Alex Fauvel talks identity management at CoinGeek Seoul

Identity management is a key issue in the blockchain world, central to a number of real-world applications of the technology.

Alex Fauvel, general partner at TwoHop Ventures, took time out at the recent CoinGeek Conference in Seoul to address issues of identity management, and to discuss his plans for an on-chain solution that allows more effective, secure management of individual identity.

Fauvel said that one of the fundamental problems with blockchain at the moment is that owning a digital asset is in practice, not legally possible. This is because digital assets are effectively just data that can be copied, pasted, and passed on to anyone.

To ensure that assets can’t just be given away freely, ownership needs to be tied to a more permanent record of identity. While there have been a number of attempts to date to build this type of model, they fall down because identity is not being recorded on chain.

This means these services are relying on company servers to authenticate identity, creating a single point of failure—if a company goes bankrupt, for example, identity is lost.

Fauvel said that the solution was on-chain identity that survives any single point of failure, by recording unique identity information on the blockchain and tying this data to asset ownership.

Naturally, any data written to the blockchain can be publicly accessed, raising security concerns for those building and relying on this type of system. The solution, according to Fauvel, is to encrypt the data, as well as identity, and to hide sensitive encrypted data within other encrypted data on the chain.

He said this provides a foundation model for recording identity data securely on-chain by ensuring attackers don’t even know where to look to find the data they need to unencrypt to carry out an attack.

Billed as a general solution to secure data storage and identity management on the blockchain, Fauvel said there were a number of applications where verifiable identity was essential, such as managing title deeds on the blockchain and blockchain voting.

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.”

UptimeSV founder talks building on the BSV blockchain

When the inaugural Bitcoin Association Virtual Hackathon was announced, several developers got to work, creating some of the most innovative blockchain-powered projects seen to date. UptimeSV emerged victorious and during the recent CoinGeek Seoul conference, project leader Dean Little shed some light on what the team has been up to since then.

UptimeSV is a crowdsourced network intelligence platform that gives its users robust and DDoS-hardened enterprise systems. Uptime monitoring is crucial in the modern era where most business is done over the internet. Still, monitoring when and where your website is online remains a great challenge for many companies. This is the challenge that UptimeSV sets out to solve, relying on the microtransaction capability of the Bitcoin SV network to make small payments for its users.

uptimesv-founder-talks-building-on-the-bsv-blockchain

Little, who is the co-founder and lead developer of UptimeSV revealed that for him and his team, winning the Hackathon let them know that their product was something people were interested in. Thus, immediately after being declared the winners, the team set out to work in June this year and launched the beta signup a month later. In a month’s time, the platform had over 500 signups.

In their quest to build one of the most innovative applications on the blockchain, the team encountered three key challenges. One of these was spam, and while spamming in Bitcoin only means that the spammer contributes to the betterment of the ecosystem by paying the miners, there are certain types of spam that can be quite annoying. These include OP_RETURN spam and P2P broadcast network spam.

To solve this, the team built Unplanaria which allows you to create a transaction, send it to a business which can then take the data needed from the transaction without necessarily having to scan the entire blockchain.

Unplanaria, which Little described as BIP270 for apps, drastically reduces OP_RETURN spam, protects merkle proofs, allows for a much smaller network footprint and is horizontally scalable.

The team also devised a solution to the challenge of address resolution. The Bitcoin ecosystem has quite a number of address types, from P2PKH addresses to P2SH, Paymail and more. To solve this, the team built Polynym which supports HandCash, RelayX and Paymail handles. Polynym is an interim solution for BSV addressing, with Little stating that he believes in the future, this issue will be handled through a more standardized approach.

uptimesv-founder-talks-building-on-the-bsv-blockchain

The third challenge was UTXO management, he noted. To solve this, the team developed Datapush which enables for the publishing of huge amounts of data to the blockchain really quickly.

“So, we have a single unique top up address which you send your Bitcoin to. It tops up a bunch of XPRIV threads and then it generates a bunch of UTXOs and addresses. What it can do is chain them, it can publish them to an actual payment channel for a miner, and the miner can help you broadcast those transactions.”

