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.

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup

Over 180 members of the Bitcoin society gathered in Seoul to celebrate Satoshi vision as tech savvy South Korea held its first-ever Bitcoin SV (BSV) Meetup on Monday.

It was a night of superlatives for the Seoul Bitcoin SV Meetup. The event, sponsored by Bitcoin Association, was held at the Merry Bar in Soul and it’s packed with people—200 people signed up on the Meetup website—making it the largest BSV Meetup since the original Bitcoin was reborn as Bitcoin SV.

“We are really surprised of this because people doesn’t know about BSV a lot because of language barrier but that is why we organized BitcoinSVKorea.com to spread the Satoshi vision. That is why we held this meetup—the largest meetup ever,” said Daniel Lee, who organized the event along with his brother Joseph Lee.

CoinGeek owner Calvin Ayre said the Seoul BSV Meetup is just a taste of what’s to come for the Bitcoin society.

“First of all, I want to say that this is the largest BSV meetup since us saving the original Bitcoin. I think this is an example of what we can expect in the future with events that we have planned in other places in the world,” Ayre said. “The next conference is going to be in London in February but we have plenty of meetups all over the world and we’ll be doing conferences in the United States—New York, San Francisco next year. We want to start more things with the development community because I think that developers are the real army that understand why this platform is unique in the world with its ability to scale today. We’re not promising scaling 18 months from now, we’re promising scaling right now, today.”

Among the attendees were nChain Chief Scientist Dr. Craig Wright, nChain CTO Steve Shadders, and Founding President of the Bitcoin Association Jimmy Nguyen. Nguyen said, “It is an electric city so we are so happy to bring CoinGeek, Satoshi vision and Bitcoin SV to one of the true blockchain and crypto capitals of the world, and we love being in Asia and we’re going to make BSV a big win here and around the world.”

In a short speech, Dr. Wright promised “to keep creating things”—and make the community “work really, really hard.”

What I’m going to promise is I’m going to work hard, and I’m going to keep creating things and I’m going to keep releasing things so that you guys can build companies, you know, like you could work. And I’m going to make you work really, really hard. Because then you actually feel good about yourselves. If you speculate, and you make a little bit of money, and you lose it tomorrow, there’s no dignity there’s nothing there. When people work for things, when they create things, when they know that they actually earned because they work for a long time, and they’ve had hardships, then it’s worthwhile. That’s what proof of work is.

Check out the CoinGeek Seoul Conference happening at Le Meridien Hotel on October 1-2. Download the CoinGeek Conferences app and stay updated on the latest updates. The app not only contains a detailed schedule for the two-day conference, it also features an in-app messenger that allows users to communicate with the BSV society during the event.

Watch the CoinGeek Seoul Conference Day 2 livestream here.

CoinGeek Seoul Conference Day 1 highlights

The CoinGeek Seoul conference kicked off Tuesday with plenty of energy—the energy in the Bitcoin SV (BSV) ecosystem. Founding President of the Bitcoin Association Jimmy Nguyen opened the event with a inspiring speech, “Bitcoin SV: It’s time to build,” and conference attendees were treated with not just a summary of what has been happening with BSV, but also an inspiring call to action to start the day.

CoinGeek Seoul Conference Day 1 highlights

Day 1 is all about the updates on the technical developments happening within the BSV space, starting with the much anticipated Genesis upgrade from nChain CTO Steve Shadders.

“Our goal is to bring the protocol back as close as possible to the original protocol as it designed by Satoshi, implemented by Satoshi ten years ago. Once it’s done, a whole lot of things that are not possible now will become possible again,” Shadders told CoinGeek.

Ryan X. Charles, meanwhile, is starting the movement on taking back our own data with four new upgrades to Paymail, an identity protocol for BSV.

“Right now we live in a world where Google and Facebook basically own your data on the internet, then they allow advertisers to sell targeted ads to you based on the data that they have about you. And so what we’ve done is to create new protocols on top of Bitcoin that we’ve implemented inside of Money Button. We can make it possible for you to, say, earn money for looking at ads rather than Facebook earning money for looking at ads,” Charles explained.

