ONE Store’s Jay Lee talks changing the music industry with BSV

Apple and Google may have complete dominance in the mobile apps market the world over, but in South Korea, one platform has managed to topple them both and take over the lucrative market in one of Asia’s largest economies. Despite being quite young, ONE Store has grown aggressively in Korea, and now, it has set its sights on using the Bitcoin SV (BSV) blockchain to disrupt the music industry.

Speaking to CoinGeek during the recently held CoinGeek Seoul Conference, CEO Jay Lee explained how ONE Store has managed to compete against the big tech giants and emerged victorious. While Apple and Google charge up to 30% of the revenues raised by publishers such as game and app developers, ONE Store just charges 5%. This ensures that the publishers make much more from their work.

Lee was one of the speakers in the conference where he made one of the biggest revelations in the BSV ecosystem yet—BUSKON, a music platform that is building on the concept of online busking.

BUSKON will enable the music industry to finally get rid of the middle men who keep on exploiting the content creators and making money from the hard work of the musicians.

“P2P commerce gets rid of the middleman,” Lee explained. “So, we made a decision to start with a small project, by the name BUSKON. This is a whole new concept of music distribution. The music creator uploads their content, the customers will then listen to or watch that content and if they like it, they’ll give a token to them.”

ONE Store began working on the project in 2018, with lot of trials and errors finally culminating into the success that BUSKON is. The company also experimented with a few other blockchain platforms before finally coming to the conclusion that BSV was the best fit for the job.

We tried other blockchain projects, but finally we found that BSV can resolve all the issues we have; reliability, security and more.

Steve Shadders discusses how the original Bitcoin is being restored at CoinGeek Seoul

Cryptocurrency, as the name implies, was originally designed by Satoshi Nakamoto to be an alternative to fiat. More than just a different type of currency, though, it was an improvement over what is currently available because it puts control of money back in the hands of all consumers. Many crypto projects have lost sight of that fundamental reason for the existence of digital currency, but Bitcoin SV (BSV) and its supporters haven’t. During the recent CoinGeek Conference Seoul gathering, Steve Shadders took a few minutes to discuss what is going on to restore Bitcoin to its original purpose and what this means to the Bitcoin ecosystem, as well as the future of finance.

Shadders is the Chief Technology Officer of nChain, one of the main entities behind BSV development. He met up with CoinGeek’s Stephanie Tower to offer some brief comments on what’s happening and to explain how the Road To Genesis is going to change digital currency. He explained that the transformation is all about removing limitations and restrictions on Bitcoin, adding, “Our goal is to bring the protocol back as close as possible to the original protocol that was designed by Satoshi, implemented by Satoshi ten years ago.”

Genesis will allow Bitcoin to go to the next level. It will incorporate new scripts, new opcodes, multiple transactions into a single unit and other enhancements that make it more robust. One of the biggest changes is the removal of block size limitations, which allows for unlimited scaling and growth. It also further enables people to build even more powerful applications on the BSV blockchain.

There has been a lot of confusion regarding what the real purpose of digital currency is—some believe it’s simply a way to invest and, hopefully, see incredible returns. Others, like those helping to build BSV, understand that this isn’t the true reason Bitcoin exists. Genesis is going to create an entirely new level of development as it completely stabilizes the protocol. Shadders points out that the protocol has been warped, just like the definition of Bitcoin, and that there was “never meant to be any protocol work in the first place. The only reason there is work is because we [have] to put it back to the way it was.”

Genesis is the name for the next big upgrade coming to the BSV blockchain, currently scheduled for February 2020. Once that upgrade is in place, Bitcoin growth is going to be exponentially higher than the levels currently seen. It’s all about building the next economy.

David Case talks about his journey with Kronoverse and Bitcoin SV

Kronoverse is working on very innovative new gaming technology on the Bitcoin SV (BSV) blockchain, and they had a lot to show at the recent CoinGeek Seoul conference. David Case, Chief Architect of the company, has learned a lot about Bitcoin in the process, and wanted to share some of that knowledge with CoinGeek’s Stephanie Tower.

His experience as Chief Architect of a Bitcoin gambling company has taught him a lot about the blockchain. “It’s been really interesting, because we started before we really even understood what Bitcoin is, or the power of it is,” he noted. “And so it’s kind of been my own evolution through learning what’s out there and how this stuff works, and it’s become an obsession of mine, it’s actually overtaken my life, so it’s been pretty fun.”

