BSV Blockchain recently held its annual DevCon on 20 May 2024 at the London ExCel Convention Centre. The DevCon aimed to empower developers to leverage the BSV blockchain as an infrastructure for novel applications, services and businesses.
The event’s first presentation was an introduction to the BSV blockchain itself and was given by Thomas Giacomo (Utilisation Director) and Darren Kellenschwiler (Utilisation Technical Team Lead).
High-level overview
Giacomo provided a detailed introduction to the BSV blockchain, highlighting its underlying Unspent Transaction Output (UTXO) proof-of-work system. He emphasised that BSV is the fastest, most cost-effective, and secure blockchain today, making it highly suitable for enterprise-grade applications.
The BSV blockchain’s low transaction costs are a significant advantage, with consistently low fees at a fraction of a cent. This low-cost structure not only makes BSV the cheapest blockchain but also incentivises miners to prioritise transaction fees over block rewards, enhancing the network’s sustainability.
Another focus the BSV blockchain has is its strict regulatory compliance, which has been seen as essential for the adoption of distributed ledger technology by governments and businesses since its inception of the BSV blockchain.
Emphasising security, Giacomo explained that BSV’s protocol is stable and will not undergo any changes, which means that applications built on BSV do not require frequent updates, thereby maintaining their function, integrity and security over time.
He further announced the Mandala upgrade for improved capabilities and the importance of SPV for communication and interactions at the edge of the network at scale.
The Mandala upgrade
Giacomo also gave an overview of the individual components of the Mandala upgrade but pointed out that these will be presented in more detail in subsequent presentations.
Teranode
- Teranode – Upcoming update of the BSV node software;
- Currently achieves 1 million transactions per second with six nodes;
- Provides scalability at the layer one level of blockchain.
SPV Wallet
- SPV Wallet – facilitates peer-to-peer communication at the edge of networks;
- Currently in public beta;
- The reference implementation is part of the new network topology.
ARC
- ARC – developed in collaboration with TAAL and now managed by TAAL;
- Will replace mAPI (merchant API), but extends its capabilities;
- Facilitates extended transaction format.
Overlay Services
- Enables the creation of independent environments within the layer one blockchain;
- Allows applications like central banks to have dedicated networks (e.g., for CBDCs);
- Provides flexibility without compromising the security of the network;
- Reference implementation is expected in August.
The role of the BSV Blockchain
The BSV Blockchain, functioning as the open-source body of the ecosystem akin to the Linux Foundation for operating systems, plays a pivotal role in maintaining protocol integrity and developing open-source tools.
The Blockchain is also dedicated to setting standards for interoperability, aligning with international standards like IEEE, W3C, and ISO. It supports education and research through online courses, academic partnerships, and blockchain certificates. Public affairs efforts are focused on engaging with policymakers and regulators to ensure regulatory compliance for BSV applications, fostering the development and adoption of BSV technology.
Another aspect of the BSV Blockchain’s mandate is the Network Access Rules, which are the terms and conditions for accessing the BSV network. The rules are based on the white paper by Satoshi Nakamoto.
The BSV Blockchain’s roadmap
Giacomo outlined the BSV Blockchain’s roadmap for the year, which is available on the BSV website and subject to updates. Key releases include the Mandala Network, with its components Teranode, Overlay services, and the SPV wallet.
He added that the BSV Blockchain is focused on protocol stewardship, ensuring network distribution and that the BSV blockchain’s original protocol remains unchanged from the Bitcoin white paper. There are currently efforts to restore the protocol by year-end including the reinstatement of certain opcodes for specialised applications. A major website revamp also planned to improve the developer experience, alongside ongoing marketing and education initiatives.
Another aspect of the BSV Blockchain’s work is to enable developers to build with the BSV blockchain and to provide tools and infrastructure. Darren Kellenschwiler elaborated on this in more detail.
The developer journey in BSV
As Kellenschwiler explained at the start of his presentation, the developer journey on the BSV blockchain closely mirrors that of typical application development, encompassing themeworks, databases, and other Web 2.0 tools. However, as Kellenschwiler explained, the BSV developer’s path includes unique challenges and opportunities.
According to Kellenschwiler, much of the work for BSV developers revolves around creating transaction templates and developing predicates for specific use cases. This involves writing smart contracts, working with opcodes, and crafting locking scripts. Essential tools for these tasks include core libraries and script interpreters, which facilitate the testing of unlocking functions and other transaction components.
As mentioned before by Giacomo, Simplified Payment Verification (SPV) will be a key infrastructure in BSV. This approach allows developers to test transactions locally on their machines instead of relying solely on test nets. Local testing, often done using request setups, helps ensure that transactions are valid before they are broadcasted.
Recent developments and ongoing efforts
Efforts to standardise and improve core libraries are underway. The introduction of a standardised TypeScript SDK, developed in collaboration with Project Babbage, along with ongoing work on the Golang SDK by Luke Rohenaz and Gorilla Pool, and Python tools by the sCrypt team, are significant steps forward. Kellenschwiler noted that these tools are expected to be released in the coming months.
On the token protocol front, while there are many different protocols around, analysis by nChain and others has highlighted the need for a unified philosophy regarding token definitions and processes. This could lead to more consistent and effective tools for tokenisation, as Kellenschwiler explained.
He also pointed out that all tools, libraries, and the infrastructure depend on user feedback to ensure user-friendliness, compatibility, etc. Feedback can be communicated through different channels such as the BSV Discord, the BRC GitHub or through the channels and websites of the owners and maintainers of libraries and tools such as sCrypt, Project Babbage etc.