CoinGeek Seoul Conference Day 1 highlights

UptimeSV also provided some updates on what it has been up to since winning Bitcoin Association’s first BSV hackathon in May. UptimeSV’s Dean Little explained:

We released three things, one of them is already released—Polynym, which is basically a very easy way for you to write addresses to the desired receiver. The second thing is Unplanaria, which is kind of like a play on how Planaria handles things, but instead of going like wallet-miner-node, it goes wallet-node-miner, so it’s implementing BIP270 or peer-to-peer transactions but for apps and services. It’s a very efficient way of getting your data from your users and publishing it to the blockchain and it cost a lot less than some other methods.

Closing the day is the announcement of the second BSV Virtual Hackathon winner. Codugh, led by Shashank Singhal and Andrew Snow, won the US$20, 000 (paid in BSV) top prize, while Hive took second place and US$10,000 in BSV. BitQ&A came in third place with US$5,000 in BSV.

 

“I don’t think it’s quite hit us yet, certainly a bit of disbelief. It was only a few hours ago that we were pitching on stage so I think give it a few hours it will actually settle and we’ll realize what just happened,” Snow told CoinGeek.

For some attendees, the CoinGeek Seoul conference provided them with some great insights on the BSV ecosystem. University student Eun Gyu Jin wants to learn more about the technology, and his friend, Joo Mong Ko shared with CoinGeek the excitement they felt after hearing all the developments happening with BSV. Who’s their favorite speaker, we ask. The unanimous vote was, of course, Dr. Craig Wright.

CoinGeek Seoul Conference Day 1 highlights

“It’s interesting,” Joo told CoinGeek, adding that they’re looking forward to the second day of the conference.

Tune in to our coverage of the CoinGeek Seoul Conference Day 2 here at CoinGeek.com.

CoinGeek Seoul Conference Day 1 highlights

Download the CoinGeek Conferences app and stay updated on the latest updates. The app not only contains a detailed schedule for the two-day conference, it also features an in-app messenger that allows users to communicate with the BSV society during the event.

CoinGeek Seoul Conference Day 1 highlights

Watch CoinGeek Seoul Conference Day 2 livestream here.

Steve Shadders: ‘Ultimately, my goal is to make myself replaceable and redundant’

An Australian Bitcoin developer living in London, Steve Shadders is, at first glance, the typical geek, complete with goatee beard, glasses and ponytail. But it only takes a few minutes chat to get way beyond the stereotype. He thinks widely about the politics and economics of Bitcoin, and he’s a former DJ, with a love of techno — a calling which he says delayed his entry into the world of software by several years.

“Shadders” as he’s known at nChain, the Bitcoin SV development company of which he’s Chief Technology Officer, operates in many dimensions. There’s an ideological side to him, the legacy of youthful, anarchistic attitudes: “As Bitcoin becomes more widespread,” he says, “it puts the power of economic sovereignty into the hands of people who currently don’t have it …There is nothing more powerful that you can give someone than opportunity.”

The mission of nChain, according to its website is “to ignite global adoption and enterprise level of usage of Bitcoin.” To that end, Steve leads the nChain developer team behind a series of “upgrades” to the Bitcoin SV protocol (he prefers “upgrade” to “hard fork”). This year, we’ve had the Quasar upgrade, and next year will be Genesis. The idea is to bring the Bitcoin SV protocol back to how it was when Bitcoin started — hence the “SV,” Satoshi vision.

Part of that process is to allow Bitcoin miners rather than developers to call the shots. As a developer, himself, Steve realises this has implications for him: “Ultimately, my goal is to make myself replaceable and redundant — and I hope to achieve that within a couple of years.” By then, the governance role in Bitcoin will be handed to a group of people rather than a few individuals, leaving miners with the ultimate responsibility for the ecosystem.

Steve works closely with Craig Wright, nChain’s Chief Scientist. He admits that “it can be challenging to understand what Craig’s talking about sometimes.” About six months after Craig has raised a new idea, Steve says modestly, he finally understands “what he really means.” But it’s a privilege “to be able to pick his brains on a daily basis …he’s thinking about things years before anyone else.”

As for his own ideas about where Bitcoin is heading, Steve is an unashamed ‘Bitcoin maximalist.’ He does accept that “probably the notion of private blockchains will be around for a while before the business world gets comfortable with the fact that public blockchains actually offer far more benefits than than the perceived benefits of keeping it private.” But in the end, he predicts, it’ll be “one coin to rule them all.” And he doesn’t expect Bitcoin SV’s rivals to be around “in five or ten years.”