As a newcomer to Bitcoin, Case explained that his struggle has mostly been the widespread misunderstandings about the technology. “I think it’s mostly just very misunderstood, and that people don’t actually understand the power that’s there, and I’m sure that’s why Craig [Wright]’s been frustrated for all the last 10 years, because people don’t get it,” he said. “And even people who are really, really advanced in the crypto space don’t understand the power of Bitcoin, and it’s really powerful.”

But Case has learned a lot, and Kronoverse has come a long way. He spoke about the improvement’s we can expect to see soon from the company. “We’re starting to open up the platform that we’re building CryptoFights on so that other game developers can build apps with it, and that includes a wallet for their actual development environment and their phones, it involves server side management of the Bitcoin data and communicating that and managing communications across all clients,” he noted. “And it also involves a lot of being able to automate what’s going on, so you can have systems that just watch Bitcoin, and then can react based on however they’re programmed to react.”

How far away are we from seeing other developers on the Kronoverse platform? “We’re in the process,” he replied. “We’re actually opening up a developer waiting list right now, so as developers are interested, we’re going to start working with them one on one, to figure out what’s going to be the best way, the best people to work with to get this fully out.”

But the big news most gamers wanted to know as Kronoverse entered CoinGeek Seoul is the one that Case might have been most excited to talk about: when can we play CryptoFights? “First of all, we’re going to be having a Beta release of CryptoFights by the end of the year, which is really exciting,” he said. “And then, again, it’s just all the platform services that make it really easy for developers to build on Bitcoin without them really needing to know much about Bitcoin at all.”

Craig Wright after CoinGeek Seoul: ‘Go ahead and just build’

CoinGeek Seoul recently wrapped up, and it featured some of the most important Bitcoin SV (BSV) personalities and companies in the world. But perhaps the biggest personality in attendance was Dr. Craig Wright, and he joined Stephanie Tower at the conclusion of the event to sum up his feelings about the two day event.

“It’s actually been a wonderful conference, lots of people actually building new things,” Wright told Tower, when asked how he felt about this most recent BSV event. “It’s great to see all the work that’s been done.”

Tower followed up on that Wright’s message would be to the developers who were considering working on the BSV blockchain. “Don’t ask permission, just do it,” he responded. “You’re going to have a scaled platform, one that’s not going to change, one that will allow you to do anything that you can imagine that is legal, that enables you to build a company, so do it. If you can find something, if you can get investment, if you can build, don’t ask my permission, go ahead and just build.”

Wright is especially hopeful when looking to the future, giving Tower his outlook on what 2020 will be like for Bitcoin “There won’t be a scale limit anymore,” he noted. “We will basically be getting rid of the default cap all together, and at that point, there’s no more limits on Bitcoin.”

When asked if he was scared of the possibilities coming in the future of Bitcoin, Wright noted that he wasn’t, as the worst is already behind him. “The hard part, well, that’s actually the last 10 years of getting to a point where we have Bitcoin, and we can now take it and scale it to the world.”

Now that Bitcoin is ready to follow its original vision, Wright helped paint a picture of what is becoming possible. “Imagine a world where corruption is disincentivized,” he told Tower. “Where people are no longer paid under the table to take money, to have corrupt governments, where everything like that, all crime can be reported, where fraud, the evidence is there forever. Where computer hackers are traceable. It’s a different world, and one I’d love to be in.”

Calvin Ayre: Long term value only comes from utility

Hedge your bets, because casino-like speculative trading in the cryptocurrency sector will be over soon. And what will replace these speculative exchanges, according to CoinGeek owner Calvin Ayre, is an exchange model that will be fiat on- and off-ramps into secondary markets for tokens built on top of the Bitcoin SV (BSV) blockchain.

“There’s a lot of confusion around what’ happening with short-term token price, and token price right now is, first of all, a lot of it is artificial, it’s being manipulated by exchanges, exchanges aren’t regulated, a lot of people are getting hurt, and I’m hoping that over the next two years that we’re going to see I think it’s starting already, that governments are going to step in and get some kind of sanity in what’s going on,” Ayre said at the opening of the CoinGeek Seoul Conference in South Korea.

