On February 4, Bitcoin Association hosted the first Bitcoin SV Virtual Meetup of 2021, with a focus on the individuals and enterprises based in Europe, the Middle East and Africa.
Bitcoin Association Founding President Jimmy Nguyen played host for the evening, opening proceedings – which occurred on the one-year anniversary of the Genesis protocol restoration – with a glance to the past and a bold look forward to the future.
‘We have spent the last two years focused on building the technical infrastructure – establishing scaling power, building the business ecosystem, and securing partnerships and opportunities for the businesses that are built on the Bitcoin SV network,’ he said.
‘Now, I think we are at the point where it’s critical for us as an ecosystem to focus on continuing that building and this year, really drive more transactions on-chain.’
To emphasise the growing ecosystem, Nguyen pointed to some of the exciting recent developments announced from across the Bitcoin SV world – headlined by Bitcoin Association’s partnership with Saxion University in the Netherlands, which has now opened enrolment and started classes for ‘What is Bitcoin and why does it matter?’ – the first in a series of four planned massive open online courses (MOOC) focused on Bitcoin SV.
Nguyen also announced three new additions to the Bitcoin Association team – former IBM Java developer and DevSecOps engineer Aaron Zhou was appointed Bitcoin Association’s first China-based technical outreach specialist; britevue CEO Connor Murray joined the Bitcoin SV Academy team as a content creator; and Liz Louw, a familiar face for many in the Bitcoin SV community, had moved from Bitstocks to Bitcoin Association as a content marketing specialist.
Steve Shadders, Technical Director of the Bitcoin SV Infrastructure Team, then joined Nguyen for a live conversation centred on what lies ahead for Bitcoin SV on the technical side of the fence – contextualised against the Genesis upgrade – of course -with the benefit of a year’s hindsight.
‘The reality is that the year since has been a lot more exciting than the Genesis update itself! Genesis was a lot of hard work and we were probably a little bit nervous going in, but it was a complete non-event in terms of anything exciting happening – which is exactly what you want from an upgrade like this,’ he explained.
‘In the year since, we’ve seen a lot of people exploring what these new capabilities can offer, which is really exciting to see. From the perspective of the Bitcoin SV Infrastructure Team, Genesis was about restoring a lot of the lost functionality of Bitcoin, which has meant that we have been able to spend our time focusing on performance and scaling.’
Shadders also discussed the lifting of the ancestor and child-pays-for-parent (CPFP) limit from 25 to 1,000 transactions in Bitcoin SV v1.0.7, explaining how enabling longer chains of unconfirmed transactions facilitates an even broader spectrum of business use cases for Bitcoin SV. Always a relevant subject within the digital asset community, Shadders didn’t hesitate to note that the Tweet in which he announced that the ancestor cap would be lifted was the most engaged-with Tweet he has ever had.
And here it is… Thanks to the Bitcoin SV Infra team for months of hard work to get this problem solved.
Let the (long) chains begin!https://t.co/Ts3qRQbfyP
— Shadders (@shadders333) January 13, 2021
The lifting of the ancestor limit is a big one for the digital asset ecosystem. Whereas before, an event could be recorded roughly every 25 seconds, now, sequences of events can be recorded within the space of a single second. Shadders urged those in attendance to recognise that the ceiling for Bitcoin SV development has just been heightened and that developers should adjust their thinking to reflect that.
‘People should really start thinking about applications that might make use of 100,000-long chains or even longer, because that will certainly be possible in the not-too-distant future,’ said Shadders.
‘Once we’ve tested the 1,000 transaction limit in the wild for a sufficient period, I expect that we will remove the limit entirely.’
As with all of the guest speakers at Bitcoin SV Virtual Meetups, the audience could send their questions as the session progressed, so that Nguyen could put them to the guest at the end of the session. One question queried whether or not the scaling on Bitcoin SV was robust enough to support central bank digital currencies (CBDCs), to which Shadders replied:
‘I think that Bitcoin SV could probably support several medium-sized countries running CBDCs already; by the end of this year, I would hope that everyone would have confidence in Teranode’s ability, in which case, there is no limit.’
Following Shadders was Bitstocks founder and CEO Michael Hudson, who joined to discuss his company’s recent crowdfunding efforts. At the start of the year, Bitstocks announced that they would be launching a crowdfunding campaign to support the development of their Bitcoin financial ecosystem, Gravity, smashing through its target of £500,000 in just three days.
‘We really do believe passionately that we are building this technology for humanity and we wanted to welcome the world in to join us on this mission,’ Hudson explained.
He went on to tell the virtual audience that the crowdfunding campaign was not only a great way to raise money, but that by putting the project – built on Bitcoin SV – out to the world, it was an opportunity to educate the general public about why Bitcoin SV is the platform of choice for such an exciting fintech start-up. For Hudson, the attraction wasn’t just the transparency and auditability offered by the network, but the ‘no-limit’ approach of Bitcoin SV – something which he says leads to unlimited creativity.
Jimmy Nguyen also introduced Liz Louw, one of Bitcoin Association’s newest team members. Louw joins Bitcoin Association as a content marketing specialist based out of Johannesburg, South Africa. She talked about her vision for the role and shared her thoughts on some of the marketing challenges for Bitcoin SV as a whole.
The slate of guests was closed with Adam Kling, CEO of blockchain-based gaming platform FYX – formerly known as Kronoverse. Kling talked about the journey Kronoverse has been on and discussed how the work they are doing building services on the Bitcoin SV blockchain is coinciding with the explosion of eSports. Because of this, he said, now is the perfect time for the benefits enabled by its protocol to be brought to the gaming world. Concerns around competitive integrity and tournament payouts can be mitigated or removed entirely thanks to the Bitcoin SV blockchain.
For the year ahead, one of Kling’s main priorities is exporting the technology they’ve developed for use in third-party games.
To that end, games ready for the FYX platform and illustrating the unique features enabled by the blockchain, are the platform’s best early advertising ahead of its anticipated launch later this year. Kling showed a live demonstration of FYX’s flagship game, CryptoFights – a game that takes place entirely on-chain, with each action or event in the game being recorded straight to the Bitcoin SV blockchain. What’s more, CryptoFights integrates directly with Bitcoin SV wallets and allows players to both stake and receive payments for each match. These are the features which it is hoped that other developers will see and be able to make use of in their own games.
‘FYX is going to change the way that eSports are played – it represents the next evolution in the eSports landscape, creating new revenue streams for developers, while facilitating a whole new level of competition for players,’ explained Kling.
‘Getting that idea out, into the market, getting the feedback and getting that product-market fit is where we’re at right now.’