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BSV blockchain’s association signs an R&D agreement with University of Sharjah to develop blockchain-based academic certification and accreditation platform 

Blockchain-based Academic Certification & Accreditation

VXPASS, the COVID-19 vaccine tracker built on the BSV blockchain, has given an update on the rollout of its digital vaccine monitoring programme in the African nation of Lesotho. In working towards the rollout of this programme, VXPASS has received support from the World Health Organisation (WHO), the State Department of the United States and the World Bank. 

BSV Blockchain Application to Track COVID-19 Vaccinations for Nation of Lesotho

The inhabitants of Tuvalu, a small island nation in the South Pacific, could become the world’s first blockchain citizens, whose identity, citizenship and financial data are secured on a public blockchain. In December 2020, the Tuvaluan government announced that it would embark on a massive digital migration project which would see it integrate its governance and financial systems with the BSV public ledger and become the world’s first paperless society. 

Tuvalu's National Digital Ledger

The BSV Blockchain for Government Initiative works with government bodies, NGOs and public sector agencies to offer education on blockchain technology. 

Blockchain for Government Initiative

UAE’s Ministry of Human Resources and Emiratisation has partnered with the BSV ecosystem to be its knowledge partner to educate hundreds of the Ministry’s employees and executive office about the transformational power of blockchain technology. 

UAE's Ministry of Human Resources & Emiratisation

In April 2021, the BSV Blockchain for Government Initiative completed a historic week-long official visit to Khartoum, Republic of the Sudan, at the invitation of and under the patronage of the Ministry of Telecommunication and Digital Transformation. The visit centred around Sudan’s first-ever Blockchain Summit & Workshop, a two-day event held April 8-9, 2021, and led by the BSV ecosystem. The conference and surrounding meetings explored how blockchain technology can advance digital transformation as the country rebuilds and re-emerges after 30 years of isolation from much of the world. 

BSV's Historic Official Visit to Sudan 

Explore

The Blockchain for Government

Marcin Zarakowski

Lise Li

Martin Coxall

Bryan Daugherty

Shawn Ryan

Marcin Rzetecki

Government

Use Cases

Blockchain Law & Policy

Who Supports BSV?

Blockchain Policy Matters: U.S. Congressman Bill Foster (D-IL-11) | Episode 4

Blockchain Policy Matters: Pēteris Zilgalvis - DG CONNECT, European Commission | Episode 3

Blockchain Policy Matters: SEC Commissioner Hester Peirce | Episode 2

Blockchain Policy Matters: U.S. Congressman Patrick McHenry (R-NC 10) | Episode 1


<p>The rapid adoption of smart contracts is expected to help reduce cyber and legal risks, but will still require a watchful eye at times, says the <a href="https://www.weforum.org/agenda/2024/07/smart-contracts-technology-cybersecurity-legal-risks/" target="_blank" rel="noopener nofollow">World Economic Forum in a new report</a>.</p>



<p>Smart contracts – self-executing agreements embedded in blockchain – offer the promise of seamless execution without human intervention. This has obvious benefits for businesses and the smart contracts market is projected to reach $73 billion by 2030, expanding at a compound annual growth rate (CAGR) of 82.2% <a href="https://www.grandviewresearch.com/press-release/global-smart-contracts-market#:~:text=The%20global%20smart%20contracts%20market,by%20Grand%20View%20Research%2C%20Inc." target="_blank" rel="noopener nofollow">as reported by Grand View Research</a>.</p>



<p>However, the World Economic Forum noted that while the technology itself is positive, it will still require watchful eyes on the human element to stop bad actors or mistakes in contract drafting. ‘Smart contracts are highly dependent on the precision of their code and the <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-building-trust-at-scale" target="_blank" rel="noopener">security of the blockchain infrastructure they operate on</a>,’ the group said.</p>



<p>‘Even minor flaws or oversights can lead to severe consequences such as unauthorised access, fund misappropriation or unintentional legal disputes. To enhance the security and reliability of smart contracts, adopting a multi-faceted approach is essential.’</p>



<p>The group added that normal verification tools are critical for checking the correctness of code before deployment. ‘Following established best practices and standards in <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">smart contract development</a>, along with comprehensive auditing processes, can further minimise vulnerabilities,’ it said.</p>



<p>‘Additionally, employing advanced encryption techniques and stringent access controls can safeguard sensitive contract data and transactions from malicious attacks. Implementing these measures can help mitigate technical risks and enhance the trustworthiness of smart contracts.’</p>



<h2 class="wp-block-heading">Smart contracts on the BSV blockchain &#8211; the obvious choice</h2>



<p>The original Bitcoin Protocol, launched in 2009, included Bitcoin Script, a versatile procedural language. This feature enabled users to create custom transaction types such as escrow transactions, multi-party signatures, third-party arbitration, and more. Additionally, Script supported complex scenarios like paid email or video streaming protocols with integrated micropayments, similar to IMAP or HLS.</p>



<p>Unfortunately, Bitcoin Script was misunderstood and subsequently disabled in Bitcoin&#8217;s early years due to early developers&#8217; inability to fully grasp its potential. However, as Bitcoin&#8217;s popularity grew, developers exploring the source code sought to restore these scripting capabilities.</p>



<p>Diverging opinions among Bitcoin developers led to the formation of various factions within the Bitcoin community and the creation of new blockchains that promoted the idea of smart contracts. Despite their popularity, these blockchains, such as Ethereum, faced scalability issues and high transaction fees for basic functions, making many use cases impractical.</p>



<p>The resurgence of the original Bitcoin protocol through the BSV blockchain reintroduced Bitcoin Script in a scalable form. The 2020 Genesis upgrade reinstated these scripting capabilities, providing a platform for innovative applications.</p>



<p><a href="https://www.bsvblockchain.org/technology/smart-contracts" target="_blank" rel="noopener">Learn more about smart contracts on the BSV blockchain here</a>.</p>


Smart contracts will reduce cyber and legal risks – but still require a watchful eye


<p>ARC is the answer for developers who are creating a lot of transactions and need to push a lot of transactions on-chain quickly, says <a href="https://x.com/shruggr?lang=en" target="_blank" rel="noopener nofollow">David Case (1SatOrdinals Developer)</a>. Speaking on the sidelines of the London Blockchain Conference 2024, Case said that existing tools are not very effective at this.</p>



<p>‘So I ended up doing a lot of work in my projects having to build all sorts of second layer stuff to ensure that when I broadcasted a transaction it would get mined. And then when the ARC project came along, it seemed like the kind of tool that would solve all the extra work I was having to do, so I wouldn&#8217;t have to worry about that anymore,’ he said.</p>



<p></p>



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<iframe loading="lazy" title="ARC: A new and improved way to broadcast" width="500" height="281" src="https://www.youtube.com/embed/X655HFStCjo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Testing and use cases</h2>



<p>Case said that <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-arc-v1" target="_blank" rel="noopener">he became involved in ARC</a> after he began testing on the project, including tests with <a href="https://www.bsvblockchain.org/news/bridging-the-gap-between-blockchain-and-iot-with-rekord" target="_blank" rel="noopener">Rekord IoT to explore the number of transactions that the BSV blockchain could reliably handle</a>.</p>



<p>‘And so we engaged the BSV Blockchain to do a performance test of ARC and help them push ARC forward. And so we did four or five different short-term bursts of tests,’ he said. Case added that these tests subsequently led to a lot of bug tests and a true evaluation of the ARC system.</p>



<p>‘It wasn&#8217;t that smooth of a process. It broke. But it was a very valuable process to then fix those things, collect data on it and figure out what&#8217;s breaking. And it became a much better product through that process,’ he said.</p>



<p>Case note that <a href="https://platform.taal.com/" target="_blank" rel="noopener">TAAL</a> and <a href="https://gorillapool.com/" target="_blank" rel="noopener nofollow">GorillaPool</a> are still using ARC. However, he noted that the ultimate problem is how users get transactions broadcasted to the miners. ‘And that’s the problem that ARC solves &#8211; it provides an interface where end users can broadcast a transaction and have a mechanism to measure the outcome. Whether it got mined, rejected etc.</p>



<p>‘It’s a tool that the ecosystem needs to close the gap between end users and miners, so it makes a ton of sense for miners to run it as a mechanism for simply acquiring transactions.’</p>



<h2 class="wp-block-heading">A brief overview of ARC</h2>



<p>ARC is designed to connect to every mining node on the network and includes peering logic, retry logic for transaction tracking, transaction validation, and an API for clients. It also calculates Merkle paths for broadcasted transactions.</p>



<p><a href="https://www.bsvblockchain.org/news/understanding-arc-microservices" target="_blank" rel="noopener">ARC’s microservices include the API server, validator (with the ability to scale for increased workload), metamorph for managing changing transaction statuses, and a peer manager to handle connections</a>. Additionally, ARC stores a new format of blocks containing transaction IDs rather than full transaction data.</p>



<p>This architecture aims to enhance transaction reliability and efficiency in the BSV blockchain network. ARC consists of four microservices: the API, Metamorph, BlockTX and Callbacker.</p>



<p><strong>The ARC API: </strong>The API serves as the interface for interacting with the ARC system, featuring several key endpoints. These include a policy endpoint for setting requirements like the mining fee in satoshis per byte and a transaction submission endpoint for processing transactions in parallel or serially. Transactions are submitted in an &#8220;extended format”, which includes additional information for script validation and fee checks, overcoming the limitations of using raw transaction data. This format requires a UTXO lookup service, currently under development, to verify transactions before broadcasting, enhancing reliability.</p>



<p><strong>Metamorph: </strong>Metamorph’s role is to place pre-validated transactions on the blockchain via the peer-to-peer network. It can connect to multiple instances to handle high transaction volumes using round-robin load balancing. Metamorph processes transactions from the API, monitors their status, and forwards updates as needed.</p>



<p><strong>BlockTx: </strong>BlockTx is a microservice that listens for peer-to-peer messages, especially block announcements. Upon detecting a block announcement, it retrieves and processes the necessary data, focusing on verifying that transaction IDs are part of the Merkle root in the block header. BlockTx hashes transactions to create a list of transaction IDs and calculates the Merkle path for relevant IDs, updating their status to &#8220;mined&#8221; and storing the paths according to BRC 71 standards.</p>



<p><strong>Callbacker: </strong>The Callbacker service enables users to monitor the status of their transactions. Through the API’s “get tx” endpoint, users can check transaction statuses and specify which updates they wish to receive. Users can provide a URL and token to receive notifications when transaction statuses change, including mining status and Merkle path data.</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-arc-v1" target="_blank" rel="noopener">You can read more about ARC here</a>.</p>


David Case on why ARC is a new and improved way to broadcast


<p>BSV Blockchain recently attended the <a href="https://aerospike.com/summit/paris-summit-2024/" target="_blank" rel="noopener nofollow">Aerospike Summit 2024 in Paris</a> where it shared insights on Teranode, data ownership and the future of blockchain.</p>



<p>The conference was aimed at database innovators, technologists, developers, engineers and architects who are looking to enhance their knowledge and skills in real-time data processing and building a sustainable future through real-time data.</p>



<p>One of the keynote presentations was given by <a href="https://www.linkedin.com/in/martincoxall/" target="_blank" rel="noopener nofollow">Martin Coxall (Director of Growth for BSV Blockchain)</a> where he discussed how it is possible to reach one trillion transactions on the BSV blockchain in a week.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How to reach 1 trillion transactions on the BSV blockchain in a week" width="500" height="281" src="https://www.youtube.com/embed/oC8wizZ2UVE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-opening-a-new-window-on-trust">Opening a new window on trust</h2>



<p>Coxall began his presentation by discussing the current state of blockchain and <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-from-hype-to-a-reality-of-trust" target="_blank" rel="noopener">the ‘need for trust’</a>. He pointed to the fact that blockchain has largely not shown its true value up until now and that a staggering 75% of UK consumers don’t know what it is or remain suspicious of it. &#8216;Governments and the wider entrepreneurial community are still not seeing it as a societal enabler but as a specialist or sector-specific one,’ he said.</p>



<p>He added that Web2, the current version of the Internet, is dominated by companies that offer services in exchange for personal data. ‘A few giant corporations dominate the web, controlling the data, content, and algorithms that shape our online experience,’ he said. By comparison, <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">Web3 offers decentralised applications running on the blockchain</a>, where users can participate without compromising their privacy and ownership of data.</p>



<p>‘Blockchain technology opens a window on trust. Blockchain is about to enter a new era of relevance, ubiquity, and prominence as governments, CEOs, media organisations, and consumers globally, demand more secure, transparent, trustworthy, and trackable ways to ensure privacy, security, and protected data on one hand, and independently verifiable processes to track, monitor, verify and assess the origins of data in the public and private realms in ways that protect truth.’</p>



<h2 class="wp-block-heading" id="h-blockchain-for-enterprises">Blockchain for enterprises</h2>



<p>By 2030 it’s expected that some 125 billion digital devices will be connected around the world, sending and receiving data via the Internet and other wireless routers. How can we ensure that these transactions are secure and that the information exchanged retains its integrity?</p>



<p>Although often associated with crypto assets, Coxall noted that blockchain offers a multitude of uses and benefits whose value to enterprises extends far beyond that of financial tokens. These benefits include:</p>



<ul class="wp-block-list">
<li>The ability to manage verifiable digital identities of people, businesses, or devices;</li>



<li>Secure exchange;</li>



<li>Integrity.</li>
</ul>



<p>&#8216;Blockchain provides solutions to real-world challenges that will revolutionise their industries and lives,&#8217; he said. ‘Just as there can only be one internet, there can only be one blockchain. <a href="https://www.bsvblockchain.org/news/bsv-blockchain-bsv-associations-blueprint-for-a-better-world" target="_blank" rel="noopener">The BSV blockchain is the only protocol that ensures control, provenance, and accuracy of all the world&#8217;s data</a>.’ With other blockchains prioritising decentralisation and security, this poses scalability challenges.​ ‘BSV sacrifices nothing &#8211; especially scale,’ said Coxall.</p>



<h2 class="wp-block-heading" id="h-teranode-is-the-answer">Teranode is the answer</h2>



<p>Dealing with these vast amounts of data leads back to the original question &#8211; how to reach one trillion transactions on the BSV blockchain in a week? The answer is Teranode, explained Coxall.</p>



<p><a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.</p>



<h2 class="wp-block-heading" id="h-impressive-test-results">Impressive test results</h2>



<p>Over a two week period at the end of May, the team ran a collection of six Teranode nodes, each composed of microservices orchestrated by Kubernetes, across globally distributed regions including Ireland, Central Canada, Seoul, North Virginia, Oregon, and Mumbai.</p>



<p>This extensive setup sustained an impressive average throughput exceeding 1 million transactions per second (TPS) throughout the testing period. The scale of this operation, utilising over 500 machines of various instance types, demonstrates our commitment to pushing the boundaries of blockchain technology.</p>



<p></p>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdHDXTGlT79C-9leT18qudh-HCllTJa4UIIPsSH9qQQkTRnjQ91zhhGMvP_g7EHDeZLdRITjio40Uw_DNaLq-ffBm513RUo6xf4LBKtIj4iyKrMVQfen8OcjOYwQKkfb-ezruYWpiAtLKQFFS3uwJ8i1UI?key=2BA6IiFTSckTtj-s5dOlWw" alt="Teranode dashboard"/></figure>



<p>You can find the <a href="https://teranode.bsvblockchain.org/updates/6nodes-success/" target="_blank" rel="noopener">full Teranode dashboard here</a>.</p>



<p>As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<p>‘Teranode supports one million transactions per second &#8211; more than ten times the maximum theoretical transaction rate of Visa and MasterCard networks,’ said Coxall. ‘This presents a clear economic advantage, particularly for high-volume businesses aiming to enhance efficiency and cut operational expenses.’</p>


How to reach 1 trillion transactions on the BSV blockchain in a week


<p>As Internet-based services and applications continue to expand rapidly, the standards that support the global network have evolved to accommodate billions of connected devices and users worldwide. A notable example of this evolution is the adoption of <a href="https://www.bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener">IPv6, an Internet Layer protocol standard</a> that provides each connected device with a unique 128-bit IP address.</p>



<p>This was the key panel discussion at the recent London Blockchain Conference, which featured:</p>



<ul class="wp-block-list">
<li><a href="https://www.linkedin.com/in/latifladid/?originalSubdomain=lu" target="_blank" rel="noopener nofollow">Latif Ladid (Founder &amp; President at IPv6 Forum)</a></li>



<li><a href="https://www.linkedin.com/in/ralphwallace/" target="_blank" rel="noopener nofollow">Ralph Wallace (CEO of CyberSpatiale Inc)</a></li>



<li><a href="https://www.linkedin.com/in/jake-jones-a8720611a/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Jake Jones (Head of Infrastructure &amp; Business Program Manager at BSV Association)</a></li>



<li><a href="https://www.linkedin.com/in/hugo-feiler/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Hugo Feiler (Co-Founder/CEO of Minima)</a></li>



<li><a href="https://www.linkedin.com/in/gregory-ward-032447176/" target="_blank" rel="noopener nofollow">Gregory Ward (Co-founder/Chief Development Officer at Smartledger Solutions)</a></li>
</ul>



<h2 class="wp-block-heading">A Brief History of IPv6</h2>



<p>When the Internet was first developed, IPv4 was the standard used to assign addresses to connected devices. IPv4, the fourth version of the Internet Protocol, was standardised in 1981 and used a 32-bit address space, supporting approximately 4.3 billion unique addresses. Initially, this seemed sufficient, but the rapid expansion of the Internet and the proliferation of connected devices soon highlighted its limitations.</p>



<p>To address this, the Internet Engineering Task Force (IETF) introduced IPv6 in 1998, featuring a 128-bit address space to accommodate an almost infinite number of devices, especially with the rise of the Internet of Things.</p>



<p>IPv6&#8217;s capacity for end-to-end networking is essential for leveraging the efficiencies and capabilities of an <a href="https://www.bsvblockchain.org/news/there-is-no-blockchain-trilemma-the-answer-is-bitcoin-sv" target="_blank" rel="noopener">expansive blockchain protocol like the BSV blockchain</a>.</p>



<h2 class="wp-block-heading">The necessity of the BSV blockchain</h2>



<p>Despite IPv6‘s clear advantages, its adoption has been slow due to the significant infrastructure changes required. <a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">The BSV blockchain stands out as the only public blockchain scalable enough to meet the demands of enterprise-scale applications</a>. It is designed to function as an Internet extension, enabling peer-to-peer payments and complex data transfers without intermediaries.</p>



<p>The panel noted that blockchain requires stable routable IP address space provided only by IPv6, to identify the source and destination Internet protocol (IP) addresses for better traceability and peer-to-peer transparency, where needed.</p>



<p>The panel also discussed <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain">the different ways that regulators and governments can maximise the benefits of blockchain technology</a> including encouraging innovation and experimentation and promoting standards and interoperability to ensure the long-term viability and success of blockchain initiatives.</p>



<p>Jones argues that individuals knowledgeable in IPv6 and blockchain must showcase the innovative business models these technologies enable. Once companies grasp the potential benefits, including new revenue streams from micropayments, they will adopt these technologies. We need to educate, be patient, and wait for the right decision-makers to act.</p>



<p>Wallace added that, based on his experience, the main challenge lies in conveying the necessity of IPv6. Having successfully pitched the concept to various US government departments, he understands this well. While improved security is a key advantage, there are numerous other benefits as well.</p>


P2P blockchain: Blockchain scaling with the IPv6-based new Internet


<p>The panel on ‘Solving blockchain’s interoperability challenges’ during the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference 2024</a> discussed the matters of interoperability in blockchain technology. <a href="https://www.linkedin.com/in/rebecca-liggero-fontana?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Becky Ligero (Host for CoinGeek)</a> moderated the discussion, which featured:</p>



<ul class="wp-block-list">
<li><a href="https://www.linkedin.com/in/clem-chambers-756145196/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Clem Chambers (CEO of Online Blockchain)</a></li>



<li><a href="https://www.linkedin.com/in/irina-benfrid-8382422ba/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Irina Benfrid (B2B Partnerships Lead at Rubic Finance)</a></li>



<li><a href="https://www.projectbabbage.com/" target="_blank" rel="noopener nofollow">Ty Everett (CEO of Project Babbage)</a></li>



<li><a href="https://www.linkedin.com/in/evelyn-nomayo-1858171ab/?originalSubdomain=ie" target="_blank" rel="noopener nofollow">Evelyn Nomayo (PhD Researcher at Trinity College)</a></li>
</ul>



<p>The panellists gave the audience insights from the entrepreneurial and academic as well as the developer&#8217;s managerial perspectives. Their different backgrounds produced interesting and partly controversial points of discussion. In the end, an interesting conversation between single-chain and multi-chain proponents emerged.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Solving Blockchain’s Interoperability Challenges" width="500" height="281" src="https://www.youtube.com/embed/ucg4S01N7SM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Exploring the status quo of blockchain interoperability</h2>



<p>To set off the discussion, Ligero invited the panellists to discuss why interoperability is a major challenge for mass adoption. Chambers attributed the issue to fragmentation, as numerous people create different standards and tokens believing to have found better solutions than competitors.</p>



<p>Benfrid similarly highlighted the influx of new entities and people coming into the industry with different perspectives, backgrounds and agendas. As blockchains are often specialised to cater to specific use cases, this creates the need to connect different blockchains.</p>



<p>As Everett is an experienced developer, he had a more practical approach to Ligero’s question, he emphasised the need for standardised developer tools to avoid building apps multiple times for different blockchains. He advocated for a single-chain solution, specifically the <a href="https://www.bsvblockchain.org/news/8-companies-explain-why-they-use-the-bsv-blockchain">BSV blockchain, due to its low fees and high transaction volume</a>. However, he acknowledged the current landscape of blockchain technology, in which different blockchains coexist and cooperate.</p>



<h2 class="wp-block-heading">Use cases for interoperability</h2>



<p><a href="https://www.google.com/search?q=Interoperability+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=Interoperability+bsv+blockchain&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRg9MgYIAhBFGD3SAQg1MDk4ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">Interoperability in blockchain technology</a> enables different blockchain networks to communicate and interact with each other, facilitating the seamless exchange of information and assets. The panellists presented use cases for interoperability in blockchain technology, some of the cases are offered by their companies as a service.</p>



<ul class="wp-block-list">
<li><strong>Cross-Chain Asset Transfers </strong>Moving digital assets from one blockchain to another. This enables users to leverage the specific advantages of different blockchains (e.g., lower transaction fees) while maintaining access to their assets from the original chain.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Payments and everyday transactions </strong>Can be implemented for example for everyday purchases, like buying a product from a vending machine using digital assets. Interoperability ensures that regardless of the type of asset held by the user, transactions can be processed efficiently and affordably, making payments more practical and widespread in real-world applications.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Interbank Settlements </strong>Different banks using different protocols need to communicate and settle transactions seamlessly. Interoperable blockchain solutions can streamline these processes, reducing delays and improving the efficiency of financial operations.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Smart Cities and Public Safety </strong>In the context of smart cities, interoperability is crucial for integrating various systems that manage public safety, traffic, and other urban services. For instance, if traffic management systems can communicate with emergency response systems, it can facilitate faster incident responses and better coordination during emergencies.</li>
</ul>



<h2 class="wp-block-heading">Security concerns regarding interoperability in blockchains</h2>



<p>Another important discussion point is <a href="https://www.bsvblockchain.org/news/blockchain-for-business-navigating-sustainability-and-security" target="_blank" rel="noopener">the issue of security of interoperable blockchains</a>. Benfrid highlighted security concerns as a major barrier to new users, noting the risk of losing money and the presence of malicious projects. She mentioned how her project survived two hacks, underscoring the importance of rigorous security measures and regular audits.</p>



<p>Chambers described the security landscape of blockchain technology as a ‘nightmare’, emphasising the impracticality of self-custody for large sums and the complex, risky nature of current systems. Everett countered by suggesting split key architecture and threshold signatures for added security. However, Chambers maintained his position that such security measures are too impractical for the average user.</p>



<h2 class="wp-block-heading">Takes on scalability</h2>



<p>On the issue of scalability, Chambers argued that issues will be resolved naturally as demand increases, similar to how technological advancements have historically met capacity challenges (e.g., hard drive storage). Rather than focusing on scalability as an immediate problem, he expressed frustration with the lack of innovative blockchain applications.</p>



<p>Everett agreed with Chambers on the lack of innovative apps in the blockchain space, but advocated for the BSV blockchain as a go-to solution for most applications due to various advantages, he cited:</p>



<ul class="wp-block-list">
<li>Cheap and scalable transactions</li>



<li>A public blockchain for data availability and coordination</li>



<li>UTXO-based architecture for high transaction volumes and low fees</li>
</ul>



<p>Further, he highlighted the importance of unified systems and standards for creating transactions to streamline app development and foster innovation. This coordination is essential for advancing blockchain technology and developing useful applications.</p>



<p>Nomayo focused specifically on the topic of latency issues in blockchain interoperability, which is her field of expertise. Nomayo explained that different consensus protocols contribute to latency problems and suggested using federated learning to predict and reduce latency. Federated learning involves decentralized data training on individual systems, which preserves privacy and can predict demand for information, thus reducing latency.</p>



<h2 class="wp-block-heading">Multi-chain vs. single-chain perspective</h2>



<p>During the panel discussion, the differences between single-chain and multi-chain proponents became apparent, at least to some extent. In the Q&amp;A session that followed, an audience member brought the question back into focus. He asked specifically what Everett&#8217;s position was on the possibility of chain abstraction, which means the standardisation of prominent chains that should have common entry points to benefit collectively from liquidity and compatibility.</p>



<p>Everett answered by referring to X.25, which was an alternative internet protocol developed in the 1970s. It was used until the early 2000s but failed to attract mass adoption. Until that point, a lot of the businesses that built their businesses and solutions on X.25 had to spend a lot of money on consultancy firms and bridge technologies to connect to other internet protocols.</p>



<p>In this context, Everett also hinted at his <a href="https://www.bsvblockchain.org/news/the-bitcoin-cpu-a-breakthrough-for-blockchain-technology" target="_blank" rel="noopener">Bitcoin CPU presentation</a> that he made one day before the London Blockchain Conference at the BSV DevCon 2024.</p>


Solving blockchain’s interoperability challenges


<p><a href="https://tonicpow.com/" target="_blank" rel="noopener nofollow">Luke Rohenaz (Developer and Founder of Tonic POW)</a> has been one of the biggest pioneers of the <a href="https://1satordinals.com/" target="_blank" rel="noopener nofollow">1SatOrdinals protocol</a> on the BSV blockchain. At the recent London Blockchain Conference 2024, Rohenaz explained the workings of the protocol and its potential applications.</p>



<p><a href="https://www.bsvblockchain.org/news/unlocking-the-potential-of-nfts-with-1sat-ordinals-and-scrypt" target="_blank" rel="noopener">On the BSV blockchain, an ordinal is simply a satoshi</a>—the smallest unit of BSV—tracked as a unique entity through specific rules. This tracking mechanism allows each satoshi to be treated like a token, capable of recording significant events, such as embedding an image file, which is then stored on the blockchain.</p>



<p>This system means that the owner of a satoshi possesses everything associated with its history. It facilitates the creation of NFTs (non-fungible tokens) and opens the door to various innovative applications. While some functions of this technology are already in use, the potential for further development remains vast.</p>



<p>Unlike other protocols that require specific identifiers in transaction scripts, ordinals track the origin and movement of satoshis without labels, optimising transaction space.</p>



<p>Inspired by limitations on the BTC blockchain, this idea was implemented on the BSV blockchain, <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">enabling additional functionalities like sCrypt contracts</a>. Initially employed for NFTs and a community mint-style fungible token protocol called BSV20, it evolved into BSV21, supporting smart contracts and innovative features such as &#8216;lock to mint.&#8217; An example of this is POW20, which enforces proof of work for token issuance.</p>



<p>‘The ordinance protocol first showed up on BTC and at the time there were several different token protocols on BSV,’ said Rohenaz. ‘The <a href="https://coingeek.com/token-protocols-on-bsv-run/" target="_blank" rel="noopener">RUN token protocol was dominant</a> and left the ecosystem which created an opportunity for 1SatOrdinals &#8211; but we didn’t appreciate (at the time) that it would become quite as popular as it has done.’</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="In the Spotlight: Luke Rohenaz on 1SatOrdinals" width="500" height="281" src="https://www.youtube.com/embed/BpvbZT8LBCY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Why ordinals on the BSV blockchain are unique</h2>



<p>Rohenaz said that Ordinals on the BSV blockchain are unique due to the unique characteristics of the blockchain itself. Most notably, it is super cheap and fast to move these around. He added that BTC has a natural cost and friction in place, which is not seen when using the BSV blockchain.</p>



<p>‘It’s kind of a different protocol on BSV in a sense in that one person could just sit and mint tokens if they want to. So that’s why we created some standards on top of that to make it a little more extendable and issue in different ways &#8211; which is where <a href="https://docs.1satordinals.com/fungible-tokens/bsv-21" target="_blank" rel="noopener nofollow">BSV- 21 comes from</a>. ‘And that has been since extended by other people in the community to make all kinds of cool stuff.’</p>



<p>Rohenaz explained that ordinal transactions differ from other transactions in several key ways. So ordinal transactions have a bit of data in a very specific format that kind of matches the inscription format of BTC. And they also allow us to also put complex scripts in there in addition to this token as well.’</p>



<p>He added that most token protocols use a mechanism to sort of track the existence of that token as it moves around the network. ‘1SatOrdinals are a little different in the sense that it&#8217;s passive tracking. So what we do is we keep track of when that particular Satoshi was mined into a block. And that becomes its ordinal number, and that ordinal number is tracked.</p>



<p>&#8216;We cheat a little bit and we only track back to the very origin of the inscription the first time it&#8217;s inscribed, not the first time that Satoshi existed. So we don&#8217;t have to do as much work. But what makes them different from other transactions?’</p>



<p>Rohenaz added that there are several key benefits to 1SatOrdinals on the BSV blockchain &#8211; chief among these is the ability to send transactions with a single Satoshi. &#8216;We don’t have a dust limit and even the name implies that it is tracking just a single Satoshi, which is true to the original spirit,&#8217; he said.</p>


The power of 1SatOrdinals


<p>While blockchain has often been mischaracterised as a ‘solution looking for a problem’, the advent of <a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">Teranode and its incredible scaling capabilities</a> highlight that this is not the case, says <a href="https://www.linkedin.com/in/siggioskarsson?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Oskarsson (Teranode Director at BSV Blockchain</a>).</p>



<p>Speaking to CoinGeek on the sidelines of the London Blockchain Conference, Oskarsson noted that this was not a ‘new problem’ but one that was being solved ‘very expensively’ by thousands of businesses around the world.</p>



<p>‘We just have to convince businesses <a href="https://www.bsvblockchain.org/news/bsv-blockchain-sees-great-adoption-in-china" target="_blank" rel="noopener">that it is more efficient, faster and cheaper to do it on the blockchain</a>. He added that it is important to change the way that people think about blockchain.</p>



<p>‘You are not going to put all of your photographs on-chain if they cost $5 apiece. The difficulty here is the human (element), not the technological one. Because you have to convince all the people in the business that it is going to make the business more profitable, more secure and more and more compliant. And that’s where the real benefits of blockchain come in.’</p>



<p>You can watch Oskarsson’s full interview with CoinGeek below:</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Creating value on a scalable blockchain | Siggi Oskarsson | CG Backstage" width="500" height="281" src="https://www.youtube.com/embed/FNmlAqFuNtI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">The future is Teranode</h2>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p><a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future</a>. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024.</p>



<p>This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, two tests were completed. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.</p>



<p>As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>


Why blockchain adoption is a human problem – not a technological one


<p>The narrative surrounding Bitcoin mining often centres on its substantial energy consumption, painting it as a significant burden on global energy resources. However, this view overlooks a critical potential: Bitcoin mining, particularly with advancements in technology like with BSV Blockchain, could significantly drive the adoption and enhancement of renewable energy sources. By focusing on per-transaction efficiency and leveraging the unprecedented transaction per second (tps) capabilities of software like <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, Bitcoin mining offers a path to more sustainable energy practices.</p>



<h2 class="wp-block-heading">Understanding Bitcoin mining and energy consumption</h2>



<p>Bitcoin mining is foundational to the security and integrity of blockchain transactions, demanding considerable computational and electrical power. This demand stems from the proof-of-work (PoW) mechanism, which, while energy-intensive, provides the security of blockchain transactions. However, not all Bitcoin networks operate equally. BSV distinguishes itself through its emphasis on per-transaction energy efficiency. This efficiency is not by accident but by design, with technologies like Teranode enabling BSV to process millions of transactions per second at a fraction of the energy cost. This approach underscores the economic and environmental imperative for miners to adopt the most efficient energy sources.</p>



<h2 class="wp-block-heading">The synergy between Bitcoin mining and renewable energy</h2>



<p>The drive towards operational cost reduction naturally aligns Bitcoin miners, especially within the BSV ecosystem, with renewable energy sources. This strategic alignment is bolstered by BSV&#8217;s operational efficiencies, including the remarkable throughput capabilities of Teranode. These efficiencies make BSV mining operations ideal partners for renewable energy projects, which often face challenges with energy production variability. By acting as a flexible load, BSV mining can utilise excess renewable energy, ensuring it doesn&#8217;t go to waste and supporting a more stable and efficient energy grid.</p>



<h2 class="wp-block-heading">Renewable energy and Bitcoin mining</h2>



<p>The practical integration of BSV mining with renewable energy is already underway. For instance, mining operations located near hydroelectric power plants benefit from the low-cost, high-efficiency energy available, demonstrating a sustainable model for future mining endeavours. Such partnerships provide a consistent demand for renewable energy, improving the sector&#8217;s financial health and encouraging further investment in green energy solutions.</p>



<h2 class="wp-block-heading">Bitcoin mining for load balancing in power plants</h2>



<p>Beyond merely consuming energy, BSV mining operations could contribute to grid stability by acting as a dynamic load balancer. Utilising technologies like Teranode, BSV mining can adjust its energy demand in real-time, using excess capacity from power plants during off-peak times and reducing usage during peak demand. This innovative approach to energy management not only minimises waste but also enhances the power supply&#8217;s efficiency, especially in facilities powered by renewable sources.</p>



<h2 class="wp-block-heading">Innovative solutions for flared Gas: the Nigeria example</h2>



<p>In Nigeria, a significant environmental challenge is the flaring of natural gas, a byproduct of oil extraction. This process not only wastes a potent energy source but also contributes to air pollution and climate change. However, BSV offers a novel solution. By utilising flared gas to power Bitcoin mining operations, we can convert a harmful waste product into a valuable resource. This approach not only diminishes the environmental impact of gas flaring but also showcases how BSV&#8217;s efficient mining can transform energy management practices.</p>



<h2 class="wp-block-heading">Technical feasibility: Specialisation of labour</h2>



<p>BSV mining introduces a novel approach to reducing bandwidth and energy requirements. By decoupling the proof-of-work process from block assembly and transaction validation, BSV enables a specialisation of labour within the mining process. This means that the heavy lifting of validating transactions can be handled in areas with enterprise connectivity, but the hashing can be done closer to the source of the energy. Such specialisation not only makes the mining process more efficient but also ensures that mining operations can be sustained even in areas with limited internet connectivity, showcasing the adaptability and technical feasibility of BSV mining in diverse environments.</p>



<h2 class="wp-block-heading">Key takeaways</h2>



<p>BSV mining, particularly when considering its potential application in utilising flared gas in Nigeria, can present a significant step forward in the pursuit of renewable energy adoption and innovative environmental solutions. The unique efficiency of BSV, enabled by the separation of labour within the mining process, paves the way for sustainable practices that could revolutionise energy consumption in the crypto mining industry. As we look to the future, further research, collaboration between the energy and blockchain sectors, and the development of supportive policies are crucial to fully realise the potential of BSV mining as a driver for renewable energy innovation and environmental sustainability.</p>


How Bitcoin drives adoption of renewable energy


<p>BSV Blockchain officially unveiled its new Mandala Upgrade at the BSV DevCon London at the end of May 2024. While Teranode, Overlay services, and SPV wallets make up the core of this upgrade there are several other supporting projects which also form part of this launch, says <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>.</p>



<p>Speaking at the recent London Blockchain Conference, Giacomo said that this includes the open-source development of Teranode, Overlay services, SPV (Simplified Payment Verification) wallets and also the standardisation of BSV libraries: the TypeScript library, the Golang library, and most recently the Python library, he said.</p>



<p>&#8216;<a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">We are actively working on the Mandala upgrade</a>, which will be a new upgrade of the network topology with Teranode at the core, then overlay services and SPV wallets,&#8217; he said.</p>



<p style="padding-left: 70px;"><a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-spv-wallet" target="_blank" rel="noopener"><strong>FAQ: BSV Blockchain SPV Wallet</strong></a></p>



<p>&#8216;To allow developers to use all of the BSV capabilities we are standardising all the libraries in their preferred programming languages and later in the year we are also going to standardise the token protocols and the smart contract libraries.&#8217;</p>



<p style="padding-left: 70px;"><a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-libraries" target="_blank" rel="noopener"><strong>FAQ: BSV blockchain libraries</strong></a></p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Gearing up for the Mandala upgrade" width="500" height="281" src="https://www.youtube.com/embed/1LxFB7NVYC8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">The Mandala upgrade and scaling</h2>



<p>Giacomo said that the current plan is to <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">test Teranode on the mainnet in Q4 of 2024</a> and that only miners will use it.</p>



<p>&#8216;For application builders to use and leverage the capabilities of Teranode we need to upgrade the network. SV node was dealing with a lot of the node features and we are moving from a monolithic approach to an overlay approach with some capabilities taken care of by Teranode at the centre of the network.</p>



<p>&#8216;And then some node capabilities (will ) be taken care of by Overlay services and at the edge peer-to-peer communications with SPV wallets.,&#8217; he said.</p>



<p>Giacomo noted that similar biological networks <a href="https://www.bsvblockchain.org/news/mandala-upgrade-faqs" target="_blank" rel="noopener">inspire the structure of the Mandala network</a> and consist of the core node network with Teranode. &#8216;On top of Teranode businesses will have the ability to set up their environment, which we generally call permissioned or private blockchain, but this will be on top of a permissionless and public blockchain,&#8217; he said.</p>



<p>&#8216;And then at the edge, we will have a real implementation of section 8 of the white paper. Which is the SPV implementation through the SPV wallet.&#8217;</p>



<p>Giacomo noted that there is a general misconception in the blockchain space that developers think they should run their nodes. &#8216;If you want to hit one million transactions per second we need to ensure that only miners run their nodes,&#8217; he said.</p>



<p>&#8216;And at the edge, you should simply implement SPV within your wallet to allow peer-to-peer communications and let the miners process the transactions and ensure that they maintain the network.&#8217;</p>



<h2 class="wp-block-heading">Planned rollout</h2>



<p>Giacomo noted that the three main components of the Mandala upgrade &#8211; Teranode, SPV Wallet and Overlay services &#8211; are all on track to launch before the end of the year. He added that the SPV wallet is currently in public beta, overlay service reference implementation will be live in August, and Teranode will be tested on the mainnet by the end of the year.</p>



<p>&#8216;You can go to our website, <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">check the documentation and implement your SPV wallet in your instance</a>. We also have a one-click option on AWS for SPV Wallet.</p>



<p>Finally, following blockchain performance reports issued by IEEE and after discussions with Gartner, &#8216;We have been testing Teranode with six nodes to ensure that we have the resources to hit that goal of ensuring one million transactions per second.&#8217;</p>


Gearing up for the Mandala upgrade


<p>The <a href="https://olimpijski.pl/en/" target="_blank" rel="noopener nofollow">Polish Olympic Committee (PKOL)</a> and <a href="https://www.zetly.io/" target="_blank" rel="noopener nofollow">Zetly</a> are proud to announce a strategic partnership that will usher Polish sport into the digital age. This collaboration marks a groundbreaking step in integrating modern technologies, digital assets, and innovative solutions into Polish sports.</p>



<p><a href="https://www.bsvblockchain.org/news/the-marriage-between-blockchain-and-football" target="_blank" rel="noopener">Zetly is a dynamic digital platform that connects sports with blockchain technology</a>. By creating digital assets such as NFTs and club tokens, Zetly enables sports organisations and their fans to engage at a new level and opens up new funding opportunities.</p>



<p>The Polish Olympic Committee (PKOL) is the main institution responsible for the development and promotion of Olympic sports in Poland. PKOL not only supports athletes on their path to success but also strives for innovation and modernization of sports structures in the country.</p>



<h2 class="wp-block-heading">Creating a digital ecosystem</h2>



<p>The main goal of the Zetly and PKOL partnership is to create a digital ecosystem that will revolutionise Polish sport. As part of this collaboration, Zetly will introduce collections related to the Summer and Winter Olympic Games on its platform. The agreement includes exclusivity for these collections, allowing for the creation of <a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener">unique digital assets</a> representing Polish Olympians and their achievements.</p>



<p>Thanks to the signed exclusivity agreement, the Zetly platform will feature collections related to summer and winter sports from the Olympic Games. This unique solution will promote Polish athletes and increase their global visibility through modern technologies.</p>



<p>Detailed information about the plans of the partnership will be jointly announced by Zetly and PKOL after the Paris Olympic Games. A special conference dedicated to this collaboration will be held after the Games, where the next steps and goals of this innovative initiative will be presented.</p>



<h2 class="wp-block-heading">Embracing the BSV blockchain</h2>



<p>Zetly is building a powerful ecosystem that seamlessly integrates sports with blockchain technology. The group said that its decision to use the BSV blockchain stems from its ability to handle large volumes of transactions quickly and cost-effectively, making it ideal for the sports industry.</p>



<p>Some of the areas where the BSV blockchain is expected to make the most impact include:</p>



<p><strong>Creation and Management of Digital Assets:</strong> Using the BSV blockchain and its stable protocol, Zetly creates tools for sports organisations like the PKOL to create and manage digital assets such as NFTs and club tokens.</p>



<p><strong>Enhanced Fan Engagement:</strong> Zetly will offer fans interactive experiences such as sports quizzes, voting polls, and exclusive token-gated content access. This will deepen fan engagement and create a more connected sports community.</p>



<p><strong>Efficient Operations and Automation: </strong>Leveraging the capabilities of the BSV blockchain, Zetly will automate various processes such as ticketing, merchandise sales and royalty distribution. This automation will ensure efficient operations and reduce administrative costs.</p>



<p><strong>Transparency and Impenetrable Security: </strong>The BSV blockchain ensures that all transactions are recorded immutably. This level of transparency and security builds trust among fans, athletes, and sports organisations, as all actions are verifiable and tamper-proof. This allows for secure ownership and easy transferability of digital assets.</p>



<p><strong>Exclusive Olympic Digital Collections:</strong> Through the Zetly ecosystem, powered by the BSV blockchain, PKOL will introduce collections related to the Summer and Winter Olympic Games. These collections will represent Polish Olympians and their achievements.</p>



<p><strong>Tokenisation for Funding: </strong>By tokenising various assets on the BSV blockchain, Zetly will open new funding avenues for Polish sports. This includes the ability to issue tokens and NFTs that can be purchased by fans and sponsors, providing a transparent and efficient way to support athletes and sports programs.</p>



<p><strong>Virtual and Augmented Reality:</strong> Plans include integrating virtual and augmented reality experiences powered by the BSV blockchain, allowing fans to engage with sports in unprecedented ways.</p>



<h2 class="wp-block-heading">Building a modern sports ecosystem</h2>



<p>&#8216;We are honoured and excited to announce our partnership with the Polish Olympic Committee,&#8217; said <a href="https://www.linkedin.com/in/rafalgelner/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Rafał Gelner (CEO of Zetly Group)</a>. &#8216;We believe that the introduction of digital assets, blockchain technology, and innovative solutions will help build a modern sports ecosystem. Through this partnership, Polish Sport will gain new opportunities, and fans will experience sports on a whole new level.&#8217;</p>



<p>&#8216;The partnership with Zetly is a significant step towards modern technologies and digital assets for Polish sport. Our collaboration will not only enhance the attractiveness of Polish sport but also contribute to its global visibility. This is a groundbreaking moment for our sport, and I am convinced that thanks to Zetly, we will reach new, previously unattainable heights,&#8217; said <a href="https://olimpijski.pl/pkol/wladze-i-struktura-pkol/sekretarz-generalny-pkol/" target="_blank" rel="noopener nofollow">Marek Pałus (Secretary General of PKOL)</a>.</p>



<p>The partnership between PKOL and Zetly marks a milestone in the digitalization of Polish sport. With innovative solutions and modern technologies, Polish sport is entering a new era of opportunities and fan engagement.</p>


Sports on the blockchain: Polish Olympic Committee and Zetly announce new partnership


<p>YenPoint aims to be the first wallet to adopt <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-simplified-payment-verification" target="_blank" rel="noopener">SPV (Simplified Payment Verification)</a> technology, with further plans to expand into the stablecoin and NFT markets, says <a href="https://yenpoint.jp/" target="_blank" rel="noopener nofollow">Ken Sato (Founder and CEO of YenPoint)</a>. Sato, who is based in Japan, notes that the country possesses a vast market for digital content such as anime, manga, games, and movies/TV.</p>



<p>He added that introducing a stable-value, reliable digital currency that operates cheaply and quickly enough to facilitate micropayments could unlock new forms of interaction between creators and their fans.</p>



<p>&#8216;YenPoint was originally a <a href="https://www.bsvblockchain.org/news/new-usd-backed-stablecoin-to-launch-on-bsv-blockchain" target="_blank" rel="noopener">stablecoin</a> built on top of (the BSV blockchain). Right now we are going a bit deeper by not just issuing the stablecoin, but by offering a wallet infrastructure and having an NFT marketplace. We also want to be the first <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">wallet to adopt SPV technology</a> in this industry,&#8217;</p>



<p></p>



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<iframe loading="lazy" title="Ken Sato on YenPoint and the SPV Wallet" width="500" height="281" src="https://www.youtube.com/embed/oGNOZYcUbOs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Working with the BSV Blockchain</h2>



<p>Sato noted that he and his team are actively working with the BSV Blockchain to conduct tests with the SPV wallet. He noted that this is vital to ensure that the technology can scale effectively.</p>



<p><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">Simplified Payment Verification (SPV) is an often-overlooked concept first introduced in section 8 of the Bitcoin white paper</a>. SPV is designed for users seeking to validate transactions without the substantial burden of storing the entire blockchain: a continuously expanding record of all Bitcoin transactions.</p>



<p>As the BSV blockchain advances toward blocks containing hundreds of millions of transactions and beyond, the significance of <a href="https://youtu.be/Ep6hKYihKnA" target="_blank" rel="noopener nofollow">efficient verification methods like SPV</a> becomes paramount. This lightweight verification method is designed to maintain pace with the growing blockchain, ensuring BSV remains usable and secure for all participants.</p>



<p>&#8216;When we talk about this scaling technology we have a few components. We have the mining node &#8211; Teranode &#8211; which is going to do one million transactions per second. So when we get this type of scale the edge of the network also has to adopt different technologies. Currently, most wallets just ask for every transaction to a node &#8211; which is not a good way for a wallet or node to scale,&#8217; said Sato.</p>



<p>&#8216;So instead of everything being sent to the central network you only validate the transactions you care about with SPV.&#8217;</p>



<p>Sato said that as his business plans to grow further it also becomes more important to rely on other third parties, such as <a href="https://whatsonchain.com/" target="_blank" rel="noopener nofollow">whatsonchain</a> and make sure that this indexing and work can be done internally.</p>



<h2 class="wp-block-heading">Building an NFT marketplace</h2>



<p>Japan’s unique culture and economy make it ideal for<a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener"> the development of an NFT marketplace</a>, said Sato. &#8216;So we already have the BSV wallet infrastructure and we are going to add the functionality of receiving an NFT and sending NFT on top of this, allowing for a true NFT market,&#8217; he said.</p>



<p>He added that Japanese artists have started realising the benefits of the BSV blockchain and NFTs to start promoting their artworks. &#8216;They like BSV because it&#8217;s cheap to transact. Most artists don’t sell their work for millions of dollars. It’s going to be $20 or $30.But if you&#8217;re asking to ask customers for a $50 transaction fee on top of this it’s going to become too expensive.&#8217;</p>



<p>Another problem is that many NFT marketplaces are not truly on-chain but instead just offer a link to the image of an artwork, said Sato. Whereas the BSV blockchain can store work on-chain because of its significantly advanced technical capabilities, he said.</p>


Ken Sato on YenPoint and SPV


<p>The BSV Association aims to build a better world by making it more free, fair, profitable, sustainable and trustworthy. This is according to <a href="https://www.linkedin.com/in/martincoxall/" target="_blank" rel="noopener nofollow">Martin Coxall (Director of Growth at the BSV Association)</a> who was speaking at the recent London Blockchain Conference.</p>



<p>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.</p>



<p>Despite this remarkable expansion, Coxall points out that much of it relies on outdated Internet and Web2 technology, causing significant &#8216;pain and risk&#8217; throughout the value chain. In contrast, <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">a new Web3-based Internet built on blockchain technology promises greater ease and security at every point in the value chain</a>, he said.</p>



<p>&#8216;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,&#8217; Coxall said.</p>



<p></p>



<h2 class="wp-block-heading">A record of truth</h2>



<p>Coxall explained that <a href="https://docs.bsvblockchain.org/important-concepts/high-level/time-stamping-and-on-chain-data" target="_blank" rel="noopener">a timestamping system creates a universal source of truth</a>. By design, it also empowers individuals rather than big tech companies and opens up opportunities for all economies.</p>



<p>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 &#8216;e&#8217; occurred at time &#8216;t&#8217;. BSV achieves immutability through two main concepts: a distributed timestamp server and proof-of-work.</p>



<p>As a distributed timestamp server, the BSV blockchain hashes the block&#8217;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&#8217;s contents would invalidate the hash stored in the block header at the time of its creation.</p>



<p>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.</p>



<h2 class="wp-block-heading">Mission and vision statement</h2>



<p><a href="https://association.bsvblockchain.org/" target="_blank" rel="noopener">The BSV Association is a non-profit association (Verein) in Switzerland</a>, created to bring together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the BSV Blockchain ecosystem.</p>



<p>Coxall said that the starting point for the mission and vision of the BSV Association is that ‘Truth is the only way’. &#8216;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,&#8217; said Coxall. &#8216;The BSV blockchain is the only protocol that enables a universal exchange of value.&#8217;</p>