And the end of the day, he said, “long term value only comes from utility.” And as government step in, expect more anonymous tokens to be outlawed globally.

“The real world economy is going to be run by tokens that work inside the law. And BSV as an example not only platform that scales, it’s also dedicated to not changing this protocol which makes it a safer target for developing to, but it’s also designed to work inside regulatory environments,” Ayre noted.

It’s why BSV is the only option in the world today, particularly for application development. BSV, after all, is the only one that currently scales and represent real-world value of some sort—from securities to commodities, or even concert tickets.

“It’s all about scaling. At the end of the day, when you’re looking at these platforms from the perspective of application development whether for startups or enterprises, if it doesn’t scale you’re not going to get microtransactions and you’re not going to be able to create unique business models,” he explained.

The power of scaling takes the center stage at the CoinGeek Seoul Conference, with members of the cryptocurrency and blockchain community gathering at Le Meridien Seoul on Oct. 1 and 2 to discuss all the exciting developments happening on the BSV ecosystem.

“This conference is all about us spreading information about what’s possible on this technology and us wanting people that are involved in some facet or another on these other platforms that have technical challenges telling them that the technical challenges have all been solved here and there’s no need for you to keep over there, stay over there hoping that they can solve them when we’ve got them all solved,” Ayre said.

Read Calvin Ayre CoinGeek Seoul Conference welcome address:

Welcome to CoinGeek Seoul, our fourth technology conference, following our successful events in Hong Kong, London and Toronto. However wonderful those other events might have been, CoinGeek Seoul is unique, as it comes at a particularly extraordinary moment in time.

It’s been nearly one year since the hash war that helped secure the future of Bitcoin, by which I mean Bitcoin’s original protocol, which will soon be locked in place so that companies can focus on development. Early next year, the Bitcoin Satoshi Vision network’s Genesis upgrade will restore all remaining opcodes from Satoshi’s original design, after which the protocol will be locked down. After years of frustration, businesses will finally have a stable and scalable foundation on which to build, and with it the confidence to take risks, knowing that the ground won’t be shifting under their feet.

The past year we’ve seen record-breaking blocks mined both on the STN Testnet (2gb) and in the wild (256mb). The Genesis upgrade will go even further, removing all artificial caps on blocksize, thereby empowering miners to set limits as they see fit in an infinitely scalable environment.

My good friend, Dr. Craig Wright created Bitcoin not as a passive store of value but as a tool. A tool that allows the world to create, to build, to earn and – most importantly – to use. BSV is currently only teasing it’s potential, but in the coming months the world will begin to discover the infinite depths of this potential.

It’s truly an exciting time to be alive.

At long last, the greatest invention of our time is being unchained from its shackles and the commercial world will never be the same. Businesses are being handed a golden opportunity to blaze new paths, to build applications that solve real-world problems through the benefits of blockchain technology, safe in the knowledge that the rules underpinning this technology won’t change after the game is begun.

Given all the disinformation that plagues our industry and the seemingly non-stop emergence of fly-by-night ‘me too’ coins, it’s truly amazing how BSV has managed to achieve such traction in such a short period of time. 

It’s easier than ever to buy BSV as more exchanges offer it for trade and sites like BuyBSV.com allow people to buy directly with fiat currencies.

Applications like Twetch, WeiBlock and Streamanity are giving people the ability to earn BSV by creating content that engages audiences. Bypassing traditional social and video channels, content creators are now making money directly from their viewers without the need for middlemen.

And how can we forget Unwriter, who has provided a vast array of tools that allow developers to begin building with BSV both swiftly and efficiently.

Over the next few days, we’ll hear from some of the people behind such success stories, like Paul Chiari, whose on-chain weather app WeatherSV has given us a glimpse into the future of mining profitability. As the block rewards continue to halve, it’s these sorts of apps that will enable continued growth in transaction volumes, ensuring that miners continue to earn a just reward for securing the network.

In the years to come, the continued success of BSV will be down to you, the builders who develop the next killer app, and the investors who empower creators to exploit BSV’s limitless potential.  

The next few days here in Korea will prove both exciting and informative. Your mission, should you choose to accept it, is to take the lessons learned here and spread the gospel of BSV through the fruits of your labours. The future is here, now, and you have a role to play. The platform on which we stand is stable and ready to support whatever you want to build and whatever your imagination can conceive.

