Jimmy Nguyen: Bitcoin SV has introduced new business models

Bitcoin SV (BSV) has continued to surpass its peers and establish itself as the superior blockchain network. One of the reasons many have abandoned other blockchain projects for BSV is because it has introduced new business models. BSV’s low fees and massive scalability has enabled developers to create solutions and applications that open up new opportunities not available elsewhere. During the CoinGeek Seoul Conference, Jimmy Nguyen noted all these points, and revealed some of these new business models that BSV has introduced.

In his presentation, the Founding President of the Bitcoin Association looked at how the extremely low fees in BSV have enabled an ‘Earn and Use’ ecosystem, different from the ‘Buy and Hodl’ ecosystem present in other crypto projects. The low fees enable BSV users to make microtransactions which consequently introduces new business models that were previously not possible.

With BSV micropayments, users can reimagine the existing business models and create new ones that would attract more users. For instance, digital newspapers can change the monthly subscription model to one where the user pays per article or blog post. In online videos, users can pay per minute watched as opposed to paying for the whole video. For the gamers, they can pay for in-game features and items using BSV instead of the tokens that are currently in use. In social media, getting likes could translate to micropayments. The opportunities are endless.

There have been plenty of applications that have been developed to capitalize on the new business models introduced by BSV. For social media, Twetch has been a standout, with its platform allowing you to earn whenever other users share or like your content. This is in contrast to the current social media platforms which generate billions of dollars from your content through advertising.

For video streaming, Streamanity is introducing a new business model where content creators get paid in BSV for their content. The creators can offer just a few seconds of the video for free beyond which one must pay to watch. And since BSV supports microtransactions, you can pay by the second.

For file storage, Bitcoin Files allows its users to upload their content on the BSV blockchain for a fee. However, you can grant access to your files to other people who have to pay you in BSV.

In real estate, Zwesipace is capitalizing on BSV to not only improve title registries, but also to detect earthquakes using IoT devices. TonicPow, the runner up in the inaugural BSV Virtual Hackathon, is using BSV to introduce new business models in the advertising space, while WeatherSV allows users to create new business models by having reliable weather data recorded on the BSV blockchain.

Nguyen concluded, “So, the lesson of all this is that BSV, because of its really large blocks and its super massive scaling capacity, it enables the users to do lots of transactions for a very tiny fee and that means that its data ledger can be used for all types of business applications.”

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‘Simple’ BSV makes it easy for Zweispace to add earthquake data to blockchain

First came the automated weather channels. Now, even earthquake data can be found on the Bitcoin SV (BSV) blockchain.

Real estate blockchain company Zweispace has tapped into the BSV network to record earthquake-related information, in a bid to lessen the risk of earthquake data being manipulated, particularly in disaster-prone areas like Japan.

CEO Hayato Kameta, a 20-year veteran of the real estate industry, describes earthquake research as a “slow area in academics,” where not only “not many specialists compete” but has also been riddled with incidents of data manipulation. In Japan, for instance, quake damper producer KYB Corp. admitted in October 2018 that it falsified data for products focusing at improving earthquake resistance. More recently, a Kyoto University professor has been found to have fabricated data in a 2016 paper that examined the 7.0 magnitude earthquake that occurred in Kumamoto, Japan, in 2016.

“Construction companies have incentive to hide the fault. They usually never research the outcome after finishing constructing buildings,” Kameta tells CoinGeek. “From my quick study of the structural dynamics field, it doesn’t make sense much, and [I] thought non-linear AI [artificial intelligence] analysis will be much efficiently and accurately describe the structural motion of the buildings, so I set that to blockchain and let everyone access the truthful data survived through earthquake by distributed ledger, and build system using AI.”

This way, Kameta said people from anywhere around the world can access the data, which they can use to come up with their own model for predicting earthquake impact. He notes, “That can be more important than Google’s analyzing images and language structure, at least for Japanese, and countries with many earthquakes.”

Zweispace has already recorded data gathered from its “detectors connected to Internet,” or their “Internet of Things (IoT) sensors.” Kameta, however, clarified that no private information is revealed since they only record data “roughly by longitude, latitude and height, like AirBnB property location.”

The data is recorded on the BSV blockchain, which Kameta describes as a “simple” blockchain that allows his team to manage the challenges they encountered with this initiative. Zweispace has been using the BSV chain, which emphasizes security and is regulation-friendly, as its public blockchain for real estate data storage.

And that’s just the opening salvo for Zweispace. According to Kameta, “other sensors are ready” to gather more data soon.