BSV Association – Truth is the only way


<p>Blockchain technology, at its core, is akin to a digital version of the traditional office logbook, but with a twist: every transaction and modification is shared and synchronised across a network, ensuring unparalleled security and transparency. However, this innovative approach comes with its own set of challenges, primarily concerning energy consumption.</p>



<p>The digital ledger is maintained across a number of computers worldwide, each contributing to the network&#8217;s security but also to its energy demand. This raises a critical question: How can we preserve blockchain&#8217;s security features while enhancing its energy efficiency?</p>



<p>To address this, it&#8217;s essential to contextualise blockchain&#8217;s energy consumption within the broader landscape of financial transactions and data processing. Consider traditional financial systems, including the operations of Visa, Mastercard, the printing and transportation of paper money, and the extensive use of data centres. These processes, while familiar and integral to our daily transactions, also consume a significant amount of energy. Armoured vehicles transporting currency, data centres processing millions of digital transactions, and the entire lifecycle of paper money—from printing to destruction—represent a substantial environmental footprint.</p>



<h2 class="wp-block-heading" id="h-putting-blockchain-energy-efficiency-in-context">Putting blockchain energy efficiency in context</h2>



<p>This is where the concept of &#8220;energy efficiency per transaction&#8221; becomes crucial. By comparing the energy expenditure of blockchain to these traditional systems, we can gain a clearer understanding of its environmental impact. Blockchain technology, particularly in its more scalable implementations, is designed to process transactions not just with high security but also with an eye towards greater energy efficiency. The measure of how many transactions a blockchain can process for each unit of energy consumed helps us assess its performance relative to traditional financial systems.</p>



<h2 class="wp-block-heading">Introducing: the WEB3CO2 index</h2>



<p>The <a href="https://web3co2.com/" target="_blank" rel="noopener nofollow">WEB3CO2 Energy Index</a> steps into this dialogue by offering a comprehensive evaluation tool. It allows us to:</p>



<ul>
<li><strong>Understand</strong>: By comparing the energy consumption and CO2 emissions of blockchain against traditional financial systems, we gain a nuanced perspective on its environmental impact.</li>



<li><strong>Evaluate</strong>: The index provides ESG ratings, offering insights into the sustainability credentials of blockchain technologies compared to conventional banking and payment systems.</li>



<li><strong>Choose</strong>: Armed with this knowledge, businesses can make informed decisions, selecting blockchain solutions that align with their sustainability goals without compromising on security or efficiency.</li>
</ul>



<h3 class="wp-block-heading">Focus on BSV blockchain</h3>



<p>The BSV blockchain is highlighted as a prime example of an eco-friendly blockchain solution within the index. Its architecture is optimised for lower energy consumption and reduce CO2 emissions, setting a benchmark for sustainability in the blockchain space. When compared to the energy requirements of global data centres, traditional banking transactions, and the physical handling of currency, BSV and similar blockchain technologies offer a compelling alternative that balances security, efficiency, and environmental responsibility.</p>



<h2 class="wp-block-heading">The business value of adopting an energy efficient blockchain</h2>



<p>For businesses, the choice of blockchain technology is not merely a technical decision but a strategic one that reflects their commitment to sustainability. By leveraging the WEB3CO2 Energy Index and embracing efficient blockchain solutions like BSV, companies can:</p>



<ul>
<li><strong>Enhance their ESG profile</strong>: Showcasing a proactive approach to minimising environmental impact.</li>



<li><strong>Reduce operational costs</strong>: Benefiting from the efficiency gains of blockchain technology.</li>



<li><strong>Align with future regulations and consumer expectations</strong>: Preparing for a landscape where sustainability is increasingly prioritised.</li>
</ul>



<p>Blockchain technology&#8217;s promise extends beyond digital innovation; it offers a pathway to conducting business in a manner that is secure, efficient, and aligned with the principles of environmental stewardship. By considering the full spectrum of financial systems&#8217; energy usage, the WEB3CO2 Energy Index empowers businesses to make choices that support both their operational goals and the health of our planet. This approach underscores the importance of viewing blockchain not in isolation but as part of a broader effort to create sustainable systems for the future.</p>


Blockchain for business – navigating sustainability and security


<p><strong>Warsaw Poland, 11 July 2024: </strong><a href="https://www.plz.pl/" target="_blank" rel="noopener nofollow">The Polish Sailing League (PLŻ)</a> is proud to announce the establishment of a strategic partnership with <a href="https://www.zetly.io/" target="_blank" rel="noopener nofollow">Zetly</a> the leading fan platform, marking a milestone in developing a digital ecosystem for the Polish sailing community. The partnership will bring new opportunities for fan engagement, revenue generation and education through innovative technological solutions.</p>



<p>Zetly is a modern platform with a mission to support sports development through digital technologies. It specialises in creating blockchain-based solutions, such as NFT collections, which serve not only as digital memorabilia but also as educational and marketing tools. Zetly is committed to developing sports communities by offering modern tools for interaction and monetisation.</p>



<p>The Polish Sailing League is a prestigious organisation that has been promoting regatta sailing in Poland for years. PLŻ brings together the best Polish sailing clubs, organising annual competitions that attract both high-level/huge breadth of participants and a large audience. The league is synonymous with the highest quality of sports competition and the promotion of values associated with sailing.</p>



<p>The partnership between PLŻ and Zetly reflects their shared aspiration to develop a digital sports ecosystem and education through NFT collections. These digital assets will promote sailing values and raise awareness of this discipline.</p>



<p><strong>Maciek Cylupa, President of the Polish Sailing League</strong> said, <em>“We believe that our collaboration with Zetly will set new standards for fan engagement and digital interaction, creating a solid and dynamic environment for all interested parties.”</em></p>



<p>Zetly and PLŻ will collaborate on several key initiatives:</p>



<ul>
<li><strong>Introduction of free NFT Collections</strong>: Featuring the most important figures in Polish regatta sailing, honouring the heritage and laying the foundation for future monetisation strategies.</li>
</ul>



<ul>
<li><strong>Marketing and educational tools: </strong>Zetly will provide support at every stage of the partnership development, offering technological marketing and educational tools.</li>
</ul>



<ul>
<li><strong>Training in Web3 Technologies: </strong>Zetly will assist PLŻ in fully preparing to adopt Web3 technologies through a series of training sessions for PLŻ members on new technologies, digital asset management and marketing strategies.</li>
</ul>



<ul>
<li><strong>360 Marketing &amp; Comms strategy: </strong>Development of a comprehensive go-to-market (GTM) plan, creating a holistic 360 strategy covering all aspects of marketing and communication and imparting knowledge on effective social media management.</li>
</ul>



<p><strong>Rafal Gelner, CEO of Zetly Group</strong> said, <em>“We are excited about the opportunity to support the Polish Sailing League through our advanced technologies. Together, we aim to create lasting relationships with fans and sponsors, which will be key to building value for the entire Polish saving world.”</em></p>



<p>This partnership ushers in a new era for Polish sailing, bringing innovative technological solutions and new opportunities for fan engagement striving to build lasting relationships, promote sailing values and create a dynamic sports environment.</p>



<p><strong>Media contact:</strong></p>



<p><a href="https://www.zetly.io/" target="_blank" rel="noopener nofollow">Zetly Group</a>: Rafał Gelner, CEO. Email: <a href="mailto:rafal@zetly.io" target="_blank" rel="noopener nofollow">rafal@zetly.io</a><br><a href="https://www.plz.pl/" target="_blank" rel="noopener nofollow">Polish Sailing League</a>: Maciek Cylupa, President. Email: <a href="mailto:maciek@ligazeglarska.pl" target="_blank" rel="noopener nofollow">maciek@ligazeglarska.pl</a><br>Phone: +48 783 008 383</p>



<p><strong>Follow us on our social media channels to stay updated with the latest news and updates:</strong></p>



<p><a href="https://twitter.com/Zetlydotio" target="_blank" rel="noopener nofollow">Zetly on Twitter</a><br><a href="https://www.facebook.com/zetlydotio" target="_blank" rel="noopener nofollow">Zetly on Facebook</a><br><a href="https://www.linkedin.com/company/zetly/mycompany/" target="_blank" rel="noopener nofollow">Zetly on LinkedIn</a><br><a href="https://www.instagram.com/zetly.io/" target="_blank" rel="noopener nofollow">Zetly on Instagram</a></p>


Polish Sailing League and Zetly form strategic partnership


<p>Spatial computing, AI and blockchain are converging, and this meeting of tech is unlocking new possibilities by redefining our interaction with the digital and physical worlds, according to a <a href="https://www.weforum.org/agenda/2024/06/the-technology-trio-of-immersive-technology-blockchain-and-ai-are-converging-and-reshaping-our-world/" target="_blank" rel="noopener nofollow">new report by the World Economic Forum</a>.</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-is-key-to-the-new-metaverse" target="_blank" rel="noopener">Spatial computing, which includes augmented reality (AR), virtual reality (VR), and mixed reality (MR)</a>, allows us to move beyond traditional two-dimensional interactions and immerse ourselves in a dynamic three-dimensional world. This transformation is not just technological—it&#8217;s a redefinition of experience, making passive viewers active participants in a blend of physical and digital realms.</p>



<p>Blockchain and Web3 are revolutionising our approach to digital identity and transactions, establishing a decentralised framework that enhances security and gives individuals control over their data and digital assets. This move toward decentralisation is democratising the digital landscape, ensuring users become the rightful custodians of their digital identities.</p>



<p><a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">Generative AI completes this triad by enabling the rapid creation and deployment of personalised, dynamic digital environments</a>. This technology goes beyond automating tasks; it enhances creativity and provides tailored experiences to meet individual needs and preferences.</p>



<h2 class="wp-block-heading" id="h-blockchain-and-ai-enhancing-trust">Blockchain and AI: Enhancing trust</h2>



<p>Certain sectors are particularly focused on developing robust tools for fraud detection and maintaining product authenticity standards, such as financial services and luxury brands. In the financial sector, especially in fraud detection and risk management, AI models can analyse vast amounts of transaction data to identify potential fraud, while blockchain offers a secure and immutable record. This combination enhances the trustworthiness, accuracy, and confidence in decisions made by AI and automated systems.</p>



<p><a href="https://www.bsvblockchain.org/news/a-look-into-the-impact-of-blockchain-in-real-estate-6-key-things">In real estate and property management, blockchain and spatial computing are transforming how we interact with physical spaces</a>. Augmented reality (AR) can provide virtual property tours, while blockchain technology securely manages leasing or purchasing transactions. This convergence enhances the user experience and ensures transactional security and transparency.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-missing-link-for-ai">BSV blockchain is the missing link for AI</h2>



<p>Enterprises have been digitising for some 30 years — but artificial intelligence (AI) takes transformation to the next level. It is no wonder why: AI enables businesses to reach their potential at last. With such rapid and dramatic change comes uncertainty, however.</p>



<p>How can you be sure that your digital technologies are working together as they should? How do you know that the results provided are based on reliable data and that your data and devices are tamper-free? The answer, for a growing number of enterprises: blockchain.</p>



<p>This was one of the key findings of a new report by the BSV Blockchain focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<h3 class="wp-block-heading"><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener">Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</a></h3>


How AI, virtual reality and blockchain are converging

Recap: BSV Townhall Q2 2024


<p>At the end of June, BSV Blockchain announced its new SV Node release, ‘Chronicle’ which will be released later in 2024.</p>



<p>The <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-chronicle-release" target="_blank" rel="noopener">Chronicle Release for SV Node</a> represents a long-awaited enhancement to the BSV blockchain, strategically designed to restore essential functionalities inherent to the original Bitcoin protocol, and remove outdated restrictions on developer capabilities. This update completes the restoration of the original Bitcoin scripting language while allowing greater flexibility in how developers can build transactions. Here&#8217;s an in-depth overview highlighting the key aspects and strategic implications of this significant upgrade.</p>



<h2 class="wp-block-heading" id="h-restoration-of-key-functionalities">Restoration of key functionalities</h2>



<p>At the heart of the Chronicle Release is the restoration of several original Bitcoin opcodes to BSV. Opcodes are advanced commands within the Bitcoin protocol that facilitate the execution of complex operations. These commands were part of the initial Bitcoin design but were deactivated in earlier iterations of the protocol. By reinstating these opcodes, the Chronicle Release empowers developers to create more sophisticated and varied applications, driving innovation and expanding the capabilities of the BSV blockchain.</p>



<h3 class="wp-block-heading" id="h-op-ver-unlocking-new-potential">OP_VER: unlocking new potential</h3>



<p>A key opcode being restored is OP_VER, which allows developers to reference the transaction version during script execution. This opcode enables applications to apply their own business logic depending on the context by which the transaction is signed, opening up new and interesting use cases. This reinstatement is not just about returning to the original vision of Bitcoin; it leverages these powerful tools to unlock new potential for advanced financial instruments, enhanced security protocols, and innovative data management solutions on the blockchain.</p>



<h3 class="wp-block-heading" id="h-elimination-of-developmental-constraints">Elimination of developmental constraints</h3>



<p>In addition to restoring opcodes, the Chronicle Update addresses several restrictive rules that have historically constrained developers. For instance, the &#8220;clean stack rule required developers to adhere to a specific transaction validation condition, ensuring that data could not be left on the stack after script execution. The removal of this rule, alongside the removal of the requirement that only PUSHDATA operations were allowed in the unlocking script, represent the BSV Blockchain’s stance that developers should be free to dream up any interesting way to utilise Bitcoin Script in their applications, without restriction.</p>



<p>Alongside these changes, the Chronicle Release removes other burdensome constraints on how developers could construct signatures and insert data into scripts.</p>



<h3 class="wp-block-heading" id="h-developer-centric-enhancements">Developer-centric enhancements</h3>



<p>The primary beneficiaries of the Chronicle Release are developers. The combination of restored opcodes and the removal of burdensome restrictions opens up new possibilities for application development. This update significantly enhances the developer experience on the BSV blockchain, making it a more attractive platform for building next-generation blockchain applications.</p>



<p>By providing developers with the complete and stable protocol they need to innovate, the Chronicle Release positions the BSV blockchain as a leading choice for blockchain development. This could lead to the emergence of new use cases and solutions that drive broader adoption and utilisation of the BSV blockchain across various industries.</p>



<h3 class="wp-block-heading" id="h-backward-compatibility">Backward compatibility</h3>



<p>Importantly, the Chronicle Release does not change the underlying BSV protocol. All restored functionalities and improvements are fully backward compatible. This ensures that existing applications and systems will continue to operate seamlessly, while developers can take advantage of the new capabilities without needing to modify their current setups. All libraries maintained by the BSV Blockchain will be updated to include the functionality released in Chronicle.</p>



<h3 class="wp-block-heading" id="h-technical-readiness">Technical readiness</h3>



<p>To ensure developers can fully leverage the new capabilities introduced by the Chronicle Release comprehensive technical specifications will be provided. These specifications will include detailed guidelines and examples, facilitating the integration of the restored opcodes into existing and new projects. By providing this level of support, the BSV Blockchain is ensuring that developers are well-equipped to take advantage of the enhanced functionalities.</p>



<p>The technical readiness of the Chronicle Release is crucial for its successful adoption. Clear and detailed documentation will help developers understand the changes and how to implement them in their applications. This support will not only aid in a smooth transition but also encourage developers to explore the new possibilities that the update brings.</p>



<h2 class="wp-block-heading" id="h-key-takeaways">Key takeaways</h2>



<p>In summary, the Chronicle Release represents a strategic enhancement to the BSV blockchain, aimed at restoring essential functionalities, removing burdensome restrictions on developers, and aligning with future scalability goals. By empowering developers with advanced tools and simplifying the development process, this update positions the BSV blockchain as a leading platform for innovation and growth. As we look ahead, the Chronicle Release sets the stage for a new era of capabilities and opportunities on the BSV blockchain.</p>



<h3 class="wp-block-heading" id="h-learn-more-about-the-chronicle-update">Learn more about the Chronicle update</h3>



<p>The following resources are available to learn more about this update:</p>



<ul>
<li><a href="https://www.bsvblockchain.org/news/chronicle-update-faq" target="_blank" rel="noopener">Chronicle update FAQ</a></li>
</ul>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV Blockchain talks to Connor Murray about Chronicle release" width="500" height="281" src="https://www.youtube.com/embed/lC69orXmwJc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>


ELI 5: Chronicle Update


<p>According to <a href="https://zumo.tech/press_release/uk-young-voters-call-for-crypto-to-be-moved-up-the-political-agenda/" target="_blank" rel="noopener nofollow">new data released before the upcoming general election</a>, more than a third of young adults in the UK believe ‘crypto’ is an important electoral issue. Research commissioned by <a href="https://zumo.tech/" target="_blank" rel="noopener nofollow">Zumo, the B2B digital assets infrastructure</a>, and conducted by <a href="https://www.focaldata.com/" target="_blank" rel="noopener nofollow">Focaldata</a> reveals that 34% of both 18 &#8211; 24 and 25 &#8211; 34-year-olds think the crypto industry&#8217;s growth should be front of mind for the country’s politicians.</p>



<p>A quarter of all adults (and 44% in London, a prominent fintech hub) think it’s now important for economic growth that the UK strengthens its position as a digital assets hub, with the figure rising to four in ten 18 &#8211; 24 year-olds (42%) and 25 &#8211; 34 year-olds (41%).</p>



<p>This sentiment follows the recent consultation by <a href="https://www.bankofengland.co.uk/paper/2024/cp/digital-securities-sandbox-joint-bank-of-england-and-fca-consultation-paper" target="_blank" rel="noopener nofollow">the Bank of England and the Financial Conduct Authority (FCA) on a Digital Securities Sandbox</a>, which aims to facilitate the use of digital assets in financial markets. In May 2024, the first UK ‘crypto’ exchange-traded products (ETPs) were listed on the London Stock Exchange (LSE).</p>



<p>Zumo and public opinion research company Focaldata’s poll of more than 3,000 UK adults also showed 38% of 18 &#8211; 24 year-olds have invested in crypto assets themselves, whilst 40% (and 37% of 25 &#8211; 34 year-olds) know friends and family who hold ‘crypto’. A similar proportion (39%) of 18 &#8211; 24-year-olds (and 37% of 25 &#8211; 34-year-olds) see the nascent sector as a pathway to higher long-term returns on their investments. However, a third (32%) of 18 &#8211; 24 and 25 &#8211; 34-year-olds say they are now concerned about the sector’s prospects, given that several ‘crypto-friendly’ MPs have confirmed they are standing down at the election.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-education">The importance of education</h2>



<p>This survey data suggests that there is still a gap around emerging technologies, particularly blockchain technology, likely due to misinformation or a lack of knowledge. This presents an excellent opportunity to highlight the educational initiatives undertaken by BSV Blockchain.</p>



<p>One notable initiative addressing the knowledge gap is <a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">the BSV Academy</a>. This platform is dedicated to providing comprehensive blockchain education, aiming to equip individuals with the skills needed to navigate the rapidly evolving technological landscape. By offering courses tailored to various skill levels and interests, the Academy empowers learners to understand both the theoretical aspects and practical applications of blockchain technology.</p>



<p>The main goals of the BSV Academy are to expand knowledge resources, grow the community of skilled individuals who understand the BSV blockchain and offer inclusive training. Although primarily accessible online with a total of 18 courses across four different streams, Academy representatives also advocate for the BSV Blockchain at various events and contribute to local training programs.</p>


New survey shows the importance of blockchain education


<p>While blockchain is often closely associated with payments and enterprise use cases, it can be used in an unlimited number of ways. One company which is <a href="https://www.bsvblockchain.org/news/going-green-with-blockchain" target="_blank" rel="noopener">using blockchain to help save the environment </a>is Universal Plastic.</p>



<p><a href="https://universalplastic.io/" target="_blank" rel="noopener nofollow">Universal Plastic</a> is a scientifically supported (Bazaruto Center for Scientific Studies) Artificial Intelligence (AI) and Blockchain-Based initiative which aims to remove plastic from the world&#8217;s oceans.</p>



<p>It has developed the first tech platform to quantify, audit and notarise data from plastic waste collections. This aims to regenerate marine ecosystems by incentivising plastic waste collections led by local communities.</p>



<p>Through the data management of this process, its platform provides an inclusive, accessible, and <a href="https://www.bsvblockchain.org/news/using-the-bsv-blockchain-to-meet-esg-goals" target="_blank" rel="noopener">trustworthy way to align corporations with ESG</a> by connecting and engaging them with local individuals, communities and organisations that are at the forefront of restoring nature.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="In the Spotlight: Alvaro Bravo of Universal Plastic" width="500" height="281" src="https://www.youtube.com/embed/YH84vuWlduA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-using-blockchain-to-promote-the-blue-economy">Using blockchain to promote the blue economy</h2>



<p>Speaking at the recent London Blockchain Conference, <a href="https://www.linkedin.com/in/%C3%A1lvaro-bravo-hernandez/" target="_blank" rel="noopener nofollow">Alvaro Bravo (CEO of Universal Plastic)</a> said that his goal is to offer companies the possibility to integrate into the blue economy.</p>



<p>‘Our Ocean Authorised Digital Asset (ONDA) is generated while waste collectors register data on our application while collecting plastic. So we take this data and sell this ONDA to companies which want to integrate it into their commercial activities. And this ONDA has a lot of communication properties and ESG reporting properties that help save time and enhance the company’s sustainability efforts,’ he said.</p>



<p>Bravo explained that this all forms part of a goal to help regenerate the world’s oceans. This includes more than 500 different variables which are collected and considered, he said. ‘On one side, <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">we use the data to apply scientific and AI solutions</a> that help to increase efficiency in the way plastic is collected. On the other hand, we are giving veracity thanks to the use of blockchain.’</p>



<p>‘We have developed our own measurement report and verification system, which provides full insights and a verification level that adds a lot of value to the ESG reporting of the company. So in this way, companies can be sure they are using the money to create a real positive impact,’ he said.</p>



<p>Bravo added that Universal Plastic’s app allows companies to communicate with their consumers about their sustainability efforts easily. They can also use it for their ESG reporting in real-time, he said.&nbsp;&#8216;Because every time an ocean defender collects plastic, it instantly can arrive at the client. So this is something really powerful, real-time communication about what is happening in our ocean and how companies are solving this plastic crisis.&#8217;</p>



<h2 class="wp-block-heading" id="h-using-the-bsv-blockchain">Using the BSV blockchain</h2>



<p>After evaluating the different options, Bravo said that he and his team opted to build on the BSV blockchain as it is the most efficient proof-of-work blockchain and the most scalable one, Bravo said.</p>



<p>&#8216;It helps us to verify that the process is happening and we are not scamming (people). We are using the money of the companies to make a real impact,&#8217; he said. Bravo added that the company is also integrating AI to improve this process. &#8216;With AI, we can move fast. We can make it efficient. We have the capabilities of solving this ocean crisis,&#8217; he said.</p>


Using AI and blockchain to save the planet with Universal Plastic


<p>There are limitless applications for blockchain &#8211; including everything from tokens to peer-to-peer applications. But in recent years, it has become increasingly clear that the enterprise space is where the technology is going to see increased adoption in the coming years.</p>



<p>This was the focus of a recent panel discussion at the London Blockchain Conference 2024 which considered how Teranode will deliver blockchain scaling for enterprise use. The panel featured:</p>



<ul>
<li><a href="https://www.linkedin.com/in/behrad-babaee/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Behrad Babaee (Principal Architect at Aerospike)</a></li>



<li><a href="https://www.linkedin.com/in/jordankramsky/?originalSubdomain=nl" target="_blank" rel="noopener nofollow">Jordan Kramsky (Solutions Architect at AWS)</a></li>



<li><a href="https://www.linkedin.com/in/benjamin-kraner-983387194/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Benjamin Kraner (PhD Candidate at the University of Zurich)</a></li>



<li><a href="https://www.linkedin.com/in/siggioskarsson/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Oskarsson (Director Teranode at BSV Blockchain)</a></li>
</ul>



<p></p>



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<iframe loading="lazy" title="How Teranode Delivers Blockchain Scaling for Enterprise Use" width="500" height="281" src="https://www.youtube.com/embed/J2rv6PUv_54?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-understanding-teranode">Understanding Teranode</h2>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p><a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024.</p>



<p>This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">two tests were completed</a>. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.</p>



<p>As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-scale-and-proof-of-work">The importance of scale and proof-of-work</h2>



<p>Oskarsson noted that any business which wants to do something meaningful will need to consider scale. &#8216;Scale scale, scale, scale. So a blockchain is just a timestamp service which you are going to use for your business needs. It&#8217;s not directly a blockchain business but a different type of business that uses the blockchain. So you need a blockchain that scales,&#8217; he said.</p>



<p>&#8216;And this was talked about in the beginning by Satoshi in 2009 and 2010 &#8211; about blockchain ending up in server farms and having it scale. And, we&#8217;re just working on realising that vision and adhering to the (original) Bitcoin protocol.&#8217;</p>



<p>Oskarsson was also asked about his views on <a href="https://www.bsvblockchain.org/news/a-common-misconception-around-proof-of-work" target="_blank" rel="noopener">proof-of-stake vs proof-of-work</a> and the necessity of having a blockchain built on a proof-of-work model. &#8216;If you want an honest blockchain, you need to have that proof of work in there to make sure that all the participants are competing at a continuous pace and trying to outcompete each other, and are trying to get better and better,&#8217; he said.</p>



<p>&#8216;In a proof-of-stake system, you have something akin to a monopoly situation where you have parties that have a lot of coins, they stake them and they earn more coins. So they&#8217;re just getting bigger and bigger and it&#8217;s very difficult for an incumbent to come in and challenge that.&#8217;</p>



<h2 class="wp-block-heading" id="h-teranode-like-nothing-done-before">Teranode &#8211; Like nothing done before</h2>



<p>Babaee noted that he and his team are <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">working with BSV Blockchain on the Teranode project</a> which tackles the unique scaling problems facing the tech industry right now.</p>



<p>&#8216;Most of the banking systems are built on top of relational systems, either on mainframes or other relational databases, that are inherently unscalable,&#8217; he said.</p>



<p>&#8216;So something like blockchain as a mathematically proven algorithm can come in to solve that complexity in the application layer and allow the banking system to scale unbounded.&#8217; He pointed to Teranode’s ongoing tests as evidence of the exciting future to come.</p>



<p>&#8216;These guys have managed to achieve one million BSV transactions per second, which is quite an achievement. But if they allocate enough resources, they should be able to do 100 million transactions per second, which is unheard of.&#8217;</p>


How Teranode delivers blockchain scaling for enterprise use


<p>The BSV blockchain token is now available to trade on leading digital currency exchanges Orange Gateway and CoinDCX. The additional listings mean users will have more ways to buy, sell and trade BSV in several major regions worldwide.</p>



<p><a href="https://orangegateway.com/" target="_blank" rel="noopener nofollow">Orange Gateway aims to provide a fair marketplace</a> for spot trading crypto-assets. User safety is its main priority and its platform is designed with the best safety standards and methods available. The purpose is to protect the user’s personal information, and funds and ensure a user-friendly interface and secure platform for trading. Orange Gateway officially opened a BSV exchange on 19 June 2024 offering the following trading pairs:</p>



<ul>
<li>BSV/USD;</li>



<li>BSV/EUR;</li>



<li>BSV/BTC;</li>



<li>BSVETH.</li>
</ul>



<p>The Orange Gateway market falls under the supervision of the Icelandic FSA (Central Bank of Iceland). Those from around the world who are interested in trading are encouraged to visit its website <a href="http://orangegateway.com" target="_blank" rel="noopener nofollow">OrangeGateway.com</a>. The marketplace is currently open to those in the EU, UK and people in the Americas.</p>



<h2 class="wp-block-heading" id="h-more-listings-planned">More listings planned</h2>



<p>The Orange Gateway listings follow the listing of the <a href="https://coindcx.com/convert/bsv/req/bitcoin-sv-to-request-price" target="_blank" rel="noopener nofollow">BSV/INR trading pair on the CoinDCX exchange</a> earlier this month. With over 16 million registered users, CoinDCX was the first Indian crypto-asset company to become a unicorn. The listing marks an important expansion into the Indian market for BSV and demonstrates the significant potential and possibility in the region.</p>



<p>&#8216;The Indian market is highly significant in the crypto-asset industry, and we are thrilled to enter this market with a leader like CoinDCX,&#8217; said <a href="https://www.linkedin.com/in/shawn-ryan-906a3429/" target="_blank" rel="noopener nofollow">Shawn Ryan (Outreach Director for BSV Blockchain)</a>.</p>



<p>With millions of daily transactions, a wave of application development, and scaling solutions which have taken the BSV Blockchain to millions of transactions per second, the listing serves as another vital onramp for users, he said.</p>



<p>&#8216;These listings are just a few of many planned for the second half of 2024, meaning that millions more people will have access to the BSV token in the coming months. This comes at a time when BSV blockchain has reached a level of scalability that shows it is ready for global adoption,&#8217; he said.</p>



<h2 class="wp-block-heading" id="h-about-bsv-blockchain">About BSV Blockchain</h2>



<p>One Blockchain for Everyone.</p>



<p>The BSV Blockchain leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>


BSV lists on leading digital asset exchanges Orange Gateway and CoinDCX


<p>At the end of June, <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-chronicle-release" target="_blank" rel="noopener">BSV Blockchain announced</a> its new SV Node release, ‘Chronicle’ which will be released later in 2024.</p>



<p></p>



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<iframe loading="lazy" title="BSV Blockchain talks to Connor Murray about Chronicle release" width="500" height="281" src="https://www.youtube.com/embed/lC69orXmwJc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p><strong>1. What is the Chronicle Release?</strong></p>



<p>The Chronicle Release is a mandatory SV Node update aimed at further restoring original Bitcoin functionalities to BSV and removing developer restrictions. This release provides developers with increased flexibility to foster innovation and aligns the network with the goal of restoring and locking the BSV blockchain to the original Bitcoin protocol.</p>



<p><strong>2. Why is the Chronicle Release important?</strong></p>



<p>The update restores several original Bitcoin opcodes, including OP_VER, and eliminates restrictive rules, making the BSV blockchain more powerful and flexible. This enables developers to create more sophisticated applications and enhances the overall functionality of the blockchain.</p>



<p><strong>3. What functionality is being restored? Key changes include:</strong></p>



<ul>
<li>Restoration of original Bitcoin opcodes such as OP_VER.</li>



<li>Removal of restrictions like the &#8220;clean stack rule&#8221; and the PUSHDATAONLY rule for unlocking scripts.</li>
</ul>



<p><strong>4. What is OP_VER, and why is it significant?</strong></p>



<p>OP_VER is an opcode that allows scripts to reference the transaction version used in the first bytes of the serialised data. This opcode further enables overlay networks where applications can enforce their own business logic to identify relevant transactions, opening up new use cases and enhancing the flexibility of the blockchain.</p>



<p><strong>5. Is the Chronicle Update mandatory?</strong></p>



<p>Yes, the Chronicle Update is mandatory. Nodes will be given a grace period to update. Once the first transaction using a restored opcode like OP_VER is included in a block, the update becomes live. Communication will be provided well in advance, following a schedule like the Genesis update.</p>



<p><strong>6. What is the timeline for the Chronicle Release?</strong></p>



<p>The release schedule will follow a similar timeline to the Genesis update, with a structured approach to ensure smooth adoption:</p>



<ul>
<li>Announcement and beta releases.</li>



<li>Technical specifications and stable release announcements.</li>



<li>Optional upgrade periods leading to the final activation. Months of lead-up communication will ensure all stakeholders are prepared.</li>
</ul>



<p><strong>7. How will this update be communicated?</strong></p>



<p>We will use a comprehensive communication strategy, including:</p>



<ul>
<li>An informational broadcast to all miners using the <a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">Alert System</a>.</li>



<li>Web updates on the BSV Node news page.</li>



<li>Detailed technical specifications and documentation.</li>



<li>Social media announcements and reminders.</li>



<li>Video interviews and PR campaigns.</li>



<li>Editorial coverage and email blasts to stakeholders. This structured approach ensures all stakeholders are informed and prepared for the update.</li>
</ul>



<p><strong>8. How can developers prepare for the Chronicle Release?</strong></p>



<p>Developers should review the technical specifications and integrate the restored opcodes into any libraries used by their projects. All libraries maintained by the BSV Blockchain will be updated. Detailed guidelines and examples will be provided to facilitate this process. Staying informed through official channels and participating in optional upgrade periods will ensure a smooth transition.</p>



<p><strong>9. What are the strategic implications of the Chronicle Release?</strong></p>



<p>The Chronicle Update enhances the BSV blockchain&#8217;s capability to support advanced applications, improves operational efficiency, ensures scalability, and fosters a vibrant developer ecosystem. It positions the BSV blockchain as a leading platform for innovation and growth.</p>



<p><strong>10. Why are some things not in scope, like restoring the original difficulty adjustment algorithm?</strong></p>



<p>The BSV Blockchain is anchored on the principles of stability and security. We aimed to make the Chronicle Update as minimally disruptive as possible and ensure that no spendable transaction outputs are impacted. Opcodes added by developer groups in the past, such as OP_SPLIT, OP_BIN2NUM, and OP_NUM2BIN will remain to ensure that existing businesses do not experience any disruption. The modified Difficulty Adjustment Algorithm remains a “needed rule” as a measure against possible attacks that can arise from the sharing of specialised SHA256 hashing equipment with other blockchain systems. Prior development groups also made the decision to change the Transaction Digest Algorithm in 2018. In the interest of stability and to not disrupt existing businesses and applications, this change will remain.</p>



<p><strong>11. Will there be more hard forks?</strong></p>



<p>The Chronicle Release is the last major step in restoring the original Bitcoin protocol to BSV. Room in the protocol is reserved for major security fixes that may be needed in the future, but developers and businesses can be certain that this release cements the BSV protocol in stone. The future of the node software will focus on massive scalability with the release of Teranode.</p>



<p><strong>12. Where can I find more information about the Chronicle Release?</strong></p>



<p>For more information, visit the BSV Node news page, follow official social media channels, and participate in upcoming webinars and discussions. Detailed technical documents and FAQs will be available to guide you through the update process.</p>


Chronicle Update FAQ


<p>The BSV Blockchain recently published a report, in collaboration with strategic management consulting firm <a href="https://www.bcg.com" target="_blank" rel="noopener nofollow">Boston Consulting Group</a>, titled, ‘<a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-report-on-the-role-of-blockchain-in-safeguarding-data-and-streamlining-transactions" target="_blank" rel="noopener">Navigating Digital Transformation: Building Trust in an Automated World – The Role of Blockchain in Safeguarding Data and Streamlining Transactions</a>.’</p>



<p>The report highlights blockchain technology’s fundamental role in establishing data trust and enhancing transaction efficiency via its transparent, secure, and immutable digital ledger, establishing corporate reliability and confidence.</p>



<p>With data processing predicted to be at an all-time high – 125 billion digital devices will be connected worldwide by 2030 via the Internet and other wireless channels – how can we ensure that these transactions are secure, and that the information exchanged retains its integrity? BSV Blockchain is the answer.</p>



<p>Data trust has always mattered, but never more so than in the new digital age, as artificial intelligence (AI), the Internet of Things (IoT) and other emerging technologies help enterprises thrive, whilst emerging threats may compromise their operations, revenue, and reputation.</p>



<p>The report also addresses whether blockchains are created equally and why BSV works. More than 500 blockchains have tried to establish digital trust since 2008. BSV is the first to scale trust reliably. The BSV blockchain’s design, which uses large blocks (comparable to pages in a record book), powers its ability to handle transactions at extraordinarily high volumes for much less cost than other blockchains.</p>



<p><p style="padding-left: 40px;"><strong><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener">Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</a></strong></p></p>



<p>Additional report takeaways:</p>



<ul>
<li>Data misuse, security breaches and misinformation are prone to increase with the implementation of new technology. Therefore, enterprises must avoid rushing into new solutions without a safety net.</li>



<li>Enterprises need help with trust in four key areas: identities, data, ownership and systems to ensure scalability and transparency.</li>



<li>Adopting Blockchain is a valuable first step, but not the ultimate solution to digital integrity. The report highlights how BSV can help secure data and the Proof-of-Concept initiatives to explore blockchain possibilities.</li>



<li>Blockchain ensures accurate, tamper-free, and tamper-proof data, which is ideal for use in automated systems.</li>
</ul>



<p>Cyrille Albrecht, Managing Director at the BSV Blockchain, said, ‘Blockchain is now gaining significant traction. Companies increasingly integrate Blockchain into their digital processes and applications, reaping numerous benefits. The core enabler of these rewards can be summed up in one word: Trust.’</p>



<p>Adopting Blockchain is not an end-to-end solution for digital integrity, but it is a valuable and exciting first step.</p>



<p>Blockchain alone won’t solve modern enterprise challenges. It will still be necessary to secure sensors and other devices receiving incoming data. However, to be in a much safer position, organisations must integrate Blockchain within their systems, thoroughly understand regulatory requirements, and develop in-house expertise or strategic partnerships.</p>



<p>The report highlights the development of new case studies from leading technology companies such as IBM, Gate2Chain, Rekord IoT, Complex China, Tokenovate, and Centi. These case studies showcase innovative blockchain applications and their potential to revolutionise industries by establishing and maintaining trust.</p>



<p>Now is the time to get involved. Learn how Blockchain can help in this new digital age and take the next step. Read the report – Navigating Digital Transformation: Building Trust in an Automated World: The Role of Blockchain in Safeguarding Data and Streamlining Transactions.</p>



<h2 class="wp-block-heading" id="h-about-bsv-blockchain">About BSV Blockchain</h2>



<p>One Blockchain for Everyone</p>



<p>The BSV Blockchain leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>


New report highlights BSV blockchain’s unparalleled ability to scale trust in the digital age


<p><strong>Zug Switzerland, 1 July 2024:</strong> BSV Blockchain is pleased to announce its new Chronicle update which will officially launch later in 2024. The update will further align the BSV blockchain with the original Bitcoin white paper and allow it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.</p>



<p>The Chronicle update is a direct follow-up of <a href="https://www.bsvblockchain.org/releases/changes-for-the-genesis-upgrade" target="_blank" rel="noopener">the Genesis upgrade in 2020</a> which restored many aspects of the Bitcoin protocol that had been modified in previous software updates including the removal of most limit-based consensus rules, replacing them with miner configurable settings that give node operators the autonomy needed to set their limits as they determine are practical.</p>



<p><a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray, Director of Stewardship</a> said: “<em>A main driving milestone of the BSV blockchain is to restore the protocol as close to the original protocol as possible, so with the Genesis update in 2020, we restored most of the original scripting functionalities of the script that were in the original Bitcoin protocol.</em> <em>But there are still a few opcodes remaining that haven&#8217;t been restored yet. And, some limitations on ways you can add data into a transaction that needs to be removed. With the upcoming Chronicle update, due out later this year, we will restore some of the remaining opcodes that need restoration</em>.”</p>



<p><em>These opcodes include:</em></p>



<ul>
<li>OP_VER</li>



<li>OP_VERIF</li>



<li>OP_VERNOTIF</li>



<li>OP_SUBSTR</li>



<li>OP_LEFT</li>



<li>OP_RIGHT</li>



<li>OP_2MUL</li>



<li>OP_2DIV</li>
</ul>



<p>This will enable several new use cases as well as the removal of unnecessary restrictions and limits placed on the node, including:</p>



<ul>
<li>Lifting restrictions on the length of numbers used in scripts</li>



<li>No longer insisting that the script stack must be left “clean” after execution&nbsp;</li>



<li>Low S requirement for signatures</li>



<li>Allowing opcodes in the unlocking script</li>



<li>No longer insisting on minimal encoding</li>
</ul>



<p>However, the update will also add benefits for developers in several ways ahead of the upcoming <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">Mandala upgrade</a>.</p>



<p>Connor went on to say: “One of the opcodes is a versioning opcode which will allow developers to build overlay-type networks and transactions. it provides a way to version transactions, and build overlay networks, on top of the blockchain which we think is a really interesting use case.”</p>



<p>The Chronicle update will also provide the network topology that will scale as much as possible going forward, said Murray. He noted that an important function of the ongoing Teranode project is to take out some of the external services that the node currently handles and make the node software just do the core mining functions inherent to building blocks.</p>



<p>The Chronicle update is set to launch in Q3 2024 with further details available closer to the time. This will include more information on developer benefits and when miners should upgrade to the new version.</p>



<p>You can read more about <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> and the <a href="https://www.bsvblockchain.org/news/mandala-upgrade-faqs" target="_blank" rel="noopener">Mandala upgrade here</a>.</p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Blockchain leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem.</p>



<p>The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>


Chronicle BSV Blockchain Latest Update


<p>The BSV blockchain has several characteristics which make it ideal for payments, but it can also be used for everything from NFTs to gaming, says <a href="https://www.linkedin.com/in/rafa-jim%C3%A9nez-3b46798a/?originalSubdomain=es" target="_blank" rel="noopener nofollow">Rafa Jimenez (Chief Technical Officer and Co-Founder of HandCash)</a>.</p>



<p>Speaking on the sidelines at the recent London Blockchain Conference, Jimenez explained that the HandCash suite of products offers a range of ways to interact with the BSV blockchain, with the <a href="https://handcash.io/" target="_blank" rel="noopener nofollow">HandCash wallet</a> providing a sleek and feature-packed application for end-users.</p>



<p>HandCash Connect forms part of this suite of tools and is made up of a set of APIs (Application Programming Interfaces) that developers can use to integrate HandCash wallet functionality into their applications. This allows users to sign in to their HandCash wallet from within third-party apps and perform transactions seamlessly.</p>



<p></p>



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<iframe loading="lazy" title="In the Spotlight: Rafa Jimenez on blockchain and gaming" width="500" height="281" src="https://www.youtube.com/embed/r2fFgjuv404?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-offering-a-solution-not-a-technology">Offering a solution &#8211; not a technology</h2>



<p>Jimenez noted that HandCash never tries to sell blockchain itself, but rather a product that is empowered by the blockchain. &#8216;The most important thing for us is making everything very easy for them. Because blockchain is very nice, it&#8217;s very sophisticated, but it can be very scary and can take a long time for developers to integrate,&#8217; he said.</p>



<p>&#8216;When you&#8217;re building a new product, you want to make sure that you&#8217;re building the right product and you want to know that as soon as possible. So ideally, you don&#8217;t want to invest a year or six months trying to figure out how to even get started. And that&#8217;s where HandCash comes in very handy for them,&#8217; he said.</p>



<p>Jimenez added that his target companies are not typically <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">well-versed in Web3 technologies and may only be hearing about blockchain for the first time</a>. This means that they may not be familiar with all of the various use cases and the competitive advantages on offer, he said.</p>



<p>&#8216;So our job and our role is to bring the newcomers to this technology, the games who still are trying to make the first steps into the blockchain direction,&#8217; he said.</p>



<h2 class="wp-block-heading" id="h-nfts-and-gaming">NFTs and gaming</h2>



<p>HandCash offers a software development kit (SDK) for developers, providing libraries, documentation, and code samples to facilitate the integration of HandCash wallet features into their projects. The SDK helps developers streamline the process of building applications that leverage HandCash&#8217;s capabilities.</p>



<p>This includes <a href="https://www.bsvblockchain.org/news/nft-marketplaces-on-bitcoin-sv" target="_blank" rel="noopener">non-fungible tokens (NFTs) so that developers can create game items which can be traded by players</a>. While the ability to trade game items has existed for several years, Jimenez noted that the industry has been plagued by a lack of clarity over what is legal as well as bad actors taking advantage of the sector.</p>



<p>&#8216;And that&#8217;s exactly what blockchain is about. It&#8217;s about trust. It&#8217;s about allowing everyone to verify what&#8217;s going on. And that&#8217;s making this a secondary market for game items,&#8217; he said.</p>



<p>&#8216;So game developers and game studios, they&#8217;re very excited about this because they can offer an innovative way for their users to trade with the game items and to create new experiences. And at the same time, they are still able to monetise that secondary market, getting some royalties. So, that is a very nice use case that fits very well with blockchain&#8217;.</p>


HandCash’s Rafa Jimenez on getting more companies to use blockchain


<p>At the recent BSV DevCon 2024, <a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">Kevin Healy (Content Specialist at BSV Academy)</a> and <a href="https://www.linkedin.com/in/todd-price-3181949a/" target="_blank" rel="noopener nofollow">Todd Price (Chief of Content at BSV Academy)</a> introduced the audience to the BSV Academy and gave an introduction to the basics of the transaction architecture of BSV.</p>



<p>The presentation is a good entry point to get an overview of how the BSV blockchain works. Healy shed light on the specific courses and how these cater to diverse objectives. Following up on that, Price gave a thorough exploration of BSV transaction fundamentals, underscoring their versatile and dynamic potential.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV DevCon (PM Session)" width="500" height="281" src="https://www.youtube.com/embed/O5SK06tUdy4?start=10641&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-courses-tailored-to-builders">Courses tailored to builders</h2>



<p>Healy gave an overview and explained how developers can navigate them. Instead of introducing and discussing each course one by one, Healy highlighted aspects that could interest a developer with specific needs.</p>



<p>He noted that for specific goals, it might not be necessary to take many courses and also that there are existing services and infrastructure that solve specific needs. These are the aspects Healy discussed in his presentation:</p>



<ul>
<li><strong>Micropayments:</strong> For those navigating <a href="https://www.bsvblockchain.org/news/the-future-of-micropayments-implications-for-government-funding-and-accountability" target="_blank" rel="noopener">micropayment solutions</a>, foundational knowledge suffices. Leveraging existing wallets or platforms like LaMint can streamline entry into this domain.</li>



<li><strong>Timestamping:</strong> Essential for data integrity, <a href="https://docs.bsvblockchain.org/important-concepts/high-level/time-stamping-and-on-chain-data" target="_blank" rel="noopener">timestamping solutions like whatsonchain suffice for basic needs</a>. A deeper understanding can be gained through courses covering hash functions and Merkle trees, pivotal for robust timestamp implementations.</li>



<li><strong>Programmable Money:</strong> Delving into Bitcoin script unlocks the potential for programmable money solutions. Healy mentions a specialised course focusing on Bitcoin script, highlighting its pivotal role in abstracting complexities within transaction workflows.</li>



<li><strong>Optimisation Problems:</strong> BSV’s capacity to tackle optimisation conundrums, exemplified by scenarios like optimising delivery routes, underscores its practical applications. Bitcoin script&#8217;s heuristic capabilities empower developers to devise innovative solutions to real-world economic challenges.</li>



<li><strong>DAG Data Structures:</strong> <a href="https://academy.bsvblockchain.org/blog/bitcoin-infrastructure-block-assembly" target="_blank" rel="noopener">Directed acyclic graphs (DAGs)</a> offer versatile applications across diverse fields, from machine learning to project management. Healy emphasises BSV&#8217;s enhancement capabilities through timestamping and incentivisation mechanisms, transforming workflows by ensuring task completion and reward mechanisms.</li>
</ul>



<h2 class="wp-block-heading" id="h-understanding-transaction-dynamics-of-the-bsv-blockchain">Understanding transaction dynamics of the BSV blockchain</h2>



<p>Transactions form the core of the BSV network, facilitating the transfer of value between users without the need for a centralised authority. Despite their perceived complexity, the fundamental structure of BSV transactions is both flexible and straightforward.</p>



<p>Every transaction in BSV begins with a Coinbase transaction. In this process, transaction processors collect block subsidies, currently set at 3.125 BSV per block, along with transaction fees. These coins are claimed by the processor without any inputs and are then locked with a script. This initial transaction is crucial as it introduces a new BSV into circulation.</p>



<p>The outputs from Coinbase transactions are subsequently unlocked in future transactions. Each transaction, represented in hexadecimal, includes details such as version, lock time, and inputs. Unlocking funds typically require a signature that meets the conditions of the locking script, ensuring that only authorised parties can access the funds.</p>



<h2 class="wp-block-heading" id="h-the-utxo-model-a-key-component-of-bsv-transactions">The UTXO model &#8211; A key component of BSV transactions</h2>



<p>Price explained the <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">UTXO (Unspent Transaction Outputs)</a> model of the BSV blockchain. At its core, a BSV transaction involves inputs being consumed and reallocated to outputs in a continuous chain. Unlike traditional banking systems, BSV does not use accounts. Instead, tokens move discretely from one transaction to the next, ensuring a scalable and transparent transfer of value.</p>



<p>These outputs, available for spending, are associated with various keys, each containing discrete amounts of tokens. The UTXO set is essentially a database of all unspent transaction outputs, maintained by nodes to verify if a transaction’s unlock script correctly solves the associated lock script.</p>



<p>Each transaction input references a previous transaction&#8217;s output and includes details like script length and sequence value. Sequence values allow for multiple spends within a transaction template, adding flexibility for dynamic transactions like crowdfunding. This structure ensures that each transaction can be traced back through the blockchain, maintaining transparency and integrity.</p>



<h2 class="wp-block-heading" id="h-unlocking-scripts-and-transaction-scripts">Unlocking scripts and transaction scripts</h2>



<p>Unlocking scripts involves a signature and a public key. The private key generates the signature by mutating the hash of a message, allowing funds to be unlocked if validated by the network nodes. This cryptographic process ensures that only the rightful owner of the private key can authorise the spending of funds.</p>



<p>BSV transaction scripts consist of various opcodes, such as &#8220;OP_DUP,&#8221; which duplicates a value and ensures it matches a provided value. Unlocking scripts typically include a signature and a public key, but there can be any data satisfying the script&#8217;s conditions. This scripting language allows for complex and versatile transaction structures.</p>



<p>The BSV blockchain supports various scripts for locking coins in transactions, including:</p>



<ul>
<li><strong>P2PKH (Pay to Public Key Hash):</strong> Requires a public key and a corresponding private key signature.</li>



<li><strong>P2SH (Pay to Script Hash):</strong> Involves a hash puzzle where the script is hidden until spending.</li>



<li><strong>Multi-signature:</strong> Requires multiple signatures to authorise spending, allowing for complex arrangements.</li>
</ul>



<h2 class="wp-block-heading" id="h-the-role-of-sig-hash-flags-in-transaction-management">The role of sig-hash flags in transaction management</h2>



<p>Price explained how transactions are managed using sig-hash flags to specify their handling. These flags determine which parts of the transaction are signed: all inputs, all outputs, or specific combinations. The &#8220;anyone can pay&#8221; (ACP) flag allows an input to be signed while leaving the possibility to add more inputs later.</p>



<p>Including data in BSV outputs has significant implications. Larger scripts result in higher fees due to the fee-per-byte structure. Data can be embedded using push data opcodes, with OP_RETURN specifically used for non-spendable data meant for informational purposes. This distinction ensures that data can be stored on the blockchain without being spendable.</p>