Datapush seeks to reduce the number of HTTP requests and handle the UTXO management locally, giving you a really efficient transaction creation and allowing you to write a lot of data on the blockchain quickly.

uptimesv-founder-talks-building-on-the-bsv-blockchain

The UptimeSV team hasn’t abandoned its core mission; that of making the platform better and scaling it for global use. It rebuilt the entire mobile app since winning the inaugural Hackathon.

“The way we’d done some things worked really well in a really small scale but when you want to have thousands of users querying websites, you want to make sure that it doesn’t accidentally turn into a DDoS attack,” Little explained.

The app has also been enhanced with other new features including support for English, Chinese and Japanese, with plans to add Korean soon. The app will also integrate more currencies, enabling you to view how much you’ve earned.

Little also revealed that the team was aiming for an October 30 private beta release. To register for the beta release, head on to UptimeSV.com.

UptimeSV founder talks building on the BSV blockchain

When the inaugural Bitcoin Association Virtual Hackathon was announced, several developers got to work, creating some of the most innovative blockchain-powered projects seen to date. UptimeSV emerged victorious and during the recent CoinGeek Seoul conference, project leader Dean Little shed some light on what the team has been up to since then.

UptimeSV is a crowdsourced network intelligence platform that gives its users robust and DDoS-hardened enterprise systems. Uptime monitoring is crucial in the modern era where most business is done over the internet. Still, monitoring when and where your website is online remains a great challenge for many companies. This is the challenge that UptimeSV sets out to solve, relying on the microtransaction capability of the Bitcoin SV network to make small payments for its users.

uptimesv-founder-talks-building-on-the-bsv-blockchain

Little, who is the co-founder and lead developer of UptimeSV revealed that for him and his team, winning the Hackathon let them know that their product was something people were interested in. Thus, immediately after being declared the winners, the team set out to work in June this year and launched the beta signup a month later. In a month’s time, the platform had over 500 signups.

In their quest to build one of the most innovative applications on the blockchain, the team encountered three key challenges. One of these was spam, and while spamming in Bitcoin only means that the spammer contributes to the betterment of the ecosystem by paying the miners, there are certain types of spam that can be quite annoying. These include OP_RETURN spam and P2P broadcast network spam.

To solve this, the team built Unplanaria which allows you to create a transaction, send it to a business which can then take the data needed from the transaction without necessarily having to scan the entire blockchain.

Unplanaria, which Little described as BIP270 for apps, drastically reduces OP_RETURN spam, protects merkle proofs, allows for a much smaller network footprint and is horizontally scalable.

The team also devised a solution to the challenge of address resolution. The Bitcoin ecosystem has quite a number of address types, from P2PKH addresses to P2SH, Paymail and more. To solve this, the team built Polynym which supports HandCash, RelayX and Paymail handles. Polynym is an interim solution for BSV addressing, with Little stating that he believes in the future, this issue will be handled through a more standardized approach.

uptimesv-founder-talks-building-on-the-bsv-blockchain

The third challenge was UTXO management, he noted. To solve this, the team developed Datapush which enables for the publishing of huge amounts of data to the blockchain really quickly.

“So, we have a single unique top up address which you send your Bitcoin to. It tops up a bunch of XPRIV threads and then it generates a bunch of UTXOs and addresses. What it can do is chain them, it can publish them to an actual payment channel for a miner, and the miner can help you broadcast those transactions.”

Datapush seeks to reduce the number of HTTP requests and handle the UTXO management locally, giving you a really efficient transaction creation and allowing you to write a lot of data on the blockchain quickly.

uptimesv-founder-talks-building-on-the-bsv-blockchain

The UptimeSV team hasn’t abandoned its core mission; that of making the platform better and scaling it for global use. It rebuilt the entire mobile app since winning the inaugural Hackathon.

“The way we’d done some things worked really well in a really small scale but when you want to have thousands of users querying websites, you want to make sure that it doesn’t accidentally turn into a DDoS attack,” Little explained.