If BSV develops the way Steve predicts, he’ll go so far as to agree that the work of nChain today might be of interest to future historians. And he points out that “a lot of that work is going to be recorded there immutably, in the blockchain, so it will be easier for blockchain archaeologists to work out what happened.” It’s just another advantage of blockchain technology!

Hear the full interview with Steve Shadders on this week’s CoinGeek Conversations podcast:

You can also watch the podcast video on YouTube.

Please subscribe to CoinGeek Conversations – this is the first episode of the podcast’s second season. If you’re new to it, there are 30 episodes from season one to catch up on.

Here’s how to find them:

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‘Oldboy’ producer Sam Chi to judge 2nd BSV Virtual Hackathon finals

The judging panel for the final round of the second Bitcoin SV (BSV) Virtual Hackathon has been announced, with some high profile names set to debate the winning entry.

Sam Chi, president of Landmark Asia Holdings, is joining the final round judge panel as a special guest judge. A prominent investment executive in entertainment and technology, Chi produced Old Boy, the most critically acclaimed film in South Korea’s history and a winner at the 2004 Cannes Film Festival. More recently, Chi has been involved in the production of animated Hollywood films, including Animal Crackers.

Alongside investments in entertainment, Chi is also a prolific investor in the blockchain and tech sectors, as well as consulting in the crypto space.

Joining Chi in the final round judging panel is Lin Zheming, a veteran of 13 years in Internet product designing and marketing in the Chinese market. A former employee of Apple and Baidu, Zheming’s latest venture is ddpurse.com, a non-custodial BSV-only wallet in WeChat, and Mempool.com, a BSV/BTC mining pool.

Aside from Chi and Zheming, the panel will also feature Bitcoin inventor and founder Dr. Craig S. Wright, widely regarded as the world’s foremost authority on cryptocurrency. A passionate BSV advocate, Dr. Wright brings a wealth of blockchain knowledge and expertise to the table. In addition to judging, Dr. Wright will also present at the event.

Chi, Zheming and Dr. Wright are to be joined by nChain CTO Steve Shadders.

The panel will consider entries from the finalists of the hackathon, which tasks individuals and teams with developing new implementations of BSV technology.

The final will be adjudicated at the CoinGeek Seoul Conference 2019 this October, with the winners in line for a total prize pool of $35,000—paid in BSV.

The CoinGeek Seoul Conference 2019 is a chance for developers to learn more about Bitcoin SV, and how BSV is developing the world’s new money. As well as the final judging in the BSV Hackathon, the event will also feature keynote presentations from some of the leading innovators in cryptocurrency, explaining more about BSV and its underlying technology.

Open to supporters of all cryptocurrencies and projects, the event is set to take place in Seoul on October 1-2. Buy your tickets today and get 20% off the CoinGeek Seoul conference tickets when buying with BSV, plus conference attendees can also take advantage of exclusive discount to the Le Meridien Seoul. Check out this link, select “Group code” at the Special Rates tab and simply type the promo code RE1RE1A to receive the hotel discount.

Editor’s note: This article has been updated to add Lin Zheming in the final round judge panel.

Post-Quasar London BSV Meetup explores evolutions in Bitcoin SV

Following the success of the recent Quasar upgrade, scientists and researchers gathered in London for the London BSV Meetup.

The event, which aims to brief Bitcoin SV (BSV) developers on the latest research and development work on BSV, brings together some of the leading voices on Bitcoin SV, including keynote speakers Alex Mackay, Joe Dalais and Steve Shadders of nChain.

Alex Mackay, a researcher at nChain, presented on “Miner ID and the Future of Mining.” He told delegates that nChain already has a proof-of-concept for the Miner ID model, though this was not yet ready for public demonstration.

According to Mackay, Miner ID would become increasingly central, with users requiring some mechanism for identifying and interacting with miners.

“As we scale BSV and blocks get bigger, there will be a shift in the ratio of fees miners incur — from block rewards to transaction fees. Sometime in the future, mining subsidies will run out, and miners will have to support themselves through mining fees,” he explained. “Miners at the gatekeepers to some valuable blockchain data. We need to develop the tools so they can create more revenue streams from that data.”

