Bitcoin SV Vision: Episode 24

The Bitcoin SV (BSV) community has never been busier, with developers, merchants and consumers turning to BSV in increasing numbers. In the latest episode of Bitcoin Vision, founding president of the Bitcoin Association Jimmy Nguyen discussed some of the most exciting developments in the world of BSV, including an important update on the 2nd Bitcoin SV Virtual Hackathon.

Run virtually in August, the Hackathon was organized by blockchain research firm nChain, and sponsored by CoinGeek. The response to the event was overwhelming, with applications from teams spanning no fewer than 35 countries globally.

Of those, Nguyen reported that 18 made it to the finish line with qualifying submissions, which were then filtered by the judging panel to leave the final three.

The theme of the event was “the use of bitcoin,” with teams tasked with developing apps that offer meaningful ways for ordinary people to engage with BSV micropayments.

The first finalist is BitQ&A, a question and answer application that allows users to ask questions and receive answers, incentivized by BSV rewards. Hailed as an effective incentive model for growing knowledge in the BSV community, the app is seen as a potentially valuable resource for BSV developers in future.

The second finalist is Codugh, which allows developers to monetize API calls in BSV. Consumers spend bitcoin when they call APIs, which solves a currently difficult-to-monetize yet crucial development activity.

They are joined by Hive, an app for organizing knowledge through BSV. Hive organizes data into beehive structures by topic, which can be linked to other hives in order to create a more coherent pool of information — akin to structuring the Internet in a more user-friendly way, with the help of BSV.

A rep from each team will be flown to the CoinGeek Seoul Conference 2019, taking place at the Le Meridien Hotel on October 1-2, where the judges will consider and unveil the winning team.

The episode also explores RateSV, a platform which allows users to earn BSV by investing in a real-time financial data channel. Channels can earn through API requests or by hosting ads, with rewards paid in BSV. Version 2.0 is expected to launch this month.

Crypto exchange OKEx, the world’s 12th largest by volume, has announced a daily settlement option for BSV futures, down from the currently once-per-week settlement. Designed to deliver an optimized trading experience, the move comes after a little over seven months of support for BSV.

RateSV releases version 1.0, bringing financial big data to blockchain

While several businesses have continued to integrate blockchain technology in their operations, there has still been a big discrepancy in regards to how much data is available on blockchain platforms. RateSV intends to change this, offering its users a platform for earning Bitcoin SV (BSV) by investing in real-time data on the financial data channel.

The goal of RateSV is to build a bridge between the real world and the blockchain world, enabling the flow of data between the two. RateSV announced the new version on Twitter:

The platform offers its users an opportunity to invest in BSV to record precision data and to obtain ownership of the data and the channel. You get to earn revenue every time there’s an API request for this data. Furthermore, you can earn revenue by reselling your channels as well as posting ads on your channels.

RateSV relies on the Metanet, a global protocol designed by Dr. Craig S. Wright for creating transactions that allow applications such as browsers and wallets to interpret and use on-chain data. Most crucially, the Metanet allows the users to be in complete control of their own data using a built-in permissioning system.

Once a user joins RateSV, he can create a channel, which is a formatted data stream. The channel can contain all sorts of information, from stock prices to weather data and even social media information. Each channel has a head that gets to enjoy some privileges. If a channel doesn’t have a head, the first user to bid on the channel automatically becomes the head.

RateSV expects to release version 2.0 in September this year. This version will come with important updates, such as the ability to transfer the ownership of the head and the addition of new virtual currency transactions. In a later update, the platform will increase traditional financial channels such as contracts and futures.

To ensure the security of the data, RateSV applies ECIES encryption. Only the channel heads can decrypt the data, with RateSV completely unable to obtain these keys. The data is stored on the superior Bitcoin SV blockchain ensuring stability, transparency and durability.