The Bitcoin Vision: Episode 22

In this week’s episode of the Bitcoin Vision, Bitcoin Association Founding President Jimmy Nguyen highlights some of the major developments in the Bitcoin SV ecosystem. Having successfully undergone the Quasar protocol upgrade, the Bitcoin SV ecosystem has rapidly continued to grow, with Jimmy looking at the return of OP_RETURN, CityOnChain and Operation Data Blast.

Nguyen begins by discussing the road to Genesis which is slated for February 2020 and the return of OP_RETURN. Citing a blog post by nChain CTO Steve Shadders on the road to Genesis, the Bitcoin Association Founding President urged all developers to familiarize themselves with what is required of them in the lead-up to the eagerly-anticipated network upgrade. App developers making use of OP_RETURN must ensure that their applications maintain consistent behavior now and after the Genesis upgrade.

“So this is a must-read article for any application developer building on Bitcoin SV,” he reiterates. It not only outlines the history of OP_RETURN, but also the easy steps that will ensure developers can continue to build on the only Bitcoin project that unlocks the true power of Bitcoin’s original protocol, design and Satoshi’s vision.

Next, Nguyen looked at Cityonchain, a new online information platform organized around cities, similar to Craigslist in the U.S. and in China. The platform allows localized functions such as job posts, trading of goods and even online dating. Users can claim ownership of a city and then manage it, earning BSV for their activities.

For the visitors, they can earn BSV for their high quality content such as reviews of local businesses. This helps encourage higher quality content online and fosters local interactions.

However, Cityonchain does more than that. It contributes to BSV’s new earn-and-use model which deviates from the traditional buy-and-hodl model. BSV users get to earn BSV by interacting with online applications which they can then use to make purchases or pay for services. This model is made possible by BSV’s mega blocks and its extremely low fees which facilitate micropayments.

For the week’s Satoshi Shoutout, Jimmy applauds the efforts of the team behind Operation Data Blast. With the recent Quasar protocol upgrade, the block size hard cap increased to 2GB. On July 28, some BSV enthusiasts conducted a user-activated stress test known as Operation Data Blast. They uploaded meaningful media such as video and audio files onto the BSV blockchain. The result was that over 2.5GB worth of data was uploaded and archived on the BSV blockchain. In four instances, the block sizes were over 250MB, a record for a public blockchain. The stress test proved that on-chain scaling is possible and sustainable on a public blockchain.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

Operation Data Blast shows Bitcoin SV’s power

On Sunday, thanks to the recent Quasar upgrade on Bitcoin SV (BSV) that raised the block cap to 2 gigabytes (GB), BSV enthusiasts conducted a large initiative to upload data to the blockchain. Not only was it successful, but it reiterated the fact that on-chain scaling of an order of magnitude larger than anyone thought possible on a blockchain is possible and sustainable.

Operation Data Blast, as the event was called, brought “hundreds of Bitcoin Society members” together to “upload meaningful media onto Bitcoin’s public blockchain.” The activity is still underway, as of this writing, and is expected to last through “Monday lunchtime in Asia Pacific.” By providing a large window, BSV and crypto enthusiasts from around the world have an opportunity to participate.

According to Dr. Roy Murphy, who helped organize the event, “Bitcoin isn’t where it should be after a decade. Being usurped by various entities with nefarious intent has created forks of the original protocol and the carefully orchestrated manipulation by these bad actors have destroyed many of the key tenets of Bitcoin, whilst coercing bucket-shop crypto exchanges to capture the trading Tickers of Bitcoin (XBT and BTC) by centrally governed entities whose objective is to command and hobble the Bitcoin protocol via the hostile takeover of protocol development.”

He adds, “With this in mind, ‘Operation Data Blast’ is the swan song, a last hurrah to those who spent so much time and effort into diminishing the integrity and genius of Satoshi Nakamoto’s creation. It’s giving ‘the bird’ to those who restricted Bitcoin to 1MB [megabyte] blocks, servicing a paltry 7 transactions per second to line the pockets of those interests whose only wish was corruption, anonymity, control, destruction and power.”

If anyone expected the large data upload to be a burden for the BSV blockchain (and there were definitely some BTC shills counting on it), they were greatly disappointed it. On the evening of July 28, as pointed out by Derek Moore on Twitter, “Bitcoin SV produced 4 ~250 MB blocks and a plethora of big blocks today during a User-Activated Stress Test (UAST) during which valuable data was archived on-chain, totaling about 2.5 GB of multimedia & hypermedia content.”

The Quasar upgrade on BSV was nothing short of a huge success. When the Large Hadron Collider was preparing to slam two particles together in September 2008, many people thought the world was going to come to an end. When BSV announced it would be raising the block cap to 2GB, many people that the crypto world was going to come to an end. Just like CERN proved them wrong in 2008, BSV has proved everyone wrong in 2019.