James Belding: BSV Smart contracts can help businesses of all sizes

Tokenized is using the massive scaling of the Bitcoin SV blockchain to introduce a world of possibilities for individuals and enterprises alike. To explain its recent ramp up and where it’s planning to go with future plans, its founder, James Belding, joined our Becky Liggero on the sidelines of the CoinGeek Toronto 2019 scaling conference.

As Belding has said before, a big game changer for Tokenized’s progress has been the expansion of the OP_RETURN payload limit, which had previously constrained them. ”We just couldn’t get what we wanted into the transaction, not enough size,” he said. “But the moment the restriction was lifted, then we had open season, we could finally fulfill the vision that we always wanted to do. That happened in February I think, and ever since then we’ve been scrambling to catch up and deliver on the promises that we had.”

The potential uses of having a law abiding token system on the Bitcoin SV (BSV) blockchain are vast, and Belding spelt some of them out for Liggero. “You’ve got your obvious token examples at multiple work now, like your financial instruments, I mean silly tokens like movie tickets, admission tickets things like that, and they offer a real significant value proposition compared to what you can do today,” he said. “But there’s much, much more that will start to be revealed and the smart contracts that we have today can be tools for governance.”

Applying tokens to enterprise governance is a truly exciting prospect, and one that will make BSV an exciting prospect to mom and pop shops and multi-national corporations alike. “When you get to the bigger levels you got lawyers to help you out and take care of administrative, but if you’re a smaller company and medium size company, it’s a tremendous amount of work, administrative work,” he explained. “A lot of little rules you gotta follow and it’s easy to forget and not do them in time, and do them in the right sequence. A smart contract can have all the rules built into it, so it can basically guide you like safety rails to make sure that you do in the right sequence. You sign it properly, it’s all done. And then of course it’s immutably stored forever on the chain right so that you don’t have to worry about managing your contracts, where do you keep them, where to keep your backups, how long if you keep them”

Liggero asked Belding what the longer term plans are for Tokenized, and the answer was to widen the appeal of tokens through applications. “Basically we’re building a full desktop app, as well as a mobile app, to basically do all these features,” he revealed. “So it’s gonna be designed for everyone. I think it’s more it’s like an iPhone right? Like business people use iPhones, regular people use iPhones, all the features you want to talk to people and all that stuff it’s the same. When it comes to management contracts and your finances, the things the same. Sometimes it gets a little more complex to the analysis and things like that, enterprise, but foundationally, it’s the same.”

Tokenized’s James Belding takes the stage at CoinGeek Toronto Conference 2019

Tokenized’s James Belding takes the stage at CoinGeek Toronto Conference 2019

James Belding, the CEO of Tokenized, recently made the trek to Toronto for the CoinGeek Toronto Conference 2019. The two-day event was a huge success due to the incredible knowledge that was provided, which resulted in a better than expected turnout. Belding took the stage at one point, discussing Tokenized and what it means to the cryptocurrency ecosystem and his presentation has been made available for everyone to view on YouTube. It’s an excellent look at how the Bitcoin space is transforming and the role Bitcoin SV (BSV) is playing in that transformation.

Tokenized is designed to offer solutions to regular people, businesses, governments, etc. It’s all about adding value in the blockchain, which BSV has already initiated. Ultimately, Tokenized envisions an ecosystem that works from one hub, one app to become the portal to everything. Belding points out that this was never possible before BSV and adds, “Our mission is to use Bitcoin SV and the Tokenized Protocol to make voluntary exchange simpler, faster, and much more affordable.”

Belding emphasizes that it’s important to think ahead as technology becomes more sophisticated. Tokenized is about creating more relationships, more cooperation, bigger networks, more specialization and to make life simpler, thanks to BSV. It is an application layer protocol that utilizes the BSV blockchain to pass and store messages. The protocol focuses on records from different activities—finance, legal, commerce, accounting, etc.—from all types of legal entities and can ultimately replace current standards, such as SWIFT, LEDES, FIX and others (4:57).

A token is a digital record of ownership. Tokenized tokens are assigned by a smart contract to a BSV address in response to a transfer request, and are used to represent property, shares, bonds, tickets and virtually anything that can be issued (5:47). Once the process has been initiated, all subsequent activity is automatically recorded on the blockchain and tied to that initial record.

The smart contracts are able to reduce the amount of complexity of a given transaction, such as those listed above, and ensure adherence to rules. Once the data is stored on the blockchain, it is permanent and immutable, always available to substantiate the transaction and its parts. The smart contracts also have the benefit of being extremely cost-efficient to implement, manage and exchange.

One of the main reasons Tokenized chose to build on the BSV blockchain is because it is the only network that has proven that large blocks are possible, making large amounts of data storage easier. It is also the only network being built to support businesses and allow them to work more efficiently, more accurately and at a reduced cost. The companies that adopt the BSV blockchain can be confident that the network will be able to handle their traffic and that all tokens issued by the smart contract issued on the blockchain comply with the pertinent laws.

Tokenized is building smart contracts that are easier to use and easier to implement. They are also backed by the strength of the BSV developers, who are working toward a singular goal, not fractioned into different groups working on their own agendas. This creates cohesion and common implementations that will help BSV stay strong as other digital currency projects begin to die due to a lack of fundamental business acumen.