<p>BSV transactions are not static; they can dynamically add inputs and outputs. This flexibility, managed by sig hash flags, allows innovative arrangements, such as using a single transaction throughout a product&#8217;s supply chain lifecycle. Trust dynamics in transactions vary, with the ACP option offering maximum flexibility if there is trust between parties, while the &#8220;all&#8221; option locks inputs together for transaction integrity in adversarial scenarios.</p>



<h2 class="wp-block-heading" id="h-advanced-concepts-merkle-trees-dags-and-transaction-containers">Advanced Concepts: Merkle Trees, DAGs, and Transaction Containers</h2>



<p>Price delved into advanced concepts like constructing a <a href="https://www.bsvblockchain.org/news/why-a-merkle-tree-is-used-to-scale-bitcoin" target="_blank" rel="noopener">Merkle tree for transactions</a>, which culminates in a single Merkle root summarising all transactions. The unified Merkle path format and Directed Acyclic Graph (DAG) structures further enhance data organisation and access management.</p>



<p>The presentation featured many more concepts and detailed descriptions of the BSV transaction architecture and is worth a watch for anyone interested.</p>


BSV DevCon: What builders need to know about the most scalable transaction system


<p>BSV Blockchain is pleased to announce its new SV Node release ‘Chronicle’ which will be released later in 2024. The update will further align the BSV blockchain with the original Bitcoin protocol and remove restrictions for developers on building on the BSV blockchain.</p>



<p></p>



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<iframe loading="lazy" title="BSV Blockchain talks to Connor Murray about Chronicle release" width="500" height="281" src="https://www.youtube.com/embed/lC69orXmwJc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>The Chronicle release is a follow-up of <a href="https://www.bsvblockchain.org/releases/changes-for-the-genesis-upgrade" target="_blank" rel="noopener">the Genesis upgrade in 2020</a> which restored many aspects of the Bitcoin protocol that had been modified in previous software updates, including the removal of most limit-based consensus rules, replacing them with miner configurable settings that give node operators the autonomy needed to set their limits as they determine practical.</p>



<p>&#8216;A main driving principle of the BSV blockchain is to restore the protocol as close to the original as possible,&#8217; said <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray, Director of Stewardship</a>. &#8216;ith the Genesis update in 2020, we restored most of the original scripting functionalities that were in the original Bitcoin protocol.</p>



<p>&#8216;But a few opcodes still haven&#8217;t been restored and re-enabled yet. There remain some limitations on the ways you can add data into a transaction that need to be removed. with the upcoming Chronicle update, due out later this year, we will restore all the remaining opcodes and tackle remaining restrictions.&#8217;</p>



<p>These opcodes include:</p>



<ul>
<li>OP_VER</li>



<li>OP_VERIF</li>



<li>OP_VERNOTIF</li>



<li>OP_SUBSTR</li>



<li>OP_LEFT</li>



<li>OP_RIGHT</li>



<li>OP_2MUL</li>



<li>OP_2DIV</li>
</ul>



<p>The Chronicle release will also further remove restrictions on the ways developers can construct locking and unlocking scripts for transactions:</p>



<ul>
<li>Lift restrictions on the length of numbers used in scripts;</li>



<li>Remove the &#8216;Clean Stack&#8217; requirement for script execution,</li>



<li>Remove the low S value requirement for signatures;</li>



<li>Remove the PUSHDATAONLY requirement in the unlocking script;</li>



<li>Remove the minimal encoding requirement.</li>
</ul>



<h2 class="wp-block-heading" id="h-adhering-to-core-values-and-enabling-new-use-cases-for-developers">Adhering to core values and enabling new use cases for developers</h2>



<p>Murray noted that this forms part of a wider project at the BSV Blockchain to implement the original Bitcoin protocol. This restoration project, for the most part, is to implement the original Bitcoin protocol that enables unbounded use cases, freeing developers to use the protocol to build any application they can imagine, he said.</p>



<p>However, Murray noted that the update will also add benefits for developers in several ways ahead of the upcoming <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">Mandala upgrade</a>.</p>



<p>&#8216;One of the op-codes is a versioning op-code which will allow developers to build overlay-type networks and transactions.t provides a way to version transactions, for use with overlay networks, on top of the blockchain which we think is a really interesting use case,&#8217; he said.</p>



<p>The Chronicle release is set to release in Q3 or Q4 2024 with an activation date to be announced shortly. Further details on the exact activation heights will be available closer to that time. This will include more information on developer benefits and when miners should upgrade to the new version.</p>


BSV Blockchain announces Chronicle release


<p>BSV Blockchain officially unveiled its new Mandala Upgrade at the BSV DevCon London at the end of May 2024.</p>



<p>In the penultimate presentation of the day <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>, <a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Utilisation Technical Lead at BSV Blockchain)</a> and <a href="https://www.linkedin.com/in/jake-jones-a8720611a/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Jake Jones (Head of Infrastructure at BSV Blockchain)</a> provided an update about the upcoming Mandala upgrade, developer tools and open-source roadmap.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-what-is-the-mandala-upgrade">What is the Mandala upgrade?</h2>



<p>Giacomo explained that the <a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">Mandala upgrade</a> broadly consists of three key components:</p>



<ul>
<li><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener"><strong>Teranode</strong></a><strong>: </strong>Teranode stands at the centre of the new upgrade and is responsible for keeping a global record while dealing with standardised transactions and high throughput capacity.</li>
</ul>



<ul>
<li><a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener"><strong>Overlay services</strong></a><strong>:</strong>&nbsp;Overlays allow the distribution of that demand across many services as well as the empowerment of individuals having ownership and agency over their own identity and personal information. This distribution of agency and demand with the ability to granularly purchase only what’s needed works together to minimise waste and provide superior service. When you only pay for what you need, only what you need is manufactured and sold.</li>
</ul>



<ul>
<li><a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener"><strong>SPV Wallet</strong></a><strong>: </strong>The open-source reference implementation SPV Wallet clarifies the state-of-the-art technical architecture of BSV wallets through its open-source, non-custodial framework, enabling seamless transaction verification and management at significantly reduced costs. Designed for exchanges, wallet providers and businesses running BSV applications, it offers a reference implementation of a simplified payment verification only (SPV, section 8 of the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin white paper</a>) wallet for enhanced efficiency and security.</li>
</ul>



<h2 class="wp-block-heading" id="h-unlocking-the-bsv-blockchain">Unlocking the BSV blockchain</h2>



<p>Giacomo added that the Mandala upgrade will fully unlock the BSV blockchain allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.</p>



<p>A Mandala network is a network that forms recursively from an unbounded number of smaller networks of the same form as itself. It uses a base topology that can be stacked on top of itself allowing the network to dynamically grow and contract based on need or resource availability.</p>



<p>As this P2P topology becomes more complex, the pattern becomes more complex and that forms another layer of the network.</p>



<h2 class="wp-block-heading" id="h-the-role-of-overlay-services">The role of Overlay services</h2>



<p>&#8216;<a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">Overlay services</a> are specialised services designed to manage specific types of transactions or business functions, such as digital currencies, archival services, or financial instruments,&#8217; said Jake Jones.</p>



<p>&#8216;These dedicated environments operate independently but connect to the core network for essential functions like submitting transactions, retrieving Merkle paths, and performing double-spend checks. This setup enhances performance without overburdening the core network.&#8217;</p>



<h2 class="wp-block-heading" id="h-teranode-as-a-core-node-network">Teranode as a core node network</h2>



<p><a href="https://www.linkedin.com/in/siggioskarsson/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Oskarsson (Teranode Director)</a> presented <a href="https://www.bsvblockchain.org/news/by-the-time-you-have-read-this-teranode-has-processed-over-15-million-transactions" target="_blank" rel="noopener">Teranode as part of the Mandala upgrade</a> at Devcon where he discussed its unrivalled scalability.&nbsp;&#8216;Teranode only focuses on the core on the core functionalities of a BSV node. It is therefore able to achieve scalability and performance over one million transactions per second,&#8217; he said.</p>



<p>A <a href="https://academy.bsvblockchain.org/blog/bitcoin-infrastructure-the-small-world-network" target="_blank" rel="noopener">Small World Network</a> is a network topology optimised for the rapid dissemination of information, minimising the number of hops needed to synchronise the entire network. This is crucial for efficiently propagating transactions from the network&#8217;s edge to the core mining nodes.</p>



<p>In the context of the BSV blockchain, this significantly reduces the risk of double-spend attacks and enhances network resilience.</p>



<h2 class="wp-block-heading" id="h-spv-wallets-will-act-as-the-base-layer">SPV wallets will act as the base layer</h2>



<p>Kellenschwiler described SPV Wallets as the foundational P2P layer at the network&#8217;s edges, with overlay services forming a more intricate core that amalgamates P2P transactions from these wallets. The core network of nodes and specialised nodes, which will run Teranode, constitutes the complex centre of the mandala network.</p>



<p>Within the Mandala network, SPV Wallets boost functionality by using simple integrity checks to verify transaction authenticity and integrity without needing the full blockchain data. This capability enables transactions to move peer-to-peer (P2P) efficiently while ensuring security and data integrity.</p>



<p>You can <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">find out more about the Mandala upgrade here</a>.</p>


Mandala upgrade to unlock the BSV blockchain


<p>The team at BSV Blockchain are working alongside several partners, including <a href="https://aws.amazon.com/free/?gclid=CjwKCAjwps-zBhAiEiwALwsVYTOLl4eKlBozUB6kdMJ3iVIY54hg5WTbelx0CiHmhsF-w8fhzdxk2xoCI5oQAvD_BwE&amp;trk=d5254134-67ca-4a35-91cc-77868c97eedd&amp;sc_channel=ps&amp;ef_id=CjwKCAjwps-zBhAiEiwALwsVYTOLl4eKlBozUB6kdMJ3iVIY54hg5WTbelx0CiHmhsF-w8fhzdxk2xoCI5oQAvD_BwE:G:s&amp;s_kwcid=AL!4422!3!433803620858!e!!g!!aws!1680401428!67152600164" target="_blank" rel="noopener nofollow">AWS</a> and <a href="https://aerospike.com/" target="_blank" rel="noopener nofollow">Aerospike</a>, to help bring the Mandala upgrade to life, says <a href="https://www.linkedin.com/in/jake-jones-a8720611a/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Jake Jones (Head of Infrastructure at BSV Blockchain)</a>.</p>



<p>Speaking on the sidelines of the London Blockchain Conference, Jones said that one of the key value propositions offered by Bitcoin is micropayments &#8211; payments of less than a cent. But to make this viable there needs to be a lot of them, he said.</p>



<p>&#8216;So we need a system that can scale to accommodate a lot of <a href="https://www.google.com/search?q=micropayments+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=&amp;gs_lcrp=EgZjaHJvbWUqBggCEEUYOzIGCAAQRRg5MgYIARBFGEAyBggCEEUYOzIMCAMQABgUGIcCGIAEMgcIBBAAGIAEMgcIBRAAGIAEMgcIBhAAGIAEMgcIBxAAGIAE0gEIMzY1M2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">micropayments</a>. And to do that, we need a system that&#8217;s able to specialise and move assets around to different places depending on what kind of resources are available,&#8217; he said. &#8216;So we started that with Teranode, where we took the node requirements laid out in section 5 of the Bitcoin white paper, what <a href="https://docs.bsvblockchain.org/network-topology/nodes/sv-node" target="_blank" rel="noopener">SV node</a> currently does, minus the additional non-node functions SV node currently performs such as storing and serving transaction data, and built it using a services architecture. And now we&#8217;re applying that same approach&nbsp;to the rest of the network.&#8217;</p>



<p>Jones noted that this upgrade of the BSV Blockchain network is in line with the original Bitcoin white paper.&#8217;Right now, with SVnode, nodes are doing more than section five of the whitepaper. So we want to take all of those things that aren&#8217;t in the white paper, and we want to pull them out and add another layer around Teranode that can do those things.&#8217;</p>



<p></p>



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<h2 class="wp-block-heading" id="h-the-mandala-upgrade">The Mandala upgrade</h2>



<p>Officially unveiled at BSV DevCon 2024, <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">the Mandala upgrade will fully unlock the BSV blockchain</a> allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.</p>



<p>A Mandala network is a network that forms recursively from an unbounded number of smaller networks of the same form as itself. It uses a base topology that can be stacked on top of itself allowing the network to dynamically grow and contract based on need or resource availability.</p>



<p>As this P2P topology gets stacked and becomes more complex, the patterns become more complex and additional components need to interact with the centre of the network: <a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">SPV Wallets</a> are the base P2P component at the edges of the network, overlay services form the more complex bridge that is a coalescence of P2P transactions from SPV Wallets, and the network of nodes and specialised nodes that will run Teranode form the complex centre of the mandala network.</p>



<p>While a team of people at the BSV Blockchain are working on the Mandala upgrade, Jones noted that several partners are helping to bring it to life. AWS and Aerospike are helping out with the <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> project as the completion of tests at <a href="https://www.bsvblockchain.org/news/by-the-time-you-have-read-this-teranode-has-processed-over-15-million-transactions?utm_campaign=Teranode&amp;utm_content=296916527&amp;utm_medium=social&amp;utm_source=linkedin&amp;hss_channel=lcp-79941907" target="_blank" rel="noopener">1 Million transactions per second with 6 nodes</a>, has been allowed by the high quality of the services they provided&#8217;</p>



<h2 class="wp-block-heading" id="h-why-is-it-called-the-mandala-upgrade">Why is it called the Mandala upgrade?</h2>



<p>Jones explained that the upgrade has been named ‘Mandala’ because of its shape. &#8216;If you think of what a mandala is, it&#8217;s almost like a fractal shape, but it&#8217;s in dedicated environments. So we have the centre of the network, which is the node network, and that&#8217;s the small world network.</p>



<p>That&#8217;s one design. And it&#8217;s a fractal that folds in on itself. And so that same concept applies to the other components as well. But what&#8217;s cool about it is it&#8217;s the same underlying shape. And that underlying shape is peer-to-peer communication.</p>



<p>&#8216;So every component is doing peer-to-peer communication in its way. Overlays and SPV wallets are doing peer-to-peer communication similarly. But then you have Teranode doing things in a much faster way using subtrees and blocks in addition to transactions. But each of those components has its unique pattern because the frequency and complexity of their communications are different even though they’re using the same fundamental P2P communication model.’</p>



<h2 class="wp-block-heading" id="h-bsv-partnerships">BSV partnerships</h2>



<p>One million transactions per second and the high throughput capabilities of Teranode are made possible through AWS and Aerospike services. In addition, <a href="https://docs.bsvblockchain.org/network-topology/applications/spv-wallet/aws/installation" target="_blank" rel="noopener">one-click AWS deployment for SPV is possible</a>. Additional opportunities will be explored through the creation of a dedicated environment with overlay services.</p>


AWS and Aerospike help bring BSV Blockchain’s Mandala upgrade to life


<p><a href="https://www.linkedin.com/in/michael-boeckli/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Michael Boeckli (Tech Lead at TAAL)</a> recently took to the stage at BSV DevCon 2024 to discuss ARC and its microservices.&nbsp;ARC is the open-source reference implementation transaction broadcaster allowing applications to broadcast their transactions peer-to-peer to BSV blockchain nodes.</p>



<p>The ARC open-source reference implementation has been commissioned by BSV Blockchain and developed by <a href="https://platform.taal.com/" target="_blank" rel="noopener">TAAL</a> to leverage their deep knowledge and expertise in transaction processing.</p>



<p>In addition to developing the open-source version of ARC following open-source guidelines and requirements handled by the BSV Blockchain, TAAL also runs its commercial version and proposes it as a commercial and enterprise-grade service to businesses. It is under these circumstances that Boeckli presented both the open-source and commercial versions of ARC during DevCon.</p>



<p>ARC is designed to connect to every mining node on the network and includes peering logic, retry logic for transaction tracking, transaction validation, and an API for clients.</p>



<p>It also calculates Merkle paths for broadcasted transactions. ARC’s microservices include the API server, validator (with the ability to scale for increased workload), metamorph for managing changing transaction statuses, and a peer manager to handle connections.</p>



<p>Additionally, ARC stores a new format of blocks containing transaction IDs rather than full transaction data. This architecture aims to enhance transaction reliability and efficiency in the BSV blockchain network.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-arc-and-mapi">ARC and mAPI</h2>



<p>Boeckli began his presentation by discussing <a href="https://bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a> and how it connects to mAPI.&nbsp;‘ARC is a transaction processor that keeps track of the lifecycle of a transaction as it is processed by the BSV network. Originally ARC was planned as a replacement for mAPI. Later it morphed into one of the key components of the BSV network topology,’ he said.</p>



<p>Boeckli noted that <a href="https://platform.taal.com" target="_blank" rel="noopener">TAAL</a> operates ARC on Kubernetes with a focus on high scalability &#8211; another key advantage over mAPI. Notably, ARC doesn’t encounter the same challenges as mAPI because it can scale to meet increased demand by deploying multiple Metamorph instances.</p>



<p>‘Although the BSV blockchain might face delays in reaching consensus and confirming transactions into blocks, ARC consistently manages the status of these transactions. Even during heavy load, a transaction might remain in the announced on the network status for hours, but it will eventually be mined and its status updated,’ he said.</p>



<p>‘Unlike mAPI, ARC takes care of the retry logic and the complexities of the peer-to-peer network for applications. This delegation of responsibilities allows applications to function smoothly without dealing with these complexities, enhancing the user experience.’</p>



<h2 class="wp-block-heading" id="h-arc-and-its-microservices">ARC and its microservices</h2>



<p>ARC consists of four microservices: the API, Metamorph, BlockTX and Callbacker. The ARC API provides key endpoints for setting requirements like mining fees and submitting transactions in an &#8220;extended format,&#8221; which includes additional details to facilitate script validation and fee checks, aiming to improve transaction validation before broadcasting.</p>



<p>Metamorph handles these pre-validated transactions, ensuring their integration into the blockchain via a scalable, load-balanced system. BlockTx monitors block announcements, verifies transaction IDs within the Merkle root, and updates transaction statuses to &#8220;mined,&#8221; storing relevant Merkle paths.</p>



<p>The Callbacker service allows users to monitor transaction progress and receive notifications on status changes, enhancing the overall reliability and user interaction with the ARC system.</p>



<p>ARC is the first component of the Mandal upgrade and will be compatible with Teranode. Application builders are encouraged to migrate from mAPI to ARC as mAPI won&#8217;t be compatible with Teranode.</p>



<p>There are several different business use cases for ARC. Enterprises can either implement ARC in their own environment by leveraging its open-source component or <a href="https://github.com/bitcoin-sv/arc" target="_blank" rel="noopener nofollow">use the ARC implementations</a> by BSV blockchain miners through their API endpoints. <a href="https://docs.taal.com/core-products/transaction-processing/arc-endpoints" target="_blank" rel="noopener">TAAL</a> and <a href="https://docs.gorillapool.io/arc/#" target="_blank" rel="noopener nofollow">GorillaPool</a> both offer ARC services for application builders.</p>



<p>You can find out more about ARC <a href="https://www.bsvblockchain.org/news/meet-arc-the-new-and-improved-way-to-broadcast" target="_blank" rel="noopener">here</a>.</p>


Understanding ARC’s microservices


<p><a href="https://www.linkedin.com/in/mhanzevacki/" target="_blank" rel="noopener nofollow">Matija Hanzevacki (Product Manager at WhatsOnChain)</a> recently provided a comprehensive overview of the platform&#8217;s current features and developments <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">at BSV DevCon 2024.</a></p>



<p>WhatsOnChain provides essential tools and features for exploring and understanding the BSV blockchain. Acknowledging that most attendees are familiar with WhatsOnChain, Hanzevacki emphasised the platform’s role in delivering real-time information about the BSV blockchain. The platform&#8217;s independent infrastructure and continuous development efforts ensure that users have reliable and up-to-date information at their fingertips.</p>



<p></p>



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<h2 class="wp-block-heading" id="h-real-time-blockchain-information">Real-time blockchain information</h2>



<p>Hanzevacki explained that WhatsOnChain offers a detailed view of the BSV blockchain. He encouraged users to explore the platform independently at <a href="http://whatsonchain.com" target="_blank" rel="noopener nofollow">whatsonchain.com</a>. The website features a block explorer and numerous other tools, allowing users to gain insights into blockchain activities. One of the key highlights of WhatsOnChain is its commitment to providing an independent verification method for BSV blockchain transactions.</p>



<p>Unlike other services that might depend on miners, WhatsOnChain operates its full node and maintains an independent infrastructure. This independence ensures that the data available on their website and API accurately reflects the blockchain&#8217;s current state.</p>



<h2 class="wp-block-heading" id="h-features-and-insights">Features and insights</h2>



<p>Hanzevacki introduced the statistics dashboard, which gives a high-level view of the blockchain&#8217;s activity over the past 24 hours. This dashboard includes critical metrics such as total transactions, miner statistics, and top tags. The data is updated live, and users can delve deeper into any metric to analyse blockchain activities in detail.</p>



<p>In addition to real-time data, WhatsOnChain helps users track trends, protocols, and applications within the BSV ecosystem. The platform provides tools to observe behaviour over time and examine output volumes, transaction counts, and data sizes. Users can filter and analyse specific categories, tags, and periods to understand the blockchain&#8217;s developments better.</p>



<p>Another exciting feature introduced by Hanzevacki is the plugin platform. This platform allows developers to enhance their experience by building and using plugins that operate at the output or transaction level. He showcased a plugin from Watson Wallet that visualises transaction chains interactively. Plugins can be either private or public, and WhatsOnChain offers guides and examples to help developers create and deploy their plugins quickly. Submissions are reviewed via their GitHub repository.</p>



<h2 class="wp-block-heading" id="h-recent-developments">Recent developments</h2>



<p>Hanzevacki also discussed a recent project aimed at replacing the outdated ElectrumX system, which tracks <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">unspent transaction outputs (UTXOs)</a>. Due to the limitations and lack of maintenance of ElectrumX, WhatsOnChain is developing an in-house solution called the UTXO Store. This new system is designed to scale with the BSV blockchain and simplifies the tracking of addresses, script hashes, and spent outputs via their API.</p>



<p>The UTXO Store is already in use by major wallets and apps. Detailed information is available in their <a href="https://docs.taal.com/core-products/whatsonchain" target="_blank" rel="noopener">API documentation</a>, which outlines various features for building on the BSV blockchain based on user feedback and requests.</p>



<h2 class="wp-block-heading" id="h-community-engagement">Community Engagement</h2>



<p>Community feedback is crucial to the development of WhatsOnChain. Hanzevacki highlighted their <a href="https://t.me/joinchat/FfE6-EjZhoTHwhDhZH6F-w" target="_blank" rel="noopener nofollow">active Telegram channel</a>, which has nearly 500 members and serves as a primary platform for feedback, questions, suggestions, and requests. Developers, including Hanzevacki, actively monitor this channel. Additionally, <a href="https://x.com/WhatsOnChain" target="_blank" rel="noopener nofollow">WhatsOnChain uses Twitter for product announcements and updates</a>. Building plugins is made easy with a comprehensive guide available on their website.</p>


WhatsOnChain: Key Features of the BSV blockchain Explorer


<p>During the BSV DevCon, which took place during the London Blockchain Conference run-up, <a href="https://projectbabbage.com/founder-profiles/ty-everett#:~:text=Throughout%20his%20career%2C%20Ty%20has,private%2C%20and%20rewarding%20for%20everyone." target="_blank" rel="noopener nofollow">Ty Everett (Founder of Project Babbage)</a> presented the ‘Bitcoin CPU’. The CPU represents a breakthrough in blockchain technology, enabling general-purpose computation on a blockchain for the first time.</p>



<p>During his presentation, Everett outlined the challenges that arose during the development of the CPU, how he solved them, how the CPU is structured and functions and which use cases the CPU enables.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-groundwork-for-the-bitcoin-cpu">Groundwork for the <em>Bitcoin CPU</em></h2>



<p>Everett started by explaining the groundwork of the <em>Bitcoin CP</em>U, which consists of the transaction structure of BSV. Each transaction has inputs and outputs, where outputs act as predicates or locks to ensure only authorised parties can access the coins. These outputs can be constrained to enforce specific rules, like defining what subsequent transactions can be, leading to stateful <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">UTXOs or stateful smart contracts</a>.</p>



<p>However, creating contracts with an undefined number of future transactions is challenging. For example, if Alice sets up a smart contract and Bob tries to solve it across multiple transactions, there&#8217;s a risk. Bob could broadcast a malicious partial solution, corrupting Alice&#8217;s original output. This corruption prevents achieving the correct solution if missteps occur in the process. The ‘Bitcoin CPU’ found a solution for this in the solver’s bond.</p>



<h2 class="wp-block-heading" id="h-the-solver-s-bond">The solver’s bond</h2>



<p>In the example that Everett used, Alice proposes a contract on BSV, and Bob posts a bond to start solving it. A timer begins, giving Bob a limited period to satisfy all the multi-stage constraints across several transactions. If Bob&#8217;s solution is valid, the UTXO is unlocked, and everything proceeds smoothly. If Bob&#8217;s solution is invalid, the UTXO becomes locked.</p>



<p>Once the timer expires, the state of the UTXO resets to its original condition before Bob&#8217;s attempt, causing Bob to lose his bond. Carol, or another participant, can then attempt the solution with a higher bounty. This process continues until the UTXO is successfully unlocked or fully consumed. This mechanism ensures multi-stage computation on the BSV blockchain (BSV) without causing network disruption, allowing more complex transactions and smart contracts.</p>



<h2 class="wp-block-heading" id="h-instruction-set-architecture-of-the-bitcoin-cpu">Instruction set architecture of the <em>Bitcoin CPU</em></h2>



<p>The described CPU has four registers, a stack, and a heap. It includes various opcodes, a base pointer, an execution pointer, and a stack pointer, similar to standard CPUs. Implemented in sCrypt, it supports instructions like JSR and RSR for recursive subroutine calls.</p>



<p>Everett explained that each transaction functions as a clock pulse, allowing one opcode execution per transaction, with potential future support for multiple opcodes per transaction. These are the fundamental aspects of the architecture.</p>



<p>Everett used an illustration in the presentation to highlight the Instruction Set Architecture (ISA). Throughout his presentation, he referred to it to showcase its functionality, for example for the different opcodes the CPU operates with.</p>



<h2 class="wp-block-heading" id="h-opcodes-of-the-cpu">Opcodes of the CPU</h2>



<p>Everett discussed various opcodes for executing programs within transactions. Key opcodes include:</p>



<ul>
<li><strong>op_win</strong>: Terminates the program, releasing the UTXO when the solution is reached.</li>



<li><strong>op_lose</strong>: Halts the CPU, leading to a timer expiry, state reset, and restart by another participant.</li>



<li><strong>op_bill</strong>: Adds additional money to the contract as defined in a register, allowing for financial inputs during execution.</li>



<li><strong>op_pay</strong>: Pays out money from the system, using large numbers in scripts to facilitate this, continuing execution afterwards.</li>



<li><strong>Checkpoint</strong>: Allows state resets to a specific point, not just the initial state, enabling updates and partial progress saving.</li>
</ul>



<p>These opcodes support complex computations and financial transactions within the framework of the BSV blockchain. In his presentation, Everett explained the different opcodes in more detail and also highlighted that he is particularly excited about the capabilities of op_pay and op_bill.</p>



<h2 class="wp-block-heading" id="h-innovations-by-the-bitcoin-cpu">Innovations by the <em>Bitcoin CPU</em></h2>



<p>In many aspects, the <em>Bitcoin CPU</em> is unique, as it offers several groundbreaking features and implications, Everett particularly emphasised the following:</p>



<ul>
<li><strong>Off-chain Memory Storage</strong>: The heap and stack are stored off-chain, while their Merkle roots are stored on-chain. This allows for virtually unlimited memory capacity, as memory can be dynamically allocated off-chain and selectively disclosed to solvers as needed.</li>



<li><strong>Dynamic Memory Sizing</strong>: Memory elements can dynamically adjust in size, accommodating large data structures such as strings or factorial computations (like 52 factorial), enhancing computational capabilities significantly.</li>



<li><strong>Memory-Mapped I/O</strong>: Users can configure custom memory-mapped I/O, enabling diverse interactions with external devices or applications. This flexibility supports versatile applications, including potentially running complex tasks like gaming.</li>



<li><strong>New Assembly Language and ISA</strong>: A new assembly language and instruction set architecture (ISA) incorporate unique opcodes like op_bill and op_pay, facilitating financial transactions and enhancing computational flexibility on BSV.</li>



<li><strong>Future Development</strong>: The architecture supports compiling various programs to it, expanding its utility beyond initial implementations and paving the way for diverse applications in distributed computing environments.</li>
</ul>



<h2 class="wp-block-heading" id="h-breakthrough-in-the-bitcoin-cpu">Breakthrough in the <em>Bitcoin CPU</em></h2>



<p>Towards the end of his presentation, Everett highlighted how the <em>Bitcoin CPU</em> is a breakthrough in technological terms.</p>



<ul>
<li><strong>State Reset</strong>: The innovation of state reset opens up new possibilities beyond traditional CPU functionalities, potentially impacting distributed computing significantly.</li>



<li><strong>Beyond CPU</strong>: Recognising the architecture&#8217;s potential, it&#8217;s seen as more than just a CPU, differing from ASICs in terms of script size efficiency.</li>



<li><strong>Future Directions</strong>: Plans include developing compilers for other languages to run on this architecture, and fostering diverse applications and innovations.</li>
</ul>



<p>Everett also highlighted that the current goal is to optimise the script further, exploring techniques such as hashed chains for improved efficiency. Initially, sCrypt’s ECDSA (elliptic curve digital signature algorithm) was implemented, but it led to an increased data volume of 8MB per transaction, while the current implementation involves 2MB per transaction.</p>



<h2 class="wp-block-heading" id="h-use-cases-and-implications">Use cases and implications</h2>



<p>Everett also briefly discussed exemplary use cases such as adaptive routing in logistics, which can be enhanced by creating a simulated world using a high-level language that compiles down to simulate various networks and solve problems using real-time data.</p>



<p>Beyond logistics, this technology can be applied in the financial industry for dynamic portfolio rebalancing and managing digital assets. It supports complex constraints for <a href="https://www.bsvblockchain.org/news/panel-discussion-cbdcs-a-new-form-of-money" target="_blank" rel="noopener">tokenised CBDCs</a> and integrates identity solutions for enhanced security and compliance. Everett suggested that a hackathon would be suited to explore further use cases of the <em>Bitcoin CPU</em>.</p>



<p>The <em>Bitcoin CPU</em> is a further demonstration of the <a href="https://www.bsvblockchain.org/news/bitcoin-as-turing-complete-system-for-building-smart-contracts-tokens" target="_blank" rel="noopener">Turing completeness of the BSV blockchain</a>, which is the only blockchain capable of operating a CPU as outlined on the scale. Everett also pointed to Teranode and acknowledged one million transactions per second as a significant milestone for blockchain technology. However, he also mentioned that a much higher scale is necessary, to operate something like the <em>Bitcoin CPU</em> in meaningful terms.</p>


The Bitcoin CPU: A breakthrough for blockchain technology


<p>One of the best advertisements for the BSV blockchain is the people and companies which build and work with the technology daily. One such company is <a href="https://www.linkedin.com/in/bartolomeolivares/" target="_blank" rel="noopener nofollow">Gate2Chain</a> whose team spoke at the recent London DevCon 2024 about Gate2Chain’s Development Suite.</p>



<p><a href="https://www.gate2chain.com" target="_blank" rel="noopener nofollow">Gate2Chain</a> offers developer tools and APIs to integrate their blockchain solutions into existing systems or develop custom applications tailored to specific supply chain needs. Its goal is turning company data into evidence and facilitating the integration of integrity layers with existing systems.</p>



<p>It does this by removing the friction associated with the base layer protocol and reducing the development costs and time to market. The <a href="https://www.g2csuite.com" target="_blank" rel="noopener nofollow">G2C Development Suite</a> allows you to connect new or existing apps, websites, games, or any other system to the BSV blockchain.</p>



<p></p>



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</div></figure>



<p>Some of the key features of the Development Suite include:</p>



<ul>
<li><strong>Wallet infrastructure:</strong> This includes complete white-label non-custodial wallets in your apps and Hierarchical Deterministic Keys (HD Wallets) for enhanced privacy, UTXO management, digital signatures, data encryption and access permission management.</li>
</ul>



<ul>
<li><strong>Direct and conditional payment: </strong>Once users have wallets, they can use peer-to-peer direct and conditional payment functions. This includes the easy creation of configurable escrow accounts with programmable payments.</li>
</ul>



<ul>
<li><strong>Payment channels: </strong>The G2C Suite allows for the opening of payment channels between users, allowing developers to build apps with totally new features such as pay-per-minute services and real-time auctions.</li>
</ul>



<ul>
<li><strong>Data integrity and storage:</strong> The G2C Suite uses metanet trees to organise your information in a structured way on the BSV blockchain.</li>
</ul>



<ul>
<li><strong>Digital assets and tokenisation:</strong> The G2C Suite infrastructure allows users to legally issue and manage unique digital assets on the BSV blockchain. This includes everything from tickets to securities, and redeemable products and services.</li>
</ul>



<p>Gate2Chain also showed off its <a href="https://www.tracestamp.net" target="_blank" rel="noopener nofollow">Trace platform</a>, which allows users to create digital twins for any product and track them across the entire supply and distribution chain. Trace, leveraging the BSV blockchain, eliminates the need for native tokens, miner fees, and the typical volatility encountered with blockchain technology. With the Trace platform, users can generate a digital twin, akin to a token, for any object and securely store essential data within it.</p>



<p></p>



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<p>The presence of a digital twin enables the electronic management of physical objects, ensuring transparency for all participants within the supply chain.</p>



<p>Finally, Gate2Chain showcased its digital passport features which allow governments and businesses to manage certificates, invoices, diplomas, and any other kind of document that can be time-stamped to ensure data integrity.</p>


Gate2Chain’s Development Suite highlights the power of the BSV blockchain


<p>There are several key skills and characteristics that the first 10 employees should have when starting a new blockchain or Web3 business, says Zuza Henshaw (Web3 and Blockchain Headhunter at <a href="https://www.linkedin.com/company/talanoame/" target="_blank" rel="noopener nofollow">Talanoa</a>).</p>



<p>Speaking at the recent <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference</a>, Henshaw said that the most important trait when hiring is resilience. She noted that this is particularly important in the Web3 sector, which can often be tumultuous and require all hands on deck.</p>



<p>&#8216;Having that alignment from the team and having everybody understanding that it won&#8217;t be an easy ride (is important). Having people who are not flaky and who are ready to take on the challenges and face them rather than say this just didn&#8217;t work out. That&#8217;s something that will make a lot of difference,&#8217; she said.</p>



<p>&#8216;Another essential skill that is required in the sector is creativity,&#8217; said Henshaw. &#8216;Because all this is a very new industry. And yes, there are already existing interesting solutions, but we haven&#8217;t scratched the surface yet. And having people who understand the technology, but also have that ability to translate it into real-world use cases, is something that will actually shape this industry because it&#8217;s not yet shaped.&#8217;</p>



<p></p>



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<h2 class="wp-block-heading">Startups vs corporate jobs</h2>



<p>Henshaw noted that one of the biggest mistakes she sees in new blockchain companies is the differing attitudes between the corporate and startup worlds. She noted that many executives move from the corporate world and expect the journey to be easy, only to find that startups are much more challenging to get off the ground than expected.</p>



<p>&#8216;If you&#8217;re coming from the big corporate world where you had a team and you had the support and resources to help you do everything you want, then suddenly you&#8217;re in a completely different spot. On the one hand, it&#8217;s very rewarding because you can shape something, but on the other hand, it&#8217;s very difficult because you lack resources. And if you want to do something, usually it lands on your shoulders,&#8217; she said.</p>



<p>She reiterated that successful CEOs scout for resilience and creativity, but that it can still be difficult to evaluate who does and doesn’t have these skills.</p>



<p>&#8216;I would suggest that crash tests during the interview process are a good idea. So actually making the interview process a little bit ambiguous, a little bit uncomfortable, and seeing how the candidates react to those changing conditions. Whether they get frustrated or whether they are completely comfortable with the fact that there is an unknown. So you can design the process to scout for those skills,&#8217; she said.</p>



<p>Henshaw said that companies are also increasingly relying on <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">AI tools when evaluating candidates</a>. &#8216;So there is an extension on Google Chrome that analyses the personalities of all LinkedIn members. So let&#8217;s say you go to a person’s profile, you can get a very good idea of what their characteristics are and how risk-averse they are.&#8217;</p>



<h2 class="wp-block-heading">Hiring in a growing industry</h2>



<p>Another challenge facing businesses in the sector right now is that the blockchain and Web3 industries are still relatively new, making it difficult to hire experienced employees. &#8216;Let&#8217;s say somebody has worked for a blockchain company before they have been involved in the project, but realistically, what was their impact? And, let&#8217;s say they have been in 2 or 3 projects and none of them was successful. It doesn&#8217;t need to be their fault.&#8217;</p>



<p>Henshaw explained that some of these issues can be mitigated through networking and references but that it can still be very difficult to assess actual knowledge. &#8216;It&#8217;s not like you&#8217;re graduating from a specific university course and suddenly you&#8217;re an expert. Like I said before, it’s one thing to understand the technology but it’s another thing to apply it.&#8217;</p>


A blockchain headhunter explains what you need to make your business succeed – or get the job


<p>Blockchain’s role as a trust enhancer is not new. Enterprises have long known that blockchain can provide transparency and reliability for the solutions they need to succeed. But <a href="https://www.bsvblockchain.org/news/using-blockchain-and-ai-together" target="_blank" rel="noopener">automation and the use of AI</a> take the need for trust to a new level.</p>



<p>To realise the promise of the new digitisation wave in which companies find themselves, we need a proven solution: one that integrates with technologies such as AI and IoT, and that lays a foundation of trust.</p>



<p>Blockchain is the technology associated with trust, security, and integrity. Its secure and transparent method of recording transactions ensures that its users can use AI and other emerging technologies with confidence and enjoy the benefits they offer.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<h2 class="wp-block-heading">Benefits for enterprises</h2>



<p>Although often associated with cryptocurrency, blockchain offers a multitude of uses and benefits whose value to enterprises extends far beyond that of financial tokens.</p>



<ul>
<li><strong>Blockchain creates trust: </strong>Using blockchain to manage verifiable digital identities of people, businesses, or devices engaging online means network participants can trust in these identities’ integrity.</li>
</ul>



<ul>
<li><strong>Blockchain offers secure exchange: </strong>Its reliance on a decentralised infrastructure dramatically reduces the risk of unwanted modifications when data is shared.</li>
</ul>



<ul>
<li><strong>Blockchain provides integrity:</strong> Its transparency enables users to see for themselves that the data they’re sharing hasn’t been tampered with. This feature makes for a trustworthy audit trail, simplifying regulatory compliance.</li>
</ul>



<p>Blockchain’s benefits are mighty. Using it, your enterprise can not only operate more efficiently and confidently, but also position itself as a leader and innovator in what’s shaping up to be the Fifth Industrial Revolution: one powered by <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">AI and IoT</a>, and the many innovations they make possible.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>


BSV blockchain – The technology at the heart of digital trust


<p><a href="https://buzzmint.io/" target="_blank" rel="noopener nofollow">Buzzmint</a>, in partnership with <a href="https://www.mwtcymru.co.uk/" target="_blank" rel="noopener nofollow">MWT Cymru (Mid Wales Tourism)</a> and supported by Powys County Council, is set to revolutionise the local loyalty program landscape with the launch of IMI Wales.</p>



<p>This innovative platform, backed by the Shared Prosperity Fund (SPF), is designed to foster local community engagement and economic growth through a unique <a href="https://www.bsvblockchain.org/news/the-advantages-of-the-various-token-protocols-on-bsv-blockchain" target="_blank" rel="noopener">token-based rewards system, built on the BSV blockchain</a>.</p>



<p>Scheduled for initial testing in Summer 2024 to select towns, with plans for further national rollout in 2025, IMI Wales aims to redefine the loyalty experience. Unlike traditional programs focused on supermarkets or specific brands, IMI Wales promotes a community-centric approach, supporting independent businesses and celebrating Welsh culture.</p>



<h2 class="wp-block-heading">Key features and benefits of IMI Wales</h2>



<p>IMI Wales stands out with its direct digital link between businesses and customers, facilitated through the IMI tokens. These tokens can be created by participating businesses, acquired by shoppers on the IMI platform and redeemed in-store.</p>



<p>IMI users can also earn or be rewarded with airdropped IMI tokens by shopping at local businesses and participating in local events and used for personalised rewards. This not only drives local engagement but also bolsters the economy by incentivising spending within community bounds.</p>



<h2 class="wp-block-heading">Partnerships and strategic support</h2>



<p>Developed with the expertise of MWT Cymru and supported by strategic partnerships, IMI Wales is positioned at the forefront of digital innovation in community development and tourism.</p>



<p>‘MWT Cymru is thrilled to collaborate with Buzzmint on this groundbreaking initiative. By leveraging cutting-edge blockchain technology, IMI Wales represents a significant step forward in how we engage and support our local communities and businesses,’ said <a href="https://www.linkedin.com/in/zoe-hawkins-85b81b34/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Zoe Hawkins, Chief Executive of MWT Cymru</a>.</p>



<p>&#8216;This platform is more than just a loyalty program; it&#8217;s a commitment to revitalising and uniting Welsh communities through innovative digital solutions that highlight our rich cultural heritage and drive economic growth.&#8217;</p>



<p>Buzzmint said it is committed to the success of IMI Wales as the first of its kind loyalty and rewards program specifically for Welsh town-based businesses. Following this, Buzzmint plans to establish Wales as a leader in Web3, tokenisation, and its significant benefits, particularly in the tourism sector.</p>



<p>&#8216;We are delighted to work with MWT Cymru with the support of the Welsh Government’s SPF to develop, deliver and showcase how blockchain technology and the power of utility-led tokenisation can open up opportunities—not only to drive footfall back into the heart of Welsh communities but also to help digitally unite these communities,&#8217; said <a href="https://www.linkedin.com/in/charles-symons-b4580622/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Charles Symons (Co-Founder of Buzzmint)</a>.</p>



<p>&#8216;MWT have always been pioneers in introducing new technology platforms to help their members develop and thrive, and we look forward to developing further tokenisation opportunities in the tourism sector that bring together tourism operators and the communities that host them.&#8217;</p>


Buzzmint and MWT Cymru to use BSV blockchain in new tourism partnership


<p>BSV Blockchain, the stewards of the BSV blockchain network, held a technical meetup in Mallorca, Spain to discuss some of its upcoming projects and ongoing developments. The technical meetup was organised by the team at <a href="https://www.gate2chain.com/" target="_blank" rel="noopener nofollow">Gate2Chain</a> to introduce <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a> and <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a>. As part of the technical meetup, attendees heard from companies currently developing tokens on the BSV blockchain.</p>



<p><a href="https://www.bsvblockchain.org/news/bitcoin-builders-troymoney-and-buying-gold-on-the-blockchain" target="_blank" rel="noopener">TroyMoney, a subsidiary of WorldVest, aims to tokenise vaulted gold and other precious metals</a> on the blockchain. They look to improve the current financial landscape by establishing and integrating a range of digital investment currencies backed by precious metals.</p>



<p>The fusion of blockchain technology with the inherent value of gold and other precious metals facilitates the revival of gold and precious metals as a private &#8216;metals as money&#8217; monetary system. It also provides deep liquidity and instant off-ramps to any global fiat currency.</p>



<p><a href="https://www.bsvblockchain.org/news/building-smart-contracts-with-tokenized" target="_blank" rel="noopener">Tokenised is an all-in-one tokenisation solution designed for institutions, government agencies, enterprises, and individuals</a>. In the context of the BSV blockchain, a token is a digital asset that represents something of value: either a commodity or a service. The fundamental unit of the BSV blockchain, the satoshi or 1&#215;10^-8 BSV, is a commodity token that can be used as the basis for any kind of token whether it’s fungible or non-fungible. Tokenised utilise smart-contracts to extend satoshis by describing the function of their custom tokens in BSV Script, the predicate scripting language used to lock and unlock satoshis in BSV transaction outputs and inputs, respectively.</p>



<p>Tokenised’s smart-contract based tokens enhance the value proposition of digital assets by providing a flexible extension to the unique advantage of BSV’s satoshi commodity token: secure high-frequency microtransactions.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-what-is-a-token">What is a token?</h2>



<p>A token is a representation of value: good or service. On the blockchain,, a token can be captured in a digital ledger entry that also records the ownership rights of a certain entity for a given asset and the subsequent changes of ownership over time to the BSV ledger. Each company has the freedom to create its own token protocol and the BSV blockchain supports a variety of token protocols to meet every demand.</p>



<p>Some of the most-used token protocols on the BSV blockchain include:</p>



<p><strong>STAS: </strong><a href="https://www.stastoken.com/" target="_blank" rel="noopener nofollow">The STAS protocol creates smart contract-based tokens and enforces token persistence with optimised minimal code size</a>. STAS tokens as native L1 tokens on the BSV blockchain protocol are ideal for implementing token or NFT solutions that rely on long-term stability and decentralised management.</p>



<p><strong>1SAT Ordinals: </strong><a href="https://1satordinals.com/" target="_blank" rel="noopener nofollow">1Sat Ordinals is a completely FOSS protocol which infuses individual sats with numismatic values at the atomic level of BSV</a>. Each sat can now be inscribed with any arbitrary data; creating unique BSV-native digital artefacts that integrate with all wallets. Inscriptions are as scalable, durable and secure as BSV itself, and 1Sat Ordinals is uniquely powerful among token protocols because of its elegant simplicity.</p>



<p><strong>ELAS Token:</strong> <a href="https://elas.co/" target="_blank" rel="noopener nofollow">Elas uses the Metanet concept to create private, permissioned ledgers for the multi-signature issuance of tokens on the BSV blockchain</a>. Tokens are issued as UTXOs and can be transacted using any valid script, supporting arbitrarily complex token functionality. Fixed or dynamic Satoshi amounts can be used to allow both fungible and non-fungible tokens. Issuance and transfer signatures are all validated at the consensus level, but Elas token protocol enforcement is governed by Elas infrastructure, tuned for each specific use case.</p>



<p><strong>Tokenized:</strong> <a href="https://tokenized.com/" target="_blank" rel="noopener nofollow">The Tokenized Protocol is an open-source application layer protocol that utilises the BSV blockchain for passing, authenticating and storing messages</a>. The protocol focuses on data (aka records) captured from financial, legal, commercial and accounting activities for all types of legal entities and ownership structures. It aims to disrupt modern financial messaging, and EDI, standards (e.g. ISO 20022) with an improved value proposition, and ultimately usher in the smart contract era through a digital transformation of contracts, and the associated instruments and records.</p>


Tokens on the BSV blockchain


<p><a href="https://nchain.com" target="_blank" rel="noopener">nChain</a> has launched its new <a href="https://nchainplatform.com" target="_blank" rel="noopener">Product Suite Platform</a>, a developer platform designed to simplify the transition from Web2 to Web3. Speaking at the recent BSV Blockchain DevCon, <a href="https://www.linkedin.com/in/michael-smolenski-19701618/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Mike Smolenski (Technology Lead at nChain)</a> and <a href="https://www.linkedin.com/in/thomas-moretti-57b26a2b/?originalSubdomain=fr" target="_blank" rel="noopener nofollow">Thomas Moretti (Head of Product Development at nChain)</a> explained that the Product Suite Platform offers a comprehensive range of tools and services, including foundational immutable data recording, digital identity, and sovereign document signing.</p>



<p></p>



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<p>Moretti began the presentation by giving an overview of the various ongoing products at <a href="https://nchain.com" target="_blank" rel="noopener">nChain</a> and how they utilise the BSV blockchain.‘<a href="https://nchain.com/nchain-product-suite-platform/" target="_blank" rel="noopener">nChain’s Product Suite Platform</a> is a platform supporting the development, deployment and installation of Web3 infrastructure and applications in an easy-to-use manner,’ he said.</p>



<p>Moretti added that the friction of Web3 development is impacting developers around the world. There are approximately 27 million global developers, with just 20,000 of these developers working on Web3 projects. This is due to several key issues including a growing skill gap, fragmented ecosystems and complex tooling. This needs to change if the technology is to be adopted in earnest, said Moretti.</p>



<p>The Product Suite Platform solves this problem by acting as a unified, secure, and scalable platform with a suite of enterprise-grade, plug-and-play Web3 applications that integrate seamlessly with your business processes, said Moretti. ‘We remove the complexity from Web3 development by creating streamlined, user-friendly and intuitive tools that empower developers,’ he said. ‘nChain’s Product Suite Platform offers unparalleled flexibility in deployment, ensuring every organisation finds their perfect fit. Users can demo, test and deploy their own Web3 applications without having to interact with intermediaries.’</p>



<h2 class="wp-block-heading" id="h-key-features">Key features</h2>



<p>Some of the features offered by the Product Suite Platform include:</p>



<ul>
<li><strong>Digital sovereignty with on-premise installations</strong>: The Product Suite Platform emphasises digital sovereignty, especially crucial for organisations under strict data laws. It simplifies on-premises deployment, ensuring data security and compliance with local policies.</li>



<li><strong>Customisable data control:</strong> The nChain Product Suite Platform grants users enhanced control over data storage and management, vital in sectors handling sensitive information.</li>



<li><strong>End-user data sovereignty: </strong>The Product Suite Platform enables individuals to control and move their data across applications, promoting true data ownership.</li>



<li><strong>Easy deployment for decentralised systems: </strong>The platform revolutionises the Web3 experience by offering the most frictionless deployment of platform components for distributed use cases. Our components are designed to industry standards and are intuitive, which many developers are operations teams are familiar with so that they can quickly get started.</li>
</ul>



<p>A demo system and an <a href="https://nchainplatform.com/" target="_blank" rel="noopener">overview of the Product Suite Platform tools can be found here</a>.</p>



<p>Smolenski followed Moretti by giving an overview of <a href="https://nchain.com/nchain-sign/" target="_blank" rel="noopener">nChain Sign</a>. It is a digital signature solution that creates tamper-proof, secure and transparent verification of documents. It does this by utilising the unique benefits of the BSV blockchain to provide a secure, immutable, and transparent method for signing and verifying documents.</p>



<p>nChain Sign is designed to offer individuals and organisations the ability to execute signatures on digital documents with the assurance that once a document is signed, it cannot be altered without detection. This aligns with the principles of Web3 and Self-Sovereign Identity (SSI), emphasising user empowerment.</p>