The app has also been enhanced with other new features including support for English, Chinese and Japanese, with plans to add Korean soon. The app will also integrate more currencies, enabling you to view how much you’ve earned.

Little also revealed that the team was aiming for an October 30 private beta release. To register for the beta release, head on to UptimeSV.com.

Centbee founder talks how BSV is transforming international remittance

Centbee has been on the frontline of the Bitcoin SV (BSV) revolution in the African continent, and during the recently held CoinGeek Seoul Conference, the founder and CEO Lorien Gamaroff broke down how BSV is transforming international remittance.

For Centbee, venturing from a simple BSV wallet into the fastest and most affordable remittance company in Africa was necessitated by the prevailing conditions in the continent. The company is based in South Africa, Africa’s economic giant. With the country having more opportunities than its peers, it receives millions of job seekers every year. These people need to send money back home, but the available options are either slow or quite expensive, usually both. Gamaroff explained:

Centbee founder talks about how BSV is transforming international remittance

It’s well-known that in Africa, it has the most expensive cross border remittance corridors. But not only that, there are all sorts of barriers, from the high costs, the complexity around actually moving that money – filling in the forms, and we have a lot of undocumented people living around there.

While there are fintech firms that have tried to solve the challenges, they run into the same challenges sooner or later as they depend on the same banks they try to replace.

Only Bitcoin can solve this challenge, and with this realization, Centbee has been on a quest to transform the remittance sector in Africa. But first, the company had to solve the foremost challenge: making the acquiring of Bitcoin SV easy and accessible across South Africa. This it achieved through the use of the voucher system, an onboarding method that has received praise for its effectiveness across the crypto community.

Gamaroff remarked, “If you go to the Centbee wallet and you go to South Africa in the map, you’re going to see that there isn’t a single stretch of the country that we haven’t covered. Even the smallest towns across the country have multiple locations where you can go into the store, hand over cash and receive Bitcoin instantly, not even hours or days later but instantly on your Centbee wallet. So, this is now our gateway, and now we can start creating this ability to move that money, and this is what we’ve done.”

The first corridor that the company decided to disrupt was Nigeria-South Africa. Nigeria is the other African economic giant and with over 200 million people, it was the best market to start with.

While many people focus on selling the potential of Bitcoin to those who are yet to try it, Centbee has used a different approach. As Gamaroff explained, the company uses Bitcoin as the rail, with the customer not even having to get into all the technical details involved.

To use Centbee’s remittance platform, the user just indicates the amount they wish to transfer on the Centbee Remit app. The user also has to indicate the name and the account number of the recipient. Centbee has to validate the details because, “there is a regulatory requirement about that.” The app then generates the bar code which the user can then use to pay at a retail store through the voucher system.

The company then sends the BSV to a local partner in the country where the recipient resides. With BSV being the fastest blockchain project, this only takes a few seconds. The partner in the other country then converts it into fiat and deposits into the recipient’s bank account.

How fast is the transaction, you ask? Gamaroff illustrated, “You could still be in the line at the cashier’s when you go and create that transaction. Before you’ve even left the store, the money is actually in the bank account on the other side.”

Centbee’s remittance solution has brought down the costs associated with this type of transaction drastically. In Africa, the cost of international remittance averages at 15%, an abnormally high percentage that hinders free trade between the African nations and beyond. But it’s not just the costs that it has brought down as Gamaroff explained:

Centbee founder talks about how BSV is transforming international remittance

But not only that, it’s the whole convenience of it. You know, it’s not just about the price usually. It’s the convenience. How easy is it for me to be able to go the store and without having to fill in a whole lot of complex information, be able to make that transaction.

It’s not been all rosy for the company. One of the challenges that it has faced is the regulatory environment. However, Gamaroff and his team have designed Centbee to be compliant. Already, the company requires important information from its users as required by the financial laws.

Away from Centbee, Gamaroff is excited about the developments taking place in the BSV ecosystem. Speaking to CoinGeek’s Jasmine Solana, he stated, “What we’re finding is that everybody is talking about the amazing products that can be built, the ways in which we can disrupt the existing industries. It’s really fascinating.”

