The BSV Association aims to build a better world by making it more free, fair, profitable, sustainable and trustworthy. This is according to Martin Coxall (Director of Growth at the BSV Association) who was speaking at the recent London Blockchain Conference.
The volume of data and information created, captured, copied, and consumed worldwide has skyrocketed over the past decade. The big data industry is projected to be worth $229 billion by 2025, with further growth anticipated due to increased digitalization, IoT, and AI advancements.
Despite this remarkable expansion, Coxall points out that much of it relies on outdated Internet and Web2 technology, causing significant ‘pain and risk’ throughout the value chain. In contrast, a new Web3-based Internet built on blockchain technology promises greater ease and security at every point in the value chain, he said.
‘Just as there can be only one Internet, there can be only one blockchain. The BSV blockchain is the only protocol that guarantees control, provenance, and accuracy of all the world’s data,’ Coxall said.
A record of truth
Coxall explained that a timestamping system creates a universal source of truth. By design, it also empowers individuals rather than big tech companies and opens up opportunities for all economies.
The BSV blockchain serves as an immutable ledger for transactions and data, with each block being timestamped. Mathematically, the blockchain provides permanent proof that an event ‘e’ occurred at time ‘t’. BSV achieves immutability through two main concepts: a distributed timestamp server and proof-of-work.
As a distributed timestamp server, the BSV blockchain hashes the block’s transactions and includes this hash in the block header, along with a Unix time value indicating when the block was formed. This hash is unique to the block, and any changes to the block’s contents would invalidate the hash stored in the block header at the time of its creation.
Generating this hash requires miners to make significant capital expenditures (CapEx) and incur ongoing operational expenses (OpEx) in the form of electricity costs. To demonstrate that they mined the block, miners must provide proof of work, which other network miners can easily verify.
Mission and vision statement
The BSV Association is a non-profit association (Verein) in Switzerland, created to bring together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the BSV Blockchain ecosystem.
Coxall said that the starting point for the mission and vision of the BSV Association is that ‘Truth is the only way’. ‘How do we ensure that truth exists? In our case it is building a robust and sustainable record of truth that everybody can see, audit and benefit from,’ said Coxall. ‘The BSV blockchain is the only protocol that enables a universal exchange of value.’