<p><strong>About nChain</strong></p>



<p>nChain is a leading global provider of blockchain technology, providing products, solutions and IP licensing services. Combining a world-leading Web3 IP portfolio together with the knowledge, expertise, tools, and products, we enable a seamless transition from Web2 to Web3.</p>



<p>nChain builds and maintains the most inclusive, secure and scalable Web3 infrastructure that delivers efficient value exchange to foster an ecosystem that is truly pioneering and provides an accessible foundation for everyone to benefit from Web3 opportunities.</p>



<p>nChain currently has almost 2,800 registered active and pending patents and has been a major contributor to BSV Node software, Teranode and more.</p>


nChain launches new Product Suite Platform at BSV DevCon


<p>Technology history has repeatedly demonstrated the value of seeking consensus on technical standards, to fuel industry growth through compatibility and interoperability between different businesses. But how and when should technical standards be adopted?&nbsp;</p>



<p>This was expanded upon in more detail by <a href="https://www.linkedin.com/in/angusbrown/" target="_blank" rel="noopener nofollow">Angus Brown (Chairman of the Technical Standards Committee)</a> at the recent London DevCon 2024 where his presentation focused on the work being done by the <a href="https://tsc.bsvblockchain.org" target="_blank" rel="noopener">BSV Blockchain Technical Standards Committee (TSC)</a>. </p>



<p></p>



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<p>Brown explained that the TSC promotes technical excellence and further increases the BSV blockchain’s utility by enhancing interoperability through standardisation, facilitating industry participation in the development of global standards and ensuring technical standards are maintained and freely available.</p>



<p>The TSC provides an out-of-the-box toolset to fuel industry growth through compatibility and interoperability between different businesses. “The TSC promotes technical excellence and further increases the BSV blockchain’s utility by enhancing interoperability through standardisation,’ said Brown. ‘We facilitate industry participation in the development of global standards and ensure technical standards are maintained and freely available,” he said.&nbsp;</p>



<h2 class="wp-block-heading" id="h-the-importance-of-technical-standards">The importance of technical standards&nbsp;</h2>



<p>While standards can be seen as a boring topic, Brown noted that standards are required for any communications, ideas and information and have been used throughout history.</p>



<p>Brown noted that the TSC is a committee which governs the standards within the BSV blockchain ecosystem. He added that these standards are not formed by the TSC itself but come directly from the community which submits its ideas and proposals. There are now some 50 proposals before the TSC, which will be debated and considered before implementation.&nbsp;</p>



<p>“The members of the TSC are nominated to the <a href="https://association.bsvblockchain.org/team" target="_blank" rel="noopener">BSV Executive Committee</a>, with evaluation on technical and business acumen, and appointed for fixed terms. They are volunteers and not employees of the BSV Association. The committee has a mix of technical and quantitative people with business skills and experience working at the industry level,” he said. </p>



<p>Brown further touched on the governance role of the TSC, including IP protection, accessibility to all developers, encouraging technical debate, and improving transparency.&nbsp;</p>



<h2 class="wp-block-heading" id="h-principles-of-standard-development">Principles of standard development&nbsp;</h2>



<p>The TSC serves as the facilitator for the standards development process, providing the platforms, rules, governance, methodologies and access to specialists such as technical writers to objectively contribute to the standards development process.</p>



<p>The technical standards are developed by working groups of experts in their subject matter who understand the needs of the sectors that they represent and of the wider ecosystem. A working group is formed of authors, reviewers and a TSC sponsor.&nbsp;</p>



<p>The typical process involves the TSC meeting over a set period to share information, evidence and lessons learned, as well as ensure that the systems and tools that are being designed or implemented work together.</p>



<p>The TSC follows four principles of standard development:&nbsp;</p>



<ul>
<li><strong>Industry-driven: </strong>Experts and companies, in response to a perceived need in their industry, take the lead in deciding which standards should be developed, not the TSC.</li>
</ul>



<ul>
<li><strong>Created by experts:</strong> Industry experts are involved at all stages of the standard development process, from deciding whether a new standard is needed, to defining all the technical content and reviewing and monitoring industry adoption once published.</li>
</ul>



<ul>
<li><strong>Collaborative and objective:</strong> An open process to ensure that all parties interested are offered the opportunity to be actively involved in the standard development. The recommended solution is a result of a consensus-based approach that fully considers comments gathered from stakeholders during both the internal and public review phases.</li>
</ul>



<ul>
<li><strong>Accountable and open:</strong> TSC standard development follows transparent procedures. The implementation of standards is monitored and recorded internally with a summary of technical decisions and comments received made publicly available.</li>
</ul>


The BSV Technical Standards Committee – What it does and why it matters


<p>BSV Blockchain recently held its annual <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">DevCon on 20 May 2024 at the London ExCel Convention Centre</a>. The DevCon aimed to empower developers to leverage the BSV blockchain as an infrastructure for novel applications, services and businesses.</p>



<p><a href="https://www.linkedin.com/in/shruggr/" target="_blank" rel="noopener nofollow">David Case (Visionary of 1SatOrdinals)</a> and <a href="https://tonicpow.com/" target="_blank" rel="noopener nofollow">Luke Rohenaz (Founder of Tonic POW)</a> are the two principal pioneers of the <a href="https://1satordinals.com/" target="_blank" rel="noopener nofollow">1SatOrdinals</a> protocol on the BSV blockchain. In their presentation, Rohenaz and Case explained the concept of 1SatOrdinals, how the protocol works and what applications and use cases can be built with it.</p>



<p></p>



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<h2 class="wp-block-heading" id="h-the-basic-concept-of-ordinals">The basic concept of ordinals</h2>



<p>Case highlighted that an ordinal in the context of the BSV blockchain is simply a satoshi, the smallest unit of BSV, which is tracked as a unique entity through a set of rules. This tracking allows each satoshi to be treated as a token, which can record significant events, such as having an image file written onto it and stored on the blockchain.</p>



<p>This means the owner of that satoshi owns everything associated with its history. This tracking system enables the creation of NFTs (non-fungible tokens) and various other innovative uses. While some functions of this technology have already been developed, the possibilities for further functions appear far from exhausted.</p>



<h2 class="wp-block-heading" id="h-how-ordinals-are-more-versatile-and-useful-on-bsv">How ordinals are more versatile and useful on BSV</h2>



<p>Rohenaz expanded on this, highlighting the unique passive approach of ordinals. Unlike other protocols that require specific identifiers in the transaction scripts, ordinals track the origin and movements of satoshis without labels, freeing up space in transactions.</p>



<p>This idea, inspired by constraints on the BTC blockchain, was implemented on BSV, allowing additional functionalities like sCrypt contracts. Initially used for NFTs and a community mint-style fungible token protocol called BSV20, it evolved to BSV21, enabling smart contracts and innovative features like &#8220;lock to mint.&#8221; An example is POW20, which enforces proof of work for token issuance.</p>



<p>Case illustrated a recent project showcasing the integration of sCrypt and ordinals through a custom image NFT contract. This contract generates unique NFTs by combining ten transparent image layers, each ordinal, using deterministic math. Each execution of the contract produces a distinct SVG image, resulting in an HTML page pointing to multiple ordinals. This approach demonstrates the potential for creating complex, layered NFTs.</p>



<h2 class="wp-block-heading" id="h-scalability-of-ordinals">Scalability of ordinals</h2>



<p>Case also addressed the scalability of ordinals and explained that they do scale, but understanding what a Satoshi represents requires tracing its entire transaction history back to its origin. This process involves verifying a chain of transactions and associated Merkle proofs, typically up to a manageable number like 100, to validate ownership.</p>



<p>Rohenaz added that as BSV processes large volumes of data, additional infrastructure like indexers and aggregators becomes necessary for efficient validation. Despite the data accompanying NFTs, which includes transaction histories, it remains manageable. Supporting infrastructure in that regard are the <a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">overlay networks</a>, <a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">SPV wallet</a> and <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a>.</p>



<h2 class="wp-block-heading" id="h-websites-resources-and-additional-info">Websites, resources and additional info</h2>



<p>The presentation also included an open-question round. One of the audience members asked about website links related to projects that were showcased in the presentation. Case provided information about <a href="https://www.bubblemint.io/" target="_blank" rel="noopener nofollow">Bubblemint</a> for generative NFTs and <a href="http://pow20.io" target="_blank" rel="noopener nofollow">pow20.io</a> for tokens generated through proof of work.</p>



<p>He mentioned the onesat market (formerly a subpage of 1satOrdinals.com) as a platform for NFTs and introduced the <a href="http://onesat.market/" target="_blank" rel="noopener nofollow">onesat. market</a> as its continuation. Rohenaz elaborated that <a href="http://1satordinals.com" target="_blank" rel="noopener nofollow">1satordinals.com</a> will transition into a community and developer resource site, while onesat.market will serve as the marketplace for NFTs and minting activities.</p>



<p>Many other questions concerned the possible future developments and applications for businesses. For those who are interested, we recommend <a href="https://www.youtube.com/live/YTVtAhAD15g?si=rybqvauB6T1yU1py&amp;t=4404" target="_blank" rel="noopener nofollow">watching the recording of the event on our YouTube channel</a>.</p>


BSV DevCon: 1SatOrdinals are set to renew business practices


<p>As technologies such as <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">Artificial Intelligence gain momentum</a>, it has become increasingly important to protect your ideas from wayward actors. However, the process of patenting intellectual property and hiring attorneys to protect this property is incredibly expensive and burdensome for most people.</p>



<p>Enter <a href="https://www.easyip.today/about/" target="_blank" rel="noopener nofollow">Easy IP</a>, a patented blockchain-based smart contract solution aimed at entrepreneurs, brands, businesses, owners, and creators. Speaking at the recent London Blockchain Conference 2024, <a href="https://www.linkedin.com/in/karyoberbrunner/" target="_blank" rel="noopener nofollow">Kary Oberbrunner</a> (Founder of Easy IP) explained that Easy IP is intellectual property protection that’s faster, cheaper, and easier.</p>



<p><a href="https://karyoberbrunner.com/" target="_blank" rel="noopener nofollow">Oberbrunner is a Wall Street Journal and USA Today bestselling author</a>&nbsp;of more than a dozen books. As CEO of Igniting Souls and Blockchain Life, he helps authors, entrepreneurs, and influencers publish, protect, and promote their Intellectual Property and turn it into 18 income streams.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="In the Spotlight: Easy IP and Kary Oberbrunner" width="500" height="281" src="https://www.youtube.com/embed/0o9xwuc-pRo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-from-an-idea-to-intellectual-property">From an idea to intellectual property</h2>



<p>Oberbrunner explained that many people have great ideas, but only some of them capitalise on these ideas and make them happen. &#8216;The word abracadabra means<em> I create as I speak</em>. Or<em> it came to pass as it was spoken</em>. But most of us know that when we have an idea, it takes a long time to get that idea implemented.&#8217;</p>



<p>&#8216;We may have the idea, but then it may take months or years to put that idea into practice. So what most people do is they stop. They don&#8217;t do anything with their ideas. You probably have a lot of ideas that you&#8217;ve thought of, but you haven&#8217;t done much with them or the people who do move on with an idea. It becomes very, very expensive with time and money.&#8217;</p>



<p>Oberbrunner noted that it currently costs around $20,000 to patent an idea, while the process takes around one to three years. This all adds up to a lot of friction, he said. &#8216;There has to be a way that we can actually empower creative people to have an idea and then protect that idea instantaneously so that they can continue to build on that idea.&#8217;</p>



<h2 class="wp-block-heading" id="h-using-blockchain-to-protect-your-idea">Using blockchain to protect your idea</h2>



<p>Oberbrunner explained that blockchain is a perfect solution because blockchain is a distributed digital ledger, meaning that everybody in the whole world on <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">any device can see a smart contract</a>.</p>



<p>He added that the Easy IP app is available for any smartphone and browser so that users can quickly and safely protect an idea and begin the process of turning it into intellectual property.</p>



<p>&#8216;When people go to their Easy IP app, they literally just hit a button called <em>Protect Media</em>. And then they have the choice to either choose a photo, text or file. And with a few clicks, they simply protect that idea.</p>



<p>&#8216;And then our team goes and essentially creates a smart contract around that &#8211; so it&#8217;s frictionless. Rather than taking $20,000 or one to three years, it happens in less than 24 hours and for about $97. We actually give everyone the first smart contract free so that they can try it out.&#8217;</p>



<h2 class="wp-block-heading" id="h-the-importance-of-protecting-your-intellectual-property">The importance of protecting your intellectual property</h2>



<p>&#8216;The intellectual property of most businesses is spread out across multiple places and is held by multiple people,&#8217; said Oberbrunner. &#8216;Worst still, most of these ideas are rarely formally protected &#8211; the equivalent of leaving a Monet or Picasso painting in the attic,&#8217; he said.</p>



<p>&#8216;And unless you can identify that Picasso when you go to sell your company someday or get investment rounds. Nobody will invest in you because they don&#8217;t know the value. But IP is actually the most valuable asset of any company.&#8217;</p>



<p>&#8216;But with AI, intellectual property becomes even more of an issue because of the large language models, they&#8217;re tapping into everyone else&#8217;s IP and then essentially coming up with their own IP, which is really many times just copying. And so therefore, it&#8217;s very important that everyone, every human has a record of the timestamp of when that idea happened.&#8217;</p>


Protecting your intellectual property with blockchain


<h3 class="wp-block-heading" id="h-12-must-have-skills-and-certifications">12 Must-Have Skills and Certifications</h3>



<p><a href="https://www.bsvblockchain.org/news/training-1m-developers-within-18-months-goal-boosted-with-nigerian-blockchain-developer-summit" target="_blank" rel="noopener">Blockchain developers</a> are the unsung heroes in the technology&#8217;s dynamic landscape. They&#8217;re the digital architects behind <a href="https://www.bsvblockchain.org/news/bitcoin-developer-tools" target="_blank" rel="noopener">various applications&#8217; secure, efficient and innovative solutions</a>.</p>



<p>As the technology moves forward, the demand for blockchain developers intensifies. It&#8217;s not just about lines of code; it&#8217;s a combination of technical prowess, personal characteristics and relevant certifications to thrive within the industry. With the proper skill set, you can be an asset to blockchain enterprises.</p>



<p>What does it take to be a successful blockchain developer? Check out the must-have <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain developer skills</a> and certifications you need under your belt in the infographic below!</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="8082" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/06/Skills-and-Certification-for-Blockchain-Developers-Infographics-101x1024.jpg" alt="" class="wp-image-32187" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/06/Skills-and-Certification-for-Blockchain-Developers-Infographics-768x7759.jpg 768w, https://cms.bsvblockchain.org/wp-content/uploads/2024/06/Skills-and-Certification-for-Blockchain-Developers-Infographics-152x1536.jpg 152w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2 class="wp-block-heading" id="h-the-anatomy-of-a-blockchain-developer-12-must-have-skills-and-certifications"><strong>The anatomy of a blockchain developer: 12 must-have skills and certifications</strong></h2>



<h3 class="wp-block-heading" id="h-what-is-a-blockchain-developer"><strong>What is a blockchain developer?</strong></h3>



<p>A blockchain developer is a skilled professional who designs, implements and maintains blockchain solutions. The role&#8217;s duties include creating secure and efficient decentralised applications (DApps), smart contracts and blockchain protocols.</p>



<p>Blockchain developers utilise various programming languages to ensure the integrity and functionality of blockchain systems. They are pivotal in advancing the capabilities of blockchain technology and its applications across diverse industries.</p>



<h3 class="wp-block-heading" id="h-7-necessary-skills-for-blockchain-developers"><strong>7 necessary skills for blockchain developers</strong></h3>



<p>What skills are required to be a blockchain developer? To thrive in the industry, you need to possess the following:</p>



<p><p style="padding-left: 40px;"><strong>1. Solid understanding of blockchain technology</strong></p></p>



<p>To be a successful developer, you must thoroughly comprehend blockchain principles, structure, processes and features, which are essential in laying the groundwork for effective technology development.</p>



<p><p style="padding-left: 40px;"><strong>2. Programming skills</strong></p></p>



<p>You need proficiency in various programming languages, including blockchain-specific languages like Solidity, GoLang and C++ as well as general programming languages like Python and Java.</p>



<p><p style="padding-left: 40px;"><strong>3.</strong> <strong>Cybersecurity awareness</strong></p></p>



<p>Ideally, you equip yourself with extensive knowledge of cybersecurity principles, emphasising cryptography and implementing security best practices. These skills contribute to the security of various transactions on the blockchain.</p>



<p><p style="padding-left: 40px;"><strong>4.</strong> <strong>Problem-solving and analytical skills</strong></p></p>



<p>No blockchain application is perfect, and as a developer, you must troubleshoot and debug issues. Customers and end-users expect efficiency in transactions, so thinking critically is a must when optimising and improving software for smooth operations.</p>



<p><p style="padding-left: 40px;"><strong>5.</strong> <strong>Collaboration and communication</strong></p></p>



<p>If you&#8217;re part of a team of developers, effective communication can help you complete projects faster. It also lets you foster a collaborative spirit within the organisation.</p>



<p>You may also have to explain complex concepts to those outside your team, such as investors or other people who are not entirely familiar with how blockchain works. Breaking down information into simpler terms can encourage others&#8217; buy-in about your product and make them more receptive to learning.</p>



<p><p style="padding-left: 40px;"><strong>6.</strong> <strong>Continuous learning</strong></p></p>



<p>Staying abreast of evolving blockchain technologies and industry trends demonstrates your desire to keep improving and enhancing your skills in the field. This quality tells employers you are open to new information and can use recent advancements when improving blockchain applications.</p>



<p><p style="padding-left: 40px;"><strong>7.</strong> <strong>Knowledge of ecosystems and standards</strong></p></p>



<p>Understanding the broader blockchain ecosystems and industry standards means being well-versed in the latest tools, frameworks and compliance requirements. Then, you can use the information to deliver quality work that meets everyone&#8217;s expectations.</p>



<h3 class="wp-block-heading" id="h-5-certifications-for-blockchain-developers"><strong>5 certifications for blockchain developers</strong></h3>



<p>Working with blockchain is continuous training and learning. Take these certifications to test your blockchain knowledge and skills.</p>



<p><p style="padding-left: 40px;"><strong>1.</strong> <strong>Certified blockchain developer (CBD)</strong></p></p>



<p>The Blockchain Council designed this certification to hone development skills and best practices within the blockchain domain. It serves as a foundational credential, covering the fundamental aspects of blockchain technology.</p>



<p><p style="padding-left: 40px;"><strong>2.</strong> <strong>Blockchain software engineering</strong></p></p>



<p>This certification by BSV Academy equips developers with the knowledge of how to create blockchain software applications. Lessons include understanding network infrastructures and how <a href="https://www.investopedia.com/terms/m/merkle-tree.asp" target="_blank" rel="noopener nofollow">Merkle trees</a> work.</p>



<p><p style="padding-left: 40px;"><strong>3.</strong> <strong>Blockchain software development</strong></p></p>



<p>Also offered by BSV Academy, this course enhances your software development expertise, including the fundamental principles and practices for creating robust blockchain solutions. Be ready for lessons on blockchain protocols, designs and digital signature schemes.</p>



<p><p style="padding-left: 40px;"><strong>4. Certified smart contract developer</strong></p></p>



<p>Smart contracts are pivotal in automating and securing transactions within decentralised applications (DApps) and blockchain networks.</p>



<p>This certification by the Blockchain Council teaches you to navigate the intricacies of smart contract programming. At the end of the course, you can create agreements that automatically execute and enforce the terms of a deal within a network.</p>



<p><p style="padding-left: 40px;"><strong>5. Certified smart contract auditor</strong></p></p>



<p>As smart contract adoption grows, so does the importance of securing them against potential exploits. The Blockchain Council&#8217;s course ensures developers possess the skills to conduct comprehensive audits, enhancing decentralised applications&#8217; security and trustworthiness.</p>



<h3 class="wp-block-heading" id="h-what-blockchain-companies-are-looking-for-in-developers"><strong>What blockchain companies are looking for in developers</strong></h3>



<p>As technology evolves, more companies seek to integrate blockchain solutions in their respective industries. If you&#8217;re trying to find employment in one of these companies, here are the sort of qualifications that they look for:</p>



<p><p style="padding-left: 40px;"><strong>1.</strong> <a href="https://synerio.com" target="_blank" rel="noopener nofollow"><strong>Synerio</strong></a></p></p>



<p>Developers with a deep understanding of healthcare data management on the blockchain are welcome here. The company&#8217;s recruitment process emphasises expertise in building secure and scalable solutions for the healthcare industry.</p>



<p><p style="padding-left: 40px;"><strong>2.</strong> <a href="https://transmira.com" target="_blank" rel="noopener nofollow"><strong>Transmira, inc</strong></a><strong> and Omniscape</strong></p></p>



<p>This company hires blockchain developers with AR and VR expertise, especially those who can integrate immersive technologies and the blockchain.</p>



<p><p style="padding-left: 40px;"><strong>3.</strong> <a href="http://unisot.com" target="_blank" rel="noopener nofollow"><strong>UNISOT</strong></a></p></p>



<p>UNISOT&#8217;s process assesses candidates with a solid ERP and supply chain background, evaluating their capability to leverage blockchain solutions for efficient and transparent supply chain management.</p>



<p><p style="padding-left: 40px;"><strong>4.</strong> <a href="https://www.dotwallet.com/en" target="_blank" rel="noopener nofollow"><strong>DotWallet</strong></a></p></p>



<p>Several blockchain applications deal with managing cryptocurrency transactions between parties. DotWallet looks for developers with a background in payment solutions to keep the application safe and secure.</p>



<p><p style="padding-left: 40px;"><strong>5.</strong> <a href="https://elas.co" target="_blank" rel="noopener nofollow"><strong>Elas</strong></a></p></p>



<p>Elas wants developers who are well-versed in integrating IoT and associated devices into blockchain.</p>



<p><p style="padding-left: 40px;"><strong>6.</strong> <a href="https://www.predictecology.com" target="_blank" rel="noopener nofollow"><strong>Predict Ecology</strong></a></p></p>



<p>The company hires developers competent in blockchain applications for ecological solutions. Its recruitment process assesses a candidate&#8217;s ability to promote environmental sustainability through innovative blockchain technologies.</p>



<p><p style="padding-left: 40px;"><strong>7.</strong> <a href="https://metastreme.com" target="_blank" rel="noopener nofollow"><strong>MetaStreme</strong></a><strong> and WeatherSV</strong></p></p>



<p>WeatherSV hires blockchain developers to integrate real-time weather data, including precipitation, humidity and air pressure, into the <a href="https://www.bsvblockchain.org/news/getting-more-developers-to-build-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">BSV blockchain</a>.</p>



<p>Meanwhile, MetaStreme is a transaction engine that supports various processes, so a varied skill set is ideal. You&#8217;ll need knowledge of IoT devices, data indexing and mAPI applications TAAL and GorillaPool.</p>



<p><p style="padding-left: 40px;"><strong>8.</strong> <a href="https://nchain.com/resources/insights/" target="_blank" rel="noopener"><strong>nChain</strong></a></p></p>



<p><strong>The company</strong> provides blockchain technology and consulting services, so its pool of developers has a deep understanding of various applications. Joining them means contributing to the company&#8217;s research and development initiatives.</p>



<p><p style="padding-left: 40px;"><strong>9.</strong> <a href="https://www.linkedin.com/company/domineum/?originalSubdomain=ng" target="_blank" rel="noopener nofollow"><strong>Domineum Blockchain Solutions Ltd</strong></a></p></p>



<p><strong>If you are a developer </strong>with a strong foundation in creating blockchain-based solutions for various industries, Domineum Blockchain Solutions Ltd is a good option. A varied skill set makes you an attractive candidate who can help startups and government entities integrate blockchain into their operations.</p>



<h3 class="wp-block-heading" id="h-characteristics-of-successful-blockchain-developers"><strong>Characteristics of successful blockchain developers</strong></h3>



<p>Beyond technical prowess, some qualities distinguish successful developers from the rest. Ideally, these characteristics apply to you, too.</p>



<p><p style="padding-left: 40px;"><strong>1.</strong> <strong>Adaptability</strong></p></p>



<p>Developers who can navigate the swift evolution of blockchain technologies stay ahead of the curve and keep their skills in demand. They can seamlessly transition between diverse blockchain frameworks to meet project requirements.</p>



<p><p style="padding-left: 40px;"><strong>2.</strong> <strong>Attention to detail</strong></p></p>



<p>A meticulous approach is vital in minimising errors within smart contracts, ensuring the seamless execution of code on the blockchain. Attention to detail also means maintaining data integrity within systems and applications.</p>



<p><p style="padding-left: 40px;"><strong>3.</strong> <strong>Passion for learning</strong></p></p>



<p>Successful developers are genuinely passionate about learning, continuously exploring emerging trends and staying informed about the latest advancements in blockchain technology. By constantly improving professionally, developers refine the skills necessary to remain relevant.</p>



<p><p style="padding-left: 40px;"><strong>4.</strong> <strong>Ethical and responsible approach</strong></p></p>



<p>Upholding ethical coding practices ensures blockchain solutions remain socially conscious and trustworthy. Conversely, unethical practices can quickly erode people&#8217;s trust in organisations with questionable reputations.</p>



<p><p style="padding-left: 40px;"><strong>5.</strong> <strong>Discipline and commitment</strong></p></p>



<p>The best developers are committed to growing and advancing the blockchain ecosystem. This devotion also translates to a disciplined work ethic, leading to daily efficiency and career milestones.</p>



<h3 class="wp-block-heading" id="h-from-coding-to-trailblazing"><strong>From coding to trailblazing</strong></h3>



<p>Mastering blockchain development entails acquiring industry certifications. The keystones of adaptability, meticulous attention to detail and unwavering passion are also essential in the blockchain space. Ultimately, expert developers emerge as coders and architects whose precision and foresight reshape the landscape of blockchain innovation.</p>



<p>If you decide to start your blockchain developer career today, <a href="https://www.bsvblockchain.org/news" target="_blank" rel="noopener">BSV blockchain has a library of information</a> to prepare you for the exciting journey that awaits.</p>


The Anatomy of A Blockchain Developer


<p>Enterprises have been digitising for some 30 years — but <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">artificial intelligence (AI)</a> takes transformation to the next level. It is no wonder why: AI enables businesses to reach their potential at last. With such rapid and dramatic change comes uncertainty, however.</p>



<p>How can you be sure that your digital technologies are working together as they should? How do you know that the results provided are based on reliable data and that your data and devices are tamper-free? The answer, for a growing number of enterprises: blockchain.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<h2 class="wp-block-heading" id="h-a-bold-new-world">A bold new world</h2>



<p>Trust is of the essence in business, but getting a firm foothold can feel difficult when everything seems to constantly change. In the digital realm, we see exponential growth in:</p>



<ul>
<li><strong>Connected identities</strong>: Digital identities and data sources—human and machine—have exploded in number and type as online interactions proliferate and accelerate. Each identity has unique characteristics, attributes, and privileges.</li>
</ul>



<ul>
<li><strong>Transactions</strong>: <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-how-to-use-them-in-your-business-right-now" target="_blank" rel="noopener">AI now plays an important role in automating transactions</a> by performing processes that humans previously completed. Each transaction produces more data.</li>
</ul>



<ul>
<li><strong>Digitised processes</strong>: For enterprises to realise efficiencies they need to digitise certain physical processes — using generative AI (GenAI) for customer service and upselling, for instance, and incorporating extended reality applications.</li>
</ul>



<p>One reason for the new digital transformation wave we’re seeing now: economic opportunity. Enterprises have invested heavily in GenAI these past 18 months and with good reason. Deploying GenAI tools can quickly increase worker productivity by 10% to 20% or more, a report from Boston Consulting Group shows AI adoption could also relieve, at last, ongoing tech talent shortages. Doing more with fewer people could bring significant cost savings.</p>



<h2 class="wp-block-heading" id="h-a-matter-of-trust">A matter of trust</h2>



<p>Until now, enterprise leaders have tended to rely on physical interactions and tangible proofs to verify identity: signing a contract in person; viewing an official stamp, seal, or photo identification; accepting a cash payment, and more. Today’s digital technologies complicate the trust issue. What happens when IoT devices are interacting, their exchanges not involving humans at all? How can we trust an image or voice when AI use has blurred the distinction between “real” and “fake”?</p>



<p>The dangers, on the other hand, are very real. AI-generated images of an “explosion” at the US Pentagon caused a dip in the stock market in 2023. Data misuse, security breaches, and misinformation: these pose thorny challenges to digital trust, and the threats increase with each technology your enterprise uses. And yet, ensuring that your devices, solutions, and systems are trustworthy — that they are secure, that their transactions are transparent and verifiable, and that they can handle their workloads — is critical for doing business today.</p>



<p>Enterprises struggle with trust in four key areas:</p>



<ul>
<li><strong>Trust in identities</strong>: Ensuring that the digital identities with which they interact are authentic and verifiable. Blockchain acts as an immutable and transparent source of truth for trusted identity verification, as its transaction record, or “ledger”, is unalterable.</li>
</ul>



<ul>
<li><strong>Trust in ownership</strong>: Confirming Intellectual Property (IP), copyright, and ownership of digital assets, information, and data. The blockchain ledger serves as a digital trail so you know where and when every bit and byte comes from.</li>
</ul>



<ul>
<li><strong>Trust in data: </strong>Guaranteeing that information remains unchanged and traceable from its source. Blockchain’s transparent window into each interaction means you can verify your data’s integrity and use it with confidence.</li>
</ul>



<ul>
<li><strong>Trust in systems:</strong> Reducing the number of checks required to prevent data transfer errors. Blockchain enables trusted data sharing in a non-trusted environment. For example, it can help with attributing content to its source, thereby ensuring trust in automated systems that make use of the data.</li>
</ul>


Why the BSV blockchain is the missing link for AI


<p>BSV Blockchain recently held its annual <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">DevCon on 20 May 2024 at the London ExCel Convention Centre</a>. The DevCon aimed to empower developers to leverage the BSV blockchain as an infrastructure for novel applications, services and businesses.</p>



<p>Transaction processors are an important partner for any service or business that relies on the BSV blockchain. One of these service providers is called <a href="https://gorillapool.com/" target="_blank" rel="noopener nofollow">Gorilla Pool</a>. <a href="https://x.com/kurtwuckertjr?lang=en" target="_blank" rel="noopener nofollow">Kurt Wuckert Jr (Founder of Gorilla Pool)</a> presented his company and gave the audience not only an overview of Gorilla Pool&#8217;s services and products but also of how the BSV blockchain works as a data transfer layer.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV DevCon (AM Session)" width="500" height="281" src="https://www.youtube.com/embed/YTVtAhAD15g?start=7800&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-rethinking-value">Rethinking value</h2>



<p>Wuckert highlighted widespread misconceptions about digital currencies at various levels, particularly in terms of their financial value. He criticised that digital currencies are primarily seen as assets, whose value is measured in fiat currencies. He argued that the BSV blockchain in contrast to this, facilitates data transfers and that there is a convergence between money and data.</p>



<p>Wuckert also challenged the notion that it is necessary for a distributed ledger that everyone runs a node on personal devices, deeming this impractical for a global financial network. Instead, he argued to leave the job of processing transactions to professionals. This way, everybody can focus on just the aspects of the blockchain that are relevant to their operation.</p>



<h2 class="wp-block-heading" id="h-demystifying-blockchain-infrastructure">Demystifying blockchain infrastructure</h2>



<p>Wuckert provided a comprehensive overview of transaction processing and network infrastructure. He explained that to connect to the BSV network, one needs a <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-private-beta-of-spv-wallet-the-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noopener">wallet to broadcast transactions</a>, and nodes, ranging from small to large computers, compete to add transaction data to the blockchain.</p>



<p>Specialised devices called ASICs use brute force to prove reliability and trustworthiness for writing transactions. Processing nodes earn subsidies and transaction fees by validating blocks. He stressed the importance of making it easier to build applications to increase transactions and profits for both users and miners, likening this to telecom companies encouraging data use on their networks.</p>



<h2 class="wp-block-heading" id="h-the-power-of-data">The power of data</h2>



<p>Wuckert highlighted <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-private-beta-of-spv-wallet-the-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noopener">the vast data opportunities with the BSV blockchain, noting that trillions of megabytes of data are created daily, including emails, social media interactions, and financial transactions</a>. He emphasised that BSV aims to handle this massive amount of data by integrating global financial systems and the Internet.</p>



<p>He explained that proof of work was originally designed to filter out junk data, such as email spam, and can be applied to broader internet data management to ensure privacy and relevance. Wuckert appreciated developers working on these challenges and underscored BSV&#8217;s goal of improving data utility and efficiency.</p>



<h2 class="wp-block-heading" id="h-efficient-data-management-on-the-bsv-blockchain">Efficient data management on the BSV blockchain</h2>



<p>Addressing the issue of managing data on the BSV blockchain, where all data is chronologically ordered and includes both trivial and critical information, Wuckert said they follow a two-pronged approach. This involves <a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">overlay networks</a> and efficient indexing/filtering to better manage data.</p>



<p>With Gorilla Pool, users can subscribe only to the data they need, reducing unnecessary processing. He promoted<a href="https://www.bsvblockchain.org/news/setting-new-standards-in-mining-with-gorilla-pool" target="_blank" rel="noopener"> Jungle Bus, a service that allows companies to run a minimal indexer for their specific data needs, cutting costs and improving efficiency by focusing on relevant transactions</a>.</p>



<p>He also mentioned <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a>, an ingestion engine for getting data into and out of blocks, enhancing the blockchain’s value as a data technology. Wuckert emphasised Gorilla Pool&#8217;s role in providing simple tools and services, promoting cooperation within the BSV ecosystem.</p>


Gorilla Pool: Blockchain-as-a-Service for innovative data transfer solutions


<p>The 2024 London DevCon closed with a presentation by <a href="https://www.linkedin.com/in/siggioskarsson/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Oskarsson (Teranode Director at BSV Blockchain)</a> where he discussed the unrivalled scalability that is offered by <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>. He kicked off his presentation with a simple statement:</p>



<p><em>‘By the time you have read this slide, </em><a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener"><em>Teranode has processed 15 million transactions</em></a><em>’.</em></p>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
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</div></figure>



<h2 class="wp-block-heading" id="h-re-building-the-bsv-node-software-from-scratch">Re-building the BSV node software from scratch</h2>



<p>Oskarsson then provided some of the more technical details about how this is possible and his team’s plans for the future. He explained that building Teranode effectively meant re-building the BSV node software from scratch so that it offers:</p>



<ul>
<li>Unbounded block sizes;</li>



<li>It is horizontally scaled and modular;</li>



<li>It is fully adherent to the Bitcoin white paper.</li>
</ul>



<p>“Teranode only focuses on the core on the core functionalities of a BSV node. It is therefore able to achieve scalability and performance over one million transactions per second,” he said. <a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<h2 class="wp-block-heading" id="h-looking-forward">Looking forward</h2>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024.</p>



<p>This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">two tests were completed</a>. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.</p>



<p>As part of this process, protocol stewards BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required.</p>



<p>The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<h2 class="wp-block-heading" id="h-the-mandala-upgrade">The Mandala upgrade</h2>



<p>The BSV blockchain, with Teranode at its core, will be the backbone infrastructure for a global system of multiple specialised overlay networks. BSV Blockchain is planning for specialised nodes to complement the core services provided by miners running Teranode.</p>



<p>The <a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">Mandala upgrade</a> broadly consists of three key components:</p>



<ul>
<li><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener"><strong>Teranode</strong></a><strong>: </strong>Teranode stands at the centre of the new upgrade and is responsible for keeping a global record while dealing with standardised transactions and high throughput capacity.</li>
</ul>



<ul>
<li><strong>Overlays:</strong>&nbsp;<a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">Overlay networks</a> allow the distribution of that demand across many services as well as the empowerment of individuals having ownership and agency over their own identity and personal information. This distribution of agency and demand with the ability to granularly purchase only what’s needed works together to minimise waste and provide superior service and superior quality products When you only pay for what you need, only what you need is manufactured and sold.</li>
</ul>



<ul>
<li><a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener"><strong>SPV Wallet</strong></a><strong>: </strong>The open-source reference implementation SPV Wallet clarifies the state-of-the-art technical architecture of BSV wallets through its open-source, non-custodial framework, enabling seamless transaction verification and management at significantly reduced costs. Designed for exchanges, wallet providers and businesses running BSV applications, it offers a reference implementation of simplified payment verification (SPV, section 8 of the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin white paper</a>) for enhanced efficiency and security.</li>
</ul>



<p>The Mandala upgrade will fully unlock the BSV blockchain allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.</p>



<p>BSV blockchain’s Mandala upgrade is the network topology change from a web2 client-server approach where nodes were responsible for all functions of network operation including data storage and access, in addition to their proscribed function of block ordering and transaction timestamping and ordering. With the Mandala upgrade, nodes are free to focus on being nodes with all other functionality being pushed out to an overlay service layer and wallets.</p>


By the time you have read this Teranode has processed over 15 million transactions


<p>Handcash, in partnership with <a href="https://www.mnee.xyz/" target="_blank" rel="noopener nofollow">payments company MNEE</a>, has announced the upcoming launch of the first USD-backed stablecoin designed to revolutionise digital transactions by leveraging the BSV blockchain.</p>



<p>Speaking at London DevCon 2024, <a href="https://www.linkedin.com/in/rafa-jim%C3%A9nez-3b46798a/?originalSubdomain=es" target="_blank" rel="noopener nofollow">Rafa Jiménez (Co-Founder and CTO of HandCash)</a> said that the stablecoin will be launched sometime in the summer of 2024 and that his team will also begin offering a ‘wallet-as-a-service’ function so that businesses do not feel like they need to be tied into the ecosystem or long-term contracts.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-the-first-of-its-kind">The first of its kind</h2>



<p>HandCash is launching the stablecoin as part of a partnership with Tokenized and <a href="https://www.mnee.xyz/" target="_blank" rel="noopener nofollow">payments company MNEE</a>. Each MNEE token is redeemable for $1.00 and is fully collateralised by US T-bills, USD cash, or stablecoin equivalents. MNEE operates as a licensed and regulated custodian and issuer of digital assets in Antigua, ensuring full compliance and security in line with international standards.</p>



<p>With stringent AML/KYC compliance, robust risk management, and effective treasury management, MNEE will undergo full audits with attestation of reserves, providing transparency and reliability to its users.</p>



<p>&#8216;Sitting at approximately $160 billion today, the stablecoin sector is projected to reach nearly $3 trillion by 2028, clearly demonstrating market desire for the instant processing and high security of stablecoin payments, coupled with the volatility-free stable valuations of fiat currencies,&#8217; said <a href="https://www.linkedin.com/in/srigas/?originalSubdomain=cy" target="_blank" rel="noopener nofollow">Savvas Rigas, Chief Financial Officer of MNEE</a>. &#8216;With the launch of MNEE, we are proud to introduce the industry&#8217;s fastest and most scalable stablecoin to date, truly establishing MNEE as the currency for tomorrow.&#8217;</p>



<p>HandCash <a href="https://coingeek.com/usd-stablecoin-mnee-backed-by-real-reserves-and-the-power-of-bsv-blockchain/" target="_blank" rel="noopener">CEO Alex Agut told CoinGeek</a> that he and his company were happy to work with MNEE and are confident its stablecoin solution will significantly improve the <a href="https://handcash.io" target="_blank" rel="noopener nofollow">HandCash</a> platform and BSV as a whole.</p>



<p>&#8216;BSV has always been wildly impressive from a performance standpoint; by allowing users to now transact with USD, we are removing one additional layer of complexity for newcomers. We think this is the last piece we need for building products for a non-crypto audience. Finally!&#8217;</p>



<p>Usable money is the lifeblood of HandCash’s ecosystem as a gaming and payments-driven company, he added.</p>



<p>&#8216;We required a fast and lightweight solution for moving dollars across the internet. Tokenized and MNEE support the same low latency, cost-effective and instant transactions we are accustomed to.&#8217;</p>



<h2 class="wp-block-heading" id="h-helping-developers-with-the-right-tools">Helping developers with the right tools</h2>



<p>Outside of the announcement of a new stablecoin, Jiménez also gave an overview of <a href="http://handcash.io" target="_blank" rel="noopener nofollow">HandCash</a> and how it is geared towards helping developers build a product using the right tools.</p>



<p>The HandCash suite of products offers a range of ways to interact with the BSV blockchain, with the HandCash wallet providing a sleek and feature-packed application for end-users. HandCash Connect forms part of this suite of tools and is made up of a set of APIs (Application Programming Interfaces) that developers can use to integrate HandCash wallet functionality into their applications. This allows users to sign in to their HandCash wallet from within third-party apps and perform transactions seamlessly.</p>



<p>Jiménez also detailed the <a href="https://docs.handcash.io/docs/getting-started" target="_blank" rel="noopener nofollow">HandCash SDK</a>: HandCash offers a software development kit (SDK) for developers, providing libraries, documentation, and code samples to facilitate the integration of HandCash wallet features into their projects. The SDK helps developers streamline the process of building applications that leverage HandCash&#8217;s capabilities.</p>


New USD-backed stablecoin to launch on BSV blockchain


<p><strong>Zug, Switzerland, 11 June 2024: </strong>The <a href="https://association.bsvblockchain.org/" target="_blank" rel="noopener">BSV Association</a> has published a <a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-report-on-the-role-of-blockchain-in-safeguarding-data-and-streamlining-transactions" target="_blank" rel="noopener">new report</a>, in collaboration with strategic management consulting firm Boston Consulting Group, titled, <em>&#8216;Navigating Digital Transformation: Building Trust in an Automated World – The Role of Blockchain in Safeguarding Data and Streamlining Transactions.</em></p>



<p>The report highlights blockchain technology&#8217;s fundamental role in establishing data trust and enhancing transaction efficiency via its transparent, secure, and immutable digital ledger, establishing corporate reliability and confidence.</p>



<p>With data processing predicted to be at an all-time high &#8211; 125 billion digital devices will be connected worldwide by 2030 via the internet and other wireless channels &#8211; how can we ensure that these transactions are secure, and that the information exchanged retains its integrity? BSV Blockchain is the answer.</p>



<p>Data trust has always mattered, but never more so than in the new digital age, as artificial intelligence (AI), the Internet of Things (IoT) and other emerging technologies help enterprises thrive, whilst emerging threats may compromise their operations, revenue, and reputation.</p>



<p>The report also addresses whether blockchains are created equally and why BSV works. More than 500 blockchains have tried to establish digital trust since 2008. BSV is the first to scale trust reliably. The BSV blockchain&#8217;s design, which uses large blocks (comparable to pages in a record book), powers its ability to handle transactions at extraordinarily high volumes for much less cost than other blockchains.</p>



<p><strong><em>Additional report takeaways:</em></strong></p>



<ol start="1">
<li>Data misuse, security breaches and misinformation are prone to increase with the implementation of new technology. Therefore, enterprises must avoid rushing into new solutions without a safety net.</li>
</ol>



<ol start="2">
<li>Enterprises need help with trust in four key areas: identities, data, ownership and systems to ensure scalability and transparency.</li>
</ol>



<ol start="3">
<li>Adopting Blockchain is a valuable first step, but not the ultimate solution to digital integrity. The report highlights how BSV can help secure data and the Proof-of-Concept initiatives to explore blockchain possibilities.</li>
</ol>



<ol start="4">
<li>Blockchain ensures accurate, tamper-free, and tamper-proof data, which is ideal for use in automated systems.</li>
</ol>



<p><strong>Cyrille Albrecht, Managing Director at the BSV Association, </strong>said<em>, &#8216;Blockchain is now gaining significant traction. Companies increasingly integrate Blockchain into their digital processes and applications, reaping numerous benefits. The core enabler of these rewards can be summed up in one word: Trust.&#8217;</em></p>



<p>Adopting Blockchain is not an end-to-end solution for digital integrity, but it is a valuable and exciting first step.</p>



<p>Blockchain alone won&#8217;t solve modern enterprise challenges. It will still be necessary to secure sensors and other devices receiving incoming data. However, to be in a much safer position, organisations must integrate Blockchain within their systems, thoroughly understand regulatory requirements, and develop in-house expertise or strategic partnerships.</p>



<p>The report highlights the development of new case studies from leading technology companies such as IBM, Gate2Chain, Rekord IoT, Complex China, Tokenovate, and Centi. These case studies showcase innovative blockchain applications and their potential to revolutionise industries by establishing and maintaining trust.</p>



<p>Now is the time to get involved. Learn how Blockchain can help in this new digital age and take the next step. <strong>Read the report – </strong><a href="https://resources.bsvblockchain.org/navigating-digital-transformation-bcg-report" target="_blank" rel="noopener">Navigating Digital Transformation: Building Trust in an Automated World: The Role of Blockchain in Safeguarding Data and Streamlining Transactions</a>.</p>



<p><strong>Media Contact</strong><br><a href="mailto:pr@lightningsharks.co.uk%E2%80%AF" target="_blank" rel="noopener nofollow">pr@lightningsharks.co.uk</a></p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Association leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>


New report highlights blockchain’s unparalleled ability to scale trust in the new digital age


<p>The BSV blockchain offers unparalleled scalability, robust security, significantly reduced transaction costs, and other unique features, which makes it the perfect technology to meet companies’ needs today and prepare them for success tomorrow.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<p>With the BSV blockchain’s robust and scalable architecture, these diverse projects illustrate just the beginning of what’s possible. For enterprises in every sector, the BSV blockchain’s innovative platform supports applications in AI, IoT, and more.</p>



<p>As these projects proliferate, increasingly demonstrating the power of the BSV blockchain, they open a world of possibilities for companies looking to blockchain technology to drive their digital transformation and solve complex business challenges.</p>



<h2 class="wp-block-heading" id="h-finance">Finance</h2>



<p><a href="https://www.bsvblockchain.org/news/new-world-record-for-centi" target="_blank" rel="noopener"><em>Centi B2B Solutions</em></a> uses the BSV blockchain to simplify stablecoin transactions. Centi commands strong trust from the market, with companies like Payrexx trusting Centi to handle transactions of its 50,000 clients. In addition, Centi has enrolled more than 250 merchants and recently achieved a milestone by processing more than one million micropayments in just 24 hours, each transaction amounting to one cent.</p>



<p>BSV’s platform uniquely supports financial applications, like Centi, that require scalability and compliance compatibility. The business benefit is being able to process large volumes of small transaction sizes, as small as one cent, with low transaction fees at scale.</p>



<p><em>&#8216;For Centi, scalability is the most crucial element. And yes, this may also be achieved with Proof of Stake (PoS) protocols like Solana. But besides scalability, it was crucial for us to build our services on a protocol that has a granted legal classification as currency since otherwise, Centi’s business cases might be at risk when the underlying token is classified as a security. (…) Given the current landscape, only Bitcoin Cash and BSV can do so. We decided to go with the latter since it offers unlimited scaling as well as higher chain activity.&#8217;</em></p>



<h2 class="wp-block-heading" id="h-internet-of-things">Internet of Things</h2>



<p><a href="https://www.bsvblockchain.org/news/bridging-the-gap-between-blockchain-and-iot-with-rekord" target="_blank" rel="noopener"><em>Rekord IOT</em></a> is a hardware monitoring and analytics solution for IoT infrastructure, which uses the BSV blockchain to streamline data management and security for IoT devices, addressing key issues in scalability and interoperability.</p>



<p>The project has attracted significant funding and interest from major clients, highlighting its potential to transform IoT infrastructure on a large scale. A key business benefit is the storage and encryption of data from IoT sensors, which increases trust, integrity, and security of IoT-generated data.</p>



<p><em>&#8216;Rekord has shown us where blockchain can add value within the work we do, integrating new technologies as we advance the rollout of Industry 4.0. Within Industrial IoT, we deal with huge amounts of data, so all solutions need to be highly scalable. We understand through Rekord that BSV is a distributed ledger technology that can provide the functionality and features our clients are looking for.&#8217; – Trent Industries</em></p>



<h2 class="wp-block-heading" id="h-supply-chain">Supply Chain</h2>



<p><a href="https://www.bsvblockchain.org/news/managing-data-from-sports-to-transport-with-gate2chain-and-the-bsv-blockchain" target="_blank" rel="noopener"><em>Gate2Chain</em></a> is a company building enterprise solutions which employs the BSV blockchain to increase transparency and efficiency in supply chain operations and solve traceability and security issues.</p>



<p>For example, its BSV blockchain-based platform <a href="https://www.bsvblockchain.org/news/building-digital-twins-with-trace-and-the-bsv-blockchain"><em>Trace</em></a> is designed to combat fraud and counterfeiting in the supply chain by providing digital twins and certification. The initiative has formed partnerships with large multinational corporations, including a significant collaboration with IBM in Poland, showcasing its capability to revolutionise supply chain management through innovative blockchain integration.</p>



<p>A key business benefit offered by the BSV blockchain is a transparent and immutable audit trail of supply chain-related activities, for improved data trust and security.</p>



<p><em>&#8216;The first reason why we chose BSV is the stability of the protocol. BSV is working with a locked protocol. We need stability in the protocol; otherwise, we need to change (our applications) all the time. The second reason is that we need scale. We work with retailers, where you need to record every delivery, and every return, and map every relationship with suppliers, which equates to millions of transactions each year. Thirdly, we need to scale at an affordable price. We cannot pay the high fees of the rest of the protocols. Now our gas fee is so cheap, we can meet the level of scalability our customers need at affordable cost,&#8217; </em>said Bart Olivares (CEO at Gate2Chain).</p>



<p><em>&#8216;We believe that a solution such as Trace can drive trust and traceability across all industries. Trust and traceability are becoming more and more important as the world pushes for more sustainability and a circular economy,&#8217; </em>said Dr Agata Slater of IBM.</p>



<h2 class="wp-block-heading" id="h-invoicing-storage-and-identity">Invoicing, Storage and Identity</h2>



<p><a href="https://www.bsvblockchain.org/news/mintblue-empowers-users-through-absolute-data-ownership" target="_blank" rel="noopener"><em>MintBlue</em></a>, on the BSV blockchain, offers a scalable infrastructure for building and managing blockchain applications. Its largest customer, Visma | Yuki uses MintBlue for e-invoicing. MintBlue also works with the Dutch Chamber of Commerce to explore instant tax payment solutions. MintBlue successfully processed 50.5 million transactions in a single day at a cost of only €400, with each transaction containing a simulated document.</p>