Joe Dalais presented on Metanet identity, explaining: “When you have identity on-chain, you can interact a hell of a lot more with the rest of the globe – and businesses can interact with you…When you start attaching your identity to transactions, it becomes a lot more powerful.”

Giving the example of a product refund, Dalais said a sale receipt stored on-chain and linked to an individual identity would provide certainty for retailers over the legitimacy of returns.

While at the moment, retailers require physical receipts, or even the presentation of the purchasing credit or debit card, “in a Bitcoin world, all they need is your alias.”

Meanwhile, Steve Shadders, CTO at nChain, discussed the Quasar upgrade, which he said activated smoothly, with no reports of service degradation.

Shadders said the Quasar upgrade “represents a shift in the way bitcoin governance works,” moving more of the emphasis from developers to miners.

While he noted that the upgrade to a 2GB block size was four times the originally envisaged size, he suggested the block limit would allow essential flexibility for developers, and particularly for increasing storage capacity on the BSV blockchain, saying:

Bitcoin caps aren’t meant to be there at all, and if they are, they aren’t meant to be hit.

The July event follows on from previous meetups, designed to encourage developers to be more ambitious in their BSV projects, while informing of the latest upgrades to the BSV protocol.

To learn more about the exciting developments happening on BSV, as well as the benefits of massive blockchain scaling for miners, application developers and enterprises, attend the upcoming CoinGeek Conference, taking place in Seoul, South Korea, on October 1-2. Get your tickets now.

Steve Shadders: Bitcoin SV proving it can scale for businesses now

Bitcoin SV’s (BSV) recent Quasar upgrade is cause for much celebration, as it not only helped return Bitcoin one step closer to its original protocol, but also introduced a whole new level of blockchain scaling to BSV. CoinGeek’s Sarah Parsons caught up with nChain Technical Director Steve Shadders at a recent London BSV meetup, where they talked about the upgrade and its importance.

The London BSV gathering was a merry one, as the Quasar upgrade went as well as you could hope for. “We’re kind of giving a bit of a post-mortem of the Quasar upgrade, I think I can safely say that it was a very boring event, which is fantastic because with enterprise software changes, that’s kind of exactly what you want,” Shadders said. “I mean, we had an operations stream set up and we had contact with all of the kind of key players in the Bitcoin SV ecosystem. But we pretty much sat there and watched the upgrade activate. We fired Satoshi Shotgun and mined a block bigger than 128MB, which was necessary to lock the upgrade in. And it all went pretty smoothly, nothing unexpected. So yeah, job done.”

Parsons asked Shadders what businesses should take away from the Quasar upgrade. “I think it’s really quite critical for businesses that are looking to invest time and money in building a service on top of Bitcoin SV, Shadders replied. “Because most services, I mean, if you’re building a business, the aim is to scale. You want your business to start at whatever size it does, and it gets bigger and bigger, and bigger, and bigger. And of course, if your business is related to Bitcoin that means it’s got to be able to scale on top of Bitcoin.”

While other crypto hobby projects have promised that their blockchains will be ready at some point in the future, Shadders explained that such a thought process just won’t cut it for the real Bitcoin. “Now, I think, our philosophy at the Bitcoin SV Node team is that it’s not good enough for us to say to people, ‘Oh, by the time your business has scaled, we’ll be ready. Trust us,’” he said. “What we’re actually doing with the Quasar upgrade is demonstrating right now, that we can handle the future scale of whatever your business is. So you’ve got the confidence, not hoping that we’ll be able to pull it off some time in the future, we’re showing that it can be done right now.”

CoinGeek Seoul brings popular Blockchain Conference back to Asia October 1-2

Click here to read in Korean.

Noted Speakers to Include Dr. Craig Wright, Jimmy Nguyen and more

Seoul, Korea – August 2, 2019 – Popular blockchain event CoinGeek is coming to Seoul for a two-day happening at Le Meridien Hotel, a noted property in the heart of Seoul’s upscale Gangnam District on October 1-2. The event will feature discussions on the power of blockchain scaling, what enterprise applications can be built on a massively scaled Bitcoin blockchain, the advantages of a public blockchain over private distributed ledgers, and how government regulation is impacting the space.

