This has been another big week for Bitcoin SV as we see even more growth and expansion due to the lifting of the OP_RETURN data size limit. In this update, we will look at the latest scaling news, more exchanges that have added BSV, and amazing new services available on Bitcoin SV.
Founding President, Bitcoin Association
and your BSV Global Advocate
The Bitcoin SV blockchain recently passed a milestone on its mainnet with 5 continuous days (and counting) of daily average block sizes exceeding the BTC chain’s 1MB block (and far exceeding the Bitcoin Cash chain’s daily average of less than 100KB blocks). Whilst the volume of individual BSV transactions is growing progressively, the size of individual transactions is growing rapidly as users discover more useful ways to make use of the larger OP_RETURN data limits – such as to upload high-resolution pictures and music files.
In the below chart, the BSV block size is reported in red; with the BTC chain in yellow (and BCH in green):
Bitcoin SV Technical Director, nChain’s Steve Shadders, said: “The recent increase in data usage on the blockchain vindicates the Bitcoin SV choice to raise limits beyond the then known software limits. The mistake of the naysayers was assuming that usage patterns would not change but with greater flexibility we are seeing usage patterns emerge that we hadn’t predicted. Patterns which happen to sidestep the current software’s weaknesses whilst taking full advantage of i’s strengths. This sort of ingenuity is the result of allowing the market to take a set of parameters and find the best fit for the moment. We look forward to seeing what new innovations emerge as the weak points in the software are further addressed in coming months.”
Equicex Exchange recently listed Bitcoin SV for trading among over 300 cryptocurrencies and over 30.000 trading pairs. Equicex Visa Plastic and Virtual prepaid cards are also available for use with BSV. Users can link to their Equicex Visa payment card to convert and spend BSV.
Cryptofacil offers customers in Latin America and the Caribbean a reliable, fast and secure platform to trade cryptocurrencies, and has four BSV pairs on offer. As reported by Coingeek, the company stated that “BSV is a top 15 token as far as market cap and has a large community that supports its vision and technology”.
ICE Cryptocurrency Data Feed
Intercontinental Exchange (ICE), the company behind NASDAQ, has announced that it will roll out its cryptocurrency data feed with Bitcoin SV as one of 60+ covered digital assets. The real-time feed by ICE will provide access to a wide range of data that is gathered from more than 600 leading venues, markets and exchanges across the world and aims to deliver real-time and historical data. The goal is to boost transparency in the crypto market.
BSV Applications & Services
There is already now a “Bottle for Chrome” extension, announced by Twitter user @World-Languages.
Bottle provides a major leap towards the “Metanet” world where the Bitcoin blockchain subsumes and powers the Internet, and where the information marketplace is transformed.
BitPaste – the onchain text and file-sharing app – first emerged in January. But it’s now catching even more attention with improved functionality to make it easier for users to upload larger files (10MB) to the BSV blockchain. Users can store and share, plain text snippets on the BSV blockchain, with a swipe of a button.
As Ryan X. Charles, CEO of MoneyButton stated on Twitter: “We’ve made it much more reliable to upload large files to the blockchain. You can easily upload files ~ 10 MB now with no errors. You just need to split your UTXOs first and wait for them to confirm.”
Bitpaste joins the growing number of applications unlocking the greater data capacity and technical capabilities of the BSV blockchain. And that deserves a Satoshi Shout-Out
Magic Attribute Protocol (MAP)
MAP is a system created by twitter users @wildsatchmo and @AttilaAros and has been touted as a simple OP_RETURN protocol for associating data in a single transaction. MAP is designed to be chained together with other OP_RETURN micro-protocols.
As stated on Github, the design goals are:
- A simple OP_RETURN protocol for associating data in a single transaction by defining key, value pairs.
- A flexible protocol suitable for many applications
- Compatible with faucets, and other situations where the input address does not represent the author’s public identity
- Provide data mapping without enforcing a content or identity scheme (allow other protocols to provide this).
Some examples of how MAP can be used include attaching geolocation data to images, and attaching an avatar image, phone number and Twitter handle to user identity.
Satoshi Shout-Out: Fivebucks
This week’s Satoshi Shout-Out goes to Fivebucks. It recently announced integration with Cashport (the business API of HandCash), allowing simpler on-boarding and improved user experience for payment with BSV. Fivebucks.com is a marketplace platform for services performed by its users for only $5 and has been instrumental in demonstrating real world application of BSV as cash. Cashport provides an API that makes it easy for any online business to easily add BSV payment capabilities, and Fivebucks is another company taking advantage of its ease of use.
For demonstrating how companies in the BSV ecosystem can work together and integrate each other’s tool, Fivebucks deserves a Satoshi Shout-Out!