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
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.
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 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.
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.
Want to learn more about what’s happened in the BSV ecosystem in the past year?