Recap: Bitcoin SV Virtual Meetup – The Americas – May 2021

By Greg Hall Published: May 23, 2021

Bitcoin Association made a virtual return to the Americas in May to provide the region’s dedicated Bitcoin SV community with an update on the happenings throughout the ecosystem and to show off the latest projects from developers around the world.

This meetup was hosted by Britevue CEO Connor Murray, head of the consumer reviews platform built using Bitcoin SV. In addition to an introductory word from Murray himself, attendees heard from two prominent figures from the Bitcoin SV development community. As always, the focus was on practicality, involving real-world examples of developers who are using Bitcoin SV to deliver solutions to important commercial and societal problems.

 

Xiaohui Liu – founder and CEO of sCrypt

To that end, the first speaker introduced by Murray was Xiaohui Liu, founder and CEO of sCrypt, builder of the first smart contract solution on the Bitcoin SV blockchain. Liu took the chance to walk the attendees through sCrypt’s Bitcoin Smart Contract 2.0, a new way to design smart contracts on the blockchain.

The approach combines the previous, wholly on-chain contracting with off-chain validation of the contract without compromising the trustless appeal of smart contracting. Liu uses the example of a simple coin-flipping game between two parties over the internet to demonstrate the utility of the smart contract. Without the ability to physically flip a coin in one another’s presence, the parties use the following protocol (using Bitcoin): P1 and P2 each lock X amount of BSV in a smart contract; both parties share a hash of their ‘guess’, and then deploy those into the smart contract to determine which guess is correct: if the guesses are the same, P2 has correctly called the coin flip and is a winner. Otherwise, P1 is the winner. The winner can then sign a UTXO to take the coins. Under this model, the entire process takes place on-chain.

However, under this model, it would be vulnerable to a party aborting the coinflip game if they learn the other party’s guess but before revealing their own – meaning there is nothing to disincentivise someone from aborting the contract if it becomes apparent they will lose. To fix this, sCrypt uses a Timed Commitment Scheme (TCS), which forces both parties to stake some amount to the game which will get refunded once the parties have honestly followed the protocol of the game or contract.

For a breakdown of how Bitcoin Smart Contract 2.0 is constituted, see Liu’s Medium post on the topic.

 

Jackson Laskey – co-founder and CEO of Unbounded Enterprise

Jackson Laskey spoke next, giving an update on Unbounded Enterprise’s activities over what has turned out to be a busy period for the company since launching in July 2020.

‘Our mission was making adoption simple and our goal is to be a transaction processor. I’m happy to say that none of that has changed, but our path has really come into focus over the intervening months.’

From that point of view, Laskey took the opportunity to give his own high-level thoughts on where the Bitcoin SV community is at in 2021 – both the opportunities apparent and the challenges it faces. One of these, which has become a focus for Unbounded Enterprise, is the trend toward gaming applications within the ecosystem. He points to companies like FYX who are leading the way in building gaming infrastructure using Bitcoin SV:

‘We’re really seeing Bitcoin start to become Gamecoin, and I think some of the benefits of this are that these companies are going to be able to share in the cost and effort of educating the market,’ he said.

‘I think that by driving adoption in one vertical, it’s really going to help prove the value proposition of Bitcoin, help prove the scalability of Bitcoin, and it’s going to help really bring a lot of attention and users to the space that will make all of our future efforts much more fruitful.’

Unbounded Enterprise is hoping to play a key role in this movement, and Laskey was able to share their work with the viewers. He used their NFTY Jigs initiative as an example. Each NFTY Jig is an NFT with a unique serial number, which is interoperable between any number of games which might be built to use NFTY Jigs. For example, the serial number might be interpreted as a unique card within a deck-based game or as a special item in an RPG. If, for example, the starting deck in a card game is determined by the unique serial numbers attached to your NFTY Jigs, then everybody’s starting experience will also be unique. Circling back to his initial point about the cascading effects of ecosystem development, Laskey says that players who have used NFTY Jigs will naturally gravitate to other games which take advantage of NFTY Jigs, where they can be guaranteed that Jigs they already own will be used to make those player’s experiences as unique as possible.

Laskey demonstrated the NFTY Jigs app and spoke briefly about a game that Unbounded Enterprise is working on which takes advantage of NFTY Jigs. The game is Hash War – a card game, but Laskey emphasised that the uses go far beyond that genre.

Lastly, and perhaps most importantly, he announced NFTY Jig’s Game Masters program for developers. It is intended for NFTY Jigs to be able to work directly with the first generation of games and their developers using NFTY Jigs. Initially admitting five developers, the programme will give provide development support from the NFTY Jigs team including everything from game design to marketing strategy, access to early NFTY Jig APIs and also a revenue share of all NFTY Jig sales, as well as a cash grant. Apply at nftyjigs.com.