CoinGeek Seoul: China sees explosion of project development with BSV

Across the globe, there is a lot of development taking place on the Bitcoin SV (BSV) blockchain. The reasons are simple—BSV can offer a more robust solution at transaction prices that are only a fraction of those of any other blockchain, and because BSV is the true and original Bitcoin. As far as development goes, a lot of it is coming out of China and a presentation during the recent CoinGeek Seoul Conference shows exactly why this is happening.

CoinGeek Seoul: China sees explosion of project development with BSV

 

Wang Fuqiang, the co-founder and CEO of BitMesh, took the stage to talk about some of the exciting projects his company is working on. Among these are applications that are directly tied to Metanet, the future of the Internet, which is going to revolutionize how the world views digital data in ways never thought possible with conventional solutions.

Bitcoin SV and China - CGSeoul panel

For example, BitMesh has developed a way to use the BSV wallet to help create more secure and legitimate data delivery channels. From building a webpage to communicating through email, all forms of digital communication can be protected, as well as, in virtually all cases, monetized. With BitMesh, email spam and hacking become things of the past, allowing nothing more than clean conversations, the way email was originally intended.

BitMesh is also helping to change how applications can be developed for use on Metanet. MetaGlue was recently introduced to facilitate development on BSV that allows solutions to be introduced in days, not weeks or months, and which provide a mechanism for applications based on different computer language structures to interact with one another. There isn’t any other blockchain that can offer something even remotely similar.

Cityonchain.com was in Seoul for the conference, as well, with the company’s chief marketing officer, Ivy Dang, discussing how the platform is evolving. It just introduced version 2.0 and now has 9,000 cities listed, all with the ability to integrate solutions offered by the Money Button, WeatherSV and others.

CoinGeek Seoul: China sees explosion of project development with BSV

 

 

With conventional Internet applications, such as websites that require credentials to enter, that login action is typically stored in a separate area or controlled by a third party, depending on the website. However, BSV is making it possible for websites to authorize access directly on the blockchain, providing a more secure, efficient solution. This also facilitates secure solutions for RateSV, a company that is developing a platform to allow for the monetization of all Internet data. As the company’s co-founder, He Qiming, said during his CoinGeek Seoul presentation, the lack of a standard payment system is the downfall of the current Internet and RateSV is going to make it possible to monetize all data, prove data ownership and provide a mechanism that can authorize, or restrict, access to destinations on the web. This wouldn’t be possible if not for the power of the BSV blockchain.

Bitcoin SV and China - CGSeoul panel

There are many more projects coming and, as Lise Li of the Bitcoin Association indicated, some of these are “secret” for now until they’re ready to be released. Chinese developers are helping to shape the future of blockchain use because of a great amount of interest and the majority, as has been the case elsewhere, have turned to BSV as the most practical development platform.

nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

The first day of CoinGeek Seoul was dedicated to Bitcoin’s technical power, and there was a lot of talk about how Bitcoin is coming more powerful on its road to Genesis. Several developers from nChain, led by Technical Director Steve Shadders, took the stage to explain exactly what they’re doing to bring Bitcoin SV (BSV) back into alignment with Satoshi’s original vision, and allow it to scale the blockchain to an unlimited degree.

Shadders began the discussion by giving a bit of a history on Bitcoin, describing how it was held back needlessly by Bitcoin Core developers. But now that it’s following its original vision once again as BSV and being allowed to scale, it’s showing very healthy growth, with constantly increasing transaction counts, block sizes, and usage, all positive indicators that its going in the right direction.

He then teased a few big changes coming when BSV returns to its genesis. OP_RETURN, which was limited for so long, will soon have the ability to have multiple OP_RETURNs in the same transaction. Big numbers is coming to BSV, allowing it to have cryptography in script for the first time. It will also expand beyond the current three scripting options to have many more.

One point he explained at length was the deprecation of Pay-to-script-hash (P2SH), which is being done for both technical and philosophical reasons. It’s being made up for by the introducing of accumulator multisig, and dove deep into the code of how that will work.

nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

The goal of all this is to increase the security of zero confirmation transactions, or zero conf. Building confidence in zero conf is important to scaling, Shadders explained, because it builds confidence that bigger things can be done without a potential lack of security or funds.

