Bitcoin SV (BSV) Weekly – March 13th, 2019

Bitcoin SV (BSV) Weekly – April 17th, 2019

In this edition of the BSV weekly update, we look at the latest scaling news from the Bitcoin SV Node team and review new tools and guides that make it easier for developers to build on the BSV blockchain.  These are exciting times for Bitcoin SV, as it continues its journey to be the world’s new money and global enterprise blockchain.

Jimmy Nguyen

Founding President, Bitcoin Association

and your BSV Global Advocate


Scaling news

Bitcoin SV Scaling Test Network Update

A new achievement happened recently on the Bitcoin SV Scaling Test Network (STN), with continuous 128MB blocks over a period of 36 hours.  The site reports, on an on-going basis, the average block size of the past 24 hours (144 blocks):

However, a recent blog post by BSV Node lead developer Daniel Connolly explains test results showing sustained 128MB blocks for 36 hours.

The test ran from midday on the 7 March 2019 to midnight on 8 March 2019. 246 blocks, each 128MB in size, were produced. The blocks contained 89 million transactions with an average size of 354 bytes each. This is equivalent to 700 direct cash transactions per second over the entire test period. 

These results are of course just on a test network but lay the groundwork for future testing on the BSV mainnet to achieve similar results.  The testing work is a further step towards demonstrating that Bitcoin, as originally designed by Satoshi Nakamoto, can scale to accommodate global transactions.

BSV Block Size is Growing

Below we present an interesting chart of recent – from Coin.dance of “Daily Average Block Sizes by Network” on BSV, as compared to BTC and BCH.  It shows the steady growth of BSV block sizes since OP_RETURN data size limits were lifted.  BSV daily average block sizes surpassed BCH two weeks ago. 

Steve Shadders, the Bitcoin SV Technical Director said:

“The recent growth in block size is more impacted by the larger size of transactions than by volume.  An interesting point about larger transactions is they have a different profile of resource usage.  A megabyte of large transactions costs less in CPU resources than a megabyte of small transactions and thus substantially raises the effective block size limit that the software can support. 

Whilst work on improving volume capacity continues this alternate use case demonstrates clearly why larger block size limits are needed now to support the creative explosion we are currently seeing in Bitcoin SV developer and business communities.  We intended to raise the block size limit on the BSV Scaling Test Network even higher than 128MB very soon to support further research into the next level of scaling.”

WhatsOnChain Tracking OP_RETURN Data

The team at WhatsOnChain  have 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. The charts below reveal the growth in usage of the OP_RETURN field.

Bitgraph

Mysterious Bitcoin developer _unwriter introduced us to 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. The homepage displays a real time feed and a graph of all the new transactions. You can also keep navigating by clicking on the vertices making this an interesting and new way to view a block explorer.

Check it out for yourself at https://graph.bitdb.network/

Pythonbsv

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

Other features include:

  • Supporting keys in cold storage
  • First class support for storing data in the blockchain
  • Deterministic signatures via RFC 6979
  • Access to the blockchain (and testnet chain) through multiple APIs for redundancy
  • Exchange rate API, with optional caching
  • Compressed public keys by default
  • Multiple representations of private keys; WIF, PEM, DER, etc.

New developer tools such as Pythonbsv make it easier and more attractive for developers to build on Bitcoin SV.  This is a great addition to the momentum already happening in building BSV infrastructure.

Satoshi Shout Out:  Money Button

Speaking of BSV developer tools, this week’s Satoshi Shout Out goes to Ryan Charles and the Money Button team. As announced 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 that are available are Big Numbers, points (elliptic curves), and hash functions. This is another example of the community commitment to support the growth of BSV and show that Bitcoin SV is the platform to build on and is the clear choice for enterprise adoption.

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

Profiting from Privacy – Social Media Platforms

In his recent Medium post, nChain Chief Scientist Dr. Craig S. Wright describes another valuable use of nChain intellectual property on the Bitcoin SV blockchain.   He outlines the problem that social media platforms like Facebook and Reddit have with a lack of value and attribution based on their outdated business model of selling user data as a monetising strategy. He notes that there is a move away from selling user data by Facebook, which have made attempts to integrate Instagram, WhatsApp, and Messenger instead of relying just on monetizing user data. This move toward the integration of social media platforms can be done with other services and devices seamlessly to integrate a wide variety of applications such as a calendar and messaging services to the control of devices around the home.

nChain inventions, such as the patent application for Blockchain-Implemented Method for Control and Distribution of Digital Content, can form the underpinnings of a system that allows for the integration and mixing up of information in a way that is secure and private and allows access across multiple groups. This system built into a platform like Facebook will make it more valuable than it has ever been.

Dr. Wright explains how your wallet can become your chat application, and a launchpad for other services, even your Internet browser. He states “Such a system when linked to a universal payment system that can be used to convert to any national currency (Bitcoin, BSV) would allow individuals to create private marketplaces and even link direct sales with a Craigslist-like service that could be built directly into a Facebook post”

Social-media platforms could take a small percentage of the revenue from product sales made from marketplaces that are integrated or charge users a small subscription fee to avoid advertising.

If we go back to the integration of devices, Dr Wright explains that “it can be done with privacy whilst ensuring an audit trail and means to track any attempts to compromise the system. When it comes to one’s home security, false cries of anonymity fall on deaf ears. With the digital lock, you do not want an anonymous trail but rather one that is private and not available to the general population”.

This also means that with Bitcoin SV and the linking of a pseudonymous identity rather than complete anonymity, users start to be accountable, but only to those that need to know.  For this example, this would have helped track Russian operatives who created fake Facebook accounts to spread misinformation during the 2016 U.S. Presidential Election campaign.  Using nChain inventions – available for Bitcoin SV, social media platforms such as Facebook can implement systems that mitigate many of their existing problems of social media and damaged reputation.