<p><em>&#8216;We believe that UTXO architecture (BSV’s architecture) is more suitable for real-world enterprise solutions that need to be compliant and private and support commercial scale without offloading workload to other systems. Secondly, BSV is a public protocol with the mandate to keep it set in stone. This gives me confidence in selling solutions using the protocol because I know it will always work as intended. All other blockchain protocols have the opposite mindset. In short, BSV innovation happens ON TOP of the protocol. All other protocols innovate by working INSIDE the protocol, changing the rules and creating an uncertain base layer for organisations to build upon,&#8217; </em>said Niels van den Bergh, CEO at MintBlue.</p>



<p><em>&#8216;With an increase in invoice fraud and other security challenges, it is important to be able to rely 100% on incoming invoices. With MintBlue, we are taking a big step towards achieving our goal; a 100% automated accounting system. MintBlue’s SDK took care of 90% of the solution,&#8217;</em> said Jeroen van Haasteren, CTO at Visma | Yuki.</p>



<p><em>&#8216;Powered by mintBlue, the Dutch Tax Office built a plug-in that connects bookkeeping systems and connected POS devices to an encrypted ledger. This enables business owners to share transactions in real-time, making tax reports as easy and effortlessly as possible.&#8217;</em> – Published use case report by the Dutch Tax Office.</p>



<h2 class="wp-block-heading" id="h-gaming">Gaming</h2>



<p><a href="https://www.bsvblockchain.org/case-studies/esports-on-blockchain/case-study-fyx" target="_blank" rel="noopener"><em>FYX Gaming</em></a> is at the forefront of merging Web3 benefits with traditional Web2 gaming experiences through the BSV blockchain. The company’s FYX Gateway product allows seamless asset exchange among different gaming platforms. The flagship game, CryptoFights, showcased more than 10 million transactions per day on the BSV blockchain. This highlights the business benefit of trading and monetisation of in-game assets and diversifying revenue streams.</p>



<p><em>&#8216;Choosing BSV as our blockchain platform was an initial strategic decision driven by its exceptional scalability and low transaction fees, which enable us to subsidise gas costs for our users, enhancing their gaming experience. Additionally, the BSV blockchain’s robust tooling, including a ready-to-use marketplace, and the cost-efficient on-chain storage capabilities for assets like NFTs, make it ideal for FYX Gaming’s needs,&#8217; </em>said Adam Kling (CEO of FYX Gaming).</p>



<h2 class="wp-block-heading" id="h-xr-metaverse">XR Metaverse</h2>



<p>Using the BSV blockchain, <a href="https://www.bsvblockchain.org/news/building-out-the-metaverse-on-the-bsv-blockchain" target="_blank" rel="noopener"><em>Transmira</em> developed its <em>Omniscape platform</em></a> which monetises XR (augmented reality and virtual reality combined) for spatial computing and experiential marketing. Immersive XR paired with blockchain helps to engage fans, expand customer base, and drive sales.</p>



<p><em>&#8216;There’s only one blockchain that can handle this: it’s the BSV blockchain. BSV is fast, it’s scalable, it’s very inexpensive, and it gives us the security, trust and verification we need,</em>&#8216; Robert Rice, CEO of Transmira.</p>



<h2 class="wp-block-heading" id="h-ticketing-and-events">Ticketing and Events</h2>



<p>At its latest event in Hong Kong, ComplexCon, a series focused on pop culture, music, art, fashion, food, and technology, gave its attendees superior experiences with an app powered by BSV’s blockchain and built by BSV’s partner nChain. Users could import their tickets into the app, turning them into digital collectables that granted them access to exclusive perks such as merchandise, artist appearances, and exclusive drops.</p>



<p><em>&#8216;At the event, guests were able to register their tickets for a digital version minted on blockchain. This then allows us to process gift redemption efficiently and securely on-site using the event app. We see the potential of offering future benefits to these inaugural edition digital ticket holders, and we won’t be surprised if the anticipated future stream of benefits will be valued by the market, resulting in the active trading of these digital tickets on open markets. This will transform the fan experience from a series of unconnected one-offs to a deeper engagement that keeps rewarding the most active fans.&#8217;</em> &#8211; Bonnie Chan Woo, CEO of Complex China.</p>



<h2 class="wp-block-heading" id="h-tokenisation">Tokenisation</h2>



<p><a href="https://www.bsvblockchain.org/news/tokenovate-transforms-the-derivatives-market-with-the-bsv-blockchain" target="_blank" rel="noopener"><em>Tokenovate</em></a>, built on the BSV blockchain, streamlines the creation and management of digital tokens for businesses. It addresses the need for a more accessible and scalable tokenisation process, allowing companies to issue, manage, and trade digital assets at an affordable cost.</p>



<p><em>&#8216;It’s unrealistic to think about building a smart contract trading platform or a lifecycle engine if every event in processing costs me, you know, $1.50 or $2 more. Ultimately, that isn’t a proposition that I can take into the traditional finance market. It would be too cost-prohibitive to run on a digital ledger technology with high transaction fees and low throughput. So, the BSV Network is bringing scalability. It brings affordability.&#8217;&nbsp;</em>– Richard Baker, CEO of <em>Tokenovate.</em></p>


8 companies explain why they use the BSV blockchain


<p>BSV Blockchain recently held its annual <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">DevCon</a> 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.</p>



<p>The event featured a presentation by <a href="https://www.linkedin.com/in/mihael-%C5%A1inkec-920a80117/" target="_blank" rel="noopener nofollow">Mihael Šinkec, Software Developer at sCrypt</a>, where he showcased why <a href="https://scrypt.io" target="_blank" rel="noopener nofollow">sCrypt</a> is the most popular coding language in the BSV ecosystem.</p>



<p><a href="https://bsvblockchain.org/features/scrypt" target="_blank" rel="noopener">sCrypt makes it easier for developers to create, deploy, and manage smart contracts on the BSV blockchain</a>. This innovative approach not only simplifies the development process but also enhances the security and reliability of programming.</p>



<p></p>



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<iframe loading="lazy" title="BSV DevCon (AM Session)" width="500" height="281" src="https://www.youtube.com/embed/YTVtAhAD15g?start=3000&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-understanding-smart-contracts-in-bsv">Understanding Smart Contracts in BSV</h2>



<p>Šinkec explained that while smart contracts are typically associated with Ethereum, Bitcoin has had this capability since its inception. However, he remarked that there are fundamental differences in their underlying models:</p>



<p>BSV (based on the original Bitcoin protocol) uses the <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">UTXO (Unspent Transaction Output)</a> model, while Ethereum employs the account model. In Ethereum, smart contracts are independent entities with their own addresses. In contrast, <a href="https://bsvblockchain.org/news/unlocking-the-potential-of-nfts-with-1sat-ordinals-and-scrypt" target="_blank" rel="noopener">BSV&#8217;s smart contracts address change as they move from one output to another</a>.</p>



<p>A <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">smart contract, as Šinkec explained, is essentially a program embedded within a transaction that sets rules for the movement of funds on the blockchain</a>. While a typical transaction on the blockchain validates a signature, functioning as a rudimentary smart contract, Bitcoin’s scripting language allows for more sophisticated programming.</p>



<p>The challenge, however, lies in the difficulty of writing these programs directly in the low level language of Bitcoin script. sCrypt addresses this challenge with its high-level, developer-friendly language.</p>



<h2 class="wp-block-heading" id="h-scrypt-built-on-typescript">sCrypt: Built on TypeScript</h2>



<p>The flagship product of sCrypt is its smart contracting language, an embedded <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">domain-specific language (DSL) built into TypeScript</a>. This integration ensures seamless compatibility with other TypeScript code, easing adoption for developers already familiar with JavaScript and TypeScript. The type safety provided by TypeScript is particularly advantageous in financial programming, where unforeseen conditions can lead to significant issues. Initially, sCrypt was a separate language, but its transition to TypeScript allows developers to leverage their existing knowledge without learning a new syntax.</p>



<p>Šinkec highlighted a few advantages of the TypeScript integration:</p>



<ul>
<li>Consistent method functionality on and off the blockchain</li>



<li>Simplified debugging with familiar TypeScript tools</li>



<li>Easier understanding and troubleshooting of compiled Bitcoin script</li>
</ul>



<p>Furthermore, sCrypt abstracts Bitcoin&#8217;s UTXO model in a manner that mirrors Solidity, Ethereum&#8217;s smart contract language, thereby reducing the cognitive load for developers. Šinkec explained that Bitcoin transactions consist of inputs and outputs, where outputs contain coins and a program (the smart contract or locking script). This program specifies the conditions for unlocking the outputs, such as verifying a signature against a public key in a standard payment.</p>



<h2 class="wp-block-heading" id="h-the-mechanics-of-transactions-and-smart-contracts">The mechanics of transactions and smart contracts</h2>



<p>Šinkec simplified locking and unlocking scripts by comparing the locking script to a function 𝑓, which represents the smart contract. The unlocking script, found within an input, provides arguments to this function. If the function returns true after checking the inputs, the funds are unlocked. Otherwise, the transaction is rejected by miners. This mechanism ensures that only valid transactions are processed.</p>



<p>Regular payments, known as P2PKH (Pay to Public Key Hash), involve a standard locking script with a few opcodes. However, more complex scripts can be much larger, spanning several kilobytes and involving substantial sums of money. <a href="https://www.bsvblockchain.org/news/getting-more-developers-to-build-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">Without tools like sCrypt, developing and managing these intricate scripts can quickly become overwhelming</a>.</p>


Building BSV smart contracts with sCrypt


<h2 class="wp-block-heading" id="h-what-is-the-mandala"><strong>What is the Mandala?</strong></h2>



<p>The Mandala introduces a new architecture to the BSV network, inspired by the intricate design of traditional Mandalas. This upgrade is designed to enhance availability, scalability, and operational efficiency by integrating a &#8220;<a href="https://academy.bsvblockchain.org/blog/bitcoin-infrastructure-the-small-world-network" target="_blank" rel="noopener">Small World Network</a> core surrounded by specialised &#8220;Overlay Networks&#8221; and SPV implementations.</p>



<h2 class="wp-block-heading" id="h-is-the-mandala-aligned-with-the-set-in-stone-nature-of-the-bsv-blockchain"><strong>Is the Mandala aligned with the set-in-stone nature of the BSV blockchain?</strong></h2>



<p>Implementing the Mandala on the BSV blockchain doesn&#8217;t change the core rules of the system. Instead, it adapts its rules to scalable network components (P2P transactions via <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV wallet</a>, <a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">Overlay Networks</a> and <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>) that make the system more efficient and aligned with the Bitcoin whitepaper whilst still adhering to the set-in-stone protocol.</p>



<h2 class="wp-block-heading" id="h-what-do-i-need-to-do-to-be-part-of-the-mandala"><strong>What do I need to do to be part of the Mandala?</strong></h2>



<p>To participate in the Mandala, you can either use the SPV Wallet or dissect it as a reference implementation. It&#8217;s crucial to ensure that your transactions include their Merkle paths in compliance with the <a href="https://beef.xn--nda.network/" target="_blank" rel="noopener nofollow">BEEF</a> and <a href="https://brc.dev/74" target="_blank" rel="noopener nofollow">BUMP</a> Bitcoin Request for Comments (BRCs). This approach helps maintain the integrity and efficiency of the network by streamlining how transactions are verified and processed.</p>



<h2 class="wp-block-heading" id="h-why-the-mandala-upgrade"><strong>Why the Mandala upgrade?</strong></h2>



<p>The old network topology cannot get enough information back from Teranode because of the way it optimises for massive throughput. Global listeners and indexers would be prohibitively expensive and would struggle to keep up with Teranode volume. The Mandala upgrade clarifies the way in which different specialised actors within the system can work together to focus nodes on their essential functions, as outlined in the 6 steps of section 5 of the Bitcoin whitepaper. This involves minimising unnecessary data lookups and retrieval. The BEEF specification plays a key role by allowing users to pass additional data, which they maintain, such as Merkle paths and full parent transactions. This reduces the burden on transaction processors to retrieve data elements from the UTXO set, enhancing overall network efficiency.</p>



<h2 class="wp-block-heading" id="h-what-is-a-small-world-network-and-why-is-it-important-for-bsv-blockchain"><strong>What is a Small World Network, and why is it important for BSV blockchain?</strong></h2>



<p>A Small World Network is a form of network topology optimized for rapid dissemination of information, reducing the number of hops to synchronise the entire network which is essential for optimising the propagation of transactions from the edge of the network to the core mining nodes. In the context of BSV blockchain, this helps in significantly reducing the risk of double spend attacks and distributing the read load across Overlay Services while improving its resilience.</p>



<h2 class="wp-block-heading" id="h-how-do-overlay-networks-function-within-the-mandala-upgrade"><strong>How do Overlay Networks function within the Mandala upgrade?</strong></h2>



<p>Overlay Networks are specialized layers that handle specific types of transactions or business functions, such as digital currencies, archival services, or financial instruments. They operate independently but connect to the core network for critical functions like submitting transactions, retrieving Merkle paths and double-spend checks, thereby enhancing performance without overloading the core.</p>



<h2 class="wp-block-heading" id="h-can-you-explain-the-role-of-teranode-in-the-mandala-upgrade"><strong>Can you explain the role of Teranode in the Mandala upgrade?</strong></h2>



<p>Teranode is a new BSV blockchain node implementation featuring a modular microservice architecture capable of supporting millions of transactions per second. It is central software to form the complete graph at the centre of the Small World Network, ensuring that the network can handle high transaction volumes efficiently and is scalable to meet future demands.</p>



<h2 class="wp-block-heading" id="h-what-is-the-arc-and-how-does-it-interact-with-spv-wallets-and-teranode"><strong>What is the ARC, and how does it interact with SPV wallets and Teranode?</strong></h2>



<p>ARC is a proto-overlay service in that it functions as a transaction propagation and merkle path delivery service. It is like a generic Overlay Service which will not filter out any transactions, it will handle any valid transaction it&#8217;s sent. It ensures a default transaction broadcast endpoint is easily accessible to applications in absence of an Overlay specific to their needs.</p>



<h2 class="wp-block-heading" id="h-what-enhancements-are-brought-by-integrating-spv-wallets-in-the-bsv-mandala-network"><strong>What enhancements are brought by integrating SPV Wallets in the BSV Mandala network?</strong></h2>



<p>SPV Wallets in the Mandala enhance the network&#8217;s functionality by using Merkle proofs to verify the authenticity and integrity of transactions without requiring the full blockchain data. This feature allows Overlay Networks to manage their transactions efficiently while maintaining security and data integrity.</p>



<h2 class="wp-block-heading" id="h-how-does-the-bsv-mandala-network-facilitate-private-permissioned-capabilities-on-a-public-permissionless-blockchain"><strong>How does the BSV Mandala network facilitate private permissioned capabilities on a public permissionless blockchain?</strong></h2>



<p>The mandala upgrade allows businesses to create private ledgers within Overlay Networks for secure data management while interacting with the public blockchain through verified transactions. This setup maintains the security benefits of the public blockchain while providing the flexibility and privacy of private databases.</p>



<h2 class="wp-block-heading" id="h-what-is-the-extended-format-ef"><strong>What is the Extended Format (EF)?</strong></h2>



<p>The Extended Format is an enhanced transaction structure that includes additional data elements like lockScript, lockScriptLength, and satoshi amount of each input committed to a transaction. These elements are crucial for nodes determining whether the unlockScript evaluates as true against the inputs lockScript, calculating the necessary fees and recreating the sighash preimage needed to verify signatures if the lockScript requires them. This format is part of the Mandala’s efforts to streamline data processing and reduce the computational load on transaction processors by ensuring that users maintain and pass crucial transaction data they would otherwise need to look up.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-the-mandala-upgrade"><strong>Learn more about the Mandala upgrade</strong></h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">BSV Blockchain announces Mandala upgrade</a></p>



<p><a href="https://www.bsvblockchain.org/news/mandala-upgrade-explained-scaling-bsv-blockchain-with-a-mandala-network-topology" target="_blank" rel="noopener">Mandala upgrade explained: Transforming BSV with microservices architecture</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">ELI 5: BSV Blockchain Mandala network</a></p>


Mandala upgrade FAQs


<h2 class="wp-block-heading" id="h-what-is-an-spv-wallet"><strong><strong>What is an SPV Wallet?</strong></strong></h2>



<p>The <a href="https://bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a> is an open-source, non-custodial hosted wallet specifically designed for the BSV Blockchain. It is compatible with the existing BSV ecosystem and serves as a reference implementation for Simplified Payment Verification (SPV). This allows users to verify transactions without running a full node, ensuring a secure, efficient, and user-friendly experience for managing digital assets.</p>



<h2 class="wp-block-heading" id="h-how-does-the-spv-wallet-differ-from-running-a-full-node"><strong>How does the SPV Wallet differ from running a full node?</strong></h2>



<p>Running a full node involves downloading the entire blockchain, which can be resource-intensive. In contrast, the SPV Wallet operates by only downloading block headers and using Merkle proofs to verify transactions. This approach is 100 times cheaper than running a full node and is designed to be more scalable and cost-effective, especially suitable for businesses.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="SPV Wallet - BSV Blockchain Reference Implementation Wallet" width="500" height="281" src="https://www.youtube.com/embed/Ep6hKYihKnA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading" id="h-what-are-the-main-benefits-of-using-an-spv-wallet"><strong>What are the main benefits of using an SPV Wallet?</strong></h3>



<ul>
<li><strong>Security:</strong> Transactions are verified instantly using SPV technology, reducing the risk of fraud.</li>



<li><strong>Scalability:</strong> Avoids the need for global transaction indexing by facilitating direct communications between counterparties.</li>



<li><strong>Cost Efficiency:</strong> Costs are proportional to use rather than network transaction volume, with additional savings from not running a full node.</li>
</ul>



<h3 class="wp-block-heading" id="h-how-does-the-spv-wallet-handle-legal-compliance"><strong>How does the SPV Wallet handle legal compliance?</strong></h3>



<p>The SPV Wallet supports compliance with KYC, AML, and Travel Rule requirements by enabling direct transmission of transactions between counterparties. This setup allows for the integration of SSL certificates, IP addresses, PKI signatures, and payment metadata, making regulatory compliance straightforward without compromising user privacy.</p>



<h3 class="wp-block-heading" id="h-can-i-integrate-the-spv-wallet-with-my-existing-systems"><strong>Can I integrate the SPV Wallet with my existing systems?</strong></h3>



<p>Yes, the SPV Wallet is designed to be flexible and integrable with existing systems. Client libraries are available in Golang and JavaScript, which wrap the core functionality and can be used to integrate the SPV Wallet functionality into your applications.</p>



<h3 class="wp-block-heading" id="h-what-is-the-role-of-the-block-headers-service-in-the-spv-wallet"><strong>What is the role of the Block Headers Service in the SPV Wallet?</strong></h3>



<p>The Block Headers Service is a critical component of the SPV Wallet. It listens to block announcements from nodes, requests block headers, and validates them to ensure they are part of the longest chain of work. This service enables the SPV Wallet to confirm transactions without needing the entire blockchain.</p>



<h3 class="wp-block-heading" id="h-is-the-spv-wallet-safe-to-use"><strong>Is the SPV Wallet safe to use?</strong></h3>



<p>Yes, the SPV Wallet is very safe. It verifies transactions quickly and securely using a method that only checks part of the blockchain. This means you get all the security of blockchain technology without needing a lot of computer power.</p>



<h3 class="wp-block-heading" id="h-how-quickly-can-i-make-transactions-with-the-spv-wallet"><strong>How quickly can I make transactions with the SPV Wallet?</strong></h3>



<p>Transactions with the SPV Wallet are very fast. You can expect your transactions to be verified within seconds, which is much quicker than traditional methods.</p>



<h3 class="wp-block-heading" id="h-what-if-i-have-more-questions-about-using-the-spv-wallet"><strong>What if I have more questions about using the SPV Wallet?</strong></h3>



<p>If you have more questions or need help, you can use the inbuilt AI GPT agent in the GitBook documentation. This feature allows you to ask questions directly, and the AI searches the documentation to provide you with accurate answers. If the AI doesn&#8217;t know the answer, it won&#8217;t provide one, ensuring that the information you receive is reliable and accurate. This tool is especially helpful for quickly finding detailed answers without leading you astray with incorrect information. For more information, please join the <a href="https://discord.com/invite/XUQt5PJv" target="_blank" rel="noopener nofollow">SPV Wallet discord channel</a> on the BSV Blockchain server.</p>



<h3 class="wp-block-heading" id="h-what-is-simplified-payment-verification-spv"><strong>What is Simplified Payment Verification (SPV)?</strong></h3>



<p>Simplified Payment Verification (SPV) is a method that enables users to verify their transactions efficiently without the need for the entire blockchain. Instead of downloading and verifying a large dataset, SPV checks only the parts of the blockchain necessary to confirm that a transaction is valid. This streamlined approach involves several key steps:</p>



<ul>
<li><strong>Transaction Inputs Validation:</strong> SPV is utilised to confirm that the inputs of a transaction are unspent and valid. This involves verifying that each input in the transaction can be traced back to a point in the blockchain where it was previously recorded as an output from another transaction, ensuring that there are no double-spends.</li>



<li><strong>Script Validation and Fee Checks:</strong> After validating the inputs via SPV, the wallet software performs a script validation to ensure that all the conditions for transferring the inputs are met. This includes verifying cryptographic signatures and checking that the transaction includes sufficient fees as per the current network requirements.</li>



<li><strong>Transaction Submission to ARC:</strong> Once the transaction passes the initial validations, it is sent to the ARC (which acts as a proto-overlay or transaction processor). ARC performs an additional layer of validation to ensure that no other transactions have attempted to spend the same inputs in the meantime. If the transaction is valid, ARC submits it to the nodes. Block inclusion and Final Confirmation: The ultimate confirmation of a transaction&#8217;s validity comes with its inclusion in a block, which is found on average every 10 minutes. This final step ensures that the transaction has been accepted by the network at large.</li>



<li><strong>Timing:</strong> The initial SPV checks are almost instantaneous, typically taking just a few milliseconds. The validation process with ARC takes approximately 3 seconds, providing a rapid response on the transaction&#8217;s status before it is included in a block.</li>
</ul>



<p>This efficient process not only speeds up transactions but also ensures a high level of security and compliance with network rules, making SPV ideal for applications and services that require fast, reliable, and resource-efficient transaction verification.</p>



<h2 class="wp-block-heading" id="h-how-does-the-spv-wallet-relate-to-the-bsv-mandala"><strong>How does the SPV Wallet relate to the BSV Mandala?</strong>&nbsp;</h2>



<h3 class="wp-block-heading" id="h-what-is-the-mandala-upgrade"><strong>What is the Mandala upgrade?</strong></h3>



<p>The Mandala upgrade is a significant rollout that introduces several components like the <a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">SPV Wallet</a> and <a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">Overlay Networks</a> designed to create a new network topology centred around the new <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode client</a>. This client is capable of processing upwards of 1 million transactions per second (TPS). The upgrade aims to transform how transactions are handled by shifting from a traditional peer-to- tx-Processor-to-peer model (P2M2P) to a peer-to-peer-to tx Processor model (P2P2M). This change is fundamental in achieving unbounded scalability for node clients.</p>



<h3 class="wp-block-heading" id="h-role-of-the-spv-wallet-in-the-mandala-upgrade"><strong>Role of the SPV wallet in the Mandala upgrade</strong></h3>



<p>The SPV Wallet is the first reference implementation of this new P2P SPV paradigm. It allows users to engage directly with the blockchain by managing only the aspects relevant to them—specifically, their stored unspent transaction outputs (UTXOs) and their Merkle paths. This streamlined approach significantly reduces the bandwidth and resource requirements traditionally associated with blockchain interactions.</p>



<h3 class="wp-block-heading" id="h-impact-on-business-and-services"><strong>Impact on business and services</strong></h3>



<p>Following the Mandala, there will be opportunities for developing overlay services, each utilising the SPV Wallet. These services can create custom business solutions and offerings that leverage UTXOs and Merkle proofs for a wide range of data and monetary operations. With transaction fees reduced to about one hundredth of a cent per standard transaction, the upgrade opens the door to a plethora of novel use cases that were previously unfeasible due to cost constraints.</p>



<h3 class="wp-block-heading" id="h-where-can-i-get-help-if-the-gitbook-documentation-and-ai-aren-t-enough"><strong>Where can I get help if the GitBook documentation and AI aren&#8217;t enough?</strong></h3>



<p>If you need further assistance beyond what the GitBook documentation and the AI GPT agent can provide, there are several resources available to support you:</p>



<ol start="1">
<li><strong>BSV Discord Community:</strong> Join the BSV Discord community where you can interact with other users and experts who are knowledgeable about the SPV Wallet and the BSV blockchain. This is a great place to ask questions, share experiences, and get real-time assistance.</li>
</ol>



<ol start="2">
<li><strong>GitHub Issues:</strong> If you encounter specific technical issues or bugs, you can raise an issue on the <a href="https://github.com/bitcoin-sv/spv-wallet" target="_blank" rel="noopener nofollow">SPV Wallet GitHub repository</a>. This platform is also useful for tracking updates and participating in the development discussions.</li>
</ol>



<ol start="3">
<li><strong>BSV Academy:</strong> Keep an eye on the BSV Academy for upcoming tutorials and courses. These educational resources are designed to deepen your understanding of the SPV Wallet and the broader BSV ecosystem. New courses tailored to various aspects of the BSV blockchain, including advanced uses of the SPV Wallet, will be available in the coming months.</li>
</ol>



<h2 class="wp-block-heading" id="h-learn-more-about-bsv-blockchain-infrastructure"><strong>Learn more about BSV blockchain infrastructure</strong></h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-the-standardised-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noopener">BSV Blockchain launches SPV Wallet, the standardised BSV open-source wallet reference implementation</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">ELI5: the BSV Blockchain’s SPV Wallet</a></p>



<p><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">The SPV advantage: enhancing accessibility and security in BSV blockchain transactions</a></p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">BSV Blockchain announces Mandala upgrade</a></p>



<p><a href="https://www.bsvblockchain.org/news/mandala-upgrade-explained-scaling-bsv-blockchain-with-a-mandala-network-topology" target="_blank" rel="noopener">Mandala upgrade explained: Transforming BSV with microservices architecture</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">ELI 5: BSV Blockchain Mandala network</a></p>



<p><a href="https://www.bsvblockchain.org/news/teranode-enabling-the-blockchain-mandala" target="_blank" rel="noopener">Teranode – Enabling the blockchain mandala</a></p>


FAQ: BSV Blockchain SPV Wallet


<p>The team at Block Dojo is committed to turning ideas into reality and getting the next generation of startups off the ground, says <a href="https://www.linkedin.com/in/matthiasdecnuydt/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Matthias De Cnuydt-Hope (Program Director at Block Dojo)</a>.</p>



<p>Speaking at the recent <a href="https://www.bsvblockchain.org/news/bsv-blockchain-to-host-devcon-2024" target="_blank" rel="noopener">BSV DevCon</a>, De Cnuydt-Hope explained that he and his team are currently seeking out the best early-stage tech start-ups worldwide. Through its support, network of contacts, and the Dojo programme, Block Dojo accelerates startup development with extensive training, guides them through start-up obstacles and provides access to investment funding rounds.</p>



<p>De Cnuydt-Hope explained that the Dojo Programme is a 12-week intense, in-person, incubator programme. This is further broken down into key segments designed to incubate and accelerate their development rapidly.</p>



<p>An impressive 57 companies have already incubated through this programme, with Block Dojo planning to ramp up activity within the coming year further, said De Cnuydt-Hope. Developers or companies who are interested in joining Block Dojo’s programme are <a href="https://blockdojo.io/#apply-to-our-programmes" target="_blank" rel="noopener nofollow">encouraged to sign up here</a>.</p>



<p>You can watch De Cnuydt-Hope’s full presentation here:</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV DevCon (AM Session)" width="500" height="281" src="https://www.youtube.com/embed/YTVtAhAD15g?start=2494&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-block-dojo-s-mission">Block Dojo’s mission</h2>



<p>The mission of Block Dojo is to nurture and support start-ups that will change the world. This means providing a pathway to educate, train and elevate start-up entrepreneurs to the highest standards by delivering best-in-class mentors and teaching with the latest tech tools.</p>



<p>Block Dojo is the first start-up accelerator focused exclusively on the BSV blockchain. It mentors and develops entrepreneurs and start-up businesses and takes care of the administrative hassle of getting a great idea off the ground so that founders can focus on bringing their tech solutions to market.</p>



<h2 class="wp-block-heading" id="h-why-you-should-build-on-the-bsv-blockchain">Why you should build on the BSV blockchain</h2>



<p>Once a matter of hype, blockchain conferred <a href="https://www.bsvblockchain.org/news/the-trust-economy-and-blockchain-building-and-growing-customer-loyalty" target="_blank" rel="noopener">a reality of trust on many businesses,</a> providing certainty where uncertainty once reigned. The strategic and operational improvements blockchain promises to revolutionise business models, redefine industries, and position users to outperform competitors.</p>



<p>The BSV blockchain can increase your digital transactions&#8217; <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">transparency, security, and efficiency</a>, making your enterprise a standard-setter in your sector.</p>



<p>Questions you might ask as you venture into this exciting new era include:</p>



<ul>
<li><strong>Which parts of your business could benefit from a heightened level of trust? </strong>Evaluate your immediate and long-term needs to secure your applications’ and processes’ data exchanges, as in smart city systems or automated decision-making in procurement. Do you need to add verification or other elements to increase trust?</li>
</ul>



<ul>
<li><strong>Where is it so costly or difficult to implement trust that it is prohibitive?</strong> If existing solutions that can provide trust show technical issues or are provided through costly third-party vendors (for credit scores, for example), consider if blockchain is the right technology to provide trust instead.</li>
</ul>



<ul>
<li><strong>Will you require a significant number of transactions to be processed?</strong> If yes, you’re uniquely positioned to reap the greatest benefits from the BSV blockchain.</li>
</ul>


Getting your blockchain startup off the ground


<p>BSV Blockchain recently held its annual <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">DevCon</a> 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.</p>



<p>The event&#8217;s first presentation was an introduction to the BSV blockchain itself and was given by <a href="https://www.linkedin.com/in/thomasgiacomo/" target="_blank" rel="noopener nofollow">Thomas Giacomo (Utilisation Director)</a> and <a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Utilisation Technical Team Lead)</a>.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV DevCon (AM Session)" width="500" height="281" src="https://www.youtube.com/embed/YTVtAhAD15g?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-high-level-overview">High-level overview</h2>



<p>Giacomo provided a detailed introduction to the BSV blockchain, highlighting its underlying <a href="https://wiki.bitcoinsv.io/index.php/UTXO" target="_blank" rel="noopener">Unspent Transaction Output (UTXO)</a> <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-proof-of-work#:~:text=The%20proof%2Dof%2Dwork%20involves,by%20executing%20a%20single%20hash." target="_blank" rel="noopener">proof-of-work system</a>. He emphasised that BSV is the fastest, most cost-effective, and secure blockchain today, making it highly suitable for enterprise-grade applications.</p>



<p>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.</p>



<p>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.</p>



<p>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.</p>



<p>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.</p>



<h2 class="wp-block-heading" id="h-the-mandala-upgrade">The Mandala upgrade</h2>



<p>Giacomo also gave an overview of the individual components of the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">Mandala upgrade</a> but pointed out that these will be presented in more detail in subsequent presentations.</p>



<h3 class="wp-block-heading" id="h-teranode">Teranode</h3>



<ul>
<li><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> &#8211; Upcoming update of the BSV node software;</li>



<li>Currently achieves 1 million transactions per second with six nodes;</li>



<li>Provides scalability at the layer one level of blockchain.</li>
</ul>



<h3 class="wp-block-heading" id="h-spv-wallet">SPV Wallet</h3>



<ul>
<li><a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a> &#8211; facilitates peer-to-peer communication at the edge of networks;</li>



<li>Currently in public beta;</li>



<li>The reference implementation is part of the new network topology.</li>
</ul>



<h3 class="wp-block-heading" id="h-arc">ARC</h3>



<ul>
<li><a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a> &#8211; developed in collaboration with TAAL and now managed by TAAL;</li>



<li>Will replace mAPI (merchant API), but extends its capabilities;</li>



<li>Facilitates extended transaction format.</li>
</ul>



<h3 class="wp-block-heading" id="h-overlay-services">Overlay Services</h3>



<ul>
<li>Enables the creation of independent environments within the layer one blockchain;</li>



<li>Allows applications like central banks to have dedicated networks (e.g., for CBDCs);</li>



<li>Provides flexibility without compromising the security of the network;</li>



<li>Reference implementation is expected in August.</li>
</ul>



<h2 class="wp-block-heading" id="h-the-role-of-the-bsv-blockchain">The role of the BSV Blockchain</h2>



<p>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.</p>



<p>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.</p>



<p>Another aspect of the BSV Blockchain’s mandate is the <a href="https://nar.bsvblockchain.org/" target="_blank" rel="noopener">Network Access Rules</a>, which are the terms and conditions for accessing the BSV network. The rules are based on the white paper by Satoshi Nakamoto.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-s-roadmap">The BSV Blockchain&#8217;s roadmap</h2>



<p>Giacomo outlined the BSV Blockchain&#8217;s roadmap for the year, which is <a href="https://bsvblockchain.org/roadmap" target="_blank" rel="noopener">available on the BSV website</a> and subject to updates. Key releases include the Mandala Network, with its components <a href="https://bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, Overlay services, and the <a href="https://bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV wallet</a>.</p>



<p>He added that the BSV Blockchain is focused on protocol stewardship, ensuring network distribution and that the BSV blockchain&#8217;s original protocol remains unchanged from the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin white paper</a>. 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.</p>



<p>Another aspect of the BSV Blockchain&#8217;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.</p>



<h2 class="wp-block-heading" id="h-the-developer-journey-in-bsv">The developer journey in BSV</h2>



<p>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&#8217;s path includes unique challenges and opportunities.</p>



<p>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.</p>



<p>As mentioned before by Giacomo, <a href="https://bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">Simplified Payment Verification</a> (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.</p>



<h2 class="wp-block-heading" id="h-recent-developments-and-ongoing-efforts">Recent developments and ongoing efforts</h2>



<p>Efforts to standardise and improve core libraries are underway. The introduction of a standardised <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">TypeScript SDK</a>, developed in collaboration with <a href="https://www.projectbabbage.com/" target="_blank" rel="noopener nofollow">Project Babbage</a>, along with ongoing work on the Golang SDK by Luke Rohenaz and Gorilla Pool, and <a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-libraries" target="_blank" rel="noopener">Python tools</a> by the <a href="https://scrypt.io/" target="_blank" rel="noopener nofollow">sCrypt</a> team, are significant steps forward. Kellenschwiler noted that these tools are expected to be released in the coming months.</p>



<p>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.</p>



<p>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 <a href="https://discord.gg/TAQwmasV" target="_blank" rel="noopener nofollow">BSV Discord</a>, the <a href="https://github.com/bitcoin-sv/BRCs" target="_blank" rel="noopener nofollow">BRC GitHub</a> or through the channels and websites of the owners and maintainers of libraries and tools such as sCrypt, Project Babbage etc.</p>


BSV DevCon: Introduction to the BSV blockchain


<p>From game characters and digital paintings to film and poetry, non-fungible tokens (NFT) continue to change the artistic landscape in the age of blockchain. Despite the prevalence of online sharing, blockchain technology offers a solution to the blurred lines of media ownership<em>.</em></p>



<p>Digital art blockchain technology enables the tokenisation of virtual assets to establish clarity in ownership and guarantee authenticity, which is an important facet of digital art since artists and owners need proper attribution for their work.</p>



<p>In this guide, you&#8217;ll understand how blockchain and its features help navigate the digital art landscape, redefine art value and unlock potential revenue streams.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="6099" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Infographic-Blockchain-and-digital-art-ownership-134x1024.png" alt="Infographic - Blockchain and digital art ownership" class="wp-image-32058" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Infographic-Blockchain-and-digital-art-ownership-768x5855.png 768w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Infographic-Blockchain-and-digital-art-ownership.png 800w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2 class="wp-block-heading" id="h-impact-of-blockchain-on-digital-art-ownership">Impact of blockchain on digital art ownership</h2>



<p>The effects of digitalisation continue to shape the art landscape in positive ways. In particular, blockchain promotes digital art ownership&#8217;s identity, style, value, and revenue.</p>



<h3 class="wp-block-heading" id="h-identity"><strong>Identity</strong></h3>



<p>A common problem that artists tackle, regardless of medium, is attribution. Fortunately, the advent of <a href="https://www.bsvblockchain.org/news/why-all-artists-should-learn-about-nfts" target="_blank" rel="noopener">NFTs helps artists</a> by way of digital certificates of authenticity generated on the blockchain. The technology allows artists to establish and preserve their identity in the digital space and ensures that artists receive royalties with every subsequent resale of their work.</p>



<p>Through the minting of digital creations, artists permanently link their identity to the artwork for an irrefutable proof of authenticity that safeguards the work’s provenance and ensures creators retain ownership rights.</p>



<h3 class="wp-block-heading" id="h-style"><strong>Style</strong></h3>



<p>Style is one of the things that many say can&#8217;t be taken from an artist, and that&#8217;s precisely how NFTs impact artists. They encourage artists to reevaluate and adapt their creative styles to suit the unique characteristics of their medium. Due to the global accessibility of NFTs and blockchain technology, the artist’s style has to appeal to an international audience and consider how different parts of the world appreciate art.</p>



<p>Digital transformations like blockchain prompt artists to experiment with new techniques and tools, exploring innovative ways to enhance the overall appeal of their creations. Blockchain elevates the quality of work and thought process behind an art piece. It also introduces new approaches to art because of the competition and value volatility.</p>



<p>Blockchain art has to be <a href="https://www.bsvblockchain.org/news/blockchain-nfts-properties-value-proposition-applications" target="_blank" rel="noopener">unique, indivisible, authentic, and portable</a>, which should all be considered in an artist’s style. These essential properties inspire artists to infuse their work with distinctive elements, create a visual signature that aligns with their exceptional artistic identity and ensure each piece stands out.</p>



<h3 class="wp-block-heading" id="h-value"><strong>Value</strong></h3>



<p>NFTs have high value because of blockchain properties like uniqueness and exclusivity. The limited editions or exclusive variations often associated with NFTs enhance the &#8220;scarcity factor,&#8221; elevating the desirability and market value of these digital creations.</p>



<p>Moreover, blockchain boosts an art’s value because of its accessibility and portability. Since it’s all digital, you can own a high-valued art in your phone in your pocket, unlike the logistical issues you might face and traditional art (shipping, permits, etc.)</p>



<p>The blockchain verification process bolsters the authenticity of digital art and its value, making it more desirable to collectors. Earning royalties with each resale adds a layer of ongoing value, creating a symbiotic relationship between the artist and collector.</p>



<h3 class="wp-block-heading" id="h-revenue"><strong>Revenue</strong></h3>



<p>Minted digital creations are coveted artworks that many would spend a fortune on. Backed by blockchain network&#8217;s properties, NFTs potentially open significant revenue streams for artists. Tokenised NFT gives the artists an opportunity to sell to a consumer directly. With the elimination of intermediaries in the buying and selling process of art pieces, a higher return on the artist is expected.</p>



<p>Royalties on resales, crowdfunding initiatives, licensing opportunities and collaborations also become lucrative possibilities. The access to a wider audience means more people can see your art and be considered for purchasing. Eventually, blockchain can increase your revenue stream and diversify income sources beyond traditional art market constraints.</p>



<h2 class="wp-block-heading" id="h-advantages-of-digital-art-ownership"><strong>Advantages of digital art ownership</strong></h2>



<p>Digital art ownership unveils a myriad of tangible advantages for artists and collectors alike. From heightened accessibility and portability to the novel opportunities facilitated by blockchain technology, this section discusses the transformative benefits for those engaged in digital art ownership.</p>



<h3 class="wp-block-heading" id="h-1-verified-authenticity"><strong>1. Verified authenticity</strong></h3>



<p>With NFTs providing immutable and unique artworks, buyers and collectors are sure they are getting authentic items. Each NFT has a unique digital certificate, providing an unalterable blockchain record that verifies the artwork&#8217;s originality and provenance.</p>



<p>The originality of digital art eliminates concerns related to counterfeit or unauthorised reproductions, establishing trust between artists and collectors.</p>



<h3 class="wp-block-heading" id="h-2-immutable-ownership-records"><strong>2. Immutable ownership records</strong></h3>



<p>Verifying digital art ownership is easy because NFTs have a reliable and permanent record on tamper-proof ledgers. The history of ownership includes transactions from initial purchases to subsequent transfers.</p>



<h3 class="wp-block-heading" id="h-3-increased-value"><strong>3. Increased value</strong></h3>



<p>Since digital creations are tokenised as NFTs, their scarcity can be verified and their value potentially increase over time. This value appreciation often results in higher earnings for artists, primarily through resale transactions in the secondary market—where scarcity drives the artwork&#8217;s desirability.</p>



<h3 class="wp-block-heading" id="h-4-fractional-ownership"><strong>4. Fractional ownership</strong></h3>



<p>NFTs introduce the concept of fractional ownership, allowing multiple individuals to own a portion of a digital artwork collectively. This broadens the investor base and enhances the artwork&#8217;s liquidity in the market. Fractional ownership enables a broader audience to participate in art investment, making it more accessible and inclusive for different types of collectors.</p>



<h3 class="wp-block-heading" id="h-5-smart-contract-capabilities"><strong>5. Smart contract capabilities</strong></h3>



<p>Smart contracts make automating and enforcing ownership agreements easy through self-execution. These contracts contain specific conditions, such as royalty provisions for artists with each resale, to ensure that artists receive compensation and investors the promised artwork without intermediaries.</p>



<h3 class="wp-block-heading" id="h-6-global-accessibility"><strong>6. Global accessibility</strong></h3>



<p>Digital art ownership through NFTs provides global accessibility by showcasing them to a worldwide audience. Collectors can explore and acquire diverse artworks from creators around the globe. This global reach fosters a more <a href="https://www.bsvblockchain.org/news/nft-marketplaces-on-bitcoin-sv" target="_blank" rel="noopener">inclusive art market</a>, connecting creators and appreciators regardless of location.</p>



<h3 class="wp-block-heading" id="h-7-democratisation-of-ownership"><strong>7. Democratisation of ownership</strong></h3>



<p>NFTs democratise access to art ownership by offering more competitive and inclusive platforms than traditional galleries with high commissions and exclusivity requirements. This model allows digital users to participate in the art market. For one, emerging artists benefit from broader exposure, while other collectors outside of select groups can own these artworks.</p>



<h3 class="wp-block-heading" id="h-8-decentralised-ownership"><strong>8. Decentralised ownership</strong></h3>



<p>In a decentralised ownership model, artists and collectors do not go through traditional art institutions or intermediaries. NFTs cater to a peer-to-peer ecosystem that makes art ownership more transparent and straightforward.</p>



<h2 class="wp-block-heading" id="h-criticisms-and-challenges-of-digital-art-ownership"><strong>Criticisms and challenges of digital art ownership</strong></h2>



<p>While NFTs and blockchain technology bring unprecedented opportunities, they are not immune to scrutiny. This section tackles the complexities surrounding digital art ownership, including emerging critiques and challenges.</p>



<h3 class="wp-block-heading" id="h-1-commodification-of-art"><strong>1. Commodification of art</strong></h3>



<p>The commodification of art emphasises trading artworks as financial assets, especially through NFTs. Many artists fear it might overshadow their artistic expression&#8217;s intrinsic value.</p>



<p>Critics argue that art commercialisation could lead to a market that is driven more by investment interests than genuine appreciation for artistic content. Artists and collectors must find a balance that preserves artistic integrity while acknowledging the market dynamics that come with their trade value.</p>



<p>Although this is a valid critique of digital art, it is arguably just as valid as the traditional brick-and-mortar gallery model.</p>



<h3 class="wp-block-heading" id="h-2-environmental-impact"><strong>2. Environmental impact</strong></h3>



<p>More people worry about NFTs&#8217; environmental impact because this type of artwork requires energy-heavy proof-of-work consensus mechanisms.</p>



<p>There is a <a href="https://www.bsvblockchain.org/news/a-common-misconception-around-proof-of-work#" target="_blank" rel="noopener">fundamental misunderstanding that proof-of-work consensus mechanisms</a> are inherently computationally, unscalable and excessively energy-consuming.</p>



<p>Proof-of-work blockchains as they were originally designed, and as promoted by <a href="https://association.bsvblockchain.org/" target="_blank" rel="noopener">the BSV Blockchain</a>, aim to achieve scalability while ensuring security and interoperability within an energy-efficient system.</p>



<p>Enabling scalability in proof-of-work by increasing the number of transactions processed per block per second inherently leads to a notable reduction in energy consumption. As more transactions can be accommodated within each block, the energy expended per transaction naturally decreases, resulting in a more energy-efficient system overall.</p>



<h3 class="wp-block-heading" id="h-3-intellectual-property-rights"><strong>3. Intellectual property rights</strong></h3>



<p>While NFTs establish a transparent record of ownership, issues regarding unauthorised use, replication or alterations can raise questions about the ability of existing legal frameworks to protect digital artists&#8217; rights. Today&#8217;s digital art landscape necessitates a more tailored approach to preserving artists&#8217; intellectual property rights.</p>



<h3 class="wp-block-heading" id="h-4-market-volatility"><strong>4. Market volatility</strong></h3>



<p>The digital art market can also experience sudden and unpredictable price changes. This can be risky for artists when setting professional fees, while buyers may be unsure about the lasting value of their NFT investments.</p>



<h2 class="wp-block-heading" id="h-art-in-new-horizons"><strong>Art in new horizons</strong></h2>



<p>Nowadays, art can exist in the digital world. <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">Blockchain digital art ownership</a> is on the rise, and NFTs redefine artist identity and value globally. Despite some challenges—from environmental concerns to market shifts—the advantages illuminate the path forward.</p>



<p>BSV blockchain is a robust infrastructure for a data-based economy, including digital art ownership. To learn more about the intricate interplay of art and blockchain, <a href="https://resources.bsvblockchain.org/enterprise-blockchain-products-using-the-bsv-blockchain-ebook" target="_blank" rel="noopener">download</a> our eBook on enterprise blockchain products.</p>


Blockchain and digital art ownership: A guide for artists


<p>The BSV blockchain is a secure and stable blockchain technology with unique business benefits. This is because it is designed for scalability and thus enterprise-level use cases.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<h2 class="wp-block-heading" id="h-unique-features">Unique features</h2>



<p>Some of the unique features of the BSV blockchain include:</p>



<ul>
<li><strong>Efficient scaling:</strong> Overlay Networks and unbounded block size achieve 14,000 transactions per second (tps). With Teranode, the BSV blockchain seeks to reach more than 1 million+ TPS. By comparison, Visa’s TPS lies at around 1,500-2,000 and is only scalable to 65,000 TPS.</li>
</ul>



<ul>
<li><strong>Low transaction costs:</strong> The BSV blockchain offers a cost-efficient solution with transaction fees as low as $0.0000006 (as of 17 May 2024). By comparison, Stripe’s online transaction fees lie at 1.5% to 3.25% of payment value plus a flat fee of $0.27.</li>
</ul>



<ul>
<li><strong>Resilience and reliability: </strong>The BSV blockchain has been operating reliably for over five years and has processed over 3.6 billion transactions.</li>
</ul>



<ul>
<li><strong>Sustainability:</strong> On average, the BSV blockchain emits about 0.03kg of CO2 per transaction and consumes less than 500 MWh of energy daily. This performance demonstrates greater energy efficiency compared to other proof-of-work blockchains.</li>
</ul>



<ul>
<li><strong>Security: </strong>Anchored in a battle-tested proof-of-work mechanism and a UTXO–based token model, forming a trustworthy and immutable blockchain architecture.</li>
</ul>



<ul>
<li><strong>Regulatory compliance:</strong> Not classified as a security and implementing legal rules to govern its nodes.</li>
</ul>



<h2 class="wp-block-heading" id="h-teranode-one-million-transactions-per-second">Teranode &#8211; One million transactions per second</h2>



<p>Teranode, a significant upgrade for the BSV blockchain, supports one million transactions per second — more than 10 times Visa&#8217;s maximum theoretical transaction rate.</p>



<p>Uniquely, Teranode reduces transaction fees as usage increases, thanks to its ability to process more transactions in each block, efficiently spreading costs. This feature presents a clear economic advantage, particularly for high-volume businesses aiming to enhance&nbsp;efficiency and cut operational expenses.</p>



<p>“It is exciting to work with the BSV Blockchain to enable the Teranode platform with the built-in efficiency and scalability needed to truly adhere to the Bitcoin protocol while supporting rapidly expanding enterprise blockchain use cases. We have every confidence that our performance will be consistently high, as the BSV platform scales from gigabytes to petabytes,” said Ivan Maier, Regional Manager for Central Europe at Aerospike.</p>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.</p>



<p>Protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required.</p>



<p>The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>


The BSV blockchain – Building trust at scale


<p>Brett Banfe hosted the first Code–a-long session on the 23rd of April 2024, with Ty Everett from Project Babbage, presenting the newly released <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">BSV Typescript SDK</a>. The release of this library is part of an overall initiative from BSV Blockchain to standardise, complete, maintain and test the most used BSV libraries while clarifying open-source guidelines and contribution.</p>



<p>The participants included:</p>



<ul>
<li>Ty Everett (Project Babbage)</li>



<li>Darren Kellenschwiler (BSV Blockchain)</li>



<li>Damian Orzepowski (4chain)</li>



<li>Jake Jones (BSV Blockchain)</li>



<li>Brett Banfe (Head of Community, BSV Blockchain)</li>
</ul>



<p>The Code-a-long session demonstrated the new <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">TypeScript library</a>. Everett demonstrated practical implementations, such as setting up a React project, building and broadcasting transactions, and creating script templates for transactions.</p>



<h2 class="wp-block-heading" id="h-purpose-of-the-typescript-sdk-and-overview-of-components">Purpose of the TypeScript SDK and overview of components</h2>



<p>Everett explained that the TypeScript SDK is built from scratch with zero dependencies and is designed to be a solid tool for building on the BSV blockchain. It replaces outdated and unmaintained libraries. Project Babbage, Everett’s own company, will use this SDK together with BSV Blockchain overlay services reference implementation (release planned in Q3), facilitating specialised overlay networks for applications like supply chain tracking and distributed identity solutions.</p>



<p>The library supports key derivation for various functionalities such as secure signatures and encryption, and includes standard cryptographic tools like private/public keys, symmetric encryption, digital signatures, hashes, and elliptic curve operations. He highlighted how the library improves interoperability and scalability.</p>



<p>Everett explained the library&#8217;s script component, which supports network-compliant scripts and the Genesis update of the BSV network, emphasising the necessity of constraints in BSV transactions to prevent unauthorised spending.</p>