And so, ladies and gentlemen, architects of the future, I welcome you all to the fourth CoinGeek conference, Seoul 2019.  

Watch the CoinGeek Seoul Conference Day 1 livestream here.

https://youtu.be/TmwzC01Qd1w

Watch the CoinGeek Seoul Conference Day 2 livestream here.

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.

Connor Murray on how BSV can solve global economic challenges

The Bitcoin SV community is all about sharing their knowledge with the world on how Bitcoin SV is solving real-world challenges and becoming the new global currency. One of the people who have taken this mission to heart is Connor Murray, the man behind Bitcoin and Beyond. In an interview with CoinGeek’s Becky Liggero, Murray talked about his passion for spreading Bitcoin SV around the world and why it’s the only cryptocurrency project that can solve the world’s economic challenges.

Murray spoke at the Expo-Bitcoin International conference held in Bogota, Colombia. The country, and many other countries in the Latin American region including Venezuela and Argentina, has experienced rapid inflation and currency devaluation severally in the past. And while some have turned to cryptos to solve this challenge, they have turned to the wrong crypto projects, Murray explained.

“All these other cryptocurrencies want to centralize control into themselves and that doesn’t really fix the problem,” he stated.

Murray was one in a distinguished list of speakers at the conference which included Dr. Craig Wright and Jimmy Nguyen. His talks centered on why Bitcoin SV is the best cryptocurrency project in the market. BSV’s stability is one of the things that set it apart, he explained. He also delved into network theory and “why the small world network that Craig always talks about is so important.”

Bitcoin SV is what Satoshi envisioned for Bitcoin, Murray continued, stating, “I’m very hopeful that we finally have a Bitcoin that fulfills Satoshi’s original vision.”

The conference was held at a time when Facebook’s Libra project was all over the news. However, Murray dismissed the expected impact of the social media company’s crypto project, stating that he believed it wouldn’t impact the BSV community at all. Libra was designed in a way that gave Facebook control over people’s data, a mistake Murray noted Facebook just can’t seem to stop committing.

I know a lot of people are getting really tired of Facebook controlling access to everything. And really, they wanted a currency they control access to. […] They aren’t understanding that Bitcoin is an economic system, and you can’t recreate a currency without recreating the economics.

Bitek CEO talks spreading Bitcoin SV news in Latin America

Latin America is one of the regions where cryptocurrencies are expected to make the most impact. With a high population of unbanked people, an expensive and inaccessible financial industry and political instability in some countries, cryptos have been a godsend for many. CoinGeek’s Becky Liggero caught up with Boris Javier Barrera, the CEO of Bitek, a Colombian payments processor that’s bringing the benefits of cryptos to the people of South America.

Speaking during the Expo-Bitcoin International conference held in Bogota, Colombia, Barrera stated that he believes Bitcoin is already making its mark in the country. The event, which his company organized, did more than just bring together the BSV community; it allowed the attendants to use BSV for payments, with everything in the conference being sold in crypto.

The conference also brought all the leading minds in the BSV community together, from the Founding President of the Bitcoin Association Jimmy Nguyen to nChain CTO Steve Shadders. However, for Barrera, the highlight was seeing Bitcoin creator, Dr. Craig Wright in person.

Dr. Wright’s personality was as endearing as his intellect, Barrera told CoinGeek. Even when some people couldn’t quite comprehend everything he was talking about, they were just happy to listen to him, take pictures with him and just interact with him.

Colombia is one of the largest crypto communities in the Latin American region, he continued. And there’s even more potential for cryptos as more people recognize the freedom that they offer.

“In 2017, it is estimated that almost 2% of the GDP of Colombia was represented by Bitcoin transactions. This is huge,” he remarked.

However, unfortunately for many Colombians, what they have been referring to as Bitcoin is the corrupted SegWitCoin (BTC), which is slow and expensive. Barrera, through his company Bitek, is changing this narrative by introducing more people to Bitcoin SV, the only Bitcoin project that follows Satoshi Nakamoto’s original vision.

Bitcoin, the original version is fast, reliable and very, very cheap in fees. Bitcoin SV is the only cryptocurrency in the world which follows the original protocol of Bitcoin, of the original whitepaper by Satoshi Nakamoto.