Professionals from leading blockchain start-ups, global enterprises, crypto mining groups, investors, and others are coming to learn about exciting developments for Bitcoin SV (BSV), as well as the benefits of massive blockchain scaling for miners, application developers, and enterprises.  

To kick off this two-day event, October 1 will feature technical topics about how BSV’s massively-scaled blockchain unlocks technical capabilities and applications not possible on other platforms. On October 2, experts in the industry will showcase how the BSV blockchain can drastically improve the way enterprises do business and create a new digital economy. Attendees will also witness presentations from the three finalists of Bitcoin Association’s 2nd Hackathon; get treated to another intimate conversation with nChain Chief Scientist and creator of Bitcoin Dr. Craig S. Wright (Satoshi Nakamoto) about Bitcoin’s history; and have a blast at another legendary CoinGeek after-party!

Notable speakers include host Bitcoin Association President Jimmy Nguyen, nChain Chief Technology Officer Steve Shadders, and many more to be announced.

The CoinGeek Seoul conference, October 2019, is the latest instalment of CoinGeek’s headline events. Following on from CoinGeek Toronto last May, CoinGeek Week in London November 2018, and the inaugural CoinGeek Conference in May 2018 in Hong Kong, CoinGeek are leading the way in galvanizing the world’s merchants and enterprises to adopt Bitcoin SV (BSV). Bitcoin SV is the only project dedicated to the original design, protocol and “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto. 

While the CoinGeek conference is focused on Bitcoin SV, its inclusive environment welcomes speakers and attendees who also work with other blockchain projects, and welcomes all attendees interested in learning about BSV.

With objectives to educate on the importance of massive scaling on the BSV blockchain – such as the benefits of larger block size for enterprise usage and to sustain miner profitability; to promote the value of BSV and why merchants should seek to adopt this new world electronic cash system; and to promote the benefits of BSV’s blockchain for technology developers, the event will feature world-class Bitcoin and blockchain experts as speakers.


For more information please see www.coingeekconference.com. For press needs in the Western Hemisphere, please contact Susan von Seggern on [email protected], or +1-213-840-0077, or on Telegram Susan VonSeggern. For the Eastern Hemisphere please contact Ed Pownall on [email protected] or +44-7825-064776.

Steve Shadders: Bitcoin development approaching exponential payoff

The continued development of Bitcoin SV (BSV) sits largely on the shoulders of brilliant men like Steve Shadders, chief technology officer at nChain, and his team. CoinGeek’s Becky Liggero caught up with him on Developer’s Day at the recent CoinGeek Toronto 2019 scaling conference, and they talked about the effort that has gone into BSV and what’s coming next.

Developer’s Day was a great opportunity for the world to learn what’s coming down the pipe from all sorts of businesses, but also for the one’s doing the work to feel in their element. “Well today is actually really exciting for us as developers because it’s the time when we can just talk as technical as we want. We can really nerd out,” Shadders said. “But it’s important, I think, for developers to keep their focus on user experience. And in fact, we have a whole section of the day devoted to that.”

As the infrastructure of Bitcoin gets back to the vision it was originally intended to have, there’s been a new focus on a more user friendly experience. “It’s important to make things easy for people so that they’ve got a friction free path into Bitcoin,” Shadders told Liggero. “And that includes developers as well. Our recent hackathon, the twist of the theme was take the onboarding problem for users, but also apply it to developers as well.”

All the same, 2019 continues to be the year where Bitcoin scales the blockchain massively, and that’s been Shadder’s focus. “There’s a whole lot of work sort of behind the scenes to do with scaling, which I won’t get into the technical detail of that because it’s pages and pages,” he said. “Really exciting stuff increasing our capacity.”

He concluded by telling Liggero how close the BSV community is to seeing incredible changes thanks to massive scaling, something that’s already being proven since the Quasar protocol update was pushed out:

“You know, we’ve got incremental changes, but the thing with development life, it’s sort of an exponential payoff. You lay a lot of groundwork and then you reach a point where you start reaping the rewards over and over and over again. And we’re at that pointy end of the curve right now so it’s fantastic. The new mechanism of block propagation really solves one of the big problems of Bitcoin. There is no barrier to us now for scaling.”