<p>The transaction construction and signing features were highlighted for their comprehensive capabilities, including transaction verification, serialisation, fee computation, change output generation, transaction broadcasting, and fee modelling. The library also supports Merkle proofs for blockchain anchoring and simplified payment verification (SPV).</p>



<p>Everett <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">directed viewers to the GitHub</a> repository for documentation, organised into folders: &#8220;docs&#8221; for API and code-level details, &#8220;low level docs&#8221; for fundamental concepts, &#8220;examples&#8221; for tutorials on various use cases, and &#8220;concepts&#8221; for high-level concepts. He recommended migrating to Type 42 for BSV wallet management while still supporting Bit32.</p>



<h2 class="wp-block-heading" id="h-project-setup-using-react">Project setup using React</h2>



<p>Everett then delved into the more practical part of the session and demonstrated how to set up a new code project using a simple React application. He guided the audience through cloning the repository, installing dependencies, and integrating the new SDK. Then, Everett showed how to create a basic functionality in React for generating a private key and address using the SDK.</p>



<p>He explained each step and demonstrated how to handle state changes and user interactions. Finally, Everett confirmed that the demonstration works by generating a private key and address in the web browser.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Code-Along: Standardised BSV Blockchain TypeScript SDK" width="500" height="281" src="https://www.youtube.com/embed/y1jL166ER5E?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-using-the-transaction-builder">Using the transaction builder</h2>



<p>The next step in the session focused on building and broadcasting a transaction using the library. He outlined prerequisites such as having funds in a UTXO, knowing the source transaction, and having the private key. After deciding to demonstrate the process with actual transactions, Everett shared code snippets and explained generating funds and preparing for transaction creation and broadcasting.</p>



<p>The participants discussed using the Arc API and setting up a proxy to resolve cross-origin issues. After encountering and resolving challenges with cross-origin errors, they succeeded in broadcasting transactions by adjusting the URL.</p>



<h2 class="wp-block-heading" id="h-introduction-to-scripts-and-script-templates">Introduction to scripts and script templates</h2>



<p>Everett introduced script templates for BSV transactions, emphasising their role in creating and spending UTXOs using locking and unlocking scripts. The discussion covered the structure of a script template interface, the importance of estimating script lengths, and the implementation of a pay-to-public-key-hash (P2PKH) script template.</p>



<p>Next, Everett proposed a practical example: a number multiplication script template, where the locking script states &#8220;X times Y equals Z,&#8221; and the unlocking script provided the correct answer. Despite encountering challenges with the implementation, they proceeded with defining lock and unlock functions, demonstrating the script template&#8217;s use within a transaction.</p>



<h2 class="wp-block-heading" id="h-simplified-payment-verification">Simplified Payment Verification</h2>



<p>Everett transitioned to discussing Simplified Payment Verification (SPV) and transaction verification at a high level. He explained that SPV involves checking transaction scripts and verifying their inclusion in the blockchain using Merkle proofs. He elaborated on how SPV allows verification without the need for processing the entire blockchain, thereby facilitating independent verification tailored to specific use cases. He contrasted this with other chains that require the entire blockchain for verification.</p>



<h2 class="wp-block-heading" id="h-hd-and-type-42-keys-in-the-sdk">HD and Type 42 Keys in the SDK</h2>



<p>Another focus topic towards the end was the implementation of keys in the SDK. Everett discussed the benefits and implementation of HD (Hierarchical Deterministic) and Type 42 keys in the library, emphasising Type 42 keys for their enhanced privacy, flexibility, and auditability. He provided example code for both key types and explained the process of transitioning to Type 42 keys by generating new private keys and moving UTXOs.</p>



<p>Everett also introduced a new protocol for message signing using Type 42 keys, demonstrating both private and public message signing. Additionally, he discussed message encryption using AES with Galois Counter mode 256 based on Type 42 derived keys.</p>



<h2 class="wp-block-heading" id="h-more-core-bsv-libraries-will-be-standardised-following-bsv-blockchain-open-source-guidelines">More core BSV libraries will be standardised following BSV blockchain open-source guidelines</h2>



<p>The presentation closed with statements on how the library provides a foundational layer for building blockchain applications and enabling various types of transactions.</p>



<p>The library supports the creation of interoperable digital identities that work with BSV blockchain and smart contracts, ensuring secure interactions. Its encryption features facilitate secure communication and secure digital asset management.</p>



<p>Anyone who is further interested in the topic or has questions about the SDK can reach out by opening an issue on GitHub. BSV Blockchain has clarified the open-source guidelines to foster contribution from developers while ensuring a neutral foundation for core open-source components. Additional BSV libraries such as Go-lang and Python will be standardised and maintained by BSV Blockchain leveraging skills from talented BSV developer teams.</p>



<p>If you are interested in future Code-a-long sessions or would even like to participate in the future, you can <a href="https://discord.gg/pYVdCTft" target="_blank" rel="noopener nofollow">join the official BSV Blockchain Discord channel here</a> or contribute to the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">Github repository.</a></p>



<h2 class="wp-block-heading" id="h-learn-more-about-bsv-blockchain-s-library-revamp">Learn more about BSV Blockchain’s Library revamp</h2>



<p><a href="https://www.bsvblockchain.org/news/updating-bsv-blockchain-libraries-get-involved" target="_blank" rel="noopener">Updating BSV blockchain’s libraries – get involved!</a></p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">BSV Blockchain launches TypeScript SDK – with more languages planned in the future</a></p>



<p><a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-libraries" target="_blank" rel="noopener">FAQ: BSV blockchain libraries</a></p>



<p><a href="https://www.bsvblockchain.org/news/fostering-innovation-through-standardisation-the-future-of-bsv-development" target="_blank" rel="noopener">Fostering innovation through standardisation: the future of BSV development</a></p>



<p><a href="https://www.bsvblockchain.org/news/updating-bsv-blockchain-libraries-an-interview-with-project-bababge" target="_blank" rel="noopener">Updating BSV blockchain’s libraries – An interview with Project Babbage</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli5-bsv-blockchain-libraries" target="_blank" rel="noopener">ELI5: BSV blockchain Libraries</a></p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="ELI 5: BSV blockchain Library project" width="500" height="281" src="https://www.youtube.com/embed/TG4NRqqpw1w?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>


Code-a-long: BSV Blockchain TypeScript SDK standardised following BSV Blockchain open-source guidelines


<p>Technological advancements bring greater efficiency, safety and sustainability to the mobility and transportation sector. From smart cars and self-driving automobiles to hybrid vehicles and fleet-sharing, these innovations reshape how people and goods move from point A to B.</p>



<p>Blockchain technology serves as a powerful ally in autonomous mobility transformation. Blockchain seamlessly complements the technologies implemented in the sector. Whether enhancing trust and transparency or improving security, blockchain in the automotive industry revolutionises how people perceive and interact with transportation.</p>



<p>Learn more about automotive blockchain in this infographic as it sheds light on how it can drive the world towards efficiency and safer roads.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="5216" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/blockchain-solution-transporation-157x1024.jpg" alt="blockchain transportation - infographic" class="wp-image-31943" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/blockchain-solution-transporation-157x1024.jpg 157w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/blockchain-solution-transporation-46x300.jpg 46w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/blockchain-solution-transporation-768x5007.jpg 768w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/blockchain-solution-transporation-314x2048.jpg 314w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2 class="wp-block-heading" id="h-what-is-autonomous-mobility"><strong>What is autonomous mobility?</strong></h2>



<p>Autonomous mobility presents a paradigm shift in transportation. Advanced technologies equip vehicles with varying degrees of autonomy, from basic driver assistance to fully self-driving capabilities.</p>



<p>At its core, autonomous mobility places the customer at the forefront of the transportation experience, revolutionising traditional notions of travel and ownership.</p>



<p>Central to autonomous mobility is digital integration. Technologies allow vehicles, infrastructure and users to communicate in real time. They also facilitate dynamic route optimisation, predictive maintenance and enhanced safety features to provide passengers smoother journeys.</p>



<p>Another facet of autonomous mobility entails sophisticated personal data management systems to keep user information private. <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">Blockchain in the automotive industry</a> safely stores sensitive data, such as location history, payment details and personal preferences.</p>



<p>Apart from convenience, autonomous mobility offers a seamless user experience with easy-to-use interfaces, constant connection and tailored services. Smart vehicles give people more freedom to engage with their environment without the hassle of owning a car.</p>



<h2 class="wp-block-heading" id="h-blockchain-based-solutions-for-autonomous-mobility"><strong>Blockchain-based solutions for autonomous mobility</strong></h2>



<p>Various facets of the automotive industry can benefit from blockchain. Nowadays, enterprises and end users interact with transportation systems in a modernised way. From enhancing supply chain transparency to facilitating seamless payment transactions, blockchain has diverse applications in autonomous mobility.</p>



<p>Below explores its <a href="https://academy.bsvblockchain.org/blog/infographic-enterprise-blockchain-much-more-than-virtual-currency" target="_blank" rel="noopener">implementation for both enterprises</a> and end users:</p>



<h3 class="wp-block-heading" id="h-enterprises"><strong>Enterprises</strong></h3>



<ul>
<li><strong>Building and selling</strong></li>
</ul>



<p>Blockchain enables transparent record-keeping throughout the production and sales process. Manufacturers can enhance trust and traceability by storing vehicle specifications, production data and ownership history on a decentralised ledger.</p>



<p>For instance,&nbsp;<a href="https://www.linkedin.com/pulse/bmw-tesla-ford-how-automobile-giants-using-blockchain-vignesh-n/" target="_blank" rel="noopener nofollow">Tesla utilises blockchain</a>&nbsp;to track vehicle components and ensure authenticity, reducing the risk of counterfeiting in the supply chain.</p>



<p>Furthermore, smart contracts can automate agreements between manufacturers, suppliers and distributors. Blockchain-enabled contracts ensure compliance and efficiency throughout the manufacturing and distribution cycle.</p>



<ul>
<li><strong>Supply chain monitoring</strong></li>
</ul>



<p>Supply chain monitoring involves tracking and overseeing the entire supply chain network, from raw material sourcing and production to inventory and delivery.</p>



<p>Blockchain gives direct visibility into the movement of parts and components across the supply chain. Each transaction records details of materials to enhance traceability and reduce the risk of counterfeit parts.</p>



<p><a href="https://www.press.bmwgroup.com/global/article/detail/T0307164EN/bmw-group-uses-blockchain-to-drive-supply-chain-transparency?language=en" target="_blank" rel="noopener nofollow">Companies like BMW</a> use blockchain to track the provenance of raw materials, monitor logistics processes and verify compliance with sustainability standards. As a result, they can practise ethical sourcing and reduce environmental impact.</p>



<ul>
<li><strong>Materials sourcing</strong></li>
</ul>



<p>While supply chain monitoring covers a broader scope, materials sourcing focuses on procuring raw materials or components required for manufacturing products. Through blockchain, enterprises can securely trace the origin and authenticity of materials used in vehicle production.</p>



<p><a href="https://www.supplychaindive.com/news/Ford-IBM-team-up-track-minerals-blockchain/546301/" target="_blank" rel="noopener nofollow">Ford collaborates with IBM on using blockchain</a>&nbsp;to track cobalt—a key component in batteries—from mines to manufacturing plants.</p>



<p>With blockchain&#8217;s help, one of the world&#8217;s oldest car companies can observe responsible sourcing and minimise the risk of human rights violations. Immutable records ensure transparency and accountability across the supply chain, promoting sustainability and ethical practises.</p>



<ul>
<li><strong>Complex products</strong></li>
</ul>



<p><a href="https://www.bsvblockchain.org/news/using-blockchain-in-the-automotive-sector" target="_blank" rel="noopener">Blockchain makes it easier</a> to handle complicated products by keeping a secure record of all their parts and maintenance history. Car companies can store detailed specifications, maintenance records and service history on a secure and shared database. This transparency makes it easier to connect with other systems and parts.</p>



<p>Another example is <a href="https://media.jaguarlandrover.com/news/2021/10/jaguar-land-rover-trials-world-first-digital-supply-chain-leather-using-blockchain" target="_blank" rel="noopener nofollow">Jaguar Land Rover</a>, which is looking into blockchain to digitally copy raw materials for vehicles. Using a digital twin, the car manufacturing company monitors the leather supply chain&#8217;s development digitally and in real time. It also uses GPS data, biometrics and QR codes to track the movement of leather in the supply chain.</p>



<ul>
<li><strong>Identity management</strong></li>
</ul>



<p>Blockchain offers a decentralised and safe platform for handling the digital identities of autonomous vehicles, manufacturers and stakeholders. Using cryptographic techniques, users can verify, authenticate and control their identities. These also enhance security and prevent unauthorised access.</p>



<ul>
<li><strong>Quality assurance</strong></li>
</ul>



<p>Blockchain provides an immutable record of quality assurance processes, including testing, inspection and certification of autonomous vehicles. These protocols certify compliance with regulatory standards and enhance trust among consumers and stakeholders.</p>



<p>Just like most automobile industries, blockchain uses technologies to enable proactive maintenance that helps support optimal performance and safety standards.</p>



<h3 class="wp-block-heading" id="h-end-users"><strong>End users</strong></h3>



<ul>
<li><strong>Third-party integration</strong></li>
</ul>



<p>Blockchain facilitates secure integration with third-party services, such as navigation apps and smart contracts for autonomous vehicle rentals. For instance,&nbsp;<a href="https://theblockchainland.com/2018/07/26/audi-signs-a-partnership-deal-with-iota-miota/" target="_blank" rel="noopener nofollow">Audi collaborates with IOTA</a>&nbsp;to enable secure data transfer between vehicles and smart city infrastructures.</p>



<p>This partnership improves routing accuracy and traffic management. Here, blockchain technology contributes to developing more efficient, interconnected and user-centric transportation systems.</p>



<ul>
<li><strong>Ride-sharing and car-sharing</strong></li>
</ul>



<p>Blockchain enables transparent and secure transactions in ride-sharing and car-sharing platforms, reducing intermediary dependency and enhancing user trust. <a href="https://www.healthcaredive.com/news/lyft-teams-up-with-blockchain-platform-as-it-preps-for-ipo/549832/" target="_blank" rel="noopener nofollow">Companies like Lyft</a> are exploring blockchain to implement decentralised ride-sharing networks and enable peer-to-peer transactions. The technology also reduces costs for both drivers and passengers.</p>



<ul>
<li><strong>Payment modes</strong></li>
</ul>



<p>Blockchain-based payment systems offer secure and efficient modes of transactions for autonomous mobility services. Using tokenised assets for payments provides privacy, low transaction fees and instant settlements.</p>



<p>Tesla integrates blockchain-based payment systems in its vehicles, allowing customers to pay for charging services and access premium features using digital currencies.</p>



<ul>
<li><strong>Payment verification</strong></li>
</ul>



<p>Besides catering to different modes of payment, blockchain provides transparent and auditable records of payments and transactions in autonomous mobility ecosystems. Smart contracts automatically validate and execute payments based on predefined conditions. With tamper-proof verification, there&#8217;s less risk of fraud and disputes.</p>



<ul>
<li><strong>Fleet access and availability</strong></li>
</ul>



<p>Blockchain gives end users improved fleet access and availability by providing transparent and secure access to vehicle-sharing platforms. They can quickly locate and reserve vacant cars through decentralised platforms, while automated contracts support seamless transactions and fair pricing.</p>



<p>Take a blockchain-based ride-sharing platform, for instance. It allows users to instantly access nearby autonomous vehicles, verify vehicle availability and securely pay for rides without intermediaries.</p>



<p>Additionally, blockchain&#8217;s immutable ledger translates to transparency in fleet management, enabling users to trust the accuracy of vehicle availability data and make informed decisions when accessing fleet services. Uber and Lyft use these similar concepts.</p>



<h2 class="wp-block-heading" id="h-3-key-challenges-in-blockchain-based-solutions-for-transportation"><strong>3 key challenges in blockchain-based solutions for transportation</strong></h2>



<p>Innovations in <a href="https://www.bsvblockchain.org/news/explore-blockchain-iot-and-ai-at-the-technology-of-tomorrow-conference" target="_blank" rel="noopener">blockchain technology hold immense promise</a> for modernising transportation systems. Although they improve efficiency and security, among other things, blockchain-based solutions still come with challenges. Understanding these potential issues can help unlock blockchain&#8217;s full potential in transforming autonomous mobility.</p>



<ol>
<li><strong>Data privacy</strong></li>
</ol>



<p>Unlike in traditional databases, blockchain transactions are immutable and transparent. Data on the blockchain cannot be altered or deleted. While this feature ensures the integrity and trustworthiness of the data, it also raises issues regarding the exposure of sensitive information.</p>



<p>For instance, location data or personal details stored on the blockchain could become accessible to unauthorised parties. This could lead to privacy breaches or exploitation.</p>



<p>Moreover, the transparent nature of blockchain transactions means that all participants in the network have visibility into the stored data, which may not be desirable for classified information.</p>



<p>Careful consideration and robust privacy measures are essential when integrating blockchain into transportation systems. These mitigate data exposure risks and unauthorised access.</p>



<p>Fortunately, solutions such as BSV blockchain offer robust data privacy features. By implementing BSV blockchain&#8217;s privacy-enhancing features, transportation stakeholders can safeguard confidential information while leveraging the technology&#8217;s benefits.</p>



<ol start="2">
<li><strong>Code quality</strong></li>
</ol>



<p>Developing and deploying <a href="https://www.bsvblockchain.org/news/innovating-the-automotive-industry-with-blockchain-technology" target="_blank" rel="noopener">blockchain-based solutions for transportation</a> requires&nbsp;<a href="https://www.forbes.com/sites/forbestechcouncil/2021/12/22/blockchain-in-the-automotive-sector-three-use-cases-and-three-challenges/?sh=10fe50152508" target="_blank" rel="noopener nofollow">high-quality code to ensure reliability</a>, security and interoperability. These codes keep everything safe and working together smoothly.</p>



<p>However, blockchain programming is complex. Given the fast pace at which this technology advances, it can be tricky to maintain code quality throughout the development lifecycle.</p>



<p>Transportation companies must invest in rigorous testing, code review processes and continuous integration practices to address this challenge. Additionally, collaboration with experienced blockchain developers that adhere to industry standards can help mitigate risks associated with code quality issues.</p>



<ol start="3">
<li><strong>Subcontractor engagement</strong></li>
</ol>



<p>Multiple stakeholders, including subcontractors and third-party service providers, usually deliver goods and services to the transportation industry. Integrating blockchain-based solutions across diverse entities may present challenges in coordination, alignment of incentives and compliance with contractual agreements.</p>



<p>To overcome these challenges, transportation companies must establish clear communication channels, define roles and responsibilities and incentivise subcontractor engagement through smart contracts. Blockchain&#8217;s transparency and automation capabilities can help transportation companies make working with subcontractors and other partners more manageable and efficient.</p>



<h2 class="wp-block-heading" id="h-driving-change-and-paving-the-way-to-innovation"><strong>Driving change and paving the way to innovation</strong></h2>



<p>Autonomous mobility is continuously breaking the old transportation limits.</p>



<p>Today, customers are not mere passengers but active participants in a digitally-enabled ecosystem. Likewise, enterprises are becoming architects of mobility solutions. They leverage advanced technologies like blockchain to optimise fleet management and enhance safety protocols.</p>



<p>There&#8217;s a lot of promise in blockchain-based solutions, but they come with difficulties. However, BSV blockchain can help address those. It offers robust features for handling data privacy concerns and warranting secure transactions. Its scalability and efficiency also make it well-suited for managing complex transportation networks.</p>



<p>Enterprise leaders in transportation can leverage the immense potential of BSV blockchain-powered solutions. By embracing blockchain technology, you can unlock more opportunities for innovation in the transportation sector.</p>



<p>If you want to learn more about blockchain, <a href="https://resources.bsvblockchain.org/what-is-blockchain-ebook-for-enterprises-and-governments" target="_blank" rel="noopener">download our ‘What is Blockchain?’ eBook</a>. You can also expand your knowledge by exploring <a href="https://www.bsvblockchain.org/news" target="_blank" rel="noopener">BSV Blockchain&#8217;s extensive library of articles</a>.</p>


Autonomous mobility: A guide to blockchain-based solutions for transportation


<p>Blockchain’s value has long been considered speculative, its potential touted but with few proven results. Now, it’s finally coming into its own. Enterprises are increasingly integrating blockchain into their digital processes and applications, and reaping rewards – which, taken together, come down to one key enabler: trust.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<h2 class="wp-block-heading" id="h-from-hype-to-a-reality-of-trust">From hype to a reality of trust</h2>



<p>As blockchain converges with other <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">emerging technologies such as AI and IoT</a>, it’s not just meeting expectations; it’s exceeding them. At last, companies can use their technologies and the data they generate with confidence.</p>



<p>Once a matter of hype, blockchain is conferring <a href="https://www.bsvblockchain.org/news/the-trust-economy-and-blockchain-building-and-growing-customer-loyalty" target="_blank" rel="noopener">a reality of trust on many businesses,</a> providing certainty where uncertainty once reigned. The strategic and operational improvements blockchain promises to revolutionise business models, redefine industries, and position users to outperform competitors.</p>



<p>The BSV blockchain can increase the transparency, security, and efficiency of your digital transactions, and make your enterprise a standard-setter in your sector.</p>



<p>Questions you might ask as you venture into this exciting new era include:</p>



<ul>
<li><strong>Which parts of your business could benefit from a heightened level of trust? </strong>Evaluate your immediate and long-term needs to secure your applications’ and processes’ data exchanges, as in smart city systems or automated decision-making in procurement. Do you need to add verification or other elements to increase trust?</li>
</ul>



<ul>
<li><strong>Where is it so costly or difficult to implement trust that it is prohibitive?</strong> If existing solutions that can provide trust show technical issues or are provided through costly third-party vendors (for credit scores, for example), consider if blockchain is the right technology to provide trust instead.</li>
</ul>



<ul>
<li><strong>Will you require a significant number of transactions to be processed?</strong> If yes, you’re uniquely positioned to reap the greatest benefits from BSV.</li>
</ul>



<h2 class="wp-block-heading" id="h-a-unique-partnership-opportunity">A unique partnership opportunity</h2>



<p>Adopting blockchain in itself is not the be-all and end-all of digital integrity, but a valuable &#8211; and exciting &#8211; first step. Blockchain alone won’t solve some challenges. You may also need to secure your sensors and other devices receiving incoming data. You will need to integrate blockchain with your systems, gain a thorough understanding of your regulatory requirements, and perhaps develop in-house expertise or form strategic partnerships.</p>



<p>Here is one partnership opportunity: We invite you to join our Proof of Concept or co-creation initiatives to explore, together, the possibilities for blockchain. The best way to experience the transformative power of blockchain technology is to start developing and building blockchain-based solutions. Join us in shaping this technology’s future!</p>



<p>Now is the time to get involved. Learn how blockchain can help you benefit from new digital technologies, and take existing ones to the next level. To find out more, please do not hesitate to reach out to our experts.</p>



<p>Read the full release here: <a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener"><strong>Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>


The BSV blockchain – From hype to a reality of trust


<p>Positive customer relationships define successful businesses. This principle is essential more than ever, given today&#8217;s competitive business landscape. Thanks to customer relationship management (CRM) tools, connecting with customers and engaging with the market is less complex.</p>



<p>However, traditional systems often face challenges in ensuring transparency, security, and efficiency in customer interactions because of interconnectivity and data reliability issues. Blockchain is a disruptive technology that can help in this department.</p>



<p>Here&#8217;s an infographic showing how blockchain CRM can transform and fortify customer success.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3334" height="23992" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Infographic-Blockchain-in-customer-relationship-management.jpg" alt="Infographic Blockchain in customer relationship" class="wp-image-31980"/></figure>



<h2 class="wp-block-heading" id="h-6-benefits-of-blockchain-in-customer-relationship-management"><strong>6 benefits of blockchain in customer relationship management</strong></h2>



<p>Introducing blockchain technology into CRM boosts existing customer engagement strategies and brings a new era of innovation and efficiency. Blockchain CRM <a href="https://www.bsvblockchain.org/news/the-trust-economy-and-blockchain-building-and-growing-customer-loyalty" target="_blank" rel="noopener">improves your organisation&#8217;s customer interactions and satisfaction</a>, giving your clients the best experience. Below are the advantages of using blockchain for your CRM needs.</p>



<h3 class="wp-block-heading" id="h-1-data-security-and-privacy"><strong>1. Data security and privacy</strong></h3>



<p>Blockchain technology offers unparalleled security measures. It safeguards customer data from breaches and unauthorised access with decentralised data storage and cryptographic techniques, such as hashing and encryption. <a href="https://www.bsvblockchain.org/news/how-your-business-can-leverage-blockchain" target="_blank" rel="noopener">Leveraging blockchain</a> technology for CRM ensures the integrity and confidentiality of sensitive information.</p>



<p>This enhanced security protects your enterprise from cyber threats and instills customer confidence, leading to stronger relationships and increased trust in your company.</p>



<h3 class="wp-block-heading" id="h-2-trustworthy-customer-profiles"><strong>2. Trustworthy customer profiles</strong></h3>



<p>Blockchain CRM is immutable, making the <a href="https://www.bsvblockchain.org/news/how-clear-sparrow-is-set-to-revolutionise-the-online-dating-industry-on-bsv" target="_blank" rel="noopener">authentication process of customer information easier and sturdier</a>. Since transparency and tamper-proofing are core features of blockchain, the technology is valuable for businesses to ensure the accuracy and reliability of customer data.</p>



<p>Besides reducing the risk of identity theft and fraud, blockchain enables better personalisation and meaningful engagements based on verified information. In effect, you can foster credibility in online transactions and improve customer satisfaction and loyalty.</p>



<h3 class="wp-block-heading" id="h-3-smart-contracts"><strong>3. Smart contracts</strong></h3>



<p>Smart contracts are self-executing agreements that automate processes and transactions without the need for intermediaries. <a href="https://www.bsvblockchain.org/news/bsv-blockchain-resources-for-the-bitcoin-curious-and-enthusiasts" target="_blank" rel="noopener">With blockchain</a>, you can implement smart contracts and automate various CRM processes, including contract management and customer onboarding.</p>



<p>For instance, you can use smart contracts to automate the verification process by checking customer data against predefined criteria on the blockchain. Automation lessens the need for manual intervention, ultimately streamlining operations and reducing administrative overhead.</p>



<h3 class="wp-block-heading" id="h-4-loyalty-programs-and-rewards"><strong>4. Loyalty programs and rewards</strong></h3>



<p>Apart from customer onboarding, blockchain CRM and smart contracts are beneficial when creating loyalty programs. Utilising smart contracts on blockchain networks lets you offer customers transparent and traceable rewards distribution. Take <a href="https://www.bsvblockchain.org/news/building-smart-contracts-with-tokenized" target="_blank" rel="noopener">Tokenized</a> as an example.</p>



<p>The tokenisation solution company uses smart contracts to enable seamless redemption and secure transferability of loyalty points across platforms and partners. This interoperability enhances the value of loyalty rewards while providing customers with greater flexibility and control that can effectively drive up repeat purchases.</p>



<h3 class="wp-block-heading" id="h-5-enhanced-customer-engagement"><strong>5. Enhanced customer engagement</strong></h3>



<p>Blockchain CRM also enables microtransactions that incentivise customer engagement with your company events or announcements. A perfect example of this is the platform Centbee. It leverages blockchain to <a href="https://www.bsvblockchain.org/news/flipping-paid-advertising-by-incentivising-app-users-with-bitcoin-microtransactions" target="_blank" rel="noopener">reward customers</a> with BSV blockchain microtransactions each time they engage with something in the app, like changing profile pictures or encouraging friends to use the platform.</p>



<p>Offering tangible incentives for engagement allows you to foster a community of loyal customers who are actively participating in brand activities and promotions. As a result, you can increase brand awareness and customer retention.</p>



<h3 class="wp-block-heading" id="h-6-supply-chain-transparency"><strong>6. Supply chain transparency</strong></h3>



<p>Blockchain&#8217;s unparalleled transparency is valuable for supply chains. Transparency can combat fraud and ensure product authenticity. Solutions like Manufact utilise blockchain to <a href="https://www.bsvblockchain.org/news/solving-fraud-with-manufact-and-the-bsv-blockchain" target="_blank" rel="noopener">trace the journey of goods</a> from inception to delivery, recording each step on an immutable ledger.</p>



<p>With this, you can utilise blockchain to reduce the risk of counterfeit products and unauthorised tampering. Consumers can also make informed decisions based on reliable information on the product&#8217;s origin and quality. Ultimately, supply chain transparency can enhance brand reputation and consumer confidence.</p>



<h2 class="wp-block-heading" id="h-10-steps-to-integrate-blockchain-in-crm"><strong>10 steps to integrate blockchain in CRM</strong></h2>



<p>Implementing blockchain technology for your CRM efforts requires careful planning and execution. Here&#8217;s a comprehensive guide on how you can integrate <a href="https://www.bsvblockchain.org/news/bsv-blockchain-resources-for-enterprises-and-public-officials" target="_blank" rel="noopener">blockchain for businesses</a> and transform your CRM strategy for customer success.</p>



<h3 class="wp-block-heading" id="h-1-understand-blockchain-technology"><strong>1. Understand blockchain technology</strong></h3>



<p>Before anything else, learn how blockchain technology works and its applications in CRM. Familiarise yourself with the fundamental concepts such as decentralisation, immutability and consensus mechanisms to grasp the potential benefits and limitations of blockchain for CRM. With this, you can maximise blockchain CRM to enhance the customer experience.</p>



<h3 class="wp-block-heading" id="h-2-identify-and-study-use-cases"><strong>2. Identify and study use cases</strong></h3>



<p>Look for various <a href="https://www.bsvblockchain.org/use-cases" target="_blank" rel="noopener">use cases where blockchain can add value to your CRM processes</a>. Analyse industry-specific challenges and pain points to identify areas that blockchain can solve. For example, you can check how blockchain helps with data security and inefficient transactions, which can eliminate customer trust issues.</p>



<h3 class="wp-block-heading" id="h-3-choose-the-right-blockchain-platform"><strong>3. Choose the right blockchain platform</strong></h3>



<p>Once you know what areas need improvement, evaluate different blockchain platforms based on factors like scalability, security, interoperability and community support. Then, select a platform that aligns with your business requirements and long-term goals, whether it&#8217;s a public blockchain or a private one.</p>



<h3 class="wp-block-heading" id="h-4-develop-smart-contracts"><strong>4. Develop smart contracts</strong></h3>



<p>Leverage smart contracts to automate and streamline CRM processes. On top of contract management, you can use them for customer onboarding and loyalty programs. Work with blockchain developers to design and deploy smart contracts that reflect your workflow and policies for transaction efficiency and transparency.</p>



<h3 class="wp-block-heading" id="h-5-ensure-data-consistency"><strong>5. Ensure data consistency</strong></h3>



<p>Data standards and protocols promote consistency and integrity across decentralised databases. Meanwhile, data synchronisation mechanisms reconcile discrepancies and maintain a single source of truth for customer information and interactions. These components give you accurate customer data for creating personalised interactions and offers.</p>



<p>Having a blockchain CRM also lets you build a pool of authentic customer profiles, which lessens and eventually eliminates the space for fake accounts and fraudulent transactions.</p>



<h3 class="wp-block-heading" id="h-6-enhance-security-and-privacy"><strong>6. Enhance security and privacy</strong></h3>



<p>Protecting sensitive customer data and transactions on the blockchain involves encryption techniques, access controls and multi-factor authentication. These practices safeguard against cyber threats and unauthorised access to customer accounts. You should also prioritise user privacy and adhere to <a href="https://www.cookieyes.com/blog/ccpa-vs-gdpr/#:~:text=What%20do%20GDPR%20and%20CCPA,privacy%20rights%20of%20Californian%20residents." target="_blank" rel="noopener nofollow">data protection regulations</a> such as GDPR and CCPA.</p>



<h3 class="wp-block-heading" id="h-7-educate-staff-and-stakeholders"><strong>7. Educate staff and stakeholders</strong></h3>



<p>Provide comprehensive training and education to your employees and stakeholders on blockchain technology and its implications for CRM. Cross-functional teams could experiment with blockchain solutions to streamline CRM processes and foster a culture of innovation and collaboration. Then, consider training them about the best <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain customer relationship management</a> practices.</p>



<h3 class="wp-block-heading" id="h-8-compliance-and-regulations"><strong>8. Compliance and regulations</strong></h3>



<p>Stay on top of regulatory requirements and compliance standards governing blockchain adoption in your industry. Collaborate with legal experts and compliance officers about your blockchain initiatives to ensure they comply with relevant laws and regulations and mitigate the risks of legal issues and penalties.</p>



<h3 class="wp-block-heading" id="h-9-monitor-and-evaluate"><strong>9. Monitor and evaluate</strong></h3>



<p>Continuously track and assess the performance of your blockchain-powered CRM systems. Monitor key metrics such as transaction volume, processing speed and user satisfaction to determine the effectiveness and return-of-investment (ROI) of your blockchain initiatives. Also, identify areas for improvement and optimisation to drive continuous innovation and growth.</p>



<h3 class="wp-block-heading" id="h-10-scale-gradually"><strong>10. Scale gradually</strong></h3>



<p>When implementing blockchain CRM, it&#8217;s best to start small and scale gradually as you gain experience and confidence in this technology. Consider implementing polar projects to test scale-up feasibility before expanding to larger deployments. Collaborate with industry partners and ecosystem stakeholders to leverage collective expertise and resources in scaling blockchain-enabled CRM solutions.</p>



<p><strong><em>Note:</em></strong><em> If you need expert assistance, contact a blockchain service provider to learn more about the technology and help you choose and implement it. See BSV Blockchain Vendor&#8217;s directory here: </em><a href="https://www.bsvblockchain.org/vendors" target="_blank" rel="noopener"><em>https://www.bsvblockchain.org/vendors</em></a></p>



<h2 class="wp-block-heading" id="h-advancing-crm-practices-with-blockchain-innovation"><strong>Advancing CRM practices with blockchain innovation</strong></h2>



<p>Integrating blockchain technology into CRM can unlock several benefits, from enhanced data security to improved customer engagement. However, you need a comprehensive plan and careful execution when implementing blockchain CRM.</p>



<p>Check out our <a href="https://resources.bsvblockchain.org/bsv-blockchain-as-infrastructure-for-data-economy/" target="_blank" rel="noopener">blockchain eBooks</a> to understand how BSV blockchain&#8217;s robust infrastructure and capabilities can complement your CRM goals. <a href="https://www.bsvblockchain.org/news" target="_blank" rel="noopener">BSV Blockchain</a> also has an extensive library of articles where you can learn more about blockchain.</p>


Blockchain in customer relationship management: A primer


<p>Thank you for joining us at this year’s London Blockchain Conference and BSV DevCon. Over the past four days, we have engaged in groundbreaking discussions, attended insightful panels, and experienced thought-provoking presentations.</p>



<p>Alongside major presentations from the BSV Association &#8211; including the unveiling of the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">Mandala Upgrade</a> and impressive <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">Teranode testing</a>&nbsp;&#8211; we saw dozens of panels and presentations that explored the convergence of the BSV blockchain, AI, and Web3.</p>



<p>You can find a full recap of the major technical panels and presentations below. A full recap and live stream will also be available at a later date.</p>



<ul>
<li><a href="https://bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">BSVA DevCon recap</a></li>



<li><a href="https://bsvblockchain.org/news/london-blockchain-conference-2024-highlights-day-1" target="_blank" rel="noopener">London Blockchain Conference Day One Highlights</a></li>



<li><a href="https://bsvblockchain.org/news/london-blockchain-conference-2024-highlights-day-2" target="_blank" rel="noopener">London Blockchain Conference Day Two Highlights</a></li>



<li><a href="https://bsvblockchain.org/news/london-blockchain-conference-2024-highlights-day-3" target="_blank" rel="noopener">London Blockchain Conference Day Three Highlights</a></li>
</ul>



<h2 class="wp-block-heading" id="h-read-our-new-report">Read our new report</h2>



<p>A key announcement at the conference was <a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-report-on-the-role-of-blockchain-in-safeguarding-data-and-streamlining-transactions" target="_blank" rel="noopener">the release of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions</a>.</p>



<p>The report highlights how blockchain technology opens a window on trust. Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p>Not all blockchains are created equal, however. More than 500 blockchains have tried to establish digital trust since 2008. BSV is the first to scale trust reliably. The BSV blockchain’s design, which uses large blocks (comparable to pages in a record book), gives it the power to handle transactions at extraordinarily high volumes for much less cost than other blockchains.</p>



<p>The BSV blockchain’s innovative features give it the ability to support at least 1 million transactions per second, more than any other financial network. And as the number of transactions rises, the cost per transaction goes down – a feature unique to BSV. BSV blockchain gives your enterprise a leg-up over competitors.</p>



<p>Find out more about how the BSV blockchain can increase the transparency, security, and efficiency of your digital transactions, and make your enterprise a standard-setter in your sector:</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener nofollow"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>


Read our latest report and discover what you missed at the London Blockchain Conference 2024


<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">The BSV Mandala upgrade</a> is a strategic re-engineering of the BSV infrastructure to significantly enhance its scalability, performance and operational efficiency. Introduced as a concept for BSV in 2018, its strategic implementation is pivotal in transitioning from the existing network topology, based on monolithic integrated functional components to a more sophisticated, microservices based architecture. This change aims to reduce the operational burdens on enterprises and enable more direct and efficient interactions within the blockchain environment.</p>



<p>Importantly, <a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">the Mandala upgrade</a> does not alter the existing Bitcoin protocol restored by BSV blockchain. Instead, it introduces three interconnected network components; <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, Overlay Services and <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallets</a> which enhance the overall system&#8217;s efficiency and functionality. By employing a microservice architecture for the node, each service specialises in a particular aspect of transaction processing while adhering to the established protocol. This design ensures seamless integration and cooperation among components, facilitated by SPV, which uses Merkle path authentication and proofs to validate transactions across their lifecycle. This approach maintains the protocol&#8217;s integrity while enabling the network to evolve into an <a href="https://academy.bsvblockchain.org/blog/bitcoin-infrastructure-the-small-world-network" target="_blank" rel="noopener">ultra-small world mandala topology</a>, optimising performance and scalability.</p>



<h2 class="wp-block-heading" id="h-ultra-small-world-core-node-network-with-teranode">Ultra Small World core node network with Teranode</h2>



<p>At the heart of the Mandala lies an Ultra Small World core node network of <a href="https://www.bsvblockchain.org/news/teranode-enabling-the-blockchain-mandala" target="_blank" rel="noopener">Teranodes</a> which is crucial for delivering the network’s operational efficiency, security and speed. This central topology forms a complete graph between the Teranodes, through which they can disseminate transactional and block information rapidly and check other Teranodes block proposals immediately whilst processing millions of transactions per second.</p>



<h3 class="wp-block-heading" id="h-role-of-overlay-networks"><strong>Role of Overlay Networks</strong></h3>



<p><a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">Overlay Networks</a> expand the network’s scalability and performance by providing tailored environments for dedicated applications, from digital currencies and financial instruments to <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">large-scale data services</a>. These overlays enable sophisticated data access management schemes, allowing for dedicated use of public blockchain infrastructure. By doing so, they address one of the critical limitations of traditional blockchain architectures—the difficulty in managing privacy and complex interactions within a transparent system.</p>



<h3 class="wp-block-heading" id="h-integration-of-spv-in-overlay-networks"><strong>Integration of SPV in Overlay Networks</strong></h3>



<p>All overlay systems within the Mandala architecture operate dedicated <a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">Simplified Payment Verification (SPV) mechanisms</a>, ensuring validity and scalable integration with the blockchain. Overlay services use Merkle proofs to verify the authenticity and integrity of the transactions without needing the full blockchain data. This feature ensures that each overlay network can serve data back to application with absolute certainty that it is valid, thereby enhancing their performance, scalability and efficiency.</p>



<h3 class="wp-block-heading" id="h-leveraging-spv-wallets-for-enhanced-data-management"><strong>Leveraging SPV Wallets for enhanced data management</strong></h3>



<p>Overlay Service can be used as access control systems, or to manage state within a shared context:</p>



<ul>
<li><strong>Tokenisation and Access Control</strong>: By associating data and access tokens with specific UTXOs, overlay networks can implement detailed access controls and permissions, linking them directly to the blockchain transactions. This integration ensures that all state changes—whether occurring within payment channels or recorded on the blockchain via micropayments—are securely logged and verifiable.</li>



<li><strong>Micropayment-Driven State Changes</strong>: For actions that need to be recorded on the blockchain, the Mandala architecture facilitates the logging of these transactions through extremely low-cost micropayments (ranging from 0.01 to 0.001 cents). This system allows for economical and efficient transaction logging, making it feasible to record numerous small transactions without prohibitive costs.</li>
</ul>



<h2 class="wp-block-heading" id="h-harnessing-the-utxo-model-as-a-directed-acyclic-graph-dag"><strong>Harnessing the UTXO model as a Directed Acyclic Graph (DAG)</strong></h2>



<p>The Unspent Transaction Outputs (UTXOs) set, encompassing past and present transactions, inherently forms a Directed Acyclic Graph (DAG). Each transaction in the blockchain references <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">UTXOs</a> as inputs and creates new UTXOs as outputs, linking transactions in a forward-only direction, with no cycles due to inputs being as outputs of previous transactions, and a linear progression of block additions. This DAG structure is not merely a feature of the blockchain but is foundational to how data integrity and transaction dependencies are managed across the network.</p>



<h2 class="wp-block-heading" id="h-the-paradigm-of-private-permissioned-capabilities-on-a-public-permissionless-blockchain"><strong>The Paradigm of private permissioned capabilities on a public permissionless blockchain</strong></h2>



<p>Dedicated use of a public blockchain involves leveraging the public infrastructure for secure, controlled access to data verification capabilities, integrating transparency with privacy and operational control. This approach is vital for businesses that require confidentiality and specific control over their interactions on the blockchain. It allows for the creation of dedicated subsets of transactions and data that are of interest to a specific and agreed set of applications, using public attestations that act as data check valves for information flows and significantly enhance the auditability of a system.</p>



<h2 class="wp-block-heading" id="h-application-scenarios"><strong>Application scenarios</strong></h2>



<p>In the Mandala architecture, businesses can utilise dedicated ledgers within overlay networks to manage their data securely. These ledgers maintain a private state but interact seamlessly with the public blockchain through transactions that are verified by the broader network, including through <a href="https://www.bsvblockchain.org/news/discover-the-power-of-an-spv-wallet-bsv-blockchains-answer-to-secure-and-scalable-transactions" target="_blank" rel="noopener">SPV wallets</a>. This setup not only ensures the security and immutability offered by the public blockchain but also provides the flexibility and privacy of private databases, effectively supporting sophisticated business applications like triple-entry accounting and complex data access schemes.</p>



<p>This detailed structure of the Mandala upgrade illustrates a deliberate move towards a more dynamic and capable blockchain architecture that supports the evolving needs of the digital economy, emphasising efficiency, scalability, and strategic data management.</p>



<h3 class="wp-block-heading" id="h-advanced-data-structures-and-interoperability-in-the-mandala-architecture"><strong>Advanced Data Structures and interoperability in the Mandala architecture</strong></h3>



<p>The Mandala architecture, with its overlay networks, represents a groundbreaking shift in how blockchain can be leveraged for sophisticated data management and novel applications. By using transactions as carriers for recording state changes to internal systems on the overlay, the architecture opens up possibilities for implementing sophisticated data access schemes and hierarchical structures using Directed Acyclic Graphs (DAGs).</p>



<h3 class="wp-block-heading" id="h-integration-of-dags-with-transaction-systems"><strong>Integration of DAGs with transaction systems</strong></h3>



<p><a href="https://academy.bsvblockchain.org/blog/bitcoin-infrastructure-block-assembly" target="_blank" rel="noopener">Directed Acyclic Graphs (DAGs)</a> are valuable in various scientific and computational fields, including epidemiology, citation networks, and scheduling algorithms. In the context of the Mandala architecture, transactions can be structured to mimic DAG properties, allowing for efficient, scalable, and flexible management of data dependencies and hierarchies. This is particularly effective in environments where data lineage, version control, and detailed audit trails are crucial.</p>



<p>Transactions in the Mandala architecture can serve dual purposes—not only do they perform the traditional role of transferring value, but they also act as markers or checkpoints in the complex webs of data relationships maintained within the overlay networks. By structuring these transactions to reflect DAG properties, overlays can implement inherent versioning systems built around Merkle DAGs, where each node in the DAG represents a piece of data or a state change, linked cryptographically through transactions.</p>



<h3 class="wp-block-heading" id="h-utilising-digital-signatures-for-data-integrity"><strong>Utilising Digital Signatures for data integrity</strong></h3>



<p>Digital signatures play a crucial role in this architecture, ensuring the integrity and authenticity of transactions and by extension, the data changes they record. Each transaction, signed with the sender&#8217;s private key, guarantees that the data changes or accesses are authorised and untampered. This mechanism not only secures data transactions but also embeds a robust versioning system directly into the data structure, facilitating complex data retrieval and historical analysis.</p>



<h2 class="wp-block-heading" id="h-performance-and-interoperability-of-overlay-networks"><strong>Performance and interoperability of Overlay Networks</strong></h2>



<p>Overlay networks in the Mandala architecture become highly performant and interoperable subsets of the broader blockchain. They are linked by Merkle paths, which ensure that data integrity and transaction validity are maintained without the overhead of processing the full blockchain. This link facilitates the quick verification of transactions across overlays, harnessing the instant payment capabilities of BSV to log all actions on the overlay&#8217;s data systems efficiently.</p>



<p>This innovative use of blockchain transactions to support DAG-based data structures enhances both the functionality and the scope of blockchain applications. It enables the overlays to function as dynamic, self-contained ecosystems that are both secure and easy to integrate with other systems, leveraging blockchain’s inherent strengths to provide solutions that are not only scalable but also inherently compliant with complex data governance frameworks.</p>



<h3 class="wp-block-heading" id="h-future-directions"><strong>Future Directions</strong></h3>



<p>As these technologies evolve, the potential applications of DAG-integrated transaction systems in blockchain will expand. This could revolutionise fields that rely heavily on complex data structures and require robust, transparent, and immutable records—ranging from scientific research and healthcare to supply chain management and beyond.</p>



<h3 class="wp-block-heading" id="h-call-to-action"><strong>Call to Action</strong></h3>



<p>The Mandala architecture&#8217;s innovative approach offers a glimpse into the future of blockchain technology, where data complexity and volume are no longer barriers but opportunities for innovation. Stakeholders in technology, finance, and data-intensive industries are encouraged to explore how the Mandala architecture and its <a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">Teranode</a>, Overlays and <a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">SPV implementations</a> can transform their operations and data strategies, unlocking new levels of efficiency and data utility.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-the-mandala-upgrade">Learn more about the Mandala upgrade</h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-mandala-upgrade" target="_blank" rel="noopener">BSV Blockchain announces Mandala upgrade</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli-5-bsv-blockchain-mandala-network" target="_blank" rel="noopener">ELI 5: BSV Blockchain Mandala network</a></p>


Mandala upgrade explained: Scaling BSV Blockchain with a mandala network topology


<p>It’s the third and final day of the London Blockchain Conference – the biggest blockchain and web3 event of the year. The London Blockchain Conference is the premier event dedicated to exploring the transformative impact of blockchain technology in our world.</p>



<p>The third and final day might have been shorter than the first two days but it was still jam-packed with exciting panels and presentations which featured cutting-edge ideas and insights.</p>



<p>Below is a recap of some of the major technical discussions on the third day. Video highlights will be available at a later date with a full recap of every panel and presentation to follow.</p>



<h2 class="wp-block-heading" id="h-bsv-association-launches-new-report">BSV Association launches new report</h2>



<p>BSV Association launched a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.</p>



<p>The BSV blockchain’s innovative features give it the ability to support at least 1 million transactions per second, more than any other financial network. And as the number of transactions rises, the cost per transaction goes down &#8211; a feature unique to BSV. BSV blockchain gives your enterprise a leg-up over competitors.</p>



<p>Using it, your enterprise can more readily profit from new sources of revenue, reduce operating costs, and more swiftly incorporate new technologies—with complete confidence in your operations and transactions, while facilitating regulatory compliance. You’ll rest assured, knowing that your company can use and share its data as well as that of your business partners and customers with complete and utter trust.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener nofollow"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<h2 class="wp-block-heading" id="h-the-intersection-of-web3-ai-and-emerging-tech">The Intersection of Web3, AI, and emerging tech</h2>



<ul>
<li><a href="https://www.linkedin.com/in/somiarian/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Somi Arian (Founder of InPeak)</a></li>
</ul>



<p>Tech philosopher and entrepreneur Somi Arian gave the opening keynote on day three as she explored the dynamic convergence of <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">Web3</a>, <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">Artificial Intelligence</a>, and emerging technologies.</p>



<p>As part of the keynote, she delved into how these technologies are reshaping industries and redefining the boundaries of innovation. Looking forward into the future, Somi also discussed the potential impacts and opportunities these technologies present, drawing on her extensive experience at the nexus of tech development and business strategy.</p>



<h2 class="wp-block-heading" id="h-bridging-the-gap-making-web3-technologies-user-friendly">Bridging the gap: Making Web3 technologies user-friendly</h2>



<ul>
<li><a href="https://www.linkedin.com/in/christine-leong-b3ab784/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Christine Leong (CIO of nChain)</a></li>
</ul>



<p>In the rapidly evolving landscape of digital innovation, Web3 technologies are heralding a new era of decentralisation, empowering users with greater control over their data and digital assets.</p>



<p>However, there are also challenges in making this shift, explained Christine Leong in her keynote presentation. She noted that it is vitally important to ensure that these ground-breaking technologies are accessible and intuitive for all.</p>



<p>Leong discusses some of the innovative strategies and practical solutions aimed at simplifying Web3 technologies. She also discussed how <a href="https://nchain.com" target="_blank" rel="noopener">nChain</a> is planning to transform Web3 from a domain exclusive to the tech-savvy, into a user-friendly ecosystem that empowers all users.</p>



<h2 class="wp-block-heading" id="h-is-code-law-rules-applicable-to-blockchain-networks">Is code law? – Rules applicable to blockchain networks</h2>



<ul>
<li><a href="https://www.linkedin.com/in/marcin-zarakowski-793a03107/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Marcin Zarakowski (CEO of Token Recovery)</a></li>



<li><a href="https://www.linkedin.com/in/akber-datoo-1105911/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Akber Datoo (CEO of D2 Legal Technology)</a></li>