Tokenized’s James Belding: Bitcoin SV presents ‘huge opportunity to standardize’ business communications

Tokenized’s James Belding: Bitcoin SV presents ‘huge opportunity to standardize’ business communications

CoinGeek’s Becky Liggero spoke to James Belding on the sidelines of the recently held CoinGeek Week Conference about Tokenized, and how the project will bring about a standardized ledger to the world.

Tokenized, winner of CoinGeek’s £5 million tokenization challenge, was borne out of James Belding’s thesis to have a standardized global ledger. Tokenized is an on-chain token system designed exclusively for the BCH network, and proudly uses the original Satoshi Vision (SV) design of Bitcoin.

“Tokenized, I think, correctly addresses what the actual users want, and it takes advantage of that understanding to make it the cheapest possible solution without any compromise to the value, the utility to the users,” Belding said.

Tokenized offers protocols for over 40 separate kinds of contract, with all the necessary legal parameters specified. Belding said he and his team, composed of four colleagues spread around Australia and Singapore, studied not just the law, but also “the regulatory side of things and all the components they need to have” to make sure that everything’s all watertight.

This vision of bringing a standardized ledger to the world can be fulfilled on the Bitcoin blockchain, specifically Bitcoin SV, according to Belding.

“I see the Bitcoin SV ledger as a huge opportunity to standardize a lot of the business communication that goes on throughout the world. So with EDI [electronic data interchange] for example, you got purchase orders, invoices, shipping notices, things like that. But also contracts, agreements and that extends to smart contracts which is something that’s new and innovative, I think. It’s something that really benefits with Bitcoin SV blockchain,” he explained.

Tokenized, however, isn’t just for big financial or legal contracts. It can also be used for things like selling movie tickets. Belding noted how using smart contracts makes it efficient, not to mention cheap, to trade shares or complete cross-border transactions, among other things.

“It adds a lot of value when you use it on the immutable blockchain—the public, uncensorable, reliable, the nature of the blockchain,” he said, adding, “The value that the public Bitcoin brings is really important when you’re talking about cross-border transactions.”

Support for Bitcoin SV growing

Support for Bitcoin SV growing

Firms in the blockchain and cryptocurrency space have come out in support of Bitcoin SV, in light of the recent Bitcoin Cash hard fork.

Money Button, which runs Yours.org allowing users to monetize content in Bitcoin Cash, said in a blog post that “Bitcoin SV is the closest blockchain to the original Bitcoin protocol,” which the company said “fully and completely solved the problem of sound money for the entire world.”

Unlike with the ABC implementation that maintains a maximum block size of 32MB, Bitcoin SV has increased this to 128MB. Money Button supported this update, saying, “We need to raise the limits to the edge of the abilities of the software, and identify and fix all scaling limitations.”

Money Button CEO Ryan X. Charles, in a YouTube video, made similar points as in the blog post, noting that Bitcoin ABC and its supporters seemed to lack a clear mission statement. “In my opinion, the way this looks, is that you guys didn’t actually rally around the idea of sound digital money for the entire world. No one actually really cared about CTOR, and CDS, and the clean-stack rule. What you guys actually rallied around was booting Craig Wright from the community. You actually decided to agree to these unusual changes that not really everyone agreed to, but you agreed to them anyway because you realized this was a way to actually extract Craig,” he said.

Charles said that while it was unclear what the forked coins’ ticker symbols will be, “I personally don’t care about the name… What we’re really trying to do here is create Bitcoin at scale… We’re trying to solve problems for real people here. They don’t care what the name is.”

Blockchain-powered social media platform Matter.cash tweeted that it was running Bitcoin SV, but added, “We are still open on how to support both ABC and SV, and for now we needed to make a decision to move forward.”

Alex Agut of HandCash said his company will be following the Bitcoin SV ruleset “exclusively,” because of the “honest hash” used for mining operations, that is, hash power not borrowed from other networks. Agut pointed out that, contrary to what many are now saying, the hash war “is not over yet… It could take weeks or months, but based on hashpower and economic incentives, the SV ruleset is most probably going to be the imposed ruleset for BCH in the end, and we do not wish to change chains again. There is no technical indicator that points to another possible result.”

James Belding of Tokenized, the company that was recently awarded £5 million for its Bitcoin Cash tokenization solution, tweeted, “The Tokenized team will be supporting Bitcoin SV (BSV) exclusively. We firmly believe in the original vision of Bitcoin, as described in the WP and Satoshi’s early writings, and are proud to keep working to bring sound money to the world.” He said of ABC supporters, “We hope to join forces again in the future. We know how much you all care about the mission.”

Video streaming platform Keyport.tv tweeted, “We stand in support of Bitcoin SV because we believe that @nChainGlobal and @RealCoinGeek have the right plan to scale Bitcoin to global money.”

Bitcoin Cash wallet Centbee said in a tweet that it was supporting “the original #Bitcoin Protocol as described in the Satoshi Nakamoto white paper. @BitcoinSVNode is the only implementation that follows this protocol and that is why we support it.”