Steve Shadders: Bitcoin’s Quasar upgrade to return power to miners

The Quasar protocol upgrade is set to unleash new limits for the Bitcoin SV (BSV) blockchain on July 24, increasing the maximum Bitcoin block size to 2GB. To explain the ramifications of this update, Steve Shadders, Technical Director of nChain, joined CoinGeek.com’s Becky Liggero. 

An important thing to recognize with Quasar is that it is an important step in Bitcoin’s path to returning to its original vision and protocol. “It’s kind of a preparation for the Genesis upgrade next year, so the key change in this particular protocol upgrade is a change in the default block size,” he said. “The default is being raised from 128MB to 2GB. Miners, however, are intending to manually set the limits, their own hard caps, to 512MB.”

Liggero asked why miners would opt to set a lower maximum cap limit on their blocks. “Simply because it allows the miners flexibility to exercise the governance role that they’re supposed to play in the Bitcoin block size,” Shadders replied. “The instances of Bitcoin SV that are not actually involved in mining, we refer to them as blockchainers, because they don’t actually write the blockchain, they don’t really have any influence over the maximum size of blocks that are being mined, but they still have this limit in place temporarily, for another six months or so, that governs what they will accept.”

Allowing the miners, rather than developers, to indicate their block size preferences is part of what Satoshi Nakamoto originally envisioned. “It allows the miners flexibility to raise their limit later on from 512MB to 1GB, or 1.5GB, or any number in between, and all of the other listening nodes are going to accept those blocks,” Shadders explained. “So it’s very important, I think, from a cultural perspective in Bitcoin because what we’re trying to do is shift the responsibility for block size governance away from developers and put it into the hands of miners.”

As Bitcoin moves towards its Genesis upgrade, Quasar will help miners re-learn the skills they need for the ecosystem. “So there will be two potential consequences of this,” Shadders offered. “The first I mentioned before which is the miners beginning to take a very active role in choosing the maximum block sizes they accept. But also, as miners start to do that, until they get kind of into the perfect sync on the next number up, what we will start to see is more orphans on the Bitcoin blockchain.”

Orphan blocks have been a bit of as sticking point, as the cryptocurrency world has come to assume that they indicate a problem; but that’s simply not true. “This has been something that’s traditionally been considered to be a bad thing in the history of Bitcoin, but it’s a bit of a misunderstanding because the simple fact that orphans can occur is actually a part of the core design,” he explained. “It’s the disincentive for Miners not to be in sync with other miners, it’s the disincentive for them to be recalcitrant about upgrading their hardware, their capacity, etc. So the whole ecosystem needs to kind of start getting used to the fact that this is a normal part of Bitcoin life.”

The important thing to not forget though is the new capabilities Quasar will unleash for Bitcoin. “We’ve taken away all the barriers to potentially being able to break the 1GB block limit,” Shadders said. “We’ve already seen blocks greater than one gigabyte. That’s a huge milestone because it’s a thousand times the limit that the other Bitcoins are working with. And it really shows that Bitcoin can actually scale.”

That ability to scale the blockchain, and become the public data ledger that big enterprises need to evolve their business models, will be a game changer, and what Bitcoin was always meant to do. “I think big data transactions we’re always meant to be part of the way that Bitcoin works,” Shadders concluded. “Satoshi’s original design allowed for 4GB transaction, a single transaction, not even a block. So being able to handle that kind of scale, volume of data, is just one of the requirements of Bitcoin.”

Steve Shadders talks BSV roadmap at CoinGeek Toronto Conference 2019

Steve Shadders talks BSV roadmap at CoinGeek Toronto Conference 2019

The CoinGeek Toronto concluded after its successful two-day run and attendance was incredible. Rightfully so, given the amount, and value of information disseminated by the leading Bitcoin experts. nChain’s Steve Shadders was on hand and provided an overview of what has brought Bitcoin SV (BSV) to where it is today, and where’s it going to be tomorrow. To say that his presentation was truly enlightening would do it a gross injustice.

The technical roadmap for BSV encompasses more than just the cryptocurrency or the blockchain; it is the creation of an entire ecosystem that is being driven by everyone involved. Over the past six months, there have been plenty of scaling milestones to show the power and versatility of the BSV network, but this is just one small part of what’s coming.