<li><a href="https://www.linkedin.com/in/jeffrey-golden-kc-hon-278989b/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Jeffrey Golden (King&#8217;s Counsel (Hon) at 3 Hare Court Chambers)</a></li>



<li><a href="https://www.jbs.cam.ac.uk/people/andrei-kirilenko/" target="_blank" rel="noopener nofollow">Andrei Kirilenko (Professor of Finance at Cambridge Judge Business School)</a></li>



<li><a href="https://www.linkedin.com/in/sarah-green-b0a75b39/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Professor Sarah Green (Law Commissioner at Law Commission)</a></li>
</ul>



<p>Blockchain networks are the backbone for <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">smart contracts</a>, <a href="https://www.bsvblockchain.org/features/token-protocols">tokenisation</a>, and dApps, and serve as infrastructure for multiple use cases utilising the potential of blockchain technology. But how are they governed?</p>



<p>This panel discussed that rules apply to the nodes and validators which support the particular network and process its transactions. The group also discussed whether the blockchain protocols&#8217; rules and software code are the only sources of regulation in blockchain networks.</p>



<p>BSV Blockchain is pro-regulation and believes that the global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with legal compliance by industry participants.</p>



<p>To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, the Association regularly engages with leading policymakers to advise on the development of positive policy.</p>



<p>We believe that regulation provides clarity on legal obligations, encouraging compliance, good governance, and accountability. It also fosters innovation and market development by providing a clear legal framework, building trust, and attracting investment.</p>



<h2 class="wp-block-heading" id="h-an-introduction-to-nchain-identity">An Introduction to nChain Identity</h2>



<ul>
<li><a href="https://www.linkedin.com/in/thomas-moretti-57b26a2b/?originalSubdomain=fr" target="_blank" rel="noopener nofollow">Thomas Moretti (Head of Product Development at nChain)</a></li>
</ul>



<p>In this session, the team at nChain talked about the Self Sovereignty Identity concept and showcased the latest project it is working on &#8211; <a href="https://nchain.com/data-privacy-day-unlocking-digital-identities/" target="_blank" rel="noopener">nChain Identity</a>.</p>



<p>nChain Identity is a verifiable digital credential solution that streamlines the issuance, management, and verification of credentials, enabling users to carry attestation about themselves on mobile devices while ensuring enhanced data security and privacy.</p>



<p>It does this by using the unique benefits of the BSV blockchain to provide a secure, immutable, and transparent method for signing and verifying documents. The team then provided a demo to give attendees a chance to learn about our key product features and how this can benefit your business.</p>



<p>nChain Identity forms part of nChain’s new product platform which was unveiled at the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hosts-successful-devcon-full-recap-and-live-stream" target="_blank" rel="noopener">BSV Devcon on Monday</a>. <a href="https://docs.nchainplatform.com/welcome/overview/overview-of-the-platform" target="_blank" rel="noopener nofollow">nChain’s Product Suite Platform (PSP)</a> is a platform supporting the development, deployment and installation of Web3 infrastructure and applications in an easy-to-use manner.</p>



<p>There are approximately 27 million global developers, with just 20,000 of these developers working on web3 projects. This is due to several key issues including a growing skill gap, fragmented ecosystems and complex tooling. This needs to change if the technology is to be adopted in earnest.</p>



<p>The <a href="https://nchainplatform.com" target="_blank" rel="noopener">PSP</a> solves this problem by acting as a one-stop shop for building web3 applications in a simple way. ‘We remove the complexity from web3 development by creating streamlined, user-friendly and intuitive tools that empower developers,’ said Moretti. ‘nChain’s PSP offers unparalleled flexibility in deployment, ensuring every organisation finds their perfect fit. Users can demo, test and deploy their own web3 applications without having to interact with intermediaries.’</p>



<h2 class="wp-block-heading" id="h-reimagining-roles-how-regulated-industry-leaders-are-shaping-the-future-of-finance">Reimagining Roles: How regulated industry leaders are shaping the future of finance</h2>



<ul>
<li><a href="https://www.linkedin.com/in/andymosson/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Andrew Mosson (Chief Commercial Officer of OneTrading)</a></li>



<li><a href="https://www.linkedin.com/in/nestorpalao/?locale=en_US" target="_blank" rel="noopener nofollow">Néstor Palao (Head DLT &amp; Corporate Clients at Sygnum Bank)</a></li>



<li><a href="https://www.linkedin.com/in/laurence-lewandowska/" target="_blank" rel="noopener nofollow">Laurence Lewandowska (CFO/COO at BSV Association)</a></li>



<li><a href="https://www.linkedin.com/in/wojciechkaszycki/?originalSubdomain=li" target="_blank" rel="noopener nofollow">Wojciech Kaszycki (Chairman &amp; Founder at Mobilum)</a></li>
</ul>



<p>In the final session of the conference, the panel discussed how the new era of digital assets, traditional banking institutions, exchanges, and financial services are being reimagined in the context of emerging technologies such as blockchain and AI.</p>



<p>The group aims to explore the pivotal role of <a href="https://resources.bsvblockchain.org/engineering-a-smarter-and-greener-financial-world-with-tokenovate-ebook-bsvb" target="_blank" rel="noopener">digital asset banking</a>, the challenges, and opportunities it presents, and how regulated industry leaders are shaping the future of finance. The discussion would target specifically the needs of institutional clients and how solutions are currently tailored for their needs (particularly to those wanting to enter the digital assets space).</p>


London Blockchain Conference 2024 – Highlights Day 3


<p>BSV Association is pleased to launch a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener nofollow"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>



<p>By 2030, it’s expected that some 125 billion digital devices will be connected around the world, sending and receiving data via the Internet and other wireless routes.</p>



<p>Data trust has always mattered, but never more so than in the new digital age, as artificial intelligence (AI), the Internet of Things (IoT) and other emerging technologies make decisions autonomously — decisions that can help an enterprise thrive, or threaten its operations, revenue, and reputation.</p>



<p>Blockchain technology opens a window on trust. Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should. This trust is essential for making the bold moves needed to stay ahead of the competition amid constant, increasingly rapid, digital transformation.</p>



<p>Not all blockchains are created equal, however. More than 500 blockchains have tried to establish digital trust since 2008. BSV is the first to scale trust reliably. The BSV blockchain’s design, which uses large blocks (comparable to pages in a record book), gives it the power to handle transactions at extraordinarily high volumes for much less cost than&nbsp;other blockchains.</p>



<p>The BSV blockchain’s innovative features give it the ability to support at least 1 million transactions per second, more than any other financial network. And as the number of transactions rises, the cost per transaction goes down &#8211; a feature unique to BSV. BSV blockchain gives your enterprise a leg-up over competitors.</p>



<p>Using it, your enterprise can more readily profit from new sources of revenue, reduce operating costs, and more swiftly incorporate new technologies—with complete confidence in your operations and transactions, while facilitating regulatory compliance. You’ll rest assured, knowing that your company can use and share its data as well as that of your business partners and customers with complete and utter trust.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noopener nofollow">Read the full report</a>.</p>


BSV Association launches new report on the role of blockchain in safeguarding data and streamlining transactions

London Blockchain Conference 2024 – Highlights Day 2


<p>Nowadays, it&#8217;s rare to see anyone who isn&#8217;t on their device. People&#8217;s day-to-day activities involve 24/7 media consumption with endless scrolling and continuous binge-watching of favourite shows. With the proliferation of platforms like YouTube, TikTok, Netflix, Hulu, Disney+, Prime Video and HBO Max, the demand for diverse content has never been higher.</p>



<p>In this content deluge scenario, creators often find themselves at the mercy of intermediaries and struggle to monetise their work effectively. Enter<em> blockchain technology.</em></p>



<p>Blockchain revolutionises content distribution by reducing reliance on intermediaries and expanding use cases, highlighting its advantages and benefits. It empowers creators by restoring control over their content and disrupting traditional distribution models. Read more from the comprehensive guide below.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="5520" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Blockchain-content-148x1024.jpg" alt="Blockchain content distribution + case studies" class="wp-image-31879" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Blockchain-content-768x5299.jpg 768w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Blockchain-content-297x2048.jpg 297w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/Blockchain-content-scaled.jpg 371w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h2 class="wp-block-heading" id="h-blockchain-content-distribution-defined"><strong>Blockchain content distribution defined</strong></h2>



<p>Content creators can publish their work and receive payment directly, bypassing traditional intermediaries like social media platforms and other streaming sites. Unlike centralised platforms, blockchain-based systems enable peer-to-peer transactions that ensure <a href="https://www.bsvblockchain.org/news/blockchain-trailblazers-how-centbee-is-becoming-the-social-media-for-money" target="_blank" rel="noopener">fair compensation for creators</a>—avoiding theft and manipulation of their work.</p>



<p>The shift to blockchain promises greater equality and reliability for creators so they regain control over their content and revenue streams.</p>



<p>Blockchain&#8217;s distributed ledger technology ensures transparent record-keeping, fostering trust among creators and consumers. As creators embrace this paradigm, they forge new paths in digital content creation, ushering in an equal playing field and equitable era in the industry.</p>



<h2 class="wp-block-heading" id="h-3-advantages-of-blockchain-content-distribution"><strong>3 advantages of blockchain content distribution</strong></h2>



<p>The blockchain mode of content distribution offers a paradigm shift in creating, sharing and monetising digital media. This section delves into the numerous advantages the technology brings to content distribution.</p>



<h3 class="wp-block-heading" id="h-1-pay-per-use-media-experience"><strong>1. Pay-per-use media experience</strong></h3>



<p>Using blockchain for media disrupts traditional models by offering a pay-per-use experience, where users pay directly for what they consume. It also allows users to curate their viewing experience, cutting out what they don&#8217;t want to consume and retaining only the content they value.</p>



<p>For example, instead of subscribing to a streaming platform and paying a monthly fee, a blockchain distribution system allows users to pay directly for the material they want to consume without fixed fees. Meanwhile, creators don&#8217;t have to worry about fair compensation.</p>



<h3 class="wp-block-heading" id="h-2-disintermediation"><strong>2. Disintermediation</strong></h3>



<p>Traditional content creation and distribution platforms are free when used for personal reasons. However, once you start to monetise what you put out, there might be limitations in what you can do or how you talk with your audience.</p>



<p>Developers who build their own interface can eliminate intermediaries, allowing creators to connect with audiences directly. By bypassing intermediaries, creators retain complete control over their content and receive payments exclusively.</p>



<p>However, this only applies to independent developers. Using existing distribution platforms still requires you to work within its set privacy policies and user guidelines.</p>



<h3 class="wp-block-heading" id="h-3-secure-peer-to-peer-transactions"><strong>3. Secure peer-to-peer transactions</strong></h3>



<p>One of <a href="https://www.bsvblockchain.org/news/can-blockchain-restore-our-trust-in-social-media" target="_blank" rel="noopener">social media&#8217;s</a> perks is its accessibility. However, it can also be a loophole for bad actors to grab content without permission and manipulate it for their benefit.</p>



<p>Blockchain technology mitigates this risk by leveraging decentralisation and cryptographic techniques to allow seamless and tamper-proof transactions between creators and consumers.</p>



<p>With these features, users ensure they&#8217;re paying for content 100% owned by creators instead of fake, edited, or manipulated ones. Likewise, creators get 100% compensation for their ideas, material and distribution.</p>



<p>This secure environment protects against unauthorised access and data breaches while building user confidence for more content consumption and transactions.</p>



<h2 class="wp-block-heading" id="h-3-key-actors-in-blockchain-content-distribution"><strong>3 key actors in blockchain content distribution</strong></h2>



<p>Three key actors have pivotal roles in shaping the blockchain-powered content landscape: creators, consumers and platforms. Each contributes uniquely to the ecosystem by driving innovation and engagement and redefining traditional content dynamics.</p>



<h3 class="wp-block-heading" id="h-1-content-creators"><strong>1. Content creators</strong></h3>



<p>They are the architects of digital content. They are responsible for producing videos, music, articles and more. Leveraging blockchain&#8217;s transparent and immutable features, content creators maintain autonomy over their work, set prices and manage distribution.</p>



<p>In blockchain for media, creators upload their work to decentralised platforms to ensure ownership and compensation for their creativity. Additionally, the system allows innovative monetisation models like <a href="https://coingeek.com/how-bsv-blockchain-microtransactions-rejuvenates-tipping-artists-creators-and-performers-worldwide/" target="_blank" rel="noopener">micropayments</a> and pay-per-use, offering creators new revenue-generating avenues.</p>



<h3 class="wp-block-heading" id="h-2-content-contributors"><strong>2. Content contributors</strong></h3>



<p>These entities or platforms add value to raw content by editing, enhancing or contributing to it creatively. They receive revenue share or recognition incentives as they engage with creators to improve content quality. Then, the blockchain records their immutable contributions, ensuring transparency and fair compensation.</p>



<p>This mechanism reduces disputes between parties and enhances trust between collaborators, resulting in a seamless content creation process and efficient workflow.</p>



<h3 class="wp-block-heading" id="h-3-content-end-users"><strong>3. Content end-users</strong></h3>



<p>They are the consumers of digital content, seeking entertainment, information or inspiration. End-users enjoy direct access to a diverse range of content without intermediaries, resulting in a more personalised experience.</p>



<p>Through blockchain, end-users engage with creators and contributors in a decentralised and inclusive content ecosystem. Users pay for content using cryptocurrency or micropayments, accessing content seamlessly while benefiting from transparent transactions and enhanced security.</p>



<h2 class="wp-block-heading" id="h-blockchain-content-distribution-case-studies"><strong>Blockchain content distribution case studies</strong></h2>



<p>These case studies describe real-world blockchain applications in content distribution, from empowering creators to revolutionising monetisation.</p>



<h3 class="wp-block-heading" id="h-fair-and-transparent-monetisation-lamint"><a href="https://www.bsvblockchain.org/news/the-future-of-monetising-content-lamint" target="_blank" rel="noopener"><strong>Fair and transparent monetisation &#8211; LaMint</strong></a></h3>



<p><strong>Problem:</strong></p>



<p>Content creators across various platforms face significant challenges in <a href="https://www.bsvblockchain.org/news/the-future-of-monetising-content-lamint" target="_blank" rel="noopener">monetising their content</a> effectively because traditional platforms often impose high subscription fees, implement paywalls and rely heavily on advertising revenue.</p>



<p><strong>Solution:</strong></p>



<p>LaMint addressed these challenges by facilitating micropayments for content consumption, eliminating the need for rigid payment models and high subscription fees. Creators can <a href="https://www.bsvblockchain.org/news/20-bitcoin-consumer-apps-that-let-you-earn-spend-and-use-bsv" target="_blank" rel="noopener">earn from their content</a> effectively with instant earnings and flexible payment options for users.</p>



<p><strong>Result:</strong></p>



<p>LaMint&#8217;s innovative approach to content monetisation fostered a more inclusive and sustainable environment for content creators to thrive, reshaping the industry for the better. The platform&#8217;s flexible payment options and instant earnings empower creators to earn a sustainable income from their content.</p>



<h3 class="wp-block-heading" id="h-decentralised-social-media-twetch"><a href="https://www.bsvblockchain.org/case-studies/social-media-on-blockchain/case-study-twetch" target="_blank" rel="noopener"><strong>Decentralised social media &#8211; Twetch</strong></a></h3>



<p><strong>Problem:</strong></p>



<p>Traditional social media platforms can infringe on user privacy, censor content and retain control over user data and monetisation.</p>



<p><strong>Solution:</strong></p>



<p><a href="https://www.bsvblockchain.org/case-studies/social-media-on-blockchain/case-study-twetch" target="_blank" rel="noopener">Twetch leverages blockchain technology to create a decentralised social media platform</a>, secure user privacy, promote censorship resistance and allow monetising content through cryptocurrency rewards.</p>



<p><strong>Result:</strong></p>



<p>Users on Twetch have greater control over their data and online presence, earning rewards for their engagement and content creation. The platform fosters a fairer social media environment where high-quality content production and authentic engagement are incentivised.</p>



<h3 class="wp-block-heading" id="h-secure-digital-assets-omniscapexr"><a href="https://www.bsvblockchain.org/news/creating-value-in-the-metaverse-omniscape-approach-to-connecting-the-virtual-and-real-worlds" target="_blank" rel="noopener"><strong>Secure digital assets &#8211; OmniscapeXR</strong></a></h3>



<p><strong>Problem:</strong></p>



<p>Traditional content distribution platforms may struggle to maintain security, transparency and ownership verification for digital assets within virtual environments. Users face challenges in securely storing, trading and verifying ownership of virtual real estate, 3D models and other goods.</p>



<p><strong>Solution:</strong></p>



<p><a href="https://www.bsvblockchain.org/news/creating-value-in-the-metaverse-omniscape-approach-to-connecting-the-virtual-and-real-worlds" target="_blank" rel="noopener">OmniscapeXR</a> addressed these challenges by using blockchain technology as a content distribution platform. Its decentralised nature ensures secure storage, transparent transactions and verifiable ownership of digital assets within its virtual world.</p>



<p><strong>Result:</strong></p>



<p>Through blockchain technology, OmniscapeXR gives users rightful ownership over virtual assets and facilitates transparent transactions and interactions within the platform. Smart contracts automate and secure transactions, enhancing efficiency and reliability.</p>



<h2 class="wp-block-heading" id="h-transform-content-distribution-with-blockchain"><strong>Transform content distribution with blockchain</strong></h2>



<p>Integrating blockchain technology, like BSV blockchain, marks a significant step in reshaping content distribution. Through <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain content distribution</a>, creators, contributors and consumers can participate in a more transparent, efficient and equitable ecosystem.</p>



<p>As people navigate the data economy and the emergence of the Metaverse, blockchain provides a robust infrastructure ready to meet evolving content distribution needs.</p>



<p>You can explore BSV Blockchain&#8217;s comprehensive resources, including eBooks on <a href="https://resources.bsvblockchain.org/bsv-blockchain-as-infrastructure-for-data-economy/" target="_blank" rel="noopener">leveraging blockchain technology in content distribution</a> and the immersive <a href="https://resources.bsvblockchain.org/introduction-to-metaverse-ebook" target="_blank" rel="noopener">guide to the Metaverse</a>.</p>


The ultimate guide to blockchain content distribution (+ case studies)

London Blockchain Conference 2024 – Highlights Day 1

BSV Blockchain hosts successful DevCon – Full recap and live stream


<p>Waking up with a brilliant idea for a product inspires you to hit the ground running immediately. Whether it is a groundbreaking software that could change how people communicate or a new type of sustainable packaging that could revolutionise the industry, you are ready to bring it to life.</p>



<p>However, introducing a product is more than just having a great concept and creating prototypes. It must go through product lifecycle management (PLM), a process that comprises the item&#8217;s conception to its eventual retirement.</p>



<p>For the uninitiated, the main question may be: what is product life cycle management?</p>



<p>As technology changes various industries, PLM allows enterprises to make informed decisions in R&amp;D, product development and manufacturing, supply chain management, sales and marketing, etc. Pair it up with blockchain, a tool that can provide multiple advantages across processes, the possibilities are endless.</p>



<p>Blockchain in PLM is <a href="https://bsvblockchain.org/news/why-blockchain-is-more-than-just-a-buzzword-for-your-business" target="_blank" rel="noopener">more than a buzzword</a>. It&#8217;s in your best interest to learn about the advantages of blockchain in product development that can benefit your organisation, as shown in the infographic below.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="3334" height="14739" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/product-lifecycle-management-1-232x1024.jpg" alt="" class="wp-image-31853" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/product-lifecycle-management-1-68x300.jpg 68w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/product-lifecycle-management-1-463x2048.jpg 463w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/product-lifecycle-management-1-scaled.jpg 579w" sizes="(max-width: 3334px) 100vw, 3334px" /></figure>



<h2 class="wp-block-heading" id="h-what-is-product-lifecycle-management-and-development">What is product lifecycle management and development?</h2>



<p>Product lifecycle management and development is a business strategy for overseeing a product&#8217;s entire lifecycle, from inception to retirement.</p>



<p>Much like a roadmap, PLM helps all involved with a particular good or item seamlessly coordinate throughout the various stages of its development. Regardless of the industry, PLM promotes efficiency by streamlining processes and reducing time-to-market.</p>



<p>The practice saves costs by minimising errors and optimising workflows thanks to consistent quality checks throughout product life cycle development. PLM also empowers businesses to innovate, meet evolving market demands and maintain competitiveness.</p>



<h3 class="wp-block-heading" id="h-what-are-the-advantages-of-using-blockchain-in-product-lifecycle-management-and-development">What are the advantages of using blockchain in product lifecycle management and development?</h3>



<p><a href="https://bsvblockchain.org/news/how-to-integrate-blockchain-into-your-business" target="_blank" rel="noopener">Integrating blockchain into your business</a> can benefit product development processes, streamline operations and put you ahead of competition. In particular, the following areas can maximise blockchain technology&#8217;s value for enterprises.</p>



<p><h4 style="padding-left: 40px;">• <strong>Production</strong></h4></p>



<p>Blockchain can automate agreements through smart contracts, effectively reducing delays and optimising processes. Decentralisation, a core feature of blockchain, also enables micropayments.</p>



<p>For instance, your company can set up instant fund transfers to suppliers once they deliver the raw materials you need. Once everyone fulfils their obligations, the transaction is irreversible and completely traceable. This system encourages cooperation among all parties involved in production and streamlines manufacturing operations without requiring third parties to validate every exchange.</p>



<p>Blockchain&#8217;s real-time tracking capability lets you see all market activities like pricing and make timely decisions. If any changes happen, you can respond and adapt promptly.</p>



<p><h4 style="padding-left: 40px;"><strong>• Distribution and logistics</strong></h4></p>



<p>Blockchain provides end-to-end visibility in supply chains, offering you precise tracking of shipments. It not only reduces delays but serves as a deterrent against fraud.</p>



<p>Tracing how goods are distributed lets you optimise routes, reduce carbon emissions and contribute to sustainable logistics practices. Customers who see these environmental efforts are <a href="https://medium.com/@andychanaccg/the-rise-of-sustainable-business-practices-a-strategic-imperative-for-the-future-812812d5682d" target="_blank" rel="noopener nofollow">66% more likely to be loyal</a>, which can increase revenue.</p>



<p>Ethical sourcing also becomes more accessible with blockchain. Both you and your customers can have more control over product origin, as reviewing the records lets you identify suppliers or manufacturers who promote ethical practices and support socially responsible initiatives.</p>



<p><h4 style="padding-left: 40px;"><strong>• Product usage</strong></h4></p>



<p>Another advantage of the openness of blockchain is that customers can verify your product&#8217;s authenticity, effectively combating counterfeiting and guaranteeing they receive genuine and safe-to-use items.</p>



<p>Once the product is on the market, customers can access its iterations, upgrades, and recalls on the blockchain. Then, they know they have the latest and safest versions. Blockchain in PLM also makes it easy to include usage guidelines and other helpful tips, enhancing the user experience.</p>



<p>Making all this information available to customers makes your company more credible while fostering trust and confidence.</p>



<p><h4 style="padding-left: 40px;"><strong>• Recycling and the creation of a circular economy</strong></h4></p>



<p>The end-of-life product tracking on blockchain invites companies to practise efficient recycling and disposal of items. When you know the entire process and where raw materials come from, you can plan to reduce waste.</p>



<p>For one, tokenised rewards incentivise consumers to participate actively in recycling programs. This engaging approach contributes to establishing a circular economy, which reduces the environmental impact of discarded products.</p>



<p><h4 style="padding-left: 40px;"><strong>• Enhanced supply chain transparency</strong></h4></p>



<p>Blockchain fosters transparency by creating an immutable and visible ledger of every activity in the supply chain. The records provide stakeholders with real-time insights into the movement of items or goods, enabling them to understand and monitor the entire production.</p>



<p><h4 style="padding-left: 40px;"><strong>• Raw material authentication</strong></h4></p>



<p>The unalterable nature of data on the blockchain eases the authentication of raw materials by recording their origin and quality.</p>



<p>It also ensures the integrity of the production process, offering a tamper-proof record of every material&#8217;s journey through the supply chain. Because every change is transparent, you can see if another party introduces anything, discouraging counterfeiting or other fraudulent activities.</p>



<p><h4 style="padding-left: 40px;"><strong>• Design change tracking</strong></h4></p>



<p>Blockchain&#8217;s inclusion into an <a href="https://www.bsvblockchain.org/news/enterprises-that-use-blockchain-as-key-infrastructure" target="_blank" rel="noopener">enterprise&#8217;s infrastructure</a> allows for the traceability of design changes throughout the product life cycle. With blockchain, you get a comprehensive and unalterable history that other departments can use. As a result, there are fewer errors due to miscommunication. Plus, teams can seamlessly perform hand-offs, leading to effective collaboration.</p>



<h2 class="wp-block-heading" id="h-3-challenges-of-blockchain-implementation-in-product-lifecycle-management-and-development">3 challenges of blockchain implementation in product lifecycle management and development</h2>



<p>While blockchain provides many benefits and <a href="https://www.bsvblockchain.org/news/bsv-blockchain-resources-for-enterprises-and-public-officials" target="_blank" rel="noopener">resources for enterprises</a>, there are also challenges you may encounter when trying to implement the technology.</p>



<p><h3 style="padding-left: 40px;">1. Match and integration of technology</h3></p>



<p>Existing systems may experience difficulties incorporating blockchain. There will likely be compatibility issues due to the fundamental differences in the architecture and operation of traditional systems compared to the latter&#8217;s decentralised nature.</p>



<p>Strategic planning and a careful assessment of your existing systems are critical before adopting blockchain. Trying to hasten implementation may cause disruptions in workflow and stall operations.</p>



<p><h3 style="padding-left: 40px;">2. Compliance with and regulation of industry standards</h3></p>



<p>Business standards and practices may vary significantly depending on the location or industry. As a result, compliance can be challenging. It would entail examining every law and regulatory rule to ensure blockchain integration does not violate anything.</p>



<p>There is also concern about blockchain&#8217;s decentralised nature. Since ledgers have no physical location, there is a matter of which law or jurisdiction governs issues that may arise from transactions.</p>



<p>The transparency of blockchain records may also be a concern in specific industries with stricter rules regarding personal information and non-disclosure agreements, such as healthcare and financial services.</p>



<p>Learn more:</p>



<ul>
<li><a href="https://www.bsvblockchain.org/news/how-public-and-private-blockchain-compete-on-data-privacy-and-throughput" target="_blank" rel="noopener">How public and private blockchain compete on data privacy and throughput</a></li>



<li><a href="https://www.bsvblockchain.org/news/private-use-of-a-public-blockchain" target="_blank" rel="noopener">Private use of a public blockchain</a></li>



<li><a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">The BSV blockchain’s inherent privacy, accountability, security &amp; scalability</a></li>
</ul>



<p><h3 style="padding-left: 40px;">3. Adoption and collaboration</h3></p>



<p>The success of blockchain for product development in an enterprise hinges on everyone&#8217;s collaboration and adoption of the technology. However, some may resist change due to unfamiliarity, fear of disruption or concerns about the learning curve.</p>



<p>Blockchain can be complex for beginners and may lead to scepticism about its benefits. If your company is global, there may also be differences in implementations across offices, leading to confusion on how teams must work with the changes.</p>



<p>To mitigate these risks, everyone needs clear insights on how blockchain works, what its advantages are and what transformative impact it can have on PLM. Training programs, workshops and informational campaigns can bridge the knowledge gap.</p>



<h2 class="wp-block-heading" id="h-elevate-and-innovate-plm-with-blockchain">Elevate and innovate PLM with blockchain</h2>



<p>Blockchain technology can be a transformative force for product lifecycle management and development. By enhancing security and productivity through transparency and optimisation, you can elevate your processes to deliver quality products and satisfy customers.</p>



<p>BSV blockchain is a technology that can improve your enterprise&#8217;s product lifecycle management and development to scale your business. Dive deeper into the possibilities by <a href="https://resources.bsvblockchain.org/restoring-promise-enterprise-blockchain" target="_blank" rel="noopener">downloading our eBook on how the BSV Blockchain restores enterprise blockchain</a>.</p>


7 advantages of blockchain product lifecycle management and development


<p>The rapid adoption of clean energy, such as solar, wind, and hydropower, is the key to decarbonising energy systems and limiting global warming. This is the view of the <a href="https://www.weforum.org/agenda/2024/05/how-to-finance-battery-energy-storage-clean-energy/" target="_blank" rel="noopener nofollow">World Economic Forum</a> which recently released a proof of concept to trace emissions across the value chain using blockchain technology, helping accelerate global action for country-specific financing solutions.</p>



<p>&#8216;<a href="https://www.bsvblockchain.org/news/going-green-with-blockchain" target="_blank" rel="noopener">Extreme weather events, including hurricanes and floods</a>, might be the most illustrative examples of the effects of climate change. But we also know that rainfall patterns and sea levels are changing and that glaciers are in retreat,&#8217; the group said.</p>



<p>&#8216;Climate change is creating risks and opportunities for business. Investors, regulators and other stakeholders are challenging companies across all industries, including the mining and metals sector, to take responsibility by adopting an integrated, strategic approach to addressing the climate emergency.</p>



<p>&#8216;Rising demand for minerals and materials also brings increasing pressure from stakeholders and shareholders for transparent records of the sustainability and traceability of the raw products.&#8217;</p>



<h2 class="wp-block-heading" id="h-using-the-bsv-blockchain-to-promote-green-energy">Using the BSV blockchain to promote green energy</h2>



<p><a href="https://www.bsvblockchain.org/news/tokenovate-transforms-the-derivatives-market-with-the-bsv-blockchain" target="_blank" rel="noopener">Tokenovate, a UK-based financial services technology company</a>, aims to address these and other issues by providing distributed financial market infrastructure, and smart legal contracts, enabling programmatic lifecycle event management of the pre-trade to post-trade workflow for OTC and exchange-traded derivatives, including Voluntary Carbon Credits (VCCs).</p>



<p><a href="https://www.bsvblockchain.org/news/fighting-greenwashing-with-tokenovate" target="_blank" rel="noopener">Tokenovate explains that the BSV blockchain assists in preventing greenwashing</a> by eliminating any double-counting or selling credit multiple times, as the data is all stored on-chain.</p>



<p>Furthermore, the BSV blockchain not only enables the validation and verification of each credit but also distinguishes itself with unparalleled scalability and cost-effectiveness. This unique technology empowers companies to record every trade on the chain without the burden of data costs that plague traditional systems.</p>



<p>The BSV blockchain&#8217;s standout feature lies in its limitless scalability, achieved through a consistent increase in transaction throughput driven by expanding block sizes. This translates into higher transaction processing speeds.</p>



<p>In contrast to other blockchain protocols that impose artificial restrictions on block sizes, the BSV blockchain maintains low fees and fast processing times, bolstering incentives as adoption grows. Its robust protocol ensures stability and reliability, allowing for seamless integration of performance enhancements through straightforward adjustments to block sizes.</p>



<h2 class="wp-block-heading" id="h-learn-more-at-the-london-blockchain-conference">Learn more at the London Blockchain Conference</h2>



<p>Those interested in learning more about how the BSV blockchain can be utilised to promote a green economy are encouraged to attend the upcoming London Blockchain Conference which will take place at Excel, London from May 21 &#8211; 23, 2024.</p>



<p><a href="https://londonblockchain.net/en" target="_blank" rel="noopener">The London Blockchain Conference</a> is the premier event dedicated to exploring the transformative impact of blockchain technology in our world. Attendees and exhibitors can expect a space where innovation meets practical application, and where enterprises and governments can discover real-world solutions through blockchain.</p>



<p>The London Blockchain Conference offers a unique opportunity to gain a competitive edge, providing access to the latest tools, innovations, and industry experts driving blockchain adoption and web3 transformation across Europe and beyond.</p>


Blockchain and green energy


<p>BSV Blockchain is introducing its mandala upgrade to adapt the BSV network topology to its scalable node software update Teranode. The Mandala concept to the BSV blockchain doesn&#8217;t change the core rules of the system. Instead, it introduces new components that make the system more efficient and aligned with the Bitcoin whitepaper. By validating transactions through peer-to-peer methods using Merkle proofs, we ensure data is passed smoothly to Teranode. This optimization improves how software handles transactions without altering the fundamental protocol. Transactions are validated P2P at the edge, managed through overlays in the middle, and processed by Teranode at the center.</p>



<p>This architecture draws inspiration from its namesake, the traditional Mandala, symbolising unity and complexity through its intricate, interconnected patterns. <a href="https://www.nature.com/articles/srep09082" target="_blank" rel="noopener nofollow">Mandala Networks</a> have been shown to be the best way to design available, scalable and resilient distributed systems. This design is not just a nod to aesthetic elegance; it represents a strategic blueprint to evolve blockchain technology by enhancing connectivity, scalability, and operational efficiency within the network.</p>



<h2 class="wp-block-heading" id="h-overview-of-the-bsv-blockchain-mandala"><strong><strong>Overview of the BSV blockchain Mandala</strong></strong></h2>



<p>At the core of the Mandala architecture is the &#8220;Ultra Small World Network.&#8221; This network is engineered for rapid and complete dissemination of time critical data. Surrounding this core are various &#8220;Overlay Networks,&#8221; each dedicated to defined applications or use cases. These overlays extend the network’s functionality, enabling it to support a broad range of business needs without overburdening the core&#8217;s performance. Peer to peer transactions are validated at the edge of the network through the reference implementation of the Simplified Payment Verification (SPV) process&nbsp;demonstrated in SPV Wallet.</p>



<h2 class="wp-block-heading" id="h-blockchain-as-a-worm-database"><strong>Blockchain as a WORM Database</strong></h2>



<p>Blockchain inherently serves as a Write Once, Read Many (WORM) database, ideal for storing data permanently without alteration, thus ensuring high security and immutability. This feature is crucial for systems where data integrity is paramount. However, traditional blockchain architectures are not optimised for high-frequency, complex data retrieval tasks required in scenarios like real-time analytics, limiting their utility in dynamic business environments.</p>



<h3 class="wp-block-heading" id="h-components-of-the-mandala-upgrade"><strong>Components of the Mandala Upgrade</strong></h3>



<ul>
<li><strong>Ultra Small World core node network:</strong><br>The Small World Network Core is crucial for maintaining the network’s efficiency and speed, enabling rapid transaction processing with minimal delay. A pivotal enhancement within this core is <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener"><strong>Teranode</strong></a>, a new node implementation featuring a modular microservice architecture designed to support millions of transactions per second. This represents a significant advancement over previous implementations, which topped out in the order of a few 1000 tps.</li>



<li><strong>Overlay Networks:</strong><br>Positioned above the core, the Overlay Networks form a layer which consists of multiple dedicated services for distinct types of transactions, such as those involving digital currencies, archival services, or complex financial instruments. Each overlay operates independently but is aligned with the specific business logic of its designated function, ensuring that the core network remains streamlined and operates at peak efficiency.</li>



<li><strong>SPV Implementation:</strong><br>The SPV (Simplified Payment Verification) process, showcased in the BSV open-source reference implementation wallet <a href="https://bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a>, is key to the Mandala architecture. SPV Wallet is the first implementation of this process in a reference wallet. It uses Merkle path authentication to perform proofs, ensuring that each peer-to-peer transaction passes a Merkle path for all committed spendable transaction outputs. This approach allows for efficient and secure transaction validation at the edge of the network.</li>
</ul>



<h2 class="wp-block-heading" id="h-strategic-need-for-a-new-architecture-aligned-with-the-teranode-era"><strong>Strategic Need for a New Architecture aligned with the Teranode era</strong></h2>



<p>The introduction of <strong>Teranode</strong> necessitated a fundamental maturation in network architecture to harness its full potential. Teranode, with its capability for massive scalability and handling millions of transactions per second, is not just a step up from previous implementations—it&#8217;s a paradigm shift. However, this leap comes with specific requirements: Old services will <s>&nbsp;</s>struggle to cope with millions of transactions per second. The work needs to be distributed across many specialised services rather than processing all transactions in a single service.</p>



<p>To fully realise Teranode&#8217;s capabilities, it requires the <strong>Mandala topology</strong>—a more advanced and strategically designed network structure. The Mandala topology, with its Ultra Small World node core network surrounded by specialised Overlay Networks, distributes the read load to accommodate the high throughput and rapid scalability that Teranode offers. This topology ensures that Teranode does not just operate but excels, making the BSV network vastly more efficient and scalable.</p>



<p>This new architecture also involves the <strong>SPV Wallet</strong>, the BSV open-source reference implementation wallet which has been developed to ensure that all applications interacting with the blockchain can create transactions under the new SPV paradigm. This adaptation is crucial for maintaining compatibility and scalability, preparing the network to meet future demands and integrations effectively. The strategic redesign to accommodate Teranode underlines a commitment to future-proofing the BSV network, ensuring it remains at the forefront of blockchain technology innovation.</p>



<h2 class="wp-block-heading" id="h-key-points-of-the-overlay-networks"><strong>Key Points of the Overlay Networks</strong></h2>



<ul>
<li><strong>Shared Contexts and Efficient Resource Utilisation: </strong>Overlay Networks in the Mandala architecture are designed to foster a shared contextual environment where different applications can access and interact with blockchain data more efficiently. By utilising Simplified Payment Verification (SPV), these networks significantly reduce resource waste by ensuring that only necessary data is processed and validated, rather than engaging in costly and inefficient global listening practices.</li>



<li><strong>Specialised indexing: </strong>In a network designed to handle up to a million transactions per second, maintaining efficiency and scalability is paramount. The traditional model of global listening, where every node listens to every transaction, becomes untenable at such scales. Overlay Networks address this by allowing nodes to focus only on relevant transactions, thus minimising unnecessary data processing and enhancing overall network performance.</li>



<li><strong>SPV and Transaction Efficiency: </strong>SPV plays a crucial role in the Overlay Network paradigm by validating transactions without the need for complete chain data at the application layer. This method ensures that data integrity and transaction verification are maintained efficiently, aligning with the network&#8217;s need to support vast transaction volumes without compromising on speed or security.</li>



<li><strong>Operational Specialisation: </strong>The architectural design of Overlay Networks supports specialisation in transaction processing. Each Overlay is tailored to specific transaction types or business functions, ensuring that the underlying blockchain infrastructure is not overwhelmed by the variety of operations it needs to support. This specialisation not only enhances transaction processing efficiency but also improves the scalability of the network.</li>



<li><strong>Integration and Flexibility: </strong>Overlay Networks are integrated with the core blockchain infrastructure yet maintain a high degree of operational flexibility. This setup allows for the efficient management of diverse transaction types, ranging from simple transfers to complex contractual agreements, all while maintaining the integrity and security expected of blockchain technology.</li>



<li><strong>Strategic Data Management: </strong>Data within Overlay Networks is managed smartly to help businesses get the information they need quickly and safely. Since blockchain is great at handling lots of data without slowing down, Overlay Networks make sure that businesses can use this data without waiting too long. They do this by keeping only unique data, storing data close to where it’s needed, and using smart ways to find the data.</li>



<li><strong>Permissioned Capabilities on a Permissionless Blockchain:</strong> Overlay Networks also enable the implementation of permissioned capabilities within a permissionless blockchain. This means that while the BSV blockchain remains open and accessible to everyone, certain applications and transactions can be managed with specific permissions, enhancing security and control for businesses and specialized use cases. This flexibility allows the BSV network to cater to a wide range of requirements, balancing openness with the need for customized access control.</li>
</ul>



<p>By integrating these capabilities, the BSV Mandala Upgrade allows businesses to leverage the blockchain for enhanced data security and immutability while maintaining flexibility and efficiency in data operations. This strategic development allows real scalability at the layer 1 level while offering the flexibility typically found in layer 2 solutions. It brings permissioned capabilities to a permissionless ledger,&nbsp;offering sophisticated solutions without compromising security.</p>


ELI 5: BSV Blockchain Mandala network


<p>BSV Association recently had the opportunity to sit down with Akber Datoo to discuss BSV’s newly published <a href="https://www.bsvblockchain.org/news/your-questions-on-the-new-network-access-rules-and-alert-system-answered" target="_blank" rel="noopener">Network Access Rules (NAR)</a>.</p>



<p>The <a href="https://nar.bsvblockchain.org" target="_blank" rel="noopener">NAR</a> is the set of rules regulating the relationship between the BSV Association and the nodes on the BSV Network. They are based on the original Bitcoin protocol rules and those set out in the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin white paper</a>.</p>



<p>Datoo, who assisted in drafting the NAR, <a href="https://d2legaltech.com/team_member/akber-datoo/" target="_blank" rel="noopener nofollow">is the Founder and CEO of D2LT where he advises financial institutions at the intersection of Fintech and Legaltech</a> to achieve business optimisation, regulatory compliance and operational efficiencies.</p>



<p>Before D2LT, he started his career at UBS, working as part of the front office IT team within fixed-income derivatives and leading its participation in industry initiatives such as FpML. He then qualified as a lawyer with Allen &amp; Overy, qualifying as an associate in the Derivatives and Structured Finance Group. Datoo also sits on the Law Society’s Technology Law Committee where he chairs the digital assets and smart contracts sub-committee and is a PRIME Finance Expert.</p>



<p></p>



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<iframe loading="lazy" title="BSVA Network Access Rules |  Developing a new standard with Akber Datoo" width="500" height="281" src="https://www.youtube.com/embed/M2Pb3jxTcTU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p><p style="padding-left: 50px;"><strong><em>1.</em></strong> <strong><em>Good morning, Akber. As a starting point, could you please introduce yourself and explain your role in drafting the </em></strong><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener"><strong><em>Network Access Rules</em></strong></a><strong><em>?</em></strong></p></p>



<p><strong>AD: </strong>My name is Akber Datoo. I am a Computer Scientist by background. I worked in the city for several years as an IT developer and then basically got pretty frustrated. I had been in financial services and then decided to requalify as a lawyer &#8211; but wanted to put the two skill sets together. So 12-13 years ago I left traditional legal practice and decided to merge law and technology.</p>



<p>That’s taken me on a journey through digital assets (where) I now advise several institutions and regulators in those sorts of areas. I also sit on the Law Society’s Technology Law Committee where he chairs the digital assets and smart contracts sub-committee. I am a Professor at the University of Surrey as well, teaching financial services and regulation policy.</p>



<p><p style="padding-left: 50px;"><em><strong>2.</strong></em> <strong><em>You touched on your legal history a little bit. Could you possibly expand on your experience drafting important legal documents?</em></strong></p></p>



<p><strong>AD:</strong> So at D2LT we have assisted with the design and formulation of the Network Access Rules. So we are a consulting firm which operates at the intersection of fintech, legal tech, legal design and process. Increasingly from around 2015-2016, we have also dealt with digital assets and tokenisation. When you think about the (BSV blockchain) network you are thinking of something which is finally able to provide a robust enterprise network. You are building on some very good philosophical ideas. Still, it means you can take it to something robust enough and scalable enough for investors and commercial applications. And that’s really why we got involved in the NAR.</p>



<p>So it’s a lovely story in terms of our involvement. I <a href="https://www.3harecourt.com/wp-content/uploads/2021/08/Articles.JIBFL_.Satanita.June_.2021.pdf" target="_blank" rel="noopener nofollow">penned an article that was published by Butterworths Journal for International Finance and Law</a>. I did that with Jeffrey Golden, who has been instrumental in writing the Network Access Rules. We wrote an article that talked about how you might deal with this sort of thing and how you might start to bring some understanding of what these rules are and how they might play together.</p>



<p>And we are fortunate enough that the Association are the stewards of the network. So this article very much resonated with them, bringing together all those strands that I talked about. I guess the rest is history in terms of writing the rules and where we are today.</p>



<p><p style="padding-left: 50px;"><em><strong>3.</strong></em> <strong><em>Can you give us an overview of the new Network Access Rules and how they work?</em></strong></p></p>



<p><strong>AD</strong>: The publication of the Network Access Rules in a way dovetails with the technology and what they are trying to achieve in terms of network certainty. It sets out the basic parameters, so there is an understanding of everyone’s expectations and understanding of how people ought to interact with each other.</p>



<p>What happens if technical issues occur? What happens if people don’t abide by those rules? And at what point do they start impacting other people and how they go about their activities?</p>



<p>This is super important because we&#8217;re talking about the digital assets world, an area where there&#8217;s lots of grey in terms of the law and the regulations. It&#8217;s a new area. You know, we don&#8217;t quite know how people might behave. There are also issues around the identity of people that operate on a network.</p>



<p>You know, we&#8217;re moving towards wanting an enterprise-level network that gives certainty and, the right commercial basis for things, but potentially without being able to identify other people operating in the way that we&#8217;d normally be used to in our day-to-day kind lives and operations. That&#8217;s what the Network Access rules offer.</p>



<p><p style="padding-left: 50px;"><em><strong>4.</strong></em> <strong><em>Can you briefly explain why you decided to take on the NAR project and its historical importance?</em></strong></p></p>



<p><strong>AD: </strong>So I think one needs to take it back to that article. And I don&#8217;t think either Jeff or myself would have thought that we&#8217;d be involved in writing such an important set of rules when publishing that article.</p>



<p>It talked about a Victorian yacht race. And essentially, the Santanita was one of several yachts competing in this race. As with any race, you need to have some idea as to what the rules might be and each competitor agreed to be bound by the rules as published by the Yacht Racing Association.</p>



<p>Now, the association probably had a very clear idea about how the race should be conducted. And some of those rules were published. But the association also needs to worry about how the yachts interact with each other. Within this race, there is a chance that people in the spirit of competition may take it a bit too far. Maybe they try and obtain too much of a competitive edge on somebody else and start to stray into areas that we might regard as not being fair game as part of that race. It may not even be unintentional.</p>



<p>You can start to see from this set of facts the application in the world of digital assets in many ways. When one starts mining on the network, we don&#8217;t know exactly how carefully someone reads through the rules or understands them. We don&#8217;t know exactly who they might be. Not everyone knows everyone else. But we&#8217;ve got an advantage here with the technology that we have today that wouldn&#8217;t have been present in the Victorian era.</p>



<p>We&#8217;ve now got technology to assist the process that we saw through the creation of these, multilateral relationships between the parties.</p>



<p><p style="padding-left: 50px;"><strong><em>5.</em></strong> <strong><em>Can you explain why the Network Access Rules are important from a regulatory standpoint?</em></strong></p></p>



<p><strong>AD: </strong>The rules of any game are probably the most important thing. So (the NAR) helps the Association distinguish itself in many ways. The first of those is in terms of decentralisation with the right stewardship to guide it through unchartered waters and the fast developing, area of digital assets.</p>



<p>One of the strong advantages is it reinforces, in the context of decentralisation, the multi-lateral nexus between the nodes and people involved. So it reinforces the very heart of these networks, the stability of the network.</p>



<p>It is also very careful to reinforce and acknowledge that the white paper is set in stone. It&#8217;s not here to change that. It&#8217;s rather here to make sure that we can correctly apply it with all the nuances and facts that might occur.</p>



<h3 class="wp-block-heading" id="h-disclaimer"><em>Disclaimer</em></h3>



<p><em>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</em></p>



<h3 class="wp-block-heading" id="h-learn-more-about-bsv-association-s-digital-asset-recovery-tools">Learn more about BSV Association’s Digital Asset Recovery tools:</h3>



<ul>
<li><a href="https://www.bsvblockchain.org/news/unravelling-blockchain-governance-the-bsva-approach-to-network-stewardship" target="_blank" rel="noopener">Unravelling Blockchain Governance: The BSVA’s approach to Network Stewardship</a></li>



<li><a href="https://www.bsvblockchain.org/news/interview-akber-datoo-speaks-on-the-new-network-access-rules" target="_blank" rel="noopener">Interview: Akber Datoo speaks on the new Network Access Rules</a></li>



<li><a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">ELI5: BSV Network Access Rules</a></li>



<li><a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">ELI5: BSV Alert System</a></li>



<li><a href="https://www.bsvblockchain.org/news/interview-jeffrey-golden-on-the-new-network-access-rules" target="_blank" rel="noopener">Interview: Jeffrey Golden on the new Network Access Rules</a></li>



<li><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener">FAQ: Network Access Rules</a></li>



<li><a href="https://www.bsvblockchain.org/news/protecting-assets-ensuring-justice-bsva-alert-system-and-dar-framework" target="_blank" rel="noopener">Protecting Assets, Ensuring Justice: BSVA’s Alert System and DAR Framework</a></li>
</ul>



<p></p>



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</div></figure>


Interview: Akber Datoo speaks on the new Network Access Rules


<p>Executives seem to be universally optimistic that <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">Artificial Intelligence (AI)</a> will drive innovation for their businesses, but unlocking that potential while also navigating AI’s equally significant risks is now the pressing concern for business leaders.</p>



<p>This was one of the key findings from a <a href="https://kpmg.com/us/en/articles/2023/ai-blockchain-new-power-couple.html" target="_blank" rel="noopener nofollow">recent report published by KPMG</a>, which captures feedback from 300 executives across a wide range of industries.</p>



<p>By harnessing <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">blockchain’s immutable and transparent nature</a>, companies can seamlessly integrate valuable IP guardrails into generative AI chatbot training, not only shielding it from misuse but also opening new revenue channels, the group said.</p>



<p>The group identified five key benefits of leveraging blockchain to protect against AI misuse:</p>



<ul>
<li><strong>Accurate identity and verification: </strong><a href="https://www.bsvblockchain.org/news/infographic-the-advantages-of-using-a-blockchain-built-within-the-existing-legal-framework" target="_blank" rel="noopener">Blockchain’s ability to secure identity and verification could ensure the authenticity and ownership</a> of IP used to train AI chatbots. Blockchain enables the creation of an immutable record of transactions, attributing the IP to its rightful owner and preventing unauthorised use.</li>
</ul>



<ul>
<li><strong>Proper attribution and royalties:</strong> By transforming the pieces of IP into <a href="https://www.bsvblockchain.org/news/how-nfts-can-transform-intellectual-property-rights-for-enterprises" target="_blank" rel="noopener">NFTs with embedded smart contracts</a> stored on a blockchain, companies can specify which parts of their IP can be used freely, which require attribution, and which require payment of royalties or compensation.</li>
</ul>



<ul>
<li><strong>Protection against infringement: </strong>Storing and tagging IP on a blockchain before making it available to generative AI chatbots can significantly reduce the risk of infringing on someone else’s intellectual property. Companies can <a href="https://www.bsvblockchain.org/news/infographic-the-advantages-of-using-a-blockchain-built-within-the-existing-legal-framework" target="_blank" rel="noopener">compare their content with existing blockchain records</a> to identify potential overlaps and avoid lawsuits or copyright violations.</li>
</ul>



