The Bitcoin Vision: Episode 6

The Bitcoin Vision: Episode 6

A laid back Founding President of the Bitcoin Association Jimmy Nguyen brings us this week’s edition of the Bitcoin Vision. But don’t let his demeanor fool you—the excitement continues to build in the Bitcoin SV (BSV) ecosystem as more developments are being rolled out on the Bitcoin blockchain.

This week, we dig into the latest scaling developments from the Bitcoin SV node team, Bitgraph, the new Python BSV wallet SDK, a developer documentation series from the Money Button team, and the latest Wright Vision from nChain Chief Scientist Dr. Craig Wright.

“It’s amazing to see how rapidly this ecosystem is growing as people around the world collaborate to create the world’s new money and global enterprise blockchain,” Nguyen said.

The big news on the Bitcoin SV Scaling Test Network (STN) is the successful test of continuous 128MB blocks over a period of 36 hours. The rest ran from midday on March 7 to midnight of March 8, producing 246 blocks of 128MB in size. The blocks, according to BSV Node lead developer Daniel Connolly, contained 89 million transactions with an average size of 354 bytes each, which is equivalent to 700 direct cash transactions per second over the entire test period.

These results are on a test network for now, but lay important groundwork for future testing on the BSV mainnet to achieve similar results. 

Meanwhile, recent reporting from showed the steady growth of BSV block sizes since OP_RETURN data size limits were lifted.  BSV daily average block sizes surpassed BCHABC two weeks ago, and are catching up to BTC fast.

Speaking of OP_RETURN, the WhatsOnChain team has been tracking statistics about use of the OP_RETURN field, now that it has an increased data size limit. This means that you can now search OP_RETURN transactions and see what services are using OP_RETURN. Check it out here.

Moving on to Bitcoin applications, Bitcoin developer Unwriter recently introduced Bitgraph, an interactive visual graph explorer for Bitcoin. This tool allows users to navigate the entire Bitcoin transaction graph, all the way back to the genesis block.

There’s also the impressive new Pythonbsv wallet SDK and a general Bitcoin SV library. It’s the latest Bitcoin SV project to be added to the BSV/DEVS directory. It features Python’s fastest available implementation, 100x faster than closest library.

Speaking of BSV developer tools, Ryan X. Charles and the Money Button team. Money Button have created a documentation series that details everything you need to know to build apps on Bitcoin SV, with or without Money Button. The first three they rolled out were on Big Numbers, points, and hash functions–another example of the BSV community’s commitment to support the growth of BSV, and show that Bitcoin SV is the clear choice for enterprise adoption.

For this week’s the Wright Vision, nChain Chief Scientist Dr. Craig Wright wrote about “Profiting from Privacy – Social Media Platforms.” He outlines the problems that sites like Facebook and Reddit have with their outdated business model of selling user data as a monetizing strategy.

Watch The Bitcoin Vision: Episode 6.

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

Smartbtc announces smart contract written in Python

Smartbtc announces smart contract written in Python

Smartbtc recently produced a novel concept to smart contracts, creating one that is based completely on Python. To showcase their product, the contract’s developers worked with Twitter to create a proof of concept. The contract was written so that once the Twitter account reached 1,000 within 60 days, it would pay .011 BTC. The goal was met, and the contract was initiated on February 19.

The startup was created to facilitate smart contracts tied to payouts on the BTC blockchain. The contracts are coded so that a transaction is defined as being complete if, using Python’s language, the “def contract()” in the coding returns a value of True. Smartbtc is a centralized service that executes contracts until they are either fulfilled or they expire. However, the contracts depend a great deal on Smartbtc’s servers, as well as a little bit of trust, which results in the need for a centralized contract infrastructure that is still tied to BTC payments.

Smartbtc hopes that more users, including financial institutions, will see the benefit of maintained agreements, instead of a completely decentralized system, and move towards adoption of applications such as the one it has developed. The application’s developers point out that even with other platforms, such as Ethereum’s Solidity codebase, there is still a trust factor that comes into play during transaction resolution.

Transaction will incur a small fee, which is based on the agreement period and execution interval, and can range between 1-2%. If the transaction is not completed, the owner will pay 0.5% of the cost, and the rest of the sum will be returned back to the originator. However, if the smart contract is fulfilled, the receiver will be delivered the agreed amount minus a miner fee.

The code is written entirely in Python 2.7, and is available for review on Github. Smartbtc chose to use Python because they feel that it’s easy for users to understand. All contracts have execution limits of a maximum of 500MB of memory and a time-out execution period of 30 seconds. The contracts can only be terminated if they are fulfilled or if they expire.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.