BSV Blockchain is pleased to announce that its new SPV Wallet is now available in public beta to the public following a private beta period.
SPV Wallet is an open-source, non-custodial hosted wallet that seamlessly integrates with the existing BSV ecosystem. It serves as the standardised open-source wallet reference implementation for the BSV ecosystem.
Developed and maintained by the BSV Association, SPV Wallet is designed to be cost-effective and accessible. It is 100x cheaper to run than a full node, making it an ideal solution for businesses who want to participate in the BSV network without being transaction processors themselves.
What is an SPV wallet?
SPV Wallet is the standardised way that BSV wallets will be able to interact with the BSV network when Teranode and Overlay services go live. It can be used in place of the BSV Blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties.
‘This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction,’ said Darren Kellenschwiler, Technical lead of Utilisation at BSV Blockchain.
‘Running SPV Wallet in place of a full node leads to significant cost savings. This saving is due to the disparity between relevant transactions for the exchange, and overall network transaction volume,’ he said.
‘The average transactions per second settled on BSV Blockchain has been trending up rapidly for the last few years and is expected to skyrocket as we go forward, says Thomas Giacomo, Director of Utilisation at BSV Blockchain. ‘This will inevitably drive up costs for full node operators, and raise the corresponding demand for SPV Wallet solutions.’
Who is it for?
The open-source wallet reference implementation is intended to be used by exchanges, wallet providers and applications willing to reduce their costs and their risks by using a standardised wallet adapted to upcoming infrastructure changes and existing industry standards.
Exchanges: The SPV Wallet can be used in place of the BSV Blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties. This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction. Running an SPV Wallet in place of a full node will also lead to significant cost savings.
Wallet providers: For existing wallet providers, SPV Wallet is simply a demonstration of the validation functions and data models which allow for safe instant transactions. The payment protocols should be broadly compatible with what most wallet operators are already doing, providing a simple extension to existing Paymail standards.
Businesses: Whether you are active in the supply chain, healthcare, finance, or public sector areas, you may need to add wallet capabilities to your application. By installing your own SPV Wallet instance you can use it plug-and-play for your application. That way you will be able to leverage the benefits of other BSV infrastructure components accessible through SPV Wallet and be aligned with the latest industry and BSV standards, improving the robustness and security of your business.
Key features and roadmap
There are several key features of the SPV Wallet, including:
- Create accounts, sign transactions, and check balances;
- Send transactions;
- Receive and validate inbound transactions;
- Store your transactions and corresponding metadata;
- Confirm the presence of your transactions on the BSV blockchain;
- CLI, JavaScript, and Go clients for the Wallet API.
Extensive test scenario coverage has been performed to ensure maximal security. The planned roadmap includes a mobile wallet app, payment counterparty validation, identity manager and token and smart contract support.
You can find out more about the SPV wallet and its development here. Users are also encouraged to contact the team on the SPV wallet Discord channel.
Learn more about BSV Blockchain SPV Wallet
BSV Blockchain launches SPV Wallet, the standardised BSV open-source wallet reference implementation
ELI5: the BSV Blockchain’s SPV Wallet
The SPV advantage: enhancing accessibility and security in BSV blockchain transactions
