The Bitcoin SV Technical Standards Committee (TSC) hosted its introductory webinar on Wednesday, April 21, outlining the process of creating industry standards for Bitcoin SV development to enable greater accessibility and interoperability across the entire Bitcoin SV ecosystem.
Bitcoin SV is quickly become a favourite platform for enterprises and blockchain developers alike due to its unbounded scaling and low transaction fees, as well as its ability to support features such as smart contracts and advanced data processing.
Titled ‘Introducing Bitcoin SV technical standards’, the webinar focused on the process of standardisation and its advantages, in addition to discussing the organisation’s roadmap, which is currently open to input from the wider community.
Members of the TSC explained the role of the organisation and its goals, before the floor was opened to questions from attendees to provide further detail on key points.
Introduction – nChain CTO Steve Shadders
nChain CTO Steve Shadders kicked things off by introducing the TSC and the committee members present. He provided an overview of the organisation’s goals and highlighted the need for standardisation to enable the accelerated growth of the Bitcoin SV ecosystem.
He also provided background on the formation of the TSC, from its inception as a group of developers working to standardise wallet interoperability, to the formation of an organisation designed to promote and develop interoperability across the Bitcoin SV ecosystem.
‘When the decision was made to form the TSC, one of the core things was to work out what its function is,’ explained Shadders.
‘And that core goal is to let the people who need to do technical collaboration to improve interoperability within the ecosystem, focus on exactly that.’
He stressed that the TSC does not determine standards – it provides the framework and process for the development of technical standards to improve interoperability and accelerate the adoption of Bitcoin SV.
‘The TSC is not here to decide what standards are. It is really here to help industry decide what those standards are themselves.’
Technical standards – Two Hop Ventures co-founder Alex Fauvel
Alex Fauvel, Two Hop Ventures co-founder and general partner, outlined the advantages of technical standards and how they will improve the experience of building technology on Bitcoin SV.
‘The strength of Bitcoin SV technical standards is that they are all developed by the people that need them – industry experts are involved at all stages,’ he said.
Fauvel explained the steps a standard goes through under the TSC process, from submission and drafting to reviews and recommendation.
‘This is a collaborative and open process, so all interested parties should get involved as much as possible. Developing the standards is consensus-based, so the comments from stakeholders at all stages are taken into account.’
He stressed that stakeholders should not leave topics that are important to them or their business to others – they should be looking to actively join, contribute and make a difference.
TSC Roadmap – The Hopper CTO James McLeod
The Hopper CTO James McLeod detailed the TSC’s recently launched draft roadmap, which is open for community feedback until May 10, 2021.
The draft roadmap initially focuses on five key areas across the industry which the TSC proposes can benefit from standardisation: wallets, client services, tokenisation, regulation and compliance, and mining.
‘We have identified two strategic objectives,’ McLeod said. ‘Firstly, provide a summary of areas within the industry that require attention with a focus on addressing the major barriers to adoption for Bitcoin SV.’
‘Secondly, identify areas of concern with unimplemented or poorly implemented parts of the network model.’
He noted that the roadmap is still very much in its early definition and that its role is to foster collaboration across the industry on agreed standards. Stakeholders should submit proposals for the finalisation of the roadmap to participate in the conversation.
‘Getting involved gives you a voice at the table and allows you to enter the dialogue and be involved in the conversation about something that is important to you and your business,’ he said.
Q&A Session – Centbee CEO Angus Brown
Centbee co-founder and CEO Angus Brown chaired the webinar’s Q&A component, fielding questions from attendees and providing clarity on key topics with input from the other speakers.
Questions ranged from those regarding the process the TSC follows in assessing proposals, through to whether membership of Bitcoin Association is required for participation in the working groups building technical standards.
Brown addressed all of these issues, outlining the assessment process for proposed standards and noting that anybody may join a working group if they contribute to the development of the technical standard in question.
He also answered questions on the time investment required to participate in a workgroup, stating there should be little interference with participants’ day-to-day work.
‘Be prepared to put in a couple of hours a month, but it certainly shouldn’t get in the way of your day job,’ Brown noted.
Closing remarks and how to participate
In closing, Steve Shadders highlighted that the role of the TSC was to enable industry collaboration through workgroups by cutting through the red tape and removing administrative obstacles to the creation of helpful and powerful technical standards for development on Bitcoin SV.
‘If you get involved in a workgroup, you are going to spend 99% of your time focusing on the technical detail and not wasting your time with administrative details that can easily be taken care of by the TSC,’ he said.
‘I really do encourage everybody to participate. We really want this process to be driven by the industry. The ultimate goal is that we improve the usability of Bitcoin SV so that it can reach the global adoption we are all working towards.’
To participate in the development of technical standards for Bitcoin SV, visit the TSC website to propose a new standard, provide feedback on draft standards, or submit suggestions on the draft roadmap.