Ryan X. Charles talks making crypto payments easily available to all

While the number of cryptocurrency users increases by the day, its use for day-to-day payments has yet to take off. This is largely due to a lack of consumer-facing applications that can simplify the crypto payments process, leading many merchants to stay away from crypto. This is a narrative that Ryan X. Charles, the founder and CEO of online payments startup Money Button, is working hard to change. In an interview with CoinGeek’s Becky Liggero, Charles explained how cryptos are changing the lives of millions in Latin America and why Facebook’s crypto project is setting itself up to fail.

“Fundamentally, what we are trying to do with Money Button is improve the user experience of Bitcoin,” Charles explained. The company is building solutions that enable the average crypto fan to be able to use crypto with a few clicks.

Already, there are quite a number of applications that use Money Button, and they have all had nothing but praise for its efficiency.

“Paymail is just an extension of everything we are doing to make Bitcoin wallets interoperable with each other and with exchanges in a user friendly way. We are just trying to make everything as easy as possible so that normal people can start getting the benefits of Bitcoin,” Charles explained.

Paymail launched three months ago, promising to do for Bitcoin what email addresses did for the Internet. While the current Bitcoin addresses contain very long and random characters, Paymail substitutes them for readable names, akin to email addresses. 

Charles also delved into the continued uptake of Bitcoin SV and other cryptos in the Latin American region, stating that they offer the region a way out after decades of economic upheavals.

“People there use Bitcoin as a way to basically hedge out of their local currencies,” he stated, giving Venezuela as one of the examples. Despite having rich oil reserves, political instability has seen the country register over one million percent inflation in the past year. This has greatly decreased the value of their currency, and Bitcoin has been the best, if not only, viable alternative.

Bitcoin is also introducing transparency, especially in government processes. And while this may be misread as an anti-government chant, Charles believes that Bitcoin is here to assist the government, not topple it.

“We’re going to help governments collect taxes, but then also be held accountable that they spend that money correctly.”

And despite the initial hype that Libra attracted, Charles believes that Facebook missed the big picture and failed to understand what Bitcoin seeks to do. Bitcoin is an economic system where businesses that solve people’s problems like identity and contracts can be built.

He concluded, “It’s great to see that they are open to this kind of technology, but we are significantly ahead of them. But it’s only a matter of time and they’ll come around. We can help them if they reach out.”

Polyglot founder talks making it easier to interact with Metanet

The Metanet protocol is poised to be the Internet of the future, one based on the massively scalable Bitcoin SV (BSV) network. And while its utility and benefits for its users are immense, it can be a little daunting for developers to build on. Polyglot is designed exactly for this purpose, striving to lower barriers to entry or everybody and make Metanet fun.

Polyglot emerged third in the inaugural Bitcoin SV Virtual Hackathon. In an interview with CoinGeek’s Becky Liggero during the CoinGeek Toronto Conference, the man behind the project touched on how he is just making his ‘own little contribution’ to the BSV ecosystem and why BSV is the only Bitcoin project worth building on. New Zealand-based Hayden Joshua Donnelly, a Python developer and an economist, described his project:

Basically we’re seeing a myriad of amazing protocols on top of Bitcoin, and that allows you to do all kinds of things like uploading files to blockchain, identity protocols, all these kinds of things. It’s a humble project (Polyglot), but basically all I’m trying to do is make it as easy as possible for entry level developers to start using this kind of stuff. So I contribute in my own small way.

With the Bitcoin Metanet protocols growing by the day, Polyglot provides developers the easiest way to interface with them. Endpoint management for HTML and web development, identity systems and data carriage are some of the many uses of Polyglot.

The BSV Hackathon is a virtual event, with the contestants being allowed to take part from any part of the world. For Hayden, the time difference – with him residing in New Zealand – proved quite a challenge. He had to begin working at 11 p.m. and went all the way to 3 a.m. After a short nap, he was at it again. He managed to pull it off, with the other contestants in the Hackathon lending a helping hand in the true spirit of Bitcoin.

Hayden became interested in Bitcoin in 2012, but he became hooked three years later after he developed an interest in economics. When he started coding, his interest grew even more as he was now able to grasp some of the finer details and appreciate the brilliance behind the Bitcoin ecosystem.

Bitcoin SV is going to change the world, he stated adding “Words can’t describe what this is going to do for the world.”