<ul>
<li><strong>Legal certainty:</strong> AI is still the Wild West, legally speaking. <a href="https://www.bsvblockchain.org/news/blockchain-beyond-code-the-need-for-legal-compliance" target="_blank" rel="noopener">Legal frameworks around copyright protection, ownership, and liability are just starting to take shape</a>. By adopting blockchain technology for IP protection, companies can proactively address these uncertainties and establish transparent and traceable records of their content.</li>
</ul>



<ul>
<li><strong>Data privacy and compliance: </strong>Generative AI raises concerns about <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">data privacy</a>, particularly when AI models are trained on publicly available data. By incorporating blockchain into the process, companies can ensure compliance with data protection regulations and demonstrate responsible use of AI technologies.</li>
</ul>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-perfect-fit">BSV blockchain is the perfect fit</h2>



<p>The <a href="https://bsvblockchain.org/" target="_blank" rel="noopener">BSV blockchain stands as an ideal match for AI integration</a>, primarily owing to its unparalleled scalability. AI operations frequently necessitate substantial computational power and produce extensive data streams during both training and inference phases.</p>



<p>With its expansive <a href="https://teranode.bsvblockchain.org" target="_blank" rel="noopener nofollow">block size and impressive transaction throughput</a>, the BSV blockchain adeptly manages the sheer volume of data exchanges requisite for AI systems, guaranteeing seamless functionality even amidst intensive workloads.</p>



<p>Furthermore, the BSV blockchain’s steadfast stability and immutability position it as the optimal foundation for safeguarding the integrity and security of AI-centric data and transactions.</p>


Blockchain and AI – How to use them in your business right now


<p>BSV Blockchain recently had the opportunity to sit down with Tokenovate CEO <a href="https://www.linkedin.com/in/bakerrichardj/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Richard Baker</a> to discuss the new <a href="https://www.bsvblockchain.org/news/your-questions-on-the-new-network-access-rules-and-alert-system-answered" target="_blank" rel="noopener">Network Access Rules (NAR)</a>.</p>



<p>The NAR is the set of rules regulating the relationship between the BSV Association and the nodes on the BSV Network. They are based on the original Bitcoin protocol rules and those set out in the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener nofollow">Bitcoin white paper</a>.</p>



<p><a href="https://www.bsvblockchain.org/news/tokenovate-transforms-the-derivatives-market-with-the-bsv-blockchain" target="_blank" rel="noopener">Tokenovate is a UK-based financial services technology company</a> providing distributed financial market infrastructure and smart legal contracts. What sets Tokenovate apart from competitors is that it implements the BSV blockchain, marking a significant leap by integrating blockchain technology into platforms that drive global financial markets.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSVA Network Access Rules | Impact on Businesses with Richard Baker" width="500" height="281" src="https://www.youtube.com/embed/4VF9ofCFJIo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p><p style="padding-left: 40px;"><strong><em>1. Good morning, Richard. First, can you briefly introduce yourself and explain your role at Tokenovate?</em></strong></p></p>



<p><strong>RB:</strong> Good morning Ryan. Thank you for the invitation. I am the Founder and CEO of Tokenovate&nbsp;&#8211; a UK-based fintech business. So we operate in traditional financial services and have been building a software-as-a-service platform over the last couple of years. That platform is pointed at one major use case in financial services, and that&#8217;s in capital markets and the trading of over-the-counter derivatives.</p>



<p>Derivatives are a $1.2 quadrillion market. Everything we think about in our personal lives has some form of risk management or a hedging product sitting over it. So whether it&#8217;s money markets with interest rates or fixed income or it&#8217;s commodities like grains or ships and how they move around the world, a derivative is used by the asset owner to hedge risk and manage price volatility.</p>



<p><p style="padding-left: 40px;"><em><strong>2.</strong></em> <strong><em>How do you understand the Network Access Rules? What are they important in blockchain?</em></strong></p></p>



<p><strong>RB</strong>: I think they (the Network Access Rules) are really an incredible piece of work by the BSV Association. For 15 years we&#8217;ve had the white paper sit as this statement of a format of a protocol and implying how it would run as a network. And we&#8217;ve had many builders build the networks, from the mining companies to the node operators to wallet providers.</p>



<p>And really, the NAR for me is a well overdue piece of work that has really taken the unilateral agreement and now expresses it as a set of governance statements and rules. That makes it a lot easier to understand if you are a practitioner, running a node in the market, then you understand your role and your obligations to uphold the governance of the network access rules. So, it&#8217;s really good policy work and it really establishes the step in maturity that this technology and this industry has been waiting for.</p>



<p><p style="padding-left: 40px;"><strong><em>3.</em></strong> <strong><em>Why are the NAR important for your business?</em></strong></p></p>



<p><strong>RB: </strong>It’s really important to put the end-user or the customer first. If you put yourself in their shoes when you&#8217;re building services and applications you can start to unpick my roles and responsibilities when I&#8217;m building technology to try and make sure that I do indeed deliver the expectations of the market or the customer.</p>



<p>So for finance, you know, it&#8217;s a systemically important industry. We all rely on our banks, our mortgage providers, and the money systems. We interact with all of that ecosystem every day of the week. But really, do we ever ask, how does all of that work? There&#8217;s a lot of complicated plumbing that sits behind what we think about as retail banking or a point-of-sale device in a shop.</p>



<p>Infrastructure matters and within infrastructure having well-planned policies and well-planned governance structures is just critical to the functioning of these ecosystems. The Network Access Rules underpin what is to me the promise of digital ledger blockchain technology operating now as a protocol in and amongst these other messaging systems in these existing networks.</p>



<p>This is incredibly exciting for the society for the next 20, 30, 40, and 50 years when we think about the Internet of Value and how we think about producer-consumer economies of the future with microtransactions and micropayments. We need rules like NAR to underpin that journey.</p>



<p><p style="padding-left: 40px;"><em><strong>4.</strong></em> <strong><em>What is the expected feedback from the market regarding the NAR?</em></strong></p></p>



<p><strong>RB:</strong> So there&#8217;s an act coming out of Europe called <a href="https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en" target="_blank" rel="noopener">DORA&nbsp;&#8211; the Digital Operational Resilience Act</a>. And there&#8217;s an equivalent catchy name by every regulator in the world. But DORA’s cloud computing and telecommunications infrastructure is seen as critical infrastructure. And it&#8217;s critical because it underpins commerce, it underpins trade.</p>



<p>I think that side of the industry is going to find the NAR guidelines, these policy instructions, really tangible and really useful. I do expect that they will start to be synergistic with other rules and other governance models that are already in place.</p>



<p>I think equally there could be challenges. Sadly, in 15 years of blockchain technology, there’s also been a parallel journey &#8211; and that&#8217;s the journey of the rise of crypto. And of course, many in the world believe that that is not for the government to be involved in and that it should be truly unregulated.</p>



<p>But I don&#8217;t believe society will ever really be in a position where we will operate a money system without government without some form of policymaking. I think we mix those things up in society. I think governments are inherently there to guide society. And I think we will see that persist for a very long time.</p>



<p><p style="padding-left: 40px;"><strong><em>5.</em></strong> <strong><em>Why is the NAR important from a regulatory standpoint? (in the UK and abroad).</em></strong></p></p>



<p><strong>RB: </strong>I like the drafting of the NAR documentation, mainly because it’s simple and tangible to understand. At the heart of the rules is that if you choose to participate in the Bitcoin protocol network, then you are effectively a node operator and it sets out the expectations of you in how to participate as a good actor in the network.</p>



<p>I think we are going to see this protocol get established in proper networking infrastructure globally. I think that there will not be multiple blockchains in 30 years. I think we will see a few of these blockchains come closer and closer together and collaborate. And at the end of the day, competition always steers the best selection. But in the long term, I think the fundamental protocol is going to get incorporated into Internet networking standards. We will not talk about blockchain technology in 20 or 30 years. It will be part of the common backbone of the planet, and it will just be the way we do digital commerce in the future.</p>


Interview: Richard Baker on the new Network Access Rules


<p><strong>London, 13 May 2024: </strong><a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">BSV DevCon</a> is inviting blockchain enthusiasts, professionals, entrepreneurs, and innovators for a day of insightful sessions, hands-on workshops, and networking opportunities. Set to take place on May 20<sup>th</sup> at the London ExCel, this event will provide a platform for learning and collaboration in the ever-evolving world of blockchain technology.</p>



<p>DevCon is designed to empower innovators and give attendees the tools to build on chain, inspire new ideas and drive advancement in technology by utilising the blockchain. The event will serve as a catalyst for innovation, enabling attendees to expand their knowledge and contribute to the technological future.</p>



<p>Key themes include:</p>



<ul>
<li>Hands-on Workshops – Participants will engage in interactive workshops that offer practical tools and applications of blockchain technology.</li>
</ul>



<ul>
<li>Expert insights – Learn from industry leaders who will share their experiences and insights for developers to build on chain.</li>
</ul>



<ul>
<li>Networking – Connect and build a new developer community from a diversity of backgrounds, helping attendees foster new partnerships and collaborations.</li>
</ul>



<p><strong>Thomas Giacomo, Director of Utilisation at BSV Blockchain</strong> said, <em>“BSV DevCon is set to redefine blockchain innovation. Our mission is to inspire developers and innovators to explore new horizons in technology, providing them with the knowledge and tools necessary to build the future and unlock the full potential of blockchain applications.”</em></p>



<p>Who should attend:</p>



<ul>
<li>Developers looking to future proof their development and applications.</li>
</ul>



<ul>
<li>C-Suite of businesses who are seeking to understand the benefits of blockchain, and how it can help future proof their business.</li>
</ul>



<ul>
<li>Blockchain developers who are building across different blockchains who wish to learn about BSV blockchain’s unique technology and toolkits.</li>
</ul>



<p><strong>Xiaohui Lui, Founder and CEO, sCrypt</strong> said, “<em>At BSV DevCon, we believe in the power of practical learning and real-world applications. This event is designed to elevate the understanding of blockchain technology to new heights, offering hands on experience and insights from industry experts.”</em></p>



<p>DevCon is a steppingstone for anyone aiming to play a significant role in the future of blockchain. Whether you are looking to enhance your technical skills, gain industry insights, or meet like-minded professionals, BSV DevCon is the place to be.</p>



<p>For more information about BSV DevCon and to register visit the <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">website</a>.</p>



<p><strong>Contact Details</strong><br><a href="mailto:pr@lightningsharks.co.uk" target="_blank" rel="noopener nofollow">pr@lightningsharks.co.uk</a></p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Blockchain leads the BSV Blockchain for Enterprise and Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Blockchain oversees open-source programs and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>



<p><strong>About the London Blockchain Conference</strong></p>



<p><em>NETWORK. LEARN. ENGAGE.</em></p>



<p>At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. </p>


BSV Association to host DevCon 2024


<p>There is just one week to go until the biggest blockchain and Web3 conference of the year &#8211; the London Blockchain Conference! This year’s event will take place at Excel, London from May 21 &#8211; 23, 2024.</p>



<p><a href="https://londonblockchain.net/en" target="_blank" rel="noopener">The London Blockchain Conference</a> is the premier event dedicated to exploring the transformative impact of blockchain technology in our world. Attendees and exhibitors can expect a space where innovation meets practical application, and where enterprises and governments can discover real-world solutions through blockchain.</p>



<p>Last year’s conference saw an impressive turnout of over 5,000 participants, drawing in the brightest minds from the blockchain community, including more than 500 CEOs worldwide. Anticipation is high for this year&#8217;s event, which promises to surpass its predecessor in both scale and quality.</p>



<p>Carefully curated speakers will deliver cutting-edge ideas and insights, ensuring attendees are at the forefront of innovation. With a focus on real-world applications, the conference will demonstrate how blockchain is revolutionising industries and governments alike.</p>



<p>The London Blockchain Conference offers a unique opportunity to gain a competitive edge, providing access to the latest tools, innovations, and industry experts driving blockchain adoption and web3 transformation across Europe and beyond.</p>



<p><a href="https://londonblockchain.net/en" target="_blank" rel="noopener">Find out more about registering for the event here</a>.</p>



<h2 class="wp-block-heading" id="h-what-s-in-it-for-me-and-my-business-or-government-project">What’s in it for me and my business or government project?</h2>



<p>The London Blockchain Conference promises to be the premier event for blockchain technology, where enterprises and companies looking to build real-world blockchain solutions come to network and share ideas.</p>



<ul>
<li><strong>Thought leadership:</strong> Keynote speeches, panels and presentations will immerse you in the developments within various industries building on-chain.</li>
</ul>



<ul>
<li><strong>Astounding exhibitors:</strong> Engage with products and services from global blockchain companies, from startups to global enterprises.</li>
</ul>



<ul>
<li><strong>Extraordinary networking:</strong> Build relationships with the most influential senior decision-makers, developers, and investors in the blockchain space.</li>
</ul>



<ul>
<li><strong>Incredible innovations:</strong> Discover new applications that are changing industries on a global scale.</li>
</ul>



<ul>
<li><strong>Extensive reach:</strong> Do business with thousands of attendees from dozens of countries.</li>
</ul>



<h2 class="wp-block-heading" id="h-join-us-at-devcon">Join us at Devcon</h2>



<p>Ahead of the London Blockchain Conference, BSV Blockchain will be hosting <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">BSV DevCon 2024</a>. The developer conference will take place on 20 May at the London Excel and will focus on the brightest minds pushing forward the boundaries of blockchain development.</p>



<p>As part of our ongoing partnership, when you book your complimentary ticket to BSV DevCon 2024, you will get access to the London Blockchain Conference on 21-23 May, which will also take place at the London Excel.</p>



<p>Topics which are set to be discussed at the Devcon include:</p>



<ul>
<li>Presentations from partners include sCrypt, Project Babbage, Gate2Chain, nChain Handcash, Jungle Bus, and Taal.</li>
</ul>



<ul>
<li>An Introduction to BSV Academy Courses.</li>
</ul>



<ul>
<li>A presentation by the BSV Technical Standards Committee.</li>
</ul>



<ul>
<li>The Network Fundamentals of the BSV blockchain.</li>
</ul>



<p>BSV DevCon 2024 is a great opportunity for developers already experienced on the BSV blockchain to stay ahead of this rapidly evolving environment. You’ll gain insights directly from the forefront of blockchain innovation and enhance your skills with the latest developments and practices.</p>



<p>However, Devcon is not only limited to BSV blockchain developers, but is also open to those developing on Ethereum and other popular blockchains. Learn about the unique solutions BSV provides: how it surpasses Ethereum’s limitations through unbounded scalability; its advanced tokenisation protocols; and the developer tools tailored for migrating Ethereum-based projects.</p>



<p>If you’re curious about blockchain technology, BSV DevCon is the ideal entry point. It offers a pragmatic, hands-on approach to mastering blockchain, with learning and development sessions that utilise familiar toolkits to leverage your existing development skills in the blockchain sphere.</p>



<p>You can <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">find out more about Devcon here including a full agenda for the day</a>. You can register for tickets <a href="https://reg.rainfocus.com/flow/lightningsharks/lbc2024/bsvdevconregistration/login">here</a>.</p>


Inviting government and business leaders to the London Blockchain Conference 2024


<p>Simplified Payment Verification (SPV) is an often-overlooked concept first introduced in section 8 of the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener nofollow">Bitcoin white paper</a>. It plays an integral role in the operation of the BSV blockchain system; designed to enable users to verify transactions without the necessity of downloading the entire blockchain.</p>



<p>This innovative approach is essential for enabling BSV&#8217;s accessibility and practicality, particularly as the transaction volume on the blockchain grows. SPV is one of the key aspects of Bitcoin&#8217;s ingenuity (although BSV is currently the only Bitcoin node implementation to have it enabled), offering a blend of security and efficiency that ensures transactions can be verified confidently<s>,</s> without the extensive storage and network requirements of the fetching and storing the full blockchain.</p>



<h2 class="wp-block-heading" id="h-understanding-spv-and-its-importance"><strong>Understanding SPV and its importance</strong></h2>



<p>SPV is designed for users seeking to validate transactions without the substantial burden of storing the entire blockchain: a continuously expanding record of all Bitcoin transactions.</p>



<p>As the BSV blockchain advances toward blocks containing hundreds of millions of transactions and beyond, the significance of efficient verification methods like SPV becomes paramount. This lightweight verification method is designed to maintain pace with the growing blockchain, ensuring BSV remains usable and secure for all participants.</p>



<h2 class="wp-block-heading" id="h-eli5-bsv-blockchain-s-spv-wallet"><strong><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">ELI5: BSV Blockchain’s SPV Wallet</a></strong></h2>



<h3 class="wp-block-heading" id="h-dispelling-misconceptions-about-security"><strong>Dispelling misconceptions about security</strong></h3>



<p>A prevalent misconception suggests that SPV is less secure than methods requiring the full blockchain download. This misunderstanding stems from the fact that SPV clients do not store the entire blockchain. However, SPV maintains the security and integrity of the blockchain using Merkle proofs, which enable the verification of a transaction&#8217;s inclusion in a block without requiring the verifier have all blockchain data.</p>



<h3 class="wp-block-heading" id="h-the-mechanics-of-spv-merkle-paths-and-block-headers"><strong>The mechanics of SPV: Merkle Paths and Block Headers</strong></h3>



<p>The efficacy and security of SPV are underpinned by two fundamental concepts: <a href="https://www.bsvblockchain.org/news/why-a-merkle-tree-is-used-to-scale-bitcoin" target="_blank" rel="noopener">Merkle paths and block headers</a>.</p>



<ul>
<li><strong>Merkle Paths</strong>: Utilising a binary tree data structure known as a Merkle tree (also known as a Binary Hash tree), the Bitcoin blockchain topologically (parent-child) organises transactions within a block. This hierarchical structure culminates in a single hash at the top, the Merkle root, representing a digital fingerprint of all transactions in the block and their relative position to one another. A Merkle path provides a concise route to prove a transaction&#8217;s inclusion in a block, significantly reducing the data needed compared to the full list of transactions.</li>
</ul>



<ul>
<li><strong>Chain of Block Headers</strong>: SPV clients only need to download the block headers of the blockchain, each a compact package of crucial information 80 bytes in size and include the Merkle root. This chain of headers, amounting to approximately 65MB given the current blockchain height, enables SPV clients to swiftly verify the legitimacy of blocks and transactions therein, using Merkle paths and checking against the Merkle roots in the block headers.</li>
</ul>



<p>If we look at a Bitcoin transaction as an analogue to a bank note, when a sender gives a transaction to a receiver, the receiver can check the transaction with a special pen to verify its authenticity (SPV check).</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="SPV Wallet - BSV Blockchain Reference Implementation Wallet" width="500" height="281" src="https://www.youtube.com/embed/Ep6hKYihKnA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading" id="h-the-efficiency-of-spv"><strong>The Efficiency of SPV</strong></h3>



<p>SPV&#8217;s efficiency emanates from its ability to verify transactions with minimal data—the block headers and Merkle paths—contrasting sharply with the extensive storage and bandwidth required for the full blockchain. In addition, SPV does not require the sender to converse with anyone other than the receiver to perform the transaction: no trusted 3<sup>rd</sup> parties required.</p>



<p>An SPV transaction can be done offline using any method that gets the transaction from the sender to the receiver. This efficiency ensures BSV&#8217;s vast network remains accessible on devices with limited resources, like smartphones, making it a practical solution for everyday users.</p>



<h3 class="wp-block-heading" id="h-correcting-erroneous-implementations"><strong>Correcting erroneous implementations</strong></h3>



<p>Some implementations have misinterpreted SPV, creating systems where &#8220;lite&#8221; clients connect to servers hosting the full blockchain. This approach, while reducing the client device&#8217;s burden, introduces a reliance on an entity still hosting the full copy of the blockchain without a mechanism to monetise the service they provide to recover costs.</p>



<p>True SPV, as envisioned in the Bitcoin white paper, allows clients to independently verify transactions, connecting to the network without undue reliance on any single server or entity.</p>



<h3 class="wp-block-heading" id="h-bsv-blockchain-s-spv-wallet"><strong>BSV Blockchain’s SPV Wallet</strong></h3>



<p>The BSV Blockchain’s <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV wallet</a> is a reference implementation of a proper configuration to enable this workflow including the header client. In addition, mechanisms for communicating with the network of mining nodes for a double spend check have also been included, as well as incorporating best practices and technical standards to ensure the additional data envelope of the Merkle Paths is structured in an interoperable format. This ensures that other wallets can receive the Merkle Path payload and perform the SPV check with all the information they need so extra calls do not need to be made during the transaction and it can occur entirely at the edge of the network.</p>



<h3 class="wp-block-heading" id="h-true-peer-to-peer"><strong>True peer-to-peer</strong></h3>



<p>This SPV configuration enables a paradigm of true peer-to-peer communication. The Bitcoin white paper detailed a peer-to-peer electronic cash system and how transactions could be passed directly from Alice to Bob. Due to the absence of detailed explanations for the proper configuration most builders ended up creating something more like Alice to Miner, then Bob asking the miner to find his money.</p>



<p>This is not scalable. When Alice can pass the transaction directly to Bob, if there is the additional data envelope for the SPV check exchanged as well, then Bob has everything he needs to accept the value exchange, he can perform a simple check to determine whether the funds being spent have been spent before. He can even pass some additional data to the miner to make their check even faster. This entire process takes less than a second, enabling 0 confirmation spending of small casual payments between peers at the network’s periphery.</p>



<h2 class="wp-block-heading" id="h-spv-a-paradigm-of-lightweight-efficiency"><strong>SPV: A paradigm of lightweight efficiency</strong></h2>



<p>SPV exemplifies a model of lightweight efficiency within Bitcoin&#8217;s design, addressing scalability and accessibility challenges. By leveraging block headers and efficient network checks, SPV clients can leverage the integrity and security of the blockchain, ensuring BSV&#8217;s continued accessibility and practicality.</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-the-standardised-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noopener">The BSV Blockchain’s SPV Wallet’s</a> innovative approach to transaction verification, with its emphasis on standardising the structure of the data payload of Merkle paths and block headers, aligns with Bitcoin&#8217;s vision of a secure, efficient, and user-friendly electronic cash system.</p>



<p>As the BSV network evolves under the <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>-led Mandala paradigm, querying nodes becomes untenable. For this reason, it was imperative the BSVA create this reference implementation to ensure any builder can easily access a best practice build which will operate without issue in the new network topology.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-bsv-blockchain-spv-wallet">Learn more about BSV Blockchain SPV Wallet</h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-the-standardised-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noopener">BSV Blockchain launches SPV Wallet, the standardised BSV open-source wallet reference implementation</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">ELI5: the BSV Blockchain’s SPV Wallet</a></p>



<p><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">The SPV advantage: enhancing accessibility and security in BSV blockchain transactions</a></p>


The SPV advantage: enhancing accessibility and security in BSV blockchain transactions


<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">Libraries in computer programming</a> are like recipe books for chefs. A recipe book has instructions on how to make different dishes. If you’re a chef, rather than figuring out how to make bread or a cake from scratch every time, you&#8217;d use a recipe that&#8217;s already been tested and proven to work. That way, you save time and know you&#8217;ll get a good result.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="ELI 5: Bitcoin Libraries as Recipe Books" width="500" height="281" src="https://www.youtube.com/embed/TG4NRqqpw1w?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-outdated-recipe-books-challenges-in-programming">Outdated Recipe Books: Challenges in Programming</h2>



<p>But what if your favourite recipe book is really old? Some recipes might not work as well because ingredients have changed, or there&#8217;s a better way to do things now. If no one updates the book, you might follow a recipe and end up with a bad cake, or even worse, get sick because the recipe had something wrong with it.</p>



<h2 class="wp-block-heading" id="h-the-role-of-libraries-in-programming">The role of Libraries in programming</h2>



<p>In the computer world, developers use &#8220;libraries&#8221; &#8211; these are like their recipe books. They contain &#8220;recipes&#8221; or instructions for common tasks like creating an online payment or sending messages. BSV as a technology that deals with money needs reliable and secure recipes since it handles monetary transfers.</p>



<h2 class="wp-block-heading" id="h-challenges-in-bsv-development">Challenges in BSV development</h2>



<p>However, the BSV developers are facing a problem: their recipe books (libraries) are outdated. They have to write new recipes themselves, which can be very tricky. This leads to a lot of repeated work and wasted effort, making things frustrating and inefficient for businesses and confusing for new developers who want to join in. Some people have modified these original recipes but no one is keeping track of the new and improved recipes of old favourite dishes. This is where NPM comes in.</p>



<h2 class="wp-block-heading" id="h-npm-a-solution-for-bsv-development">NPM: A Solution for BSV Development</h2>



<p>NPM (which stands for Node Package Manager) is like an enormous online kitchen where developers can share and find all sorts of recipe books (<a href="https://www.bsvblockchain.org/news/updating-bsv-blockchain-libraries-get-involved" target="_blank" rel="noopener">blockchain libraries</a>) they need. But for BSV, there&#8217;s a lot of scattered and outdated recipes, and there&#8217;s no main book that has everything they need.</p>



<p>By updating all the BSV recipes and putting them into one big, well-organised book under the &#8220;bsv&#8221; label in this online kitchen, chefs (developers) won&#8217;t have to scramble around looking for the right recipes or worry about using a bad one. They will have a current, safe, and trusted set of instructions to work from. This makes it easier for chefs to make great dishes (or build great applications) and for new chefs to learn how to cook (or new developers to start coding for BSV).</p>



<h2 class="wp-block-heading" id="h-benefits-of-updated-libraries">Benefits of updated Libraries</h2>



<p>Having one up-to-date and comprehensive recipe book makes it easier to share knowledge, teach others, and ensure everyone is making the best food (or software) they can. This can make cooking (or coding) more appealing to everyone, and it&#8217;s likely more chefs (developers) will come to the kitchen (BSV ecosystem) to cook up something great.</p>



<h3 class="wp-block-heading" id="h-faq-bsv-blockchain-libraries">FAQ: BSV blockchain libraries</h3>



<p>What is npm, namespace and how will unifying the BSV libraries into a single SDK help developers? Learn more in our ‘<a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-libraries" target="_blank" rel="noopener">FAQ: BSV blockchain libraries</a>’ article.</p>


ELI5: BSV blockchain Libraries


<p>BSV Blockchain is pleased to announce its new Mandala upgrade. The upgrade will fully unlock the BSV blockchain allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.</p>



<p>A Mandala network is a network that forms recursively from an unbounded number of smaller networks of the same form as itself. It uses a base topology that can be stacked on top of itself allowing the network to dynamically grow and contract based on need or resource availability.</p>



<p>As this P2P topology gets stacked as a result of more complex and frequent interactions like what you would see in an app for example, the pattern becomes more complex and that forms another component of the network: SPV Wallets are the base P2P component at the edges of the network, overlay services form the more complex centre that are a coalescence of P2P transactions from SPV Wallets, and the network of nodes and specialised nodes that will run Teranode form the complex centre of the mandala network.</p>



<p>‘Put simply, BSV blockchain’s Mandala upgrade is the network topology change from a web2 client-server approach where nodes were responsible for all functions of network operation including data storage and access, in addition to their proscribed function of block ordering and transaction timestamping and ordering. With the Mandala upgrade, nodes are free to focus on being nodes with all other functionality being pushed out to an overlay service component and wallets.’ said <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo, Director of Utilisation at BSV Blockchain</a>.</p>



<p>The full upgrade will launch later this year, with key components such as Teranode, overlay services and SPV Wallet(s) already live in public beta.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="853" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network-1024x853.png" alt="Mandala network" class="wp-image-31728" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network-1024x853.png 1024w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network-300x250.png 300w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network-768x639.png 768w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network-1536x1279.png 1536w, https://cms.bsvblockchain.org/wp-content/uploads/2024/05/BSV-mandala-network.png 1648w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading" id="h-enabling-unbounded-scaling-and-other-benefits">Enabling unbounded scaling and other benefits</h2>



<p>The Mandala upgrade provides the updates and missing pieces required to open the global public blockchain up so anyone or anything can timestamp their interactions or transactions on it for fractions of a penny, continuously, with the only limit being how fast they can create and submit them: unbounded possibilities with <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">unbounded scaling on the BSV blockchain</a>.</p>



<p>&#8216;By fostering an environment of coopetition (competition and cooperation), the network can accommodate extremely high transaction volumes required for growing demand while enabling transaction processors the opportunity to significantly increase revenue,&#8217; said <a href="https://www.linkedin.com/in/frank-dickob-6764201/" target="_blank" rel="noopener nofollow">Frank Dickob, Provisioning Director at BSV Blockchain</a>.</p>



<p>He added that this will help build a resilient network that’s better equipped to handle substantially higher volumes with the respective increase in total fees that will more than compensate for the progressive decrease in block subsidies.</p>



<p>&#8216;The direct beneficiaries of this strengthened network will be the end users, who will enjoy very low <a href="https://www.google.com/search?q=stable+fees+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=stable+fees+bsv+blockchain&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQIRigATIHCAIQIRifBdIBCDc1NDZqMGo0qAIAsAIA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">microtransaction fees</a> and reliable service. Overall, the time is ripe for infrastructural innovation in the transaction processing sector,&#8217; he said.</p>



<p>Outside of unbounded scaling, the upgrade also comes with other benefits, said Giacomo. This includes the benefits of the small-world network of nodes at the centre of the mandala such as high connectivity and resilience. It will also be highly scalable to the extent that it can accommodate a level of transactional volume because the fees being generated by the introduction of volume, the fees nodes receive for adding new blocks to the blockchain, are invested back into their infrastructure as soon as they’re received to ensure they remain competitive with their peers.</p>



<p>&#8216;The mandala upgrade is just another honing of this process. By having the centre of the network focus purely on handling the throughput, overlay services handling specificities of business needs, and light-weight, cost-effective, SPV wallets allowing people to interact with each other directly, globally, with a single click and with the immediacy that comes with electronic communication: email made mail electronic, BSV has the potential to safely and with unprecedented security and privacy protection, make all interactions electronic.&#8217;</p>



<h2 class="wp-block-heading" id="h-understanding-the-new-upgrade">Understanding the new upgrade</h2>



<p>The Mandala upgrade broadly consists of three key components:</p>



<p><p style="padding-left: 40px;"><strong>1. A core node network with Teranode</strong></p></p>



<p>Teranode stands at the centre of the new upgrade and is responsible for keeping a global record while dealing with standardised transactions and high throughput capacity.</p>



<p>In February 2024, <a href="https://www.bsvblockchain.org/news/bsv-association-begins-technical-testing-of-teranode" target="_blank" rel="noopener">BSV Blockchain announced technical testing on Teranode</a>, the watershed blockchain upgrade that will allow the BSV blockchain to operate at upwards of 1.1 million transactions per second (TPS).</p>



<p>BSV Blockchain is currently <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener nofollow">testing Teranode</a> on a geographically distributed, two- and three-node cluster spread across North America, Europe and Asia. The goal is to push the network to achieve the maximum number of TPS without instability.</p>



<p><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Learn more about Teranode here</a>.</p>



<p><p style="padding-left: 40px;"><strong>2.</strong> <strong>Overlay services and dedicated overlay networks</strong></p></p>



<p>In computer networking, the term “Overlay” usually refers to a virtual network built on top of an existing physical network. It can provide various services such as routing, peer-to-peer networking, or distributed computing.<br><br>Some BSV apps are currently built with the expectation that they can read timestamped immutable data from the blockchain. This illusion is achieved by gathering all block data and filtering, indexing, and serving it to applications on demand &#8211; for free.</p>



<p>The economic reality is that this cannot be done at one million transactions per second without SPV and the division of labour. As network traffic necessarily grows, filtering and indexing all block data quickly becomes untenable.</p>



<p><a href="https://www.bsvblockchain.org/news/the-power-of-overlay-networks-tokenisation-and-beyond" target="_blank" rel="noopener">Overlays allow the distribution of that demand across many services as well as the empowerment of individuals having ownership and agency over their own identity and personal information</a>.&nbsp;This distribution of agency and demand with the ability to granularly purchase only what’s needed works together to minimise waste and provide superior service and superior quality products When you only pay for what you need, only what you need is manufactured and sold.</p>



<p>Overlays use SPV to ensure their data is valid, allowing applications to share a universal source of truth while limiting the cost of operation to a function of service use rather than total network volume.</p>



<p><p style="padding-left: 40px;"><strong>3.</strong> <strong>SPV usage at the edge of the network with SPV Wallets</strong></p></p>



<p>The <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">open-source reference implementation SPV Wallet clarifies the state-of-the-art technical architecture of BSV wallets through its open-source, non-custodial framework</a>, enabling seamless transaction verification and management at significantly reduced costs.</p>



<p>Designed for exchanges, wallet providers and businesses running BSV applications, it offers a reference implementation of simplified payment verification (SPV, section 8 of the white paper) for enhanced efficiency and security.</p>



<p>SPV Wallet can be used in place of the current ‘SV Node’ 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.</p>



<p>Running the 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.</p>



<p>The average transactions per second settled on the BSV blockchain has been trending up rapidly for the last few years and is expected to drastically increase as we go forward. This will inevitably drive up costs for full node operators, and raise the corresponding demand for SPV Wallet solutions.</p>



<p>Application builders are encouraged to shift from using SV Node with mining features turned off to the SPV Wallet now as Teranode will be too expensive to run and only run by transaction processors.</p>



<p><a href="https://bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">Learn more about SPV Wallet here</a>.</p>


BSV Blockchain announces Mandala upgrade


<p><strong>ZUG, Switzerland, 7 May 2024: </strong><a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">BSV Blockchain</a> is thrilled to announce its new Mandala upgrade, which will allow the BSV blockchain to scale quadratically in the coming years so it’s ready to accommodate the essential global need for data integrity.</p>



<p>A Mandala network is a network that forms recursively from an unbounded number of smaller networks of the same form as itself. It uses a base topology that can be stacked on top of itself allowing the network to dynamically grow and contract based on need or resource availability. The full upgrade will launch later this year, with key components such as Teranode, Overlay services and SPV Wallet already live in public beta.</p>



<p><strong>Thomas Giacomo, Director of Utilisation at BSV Blockchain</strong> said, <em>“Put simply, the Mandala upgrade is the network topology change from a Web2 client-server approach where nodes are responsible for all functions of network operation, including data storage and access. With the upgrade, nodes are free to focus on being nodes with all other functionalities being pushed out to an overlay service layer and wallets. Outside of unbounded scaling, the upgrade also comes with other benefits such as high connectivity and resilience.”</em></p>



<p>The Mandala upgrade consists of three key components:</p>



<ol start="1">
<li>A core node network with Teranode – In February, BSV Blockchain announced technical testing on Teranode, an upgrade that will allow the BSV blockchain to operate at upwards of 1.1million transactions per second (TPS). Teranode stands at the centre of the new upgrade and is responsible for ordering transactions into timestamped blocks while maintaining high throughput capacity.</li>
</ol>



<ol start="2">
<li>Overlay services and networks – The term ‘Overlay’ usually refers to a virtual network built on top of an existing physical network. It can provide various services such as routing, peer-to-peer networking, or distributed computing while allowing specialisation. Overlays use SPV to ensure their data is valid, allowing applications to share a universal source of truth while limiting the cost of operation.</li>
</ol>



<ol start="3">
<li>SPV usage at the edge of the BSV network with SPV Wallets – it enables seamless transaction verification and management at significantly reduced costs. SPV Wallet can be used in place of the BSV blockchain node software to validate transactions and make outbound payments.</li>
</ol>



<p><strong>Frank Dickob, Provisioning Director at BSV Blockchain</strong> said, <em>“By fostering an environment of coopetition (competition and cooperation), the network can accommodate extremely high transaction volumes required for growing demand while enabling transaction processors the opportunity to significantly increase revenue. This will help build a resilient network that is better equipped to handle substantially higher volumes with respective increase in total fees that will more than compensate for the progressive decrease in blockchain subsidies. The direct beneficiaries of this strengthened network will be the end users, who will enjoy microtransactions fees and reliable service”.</em></p>



<p>To learn more about the Mandala upgrade, BSV Blockchain invites enthusiasts and industry professionals to sign up for BSV Blockchain’s upcoming <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">DevCon</a> where there will be an entire session dedicated to the topic. This will take place on 20<sup>th</sup> May at the London Excel and will allow attendees to learn about how the BSV Network works and why BSV’s unbounded scalability is the preferred choice for enterprises, governments and startups leveraging Distributed Ledger Technologies.</p>



<p>When you book your complimentary ticket to <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">BSV DevCon 2024</a>, you will get access to the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference</a> on 21-23 May, which will also take place at the London Excel.</p>



<p><strong>Contact Details</strong><br><a href="mailto:pr@lightningsharks.co.uk" target="_blank" rel="noopener nofollow">pr@lightningsharks.co.uk</a></p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Blockchain leads the BSV Blockchain for Enterprise and Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Blockchain oversees open-source programs and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>


BSV Blockchain unveils Mandala Upgrade: pioneering quadratic scaling for unbounded data integrity


<p>On 16-17 March 2024, the <a href="https://scrypt.io/" target="_blank" rel="noopener nofollow">sCrypt hackathon</a> took place at the historic Fairmont, San Francisco. The keynote presentation was by <a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noopener nofollow">Xiaohui Liu, Founder and CEO of sCrypt</a>, who gave an overview of both the possibilities that are viable for developers with the BSV blockchain and where the entire ecosystem sits in a business context.</p>



<p>A key part of the talk was also to drive forward the development of a killer app, with Liu discussing conditions and strategies.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon 2024 (16th March 2024, AM)" width="500" height="281" src="https://www.youtube.com/embed/rogNgiRNZSo?start=105&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-finding-the-killer-app-for-the-bsv-blockchain">Finding the killer app for the BSV blockchain</h2>



<p>One of the central themes of Liu&#8217;s discourse revolved around the absence of a ‘killer app’ despite there being many opportunities from a technical perspective. He compared this situation to a gold rush. However, in the case of the BSV blockchain, people lack the tools to profit from the situation. Liu introduced <a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">sCrypt as a provider of such tools, enabling developers to implement the unique properties of the BSV blockchain in apps and business models</a>.</p>



<p>Liu&#8217;s platform offers a <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">TypeScript-based solution</a>, which millions of developers are familiar with. He revealed that sCrypt originally developed its programming language, which they abandoned, as they realised it would hinder the adoption of the BSV blockchain, as developers who could build using the proprietary sCrypt language would be very hard to find for businesses.</p>



<p>By utilising a familiar language and workflow, developers can seamlessly integrate smart contract development into their existing skillset without the need to learn new languages like Solidity or Rust. This approach aims to streamline the development process and <a href="https://www.bsvblockchain.org/news/getting-more-developers-to-build-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">make smart contract development more accessible across the entire blockchain space</a>.</p>



<h2 class="wp-block-heading" id="h-boomer-vs-degen">‘Boomer’ vs. ‘Degen’</h2>



<p>Liu described two different approaches to the development of apps, which was illustrated in his presentation by a meme. One is the ‘boomer’ approach, and the other is the ‘degen’ approach. While the former is an enterprise-oriented strategy that targets established companies in a professional setting, the latter is a less formal, grassroots and community-driven approach that is open to experimentation.</p>



<p>Rather than pitting these approaches against each other, Liu advocated for adopting elements from both approaches according to one’s own needs and personal preferences. He acknowledged that both approaches have their validity and necessity, especially since the community strives for broader adoption.</p>



<h2 class="wp-block-heading" id="h-leveraging-the-bsv-blockchain">Leveraging the BSV blockchain</h2>



<p>Liu highlighted the need to leverage the unique features of the BSV blockchain. He compared this to the evolution of mobile technology, where successful apps capitalised on the specific features of smartphones, such as touchscreens and gyroscopes or the integration of GPS. Killer apps such as Angry Birds and Google Maps were mentioned as apps that were simple, user-friendly and successfully implemented newly available technology.</p>



<p>Liu suggested that the killer app for BSV will likely utilise features like <a href="https://www.bsvblockchain.org/news/micropayments-and-blockchain-as-a-catalyst-for-public-private-partnerships" target="_blank" rel="noopener">micropayments, smart contracts, tokenisation, and the immutability of the blockchain</a>. Like the aforementioned example of Google Maps, the utility of a killer app could be immediately apparent to anyone using it due to its innovative implementation. Therefore, he encouraged developers to pioneer new directions rather than simply migrating legacy apps.</p>



<h2 class="wp-block-heading" id="h-quick-iterations-gaining-practice-and-applying-learnings">Quick iterations &#8211; gaining practice and applying learnings</h2>



<p>Liu also emphasised the approach taken in the hackathon. Using successful examples, Liu concluded that the recipe for success lies in the rapid realisation and development of app ideas. According to him, this is a more promising approach than holding on to an app for a long time and marketing it for many years.</p>



<p>Rather, he encouraged developers to experiment with the new infrastructure that the BSV Blockchain facilitates. By fostering a culture of experimentation and learning from user feedback, developers at the sCrypt Hackathon learn to become better developers, while simultaneously developing with innovative infrastructure.</p>



<p>To conclude his presentation, Liu presented applications, use cases and successful implementations. The applications presented included among others tokenisation, 1Sat ordinals, atomic swaps, order locks and difficulty locks.</p>


Building the killer app on the BSV blockchain


<p>Universities are increasingly exploring the potential benefits of blockchain technology. As it offers promising opportunities to <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">enhance efficiency, security, and credibility in higher education</a>.</p>



<p>One notable application is in the verification of educational credentials, <a href="https://www.weforum.org/agenda/2024/03/higher-education-universities-blockchain-transform-research/" target="_blank" rel="noopener nofollow">a new report by the World Economic Forum shows</a>.</p>



<p>Blockchain has the potential to improve accessibility for learners, institutions, and employers by eliminating geographical and institutional barriers. This ensures that credentials are universally recognised and instantly verifiable by educational institutions worldwide.</p>



<p>Educational credentials are closely tied to the concept of data democratisation, which involves the sharing of <a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">large datasets among institutions and researchers globally</a>. Blockchain technology democratises access to these datasets, enabling broader participation in scientific research and education.</p>



<p>Furthermore, implementing blockchain in higher education <a href="https://www.bsvblockchain.org/news/how-to-build-apps-on-the-bsv-blockchain-10-times-faster-and-cheaper" target="_blank" rel="noopener">could result in significant cost savings</a> by reducing reliance on expensive centralised systems for credential verification and data management.</p>



<p>By streamlining these processes through blockchain, universities can allocate resources more efficiently, potentially reducing administrative costs and making education more affordable for students.</p>



<h2 class="wp-block-heading" id="h-using-the-bsv-blockchain">Using the BSV blockchain</h2>



<p>The BSV blockchain distinguishes itself from traditional database systems through its provable immutability, digital signatures for authorship verification, immediate verification without contacting the issuing institution, and peer verification mechanisms.</p>



<p>These attributes guarantee that once information is recorded on the blockchain, it remains unaltered, authentic, and easily verifiable by any party. Moreover, the ability to share digital versions of degrees and credentials enhances the simplicity and security of academic verification.</p>



<p>The unique capabilities of the BSV blockchain offer a more secure, efficient, and transparent method for managing educational records compared to traditional academic credential verification methods, non-blockchain digital credentials, and various management database systems.</p>



<p><a href="https://www.bsvblockchain.org/news/you-can-now-prove-everything-from-your-marks-to-your-university-degree-with-blockchain" target="_blank" rel="noopener">VX Technologies recently unveiled a groundbreaking blockchain-based educational records system, the AlphaDAPP platform</a>, which revolutionises the management and storage of educational records. Leveraging blockchain technology, AlphaDAPP ensures the secure, immutable, and transparent recording of a wide range of academic credentials, including degrees, certifications, and micro-credentials such as grades, skills, projects, and achievements.</p>


How universities and schools can use the BSV blockchain


<p>There are just two weeks to go until the biggest blockchain and Web3 conference of the year &#8211; the London Blockchain Conference! This year’s event will take place at Excel, London from May 21 &#8211; 23, 2024.</p>



<p><a href="https://londonblockchain.net/en" target="_blank" rel="noopener">The London Blockchain Conference</a> is the premier event dedicated to exploring the transformative impact of blockchain technology in our world. Attendees and exhibitors can expect a space where innovation meets practical application, and where enterprises and governments can discover real-world solutions through blockchain.</p>



<p>Last year’s conference welcomed over 5,000 visits from the brightest minds in the blockchain ecosystem – including over 500 CEOs from around the world. This year’s conference is set to be even bigger and better, with a range of speakers carefully hand-picked to provide powerful and innovative ideas and groundbreaking insights.</p>



<p>Get ready for interactive sessions aimed at solving big data challenges., stages packed with informative roundtables, compelling keynotes, and stimulating panels led by thought leaders, start-up visionaries, and influential policymakers.</p>



<h2 class="wp-block-heading" id="h-join-us-at-devcon">Join us at Devcon</h2>



<p>Ahead of the London Blockchain Conference, BSV Blockchain will be hosting <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">BSV DevCon 2024</a>. The developer conference will take place on 20 May at the London Excel and will focus on the brightest minds pushing forward the boundaries of blockchain development.</p>



<p>As part of our ongoing partnership, when you book your complimentary ticket to BSV DevCon 2024, you will get access to the London Blockchain Conference on 21-23 May, which will also take place at the London Excel.</p>



<p>Topics which are set to be discussed at the Devcon include:</p>



<ul>
<li>Presentations from partners include sCrypt, Project Babbage, Gate2Chain, nChain Handcash, Jungle Bus, and Taal.</li>
</ul>



<ul>
<li>An Introduction to BSV Academy Courses.</li>
</ul>



<ul>
<li>A presentation by the BSV Technical Standards Committee.</li>
</ul>



<ul>
<li>The Network Fundamentals of the BSV blockchain.</li>
</ul>



<p>BSV DevCon 2024 is a great opportunity for developers already experienced on the BSV blockchain to stay ahead of this rapidly evolving environment. You’ll gain insights directly from the forefront of blockchain innovation and enhance your skills with the latest developments and practices.</p>



<p>However, Devcon is not only limited to BSV blockchain developers but is also open to those developing on Ethereum and other popular blockchains. Learn about the unique solutions BSV provides: how it surpasses Ethereum’s limitations through unbounded scalability; its advanced tokenisation protocols; and the developer tools tailored for migrating Ethereum-based projects.</p>



<p>If you’re curious about blockchain technology, BSV DevCon is the ideal entry point. It offers a pragmatic, hands-on approach to mastering blockchain, with learning and development sessions that utilise familiar toolkits to leverage your existing development skills in the blockchain sphere.</p>



<p>You can <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">find out more about Devcon here, including a full agenda for the day</a>. You can register for tickets <a href="https://reg.rainfocus.com/flow/lightningsharks/lbc2024/bsvdevconregistration/login" target="_blank" rel="noopener nofollow">here</a>.</p>


Two weeks to go until Devcon and the London Blockchain Conference – Book now!


<p>In a world grappling with hunger, a recent report by the <a href="https://www.weforum.org/agenda/2024/04/fish-seafood-aquatic-food-waste-security/" target="_blank" rel="noopener nofollow">World Economic Forum reveals a troubling statistic: a staggering 15% of fish and seafood within our food supply chain is wasted</a>.</p>



<p>Aquatic foods play a vital role in global nutrition and food security, with their consumption steadily rising each year. However, a significant portion of these resources go unconsumed. According to the <a href="https://www.weforum.org/publications/investigating-global-aquatic-food-loss-and-waste/" target="_blank" rel="noopener nofollow">Investigating Global Aquatic Food Loss and Waste white paper, an alarming 23.8 million tonnes of edible aquatic food went to waste in 2021</a>.</p>



<p>The primary contributors to this food loss are land-based processing and discarded catches from wild fishing (as opposed to aquaculture), each accounting for over a third of the total amount.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-can-help-reduce-food-wastage">The BSV blockchain can help reduce food wastage</h2>



<p>The BSV blockchain holds significant promise in combating food waste through its <a href="https://www.bsvblockchain.org/news/the-role-of-blockchain-in-sustainable-supply-chains-and-management" target="_blank" rel="noopener">ability to enhance transparency, traceability, and efficiency throughout the food supply chain</a>. By recording transactions in an immutable ledger, the BSV blockchain enables stakeholders to track the journey of food products from farm to fork with unparalleled accuracy.</p>



<p>This transparency helps identify inefficiencies and points of waste, empowering producers, distributors, and consumers to make more informed decisions and take proactive measures to minimise wastage.</p>



<p>One key way the BSV blockchain can curb food waste is by enabling real-time monitoring of inventory and expiration dates. <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">Smart contracts can automatically trigger alerts when products are nearing their expiry</a>, prompting timely actions such as discounts or donations to prevent spoilage. Additionally, by digitally tracking the movement of goods, blockchain reduces the likelihood of products getting lost or misplaced in transit, thereby minimising the risk of spoilage due to logistical errors.</p>



<p>Furthermore, blockchain facilitates better collaboration and communication among supply chain participants, fostering greater accountability and responsibility. Through shared access to a ledger, stakeholders can securely exchange data and coordinate efforts to optimise inventory management, reduce overproduction, and streamline distribution channels. This collaborative approach fosters trust and transparency, incentivizing all parties to prioritise sustainability and minimise food waste throughout the supply chain.</p>



<h2 class="wp-block-heading" id="h-unisot-combatting-food-wastage">UNISOT combatting food wastage</h2>



<p>One company which is <a href="https://www.bsvblockchain.org/news/clearing-the-chaos-in-the-food-supply-chain-through-a-universal-source-of-truth-unisot" target="_blank" rel="noopener">working with the BSV blockchain to combat food wastage is UNISOT</a>. The company provides a <a href="https://www.bsvblockchain.org/news/these-shoes-could-be-fake-here-how-the-bsv-blockchain-can-help" target="_blank" rel="noopener">digital product passport</a> that can be scanned by end consumers to obtain information on the product’s sustainability, ingredients, and origin.</p>



<p>This information helps with recycling materials and creates 360-global interoperability, which allows companies to prove the authenticity and quality of their products. UNISOT’s technology is particularly useful for midsize companies that may not have the resources to cover the entire supply chain in their system.</p>



<p>The BSV blockchain makes this possible by connecting all the actors in the supply chain and providing very specific traceability. For example, a small beer brewer was able to use the system to trace all the ingredients in their beer and create a QR code that could be scanned to provide information about the product’s journey.</p>



<p>The system would also allow consumers to support small farmers and other producers by donating money directly and receiving a batch proving their support. In addition, the system would make recalls easier by quickly tracing where a product has gone and what has been done to it. Ultimately, digital product passports give consumers the confidence to make informed choices about the products they purchase and support small businesses with high-quality products.</p>


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