been applied in supply chain, with its subsidiary Ant Shuglian Technology developing a blockchain-powered invoice financing platform earlier this year. Ant also partnered with Philippines-based GCash mobile wallet and Standard Chartered bank on a blockchain-based remittance app. Other sectors where Ant’s blockchain solutions have a presence include insurance, healthcare and pharmaceuticals and rice traceability.

Blockchain ad-buying program saving Unilever money

On Thursday, Unilever announced that the use of blockchain technology has helped the company save money. Executive Vice President for global media Luis Di Como told the advertisement news outlet Campaign that the packaged goods giant found no leakage in its media investments made using this technology as part of a pilot project.

This, according to Di Como, has helped save Unilever money in their ad reconciliation. This is the process where advertisers are able to ensure that agreements are delivered upon.

Unilever had been working with IBM to create this blockchain solution over the last 18 months. IBM has become a leader in artificial intelligence in the past few years, and concluded that the use of this technology saved Unilever about “two to three percentage points.”

Following the test of the pilot project, Unilever is now looking to scale the system by creating a consortium through a partnership with the ad software firm Mediaocean. Di Como explained, “This is not going for the latest shiny tool. We are going through our rules and our principles to build trust again and having full transparency across all of our operations. [It is not a] cost-cutting exercise. It’s about finding better ways of doing things and releasing capacity to invest more in strategy, communications and media investment.”

This move by Unilever appears to be a shrewd one. Many of the largest advertisers across the globe have been looking to implement blockchain solutions in an effort to drive down costs and increase transparency related to online ad space purchasing. This is a major issue in the United Kingdom, where it is reported that 60% of advertising is now spent online.

Executives at Unilever recognize this as well. It’s why they have developed this ad-buying program, looking to create a significant change in how they work with their ad agency. The company already has its own trading desk – Ultra – which is fitting perfectly into its hybrid model.

“We didn’t have, 10 years ago, a programmatic trading desk, neither internally nor at our agencies,” Di Como explained. “Our solution was to co-create something that is fully transparent. Now we are working on this with all of the skills and scale that we and our agencies provide together.”

While other companies have tried to implement blockchain technology as a means to improve ad programs online, Di Como points out that it has been the lack of collaboration that has caused many of these companies to fail, pointing out that Unilever’s efforts have a much greater chance of success because “all of us are working hand in hand throughout this process.”

Tips for securing Bitcoin venture financing

On September 30, in cooperation with Seoul CoinGeek Conference, there will be a “Pitch Day.” Blockchain entrepreneurs will pitch venture capitalists for investments in their businesses. 

The blockchain space has no shortage of intelligent idea people who have the next great idea written down on a cocktail napkin. They know that with some investment capital, they can change the world. 

That may well be true, but to find the investment money their ideas need, blockchain innovators will need to package and prepare their concept. 

They’ll need to prepare to present their next blockchain application ideas in the most transparent possible light. This preparation will allow venture capitalists and equity funds to understand the idea, understand the importance of the concept, and see that there will be a return on their investment. 

I spoke to a few of the key people taking part in Pitch Day. Paul Rajchgod is the Managing director for Private Equity at the AyreGroup. Dave Mullen-Muhr and Jack Laskey are both Principals at Unbounded Capital and Zach Resnick, Unbounded Capital’s Managing Director. The trio shared their considerations when it comes to investing in new businesses. 

“A goal without a plan is just a wish.” – Antoine de Saint-Exupéry

The first thing expressed was that before approaching venture capital or equity funds, entrepreneurs must have a Business Plan. For clarity, it’s not just a Powerpoint presentation but a well thought out plan for your business. 

Paul Rajchgod talks about the importance of preparation and legwork done by the people looking for investment, “In addition to having different investment mandates, every venture capital and private equity fund has its approach to seeking and assessing opportunities, managing risk, weighing pros and cons, undertaking due diligence, and ultimately deciding whether or not to proceed with an investment.”

He continues, “Some investors prefer later-stage investments whose business plans have been somewhat ‘de-risked,’ and some are more comfortable with start-ups and their higher risk profile.

In general, it’s very beneficial for companies seeking funding to have already done a lot of their legwork. Start building your product, start testing your market interest, start seeking out partners to join your team. It’s ‘your opportunity,’ so you’ve got to do the hard work of starting the business.” 