UptimeSV: An exciting hackathon victory sets up BSV for more real use

The first Bitcoin SV (BSV) hackathon was a huge success, with dozens of teams from around the world competing to make an application that would assist in user and developer onboarding. UptimeSV were crowned the winners of that contest at the CoinGeek Toronto 2019 scaling conference, and our Becky Liggero caught up with them on the sideline to discuss their project and their experience in the competition.

The idea behind the project is to give enterprises a solution their sorely need, while giving the BSV community a financial incentive to participate in the endeavor. “Well, we’re utilizing the money mobility of the Bitcoin SV network, as well as its decentralized user base, to solve the problem of DDoS (Distributed Denial of Service) monitoring for big enterprise customers,” said team captain Dean Little. “It’s a really big problem, it costs them a lot of money, the solutions out there aren’t really tailored to them. So we decided, let’s make something that solves the huge problem of enterprise that enables us to get thousands of new people on the Metanet for free.”

Liggero asked the team about the pressures of the hackathon, and if they had any other plans if the theme was different. “We had a few ideas but it was always up to the scenario,” replied Jye Turner. “We settled on probably about five, but once the actual scenario came out, it was a bit difficult, we had to switch it up. We stuck to the plan and didn’t get much sleep, but it was a good experience. Other than that, we got it all together exactly how we wanted it. We weren’t able to complete it fully but yeah, we’re happy with what we have.”

Finally, Liggero asked why they felt this was a project that was destined for BSV. “I think compared to a lot of the other Bitcoin blockchain forks out there, it really hits the strength of Bitcoin SV when it comes to the micropayments because currently with things like Paypal, you couldn’t imagine doing all these micro fees for small jobs for useful data,” Brent Bevear responded. “What Bitcoin SV really enables is that really quick, cheap way of transmitting money for work.”

All of this will be a great inspiration to the second BSV hackathon finalists, BitQ&A, Codugh and Hive. In their competition, they were asked to build something that would emphasize the use of small amounts of BSV by users. They will compete for the $35,000 in BSV prizes that will be handed out at CoinGeek Seoul.

If you want to see another inspiring and thrilling end to a hackathon, you can be a part of the crowd that judges these three finalist. Just check out our CoinGeek Seoul page and pick up some tickets for yourself.

Lin Zheming: Expanding Bitcoin SV adoption into China

China is an incredibly important country for the Bitcoin industry. With a large number of miners and application developers, getting China on board with the future of Bitcoin SV (BSV) is crucial. To explain how that can be done, Lin Zheming, Co-founder and CEO of Mempool, joined our Becky Liggero on the sidelines of CoinGeek Toronto 2019.

China is just too big of a market to ignore, and they’re one that’s keen to take part in the new Bitcoin economy. “It consists of a lot of purchasing power and production lines, and it plays a very important [role] in the world economy,” Zheming explained. “So we cannot miss the part of Chinese onboarding. And because of the investment and the speculating nature of Chinese, We’re likely to know deeper of Bitcoin SV. If they know more, there are so much more developers want to poor into the BSV side. So there were help with the world to have a better Bitcoin.”

To do that, Bitcoin services, and the BSV community, need to always keep their Chinese audience in mind. “I think that the most important part is that you need to set up a Chinese version of website, and you need to have an interface, your documents, written in Chinese so that those Chinese developers and users can get along very easily,” he said. “Besides from that, you need to know this is quite different policies, different regulations, between different markets. So, like in China, you cannot easily get your application published on app store, and there is no Google Play available in China. You need to find other localized markets to publish your application. So if they think that the market of China is very important, they need to find someone who really know about the market to help them.”

Doing that on social media can be tricky though, as the great firewall of China keeps everyone off of Twitter or Facebook. WeChat becomes the main avenue of conversation. “It’s just like in Facebook, why would those applications use Facebook as their main channel to touch their users?” he asked. “Because people love Facebook. Many people use Facebook half of their total internet usage. In China, WeChat consists about no more than, I think consist of 70% of the total usage hours of average people.”

But how does WeChat become the way Chinese citizens can become BSV adopters? Zheming explained how it works:

We use the blocking platform. We use WeChat to authorize the blocking for the users to log into our website…. So basically, if I need to send out some money to a new user, I just put the money into a voucher. The private key of the vouchers is held by us, but if the receiver comes online and they accept it, we can get the blocking token of the receiver so that we will transfer those funds directly to the account of the receiver.