Shadders then introduced Daniel Connolly, Lead Developer of the Bitcoin SV node project, to explain to the crowd what Terranode is. “Terranode is bitcoin server software that has been rebuilt from the ground up for enterprise and scale,” he explained simply.

What it hopes to accomplish is 50,000 transactions per second, with big blocks and big transactions. It will do this with better messaging, allowing for large data and streaming data support. It will also have more efficient data stores, keeping only what’s necessary to keep the blockchain going.

Terranode already exists in an experimental stage, working on both the Mainnet and Scaling Test Network (STN). He also noted that a P2P system is currently in development.

Next, John Murphy was welcomed to the stage. He is the Lead Developer of the Nakasendo SDK team.

What is Nakasendo? If you’ve been following Dr. Craig Wright’s writings, you’ll already be familiar with the concept. It allows for public shared secrets or functions, without individual members giving up any privacy involuntarily. “You don’t have a single private key, the private key has been split into multiple shares and these can be distributed across multiple parties or players,” he said.

Murphy conducted a live demonstration of working Nakasendo code for the audience, demonstrating that the tools to allow board members to make decisions for their enterprises on the blockchain is already within reach.

Finally, Dr. Alex Mackay, a researcher at nChain, took the stage in the afternoon to talk about how simplified payment verification (SPV) can be introduced in a low bandwidth process to increase merchant adoption.

nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

To spread crypto adoption, Mackay noted, crypto payments have to get closer to how fiat payments work, and specifically, how we traditionally pay for items at a check-out counter. The customer needs to be able to spend BSV without being online, putting the burden on the merchant to broadcast the transaction.

To do this, a low bandwidth SPV system is the solution. Customers will have wallets which can be offline the majority of the time, with only the ability to pay for transactions with contained block headers UTXOs, Input Txs and Merkle paths. Merchants, on the other hand, will have systems which can be branched throughout a location with a central hub, receiving those payments and broadcasting them to the blockchain.

It’s a system that may not be too far away from reality, as it’s been built to work with BIP270.

The folks at nChain hope that these new pieces of infrastructure will help BSV towards its goal of scaling, and every single element discussed by the team at CoinGeek Seoul does that in one way or another. Faster transactions, bigger blocks, and more possibilities are being promised to the users and enterprises who chose BSV.

Investing in Bitcoin SV takes spotlight at CoinGeek Seoul Conference

As the blockchain industry continues to develop and become better understood, more and more entities are beginning to realize its true benefits. This is leading to the creation of new solutions for businesses and consumers that are challenging the status quo and helping the industry evolve even quicker. Nowhere is this more obvious than with Bitcoin SV (BSV), which is developing solutions at a faster pace than any other blockchain project. During the recent CoinGeek Seoul conference, Bitcoin Association Founding President Jimmy Nguyen sat down with some investors to discuss what they’re providing funding for and what they see coming down the pipe as the technology is embraced more on a global level.

The panel included well-known names in the investment and BSV sectors, including Sam Chi of Landmark Asia Holdings, 2 Hop Ventures General Partner Jan Smit, Ausvic Capital founding partner Ping Chen, angel investor and co-chairman of the Hong Kong Blockchain Association Tony Tong, and Block Crafters partner Joony Koo. The sentiment shared by all is that the BSV community is deserving of more attention because of the amount of resource development currently seen. They all point to the scalability and versatility of the BSV blockchain as driving forces behind the growth and are happy to help support it with their investment capabilities.

Investing in Bitcoin SV takes spotlight at CoinGeek Seoul Conference

Smit helped launch 2 Hop in September, and specifically invests in BSV projects because of the blockchain’s strengths. The company accepts fiat investments into its fund that are then used to support key projects and the endeavor has already started to produce solid results. All other panelists that participated in the discussion shared their stories, as well, indicating that there is a lot of opportunity for investment as blockchain technology continues to become more widely accepted.

