Bitcoin SV is celebrating the first year of Bitcoin independence! It does feel like it’s been around for years, thanks to its large community of users and developers. In its first year of existence, Bitcoin SV has been able to achieve what most other blockchain projects have struggled to do—have a thriving and actively growing ecosystem. This has been as a result of BSV’s earn and use model which encourages the active using of BSV for everyday activities, as opposed to the speculative hodling method used by many other blockchain projects.
KEY TECHNICAL DEVELOPMENTS
PAYMAIL
In just one year of existence, BSV has solved some of the challenges that have plagued many blockchain projects. This has been through the dedicated work done by the developers in the BSV ecosystem. One challenge that BSV has managed to solve is the use of complicated addresses through Paymail. This is an identity service that has replaced the confusing lengthy addresses with simple addresses, making sending of BSV as easy as sending an email. However, it’s much more than just a simplified Bitcoin address. Paymail holds the key to solving identity challenges in blockchain, allowing defined ownership on-chain.
sCRYPT
BSV is leading the smart contracts sector, and sCrypt is one of the components of this rise. Founded by Xiaohui Liu, sCrypt is a high level smart contract language for Bitcoin SV. Writing smart contracts in the native Script language can be cumbersome for developers, making it prone to errors. sCrypt solves these issues, offering developers an easy-to-learn language.
GEARSV
GearSV has given developers yet another easy way to build smart contracts on Bitcoin SV, enabling them to synchronize off-chain application state with the eventual consistency of mining nodes. The solution allows the ordering of blocks based on their relative heights as well as inner-block indexing of transactions. This allows the developers to build fully Turing complete applications on top of Bitcoin for the first time.
KEYRING
For developers seeking to build distributed applications on Bitcoin SV in a fast and efficient manner, Keyring has been the solution of choice. Keyring is an open-source Javascript library that can be used to easily build applications on BSV. Developed by BitBoss, Keyring supports the OP_FALSE OP_RETURN script type and allows developers to build their own tokens through the Tokenized protocol.
NAKASENDO
To further accelerate the development of applications on the BSV blockchain, Nakasendo offers developers an easy-to-use software development kit (SDK). Developed by researchers at nChain, Nakasendo consists of low- and high-level application programming interfaces, offering developers a centralized solution for developing on the BSV blockchain. One of its many functions includes enabling cross-chain transactions using a special lock script that doesn’t threaten the security of the transaction.
UNWRITER
Bitcoin SV relies on simplicity and aims to make developers’ work as easy as possible. One of the solutions that enable this is Datapay, developed by prolific Bitcoin developer Unwriter. Described as the simplest JavaScript library for broadcasting data transactions to the BSV blockchain, Datapay ensures that even the novice developers can build on Bitcoin. The solution focuses on making the sending of data on Bitcoin as simple as possible, contrary to other Bitcoin libraries which focus solely on sending money. These are just a few of the technical developments that have driven Bitcoin SV to the top and made it a favorite for developers globally. All this has happened in just one year and as the ecosystem continues to grow, the future seems quite exciting, both for the developers and the users. Bitcoin SV has continued to eliminate all the hurdles that have faced Bitcoin developers for close to a decade. In February 2020, BSV will undergo the Genesis upgrade, eliminating the block size hard cap and finally giving the freedom back to the miners. The possibilities will be endless and for the first time ever, Bitcoin will be able to fully outperform the centralized platforms.
Want to learn more about what’s happened in the BSV ecosystem in the past year?