“Show me the money!” – Rodney “Rod” Tidwell

Investors want to know that the money they invest in your business will come back to them someday, it’s essential that you’ve considered how your idea will make money. Companies seeking investment will need to have a Financial Model to show investors as they’ll want to know that you’ve seriously thought about how your idea will make money. 

In this regard, Rajchgod said, “Also, you need to be able to explain to potential investors in a succinct and cohesive manner. 

What is your business is trying to achieve?

What is the problem you’re addressing? How are you addressing it? 

This needs to be explained in a business plan and with a sensible forecast – after all, you probably aren’t building your business for free.

What is the revenue model, and when does it kick-in? 

It’s ok that your forecast for ‘x years from now’ won’t turn out to be accurate, no company’s forecast ever is, but it’s still important for investors to see how you’re thinking about revenue, where it’s generated, what homework you’ve done to validate your views that customers will pay xx (whether in Bitcoin or fiat) for your product or service.

“Who are you? Who, who, who, who? Who are you?” – Pete Townshend

Blockchain investors will want to know who they are getting into business with; it’s vital that you are open and honest about your personal history and how long you’ve been working on this business. 

Zach Resnick sums it up well: “Trust is of the utmost importance for every relationship in life. Having a foundation of shared trust from previous business ventures or friendship is one of the most desirable unfair advantages an early-stage team can have.”

“Brevity is the sister of talent.” – Anton Chekhov

To complement your business plan, financial model and personal history, they’ll need a One Pager. Like the cover letter to a resume or a book synopsis, the One Pager gives the highlights of your plan; it will entice investors to commit to reading the rest of the dense documents you’ve submitted as part of your pitch. 

Rajchgod has questions he’d want to see answered, “Does the company solve a problem or maybe two with bitcoin as core to the solution? 

Is the technology scalable? 

Is the business already being built? 

Are customers using it (even in beta)? 

Is there a management team with depth in place? 

Does management have a track record of creating or helping to build growth companies before this one?” 

Jack Laskey adds, “Businesses can be complicated subjects. It may take a short book to explain how your business works and its possible applications fully. So while a one-pager may leave out important details, it provides an excellent opportunity to develop a language for describing your business in a succinct but exciting way. A great one-pager will help you have a better initial conversation with potential investors and partners. It also makes your business much more sharable, both internally within VC firms and externally among investors. If your product is highly technical, having multiple one-pagers addressing different audiences may be useful.”

“Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.” – Craig S. Wright 

Blockchain and Bitcoin start-ups are on the radar of many equity funds and VCs looking to invest in the technology, without risking investing in a coin. It’s important to explain “Why Bitcoin?” 

Zach Resnick explains the allure, “By and large, entrepreneurs and investors love the hype that comes from new fundamental technology like blockchain. As a result, despite massive value being created, there are exponentially more projects that don’t have a firm grasp on what blockchain is than do.

Of those that do, few that can succinctly explain why, for example, building on Bitcoin gives them a competitive advantage or opens up a new market not possible before.”

Dave Mullen-Muhr continues, “Investing in Bitcoin businesses allows for a variety of potential business models. Some look similar to what has proven successful with existing tech companies, while others are novel concepts, with the ability for unusually low overhead, or entirely new monetization paradigms such as micropayments. 

What’s so exciting is that the businesses exploring these uncharted waters can set new precedents on how the internet will generate revenue.”

If you have the next great bitcoin idea and you need investment to take it to the next level, consider reaching out to the gentleman at UnboundedCapital.com or sending your pitches to the Ayre Group by using our Ventures Capital form.

Craig Wright, Jimmy Nguyen to speak at upcoming CHAINSIGHTS event in New York

The creator of Bitcoin Dr. Craig S. Wright and the Founding President of the Bitcoin Association are among the speakers in the upcoming CHAINSIGHTS Fintech and Blockchain Summit. The event, which will be held on October 10 in New York will bring together leading minds in the blockchain, tech, legal, academic and finance industries to discuss the future of blockchain technology.

The annual event will be held at the Marriott Marquis hotel in New York. Other than Dr. Wright and Jimmy, the event will feature presentations and panel discussions from industry leaders including former SEC Commissioner Roel Campos, the CEO of OpenFinance Juan M. Hernandez, the Deputy Executive Secretary of United Nation Capital Development Fund Xavier Michon, and David Namdar, a partner at Galaxy Digital Assets and more.