What has helped set BSV apart, according to the discussion, is its ability to scale. This not only allows for more financial transactions, but it also allows for more application development. In ways never before possible, the blockchain is ushering in an entirely new way to think about business and BSV is one of the main catalysts. For example, Koo points to BSV’s low transaction costs that are helping to pave the way for non-fungible tokens in video games, which are giving gamers the ability to monetize their own game assets in order to earn revenue. Additionally, new tools and even new hardware are coming that are making BSV development even easier, which is going to lead to substantially higher adoption.

Investing in Bitcoin SV takes spotlight at CoinGeek Seoul Conference

For companies or individuals who want to seek funding for their BSV solutions, all of the panelists concurred on the best way to go about soliciting the investments. The pitch has to be confident and the developers sure of their solution, finding a niche that will fill a void and not be something that tries to take on an entrenched solution, such as an alternative to Google’s search engine, and which can benefit by being offered on a blockchain as opposed to conventional channels. The developers have to be able to show why their product is better and who they will cater to, as well as have a firm grasp on the “product-market combination,” as Smit explained.

There are a lot of interesting developments coming down the pipe and everyone who participated in the panel discussion showed their enthusiasm for being involved as some of the earliest investors in a real blockchain solution. Four or five years from now, when they look back to see everything that has been built, they will be able to firmly state that they helped make it happen.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

At the Le Meridien in Seoul, South Korea, CoinGeek hosted giants of the blockchain and tech industry. Among them was CEO Jay Lee of ONE Store—the most popular app store in South Korea—beating out both the Google Play Store and Apple Store. It’s on Day 2 of the CoinGeek Conference, where he announced the upcoming launch of Buskon, a music platform with the concept of busking online. Admittedly, Lee isn’t a musician and doesn’t know how to play an instrument.

“I don’t have any personal experience with music but when we see a busking musician, they have a place where you can toss in coins. Why not do it online?” he later said after his announcement.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

On the morning of October 2, the very polite and soft-spoken Lee took the stage and everyone in the audience was dead silent in anticipation of his upcoming announcement. No one knows yet what platform his company has built, however, everyone knows it’s destined to disrupt any industry it is in.

Lee is fluent in Korean and English, but for this announcement, he chose to drop his big news in Korean to better express himself. Everyone made a beeline towards the translations desk to grab a device.

“Middlemen take advantage of the music market,” Lee said during his announcement. As a music creator, there’s no way to find out how much a musician profits from their creation. Lee makes a resonating statement that musicians should be paid by how much listeners are touched by their music.

Buskon is a music platform made for musicians but it will also play an integral role in Bitcoin SV’s ecosystem of earning and using. Musicians will earn from BSV donated to them by viewers who appreciate their work and, in return, will use the BSV they’ve earned on other platforms to purchase goods and services.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

“Any musician can upload their video and the viewers can listen and watch without paying anything. If the user really likes the musician, they make a donation to the creator. If they don’t like it, they can move on to the next creator. That’s the whole concept. It’s more of supporting the musician,” Lee added during our interview.

After scouring for the best technology to build Buskon on and after testing out several blockchains, including Ethereum, it fell short of what they were looking for. Lee admitted that “Bitcoin SV wasn’t our first choice.”

Ethereum was the hottest blockchain at the time so they tested Buskon on it with all the features laid out. However, according to Lee, “scaling could not catch-up.” With BSV’s big blocks and low fees, it has the capability to efficiently scale.

Another reason why Lee chose BSV is its very, very low fees. It’s cheap to send secure transactions to musicians. Lee added that Etheruem’s Gas execution fees are too expensive for safe, instant transactions. He was impressed with the BSV blockchain’s split key technique and thought the idea was “genius.” Building on BSV was not only logical but also reliable because data is set in stone and immutable.

Lee added that they will embrace the post-Internet era, which is Metanet and declared that, “We want to become important partners of BSV.”

When asked about his impression of the CoinGeek Seoul Conference, he said, “I came here this morning and it was fun and very energetic. We’ve gone through many steps to research and understand, and compared (BSV) with many other blockchain projects and technology.”

Buskon is slated to launch this October.