Bitcoin Core (BTC) developers swore, in 2017, that blocks larger than 1MB weren’t possible. They argued that anything larger would be unsafe. Bitcoin Cash (BCHABC) developers reiterated this the same year—after achieving 22MB. They said to go larger would be catastrophic for the blockchain. However, BSV has already proven, over and over, that those developers were completely wrong. Not only has the network been able to reach 64MB blocks without any issues, but it has gone up to 1.4GB blocks and still persists today. Since then, the amount of creativity seen on the BSV network has exploded, and the data revolution has begun.

Now that everyone knows that large block sizes are not an issue, the next obstacle to tackle is to increase the number of transactions possible on the network. This is already being addressed by nChain and others, and the issue comes down to enhancing the software capabilities of the blockchain. This June or July, an upgrade to the network will help facilitate that enhancement as the network continues to improve.

Coming soon, “secure instant” transactions—also known as 0-confirmation transactions—are going to be possible. To that end, BSV developers are working on a new merchant API (application programmed interface), incremental blocks and a new miner identification system. BIP270 is already in place to allow true peer-to-peer payments and support a system that no longer relies on wallet addresses, QR codes, etc., for transactions—nothing more than an email address would be needed. This is already being integrated into all BSV wallets, including Hand Cash, Centbee and others, and comes through the integration of Paymail.

A new business interface is also being developed, which will give businesses a system that provides a look and feel that they’re accustomed to in order to further BSV adoption. Onboarding, Metanet and Tokenized are constantly being improved in order to further build the BSV blockchain and make it as versatile as possible.

Later this month, or possibly July, the Quasar upgrade is going to introduce minor block size changes and parallel transaction validation. It will also lead to more hardware capabilities being brought online, which translates directly to more capacity and scaling improvements. This is all part of the “Roadmap to Genesis,” which is gathering steam and leading to a better BSV blockchain.

The next big upgrade will take place next February and is aptly dubbed Genesis. The block size limitation is going to be completely removed—a feat no other blockchain has come close to accomplishing—and certain scripts will be restored to their original form.

Shadders concludes the presentation by pointing out a fact that should make true Bitcoin believers proud. BSV has become the only blockchain to evolve to a point that hash rate, which is equivalent to the security of the blockchain, is no longer a function of price on BSV. It is now a function of usage, a fact that is supported by the costs associated with transactions and the block rewards. This is how the original Bitcoin was designed, and why BSV is the only true Bitcoin.

Steve Shadders on his belief in Dr. Craig Wright as Satoshi

Steve Shadders on his belief in Dr. Craig Wright as Satoshi

Dr. Craig Wright has already told the world several times, and in several ways, that he is the creator of Bitcoin and the man behind Satoshi Nakamoto, but skeptics demand to see more proof. Steve Shadders, Bitcoin SV’s (BSV) technical director, has had the opportunity to see more proof than most, and took to Yours.org to talk about his feelings on the matter in his post, “On the Satoshiness of Dr Craig S Wright.”

In a beautifully written piece, Shadders notes that he chose to work with Dr. Wright without knowing the truth of if he really was Satoshi. He admired the man for who he is now, and the lessons he could share.

At this point, Shadders has come to accept that Dr. Wright was indeed Satoshi. Dr. Wright didn’t have to show him indisputable proof for that to be his conclusions, although it was offered on multiple occasions. He could probably ask at any time, and because they are friends, Dr. Wright would show him whatever proof he asked for.

He accepts the fact that Wright is Satoshi because of the immense knowledge and vision he shows for Bitcoin. The sacrifices he’s made, and the work he’s put into creating Bitcoin, are evident even on a cursory examination of his story.

Shadders reasons for not demanding to see proof are simple, but profound. The myth of Satoshi might have inspired the public to embrace Bitcoin, but the reality of who Dr. Craig Wright is, then and now, is even more impressive. Shadders concludes:

“Craig Wright has sacrificed so much more than a mere indulgence to bring Bitcoin to the world and I can never hope to match that. But I can at least give him my trust. It is the very very least I can do.”

As noted above, the entire piece is a touching testimony for why Shadders puts his faith in Wright. We really recommend you go over and read it in full to understand why, in Shadders eyes, Craig Wright has become a more important force for Bitcoin than Satoshi ever war.