The topics to be covered include the crypto mining industry and the best way to invest, a crucial topic especially with Bitcoin block rewards set to halve in 2020. The speakers will also address blockchain development and investment in China. The Asian economic giant has blown hot and cold regarding the blockchain and crypto industry, and with some of the panelists having extensive experience in the Chinese blockchain industry, this will be a session you don’t want to miss.

The closing keynote address will be delivered by Roel Campos and it will center on the state of blockchain and cryptocurrency regulation. Campos, who served as an SEC Commissioner for five years, will shed light on what the SEC and other regulators have in store for the crypto industry.

The event is organized by ChainDD, a crypto and blockchain news site targeting the Chinese market with more than 2 million registered users. Apart from the distinguished list of speakers, CHAINSIGHTS will also bring together some of the leading companies in the tech and financial services industry including Google, IBM and Morgan Stanley.

ChainDD promises that the event will be “highly interactive, providing valuable opportunities for networking, idea sharing and potential partnerships with some of the most influential players in the field.”

To grab your tickets, head on to Eventbrite and secure your spot.

Reuben Portanier on how blockchain technology is transforming gaming

Blockchain technology is transforming the gaming industry, introducing efficiency, speed and cutting costs for gaming companies. This is according to Reuben Portanier from Maltese law firm Caledo Group. Speaking during the Malta AI and Blockchain Summit, Portanier pointed out that more gaming companies are integrating blockchain technology to handle affiliates, store data and more.

In the past year, Malta has made great leaps in blockchain regulation, enabling operators to get properly licensed. This has given many companies the confidence to explore blockchain solutions, and gaming has been among the leading ones, Portanier told CoinGeek’s Becky Liggero.

One of the use cases has been the use of smart contracts to handle affiliate companies, he explained.

We are now seeing gaming companies that are looking to smart contracts, for instance, and how to implement them with their affiliates. So, having a smart way of contracting with affiliates which is all automated.

The gaming companies are also relying on blockchain technology to register the players and conduct Know-Your-Customer checks. The player information is stored on a blockchain database which ensures that it can’t be tampered with and that it’s always available whenever needed.

Portanier also noted that the integration of blockchain will take time as most gaming companies are quite legacy-based. “It’s a bit of a paradigm shift for them to actually embrace the technology,” he remarked.

Nevertheless, he revealed that his firm has had quite a number of clients who are currently researching on how to apply blockchain technology, saying, “Although the gaming industry was maybe a bit late in trying to understand and comprehend what was behind the DLT space, but I think they are going to start catching up.”

Portanier also believes that in the past year, the blockchain industry has matured greatly. A year ago, everybody was trying to ride on the hype, so even people who had no clue what the blockchain is tried to capitalize on the hype. However, this year, while the number of people associating themselves with blockchain technology has gone down, those who are in it are much more involved and competent.

Unwriter announced Overpool, an offchain ledger for Bitcoin

When Unwriter, the anonymous yet prolific Bitcoin developer, doesn’t release something new for quite a while, you can bet that he’s working on something big. That was proven true on September 24, as the Bitcoin SV (BSV) community is coming to grips with the countless new possibilities created by the talented programmer when he announced Overpool.

Described as an offchain Bitcoin transaction ledger, Overpool allows off-chain Bitcoin transactions, and effectively allows applications to work with Neon Planaria and DAT to become a Turing Complete system, looping transactions until they are ready to be committed to the blockchain.

The full documentation of the Overpool network is well described on the website Unwriter has created for it, so developers interested in using it should head over and check it out.

One follower noted that Overpool sounds a lot like Lightning Network, the second layer solution intended to make BTC transactions a bit faster and cheaper. Problem is, that technology is still barely used, still under development, and not really ready for the average consumer. As Unwriter noted to the follower, Overpool is ready now.

Unwriter, as is his routine with these big announcements, posted several working examples of how the new service can be used, including individual user pools which can be published and subscribed to.

He also took the time to specifically note that the service was licensed with the MIT license, allowing it to be used with any blockchain. In theory then, this can allow the BTC and BSV blockchains to work in harmony, allowing the BTC chain to be a pool with its own consensus rules and block size, committing to the BSV chain when necessary.

While everything described by Unwriter is impressive and bound to be handy for other developers in the space, for the average user it might as well be Greek, so one kind and respected community member helped translate what he’s accomplished for the rest of us:

Only a day out from this big announcement, that’s just some of the possibilities that can now happen with Overpool. As the weeks stretch on, there’s bound to be plenty more.