Bitcoin SV (BSV) Weekly – Feb 6, 2019

The Bitcoin SV ecosystem continues to witness more innovative uses of the increased data limit for OP_RETURN. What is clear is that we have enabled more token use cases which is important for business as they can see that the BSV blockchain is now a platform for business activity.

With increased scaling come a need to ensure the robustness if the blockchain, this is necessary to show enterprise that the BSV chain can deliver on its promise of not only scaling but being secure and stable. That’s why we are excited to hear news of the Scaling testnet which you can read about on nChain’s lead developer Daniel Connolly’s blog post

Collaboration is key, this week we will look into a group of developers who are looking atstandard ways of embedding data on the block chain they have created a repository for various OP_RETURN protocol specifications for use as guidance only. 

So, let’s take the time to look at some of the ground-breaking developments of the week in more detail.

Jimmy Nguyen

Founding President, bComm Association

& your friendly BSV Global Ambassador


This week’s Satoshi Shout

out goes to WhatsOnChain. In addition to being one of the first block explorers for BSV, WhatsOnChain has added new features related to the greater function of OP_RETURN, such providing information about OP_RETURN data contained in a transaction enabling search of OP_RETURN text.

Scaling Testnet

nChain has built its own version of the former Gigablock Test Network to explore scalabilityof the Bitcoin SV blockchain, naming it the BSV Scaling Test Network (STN).  The new Scaling Test Network is designed to be a permanent public test network with regular and consistent large volumes of transactions. 

Community Collaboration

A group of developers is working collaboratively to agree on standard ways of embedding data on the blockchain.  They have established a Github repository for various OP_RETURN protocol specifications; no specification in this repository is to be considered canonical or take precedence over any other protocol. As such, there is no enforcement of any protocol rules on the format or content of OP_RETURN data. The repository and specifications are provided as a community service, for guidance only, and show the commitment of developers to maintain high level standards of work.

On-Chain Money Button 

Ryan X Charles has put Money Button on the blockchain and it is interactive!  As described on his Twitter account:

On-Chain Money Button is the first computer+blockchain+human hybrid organism. It lives based on the interaction between everything. It will never die. Help On-Chain Money Button live forever by swiping the button!

Meetups around the world

The Bitcoin Meetup Network website organizes information about BSV meetups worldwide, and provides an easy way for BSV meetup organizers to post information about their events.It also includes a handy graphic map to make it easier to find a meetup in your area.

Bitcoin Meetup Network now features information for meetups across these global cities: 

  • Brisbane, Australia; 
  • Sydney, Australia; 
  • Melbourne, Australia; 
  • Toronto, Canada; 
  • Haarlem, Netherlands; 
  • Oslo, Norway; 
  • Singapore; London, UK; 
  • Chicago, USA; Keene,
  • New Hampshire, USA; 
  • San Francisco, California USA ;
  • Manilla, Philippines.

The Wright Vision for Bitcoin – from Dr. Craig S. Wright

Generic Thin Operating System for Blockchain IOT Devices

nChain’s Chief Scientist Dr Craig S Wright continues his weekly series about new uses of the Bitcoin SV blockchain.  His latest post is entitled “Generic Thin Operating System for Blockchain IOT Devices”.  It outlines solutions for increasing security and privacy of Internet of Things (IoT) devices by connecting them to the BSV blockchain – creating a network of devices that interact with each other in a reliable, safe and private manner, while being more automatically managed on the blockchain.

By the year 2020, more than 50 billion IOT devices are expected to be connected to the Internet.  As a result, the search for increased security and ensuring privacy of using such devices is becoming more essential.  For example, more safety measures become necessary in world where a programmable toaster can switch off before causing a fire when no one is present or a self-driving car can be controlled from remote locations.

As Dr. Wright explained:  “Such devices may be extremely small and contain only limited processing and memory capacity. It would be an advantage to have an operating system that is generic yet small enough to be loaded into any device and yet retains strong cybersecurity. A further advantage is to enable simple, secure, and robust control functionality including the possibility of processing payments for services provided by the device. The preceding goals can be achieved by interfacing IOTs to the Bitcoin-blockchain protocol”.

Dr. Wright proposed an application of nChain’s invention for Operating System for Blockchain IoT Devices.  Dr. Wright further explains that “A blockchain IOT device (BID) is an agent set up to execute certain instructions that are securely stored off-BID and accessed through cryptographic keys”.     This means that the device does not contain the instruction it needs; rather it holds the keys to access them securely. All of a BID’s communications are encrypted which provides a host of benefits not least of which is making it less vulnerable to hacking.  In this manner, blockchain IOT device is more secure because the cryptographic keys are not stored in the device, but are derived (deterministically, only when needed to validate necessary device actions or data communication) through the blockchain.  

Furthermore, the approach enables automated device actions by using functionality similar to services such as IFTTT (“if this, then that”).  This allows for a range of possible new use cases to allow IoT devices to be managed through the BSV blockchain in an automated way (performing acts based upon pre-set conditions being met – such as air conditioning units turning on if the thermostat hits a certain temperature), more efficiently and securely.  This also allows Bitcoin micro-payments to be tied to IoT device interactions – such as a payment is made to a security company every time a door lock is opened.  An integrated BSV wallet can be used to facilitate new ways to monetise IoT interactions.

Read nChain’s full business-friendly summary of this article here.

Or get in touch with nChain professional services here

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