The BSV blockchain offers a range of features for smart contracts, including being Turing complete, which allows for the execution of any computationally solvable problem using Bitcoin Script.
It supports very low transaction fees, enabling the creation of lightweight functions for programmable money, allowing instant value transfers at a cost of a penny or less. BSV smart contracts can be structured as traditional legal prose with on-chain attestations or converted into machine-readable formats like Ricardian Contracts, ensuring they are legally sound and enforceable.
ARC is an advanced transaction processor designed to enhance the efficiency and scalability of the BSV network. It allows application builders to broadcast transactions peer-to-peer to the BSV nodes. It includes a REST API for transaction submission, Metamorph for transaction processing and re-sending, BlockTx for fetching transaction status information as well as block headers and Merkle Paths, and Callbacker to allow clients to set up callbacks and be notified when transaction updates occur.
Another important update ARC employs is Extended Format (EF) transactions. EF adds locking script and satoshi amounts to transaction inputs allowing ARC to validate transactions without needing to contact a node for UTXO data, enhancing validation efficiency as well as allowing ARC to handle much higher network loads. These updates also help pave the way for the Mandala Upgrade which includes the introduction of overlays to add application specific or transaction-type specific metadata to transactions allowing entities to process them as they see fit, upstream from the node network, while still taking full advantage of the blockchain.
The Paymail protocol is a set of protocols for BSV wallets, aiming to simplify user experiences across the ecosystem. It replaces complex wallet addresses with easy-to-remember payment handles in the format of @.. The goals of Paymail include user-friendly payment destinations, automatic service discovery, request and response authentication, permission-less implementation, PKI infrastructure, security and policy management, self-hosting or delegation to a managed service, and cross-wallet exchange of transaction output scripts.
Paymail consists of various protocols, including Service Discovery that involves both host and capability discovery phases, PKI for creating simplified handles, and Payment Addressing for discovering preferred BSV output scripts using Paymail handles. Mutual authentication ensures secure message exchange between parties. The Paymail brand is reserved for products and services that implement these protocols.
Additionally, extension protocols allow anyone to propose extensions to the bsvalias and Paymail protocols. These extensions are compatible with the core Paymail set and enable cross-wallet processes by declaring support for extensions as per the Capability Discovery section of the Service Discovery protocol.
The BSV blockchain presents a range of token protocols to cater to diverse applications including supply chain tracking, Web3 tokenisation, and CBDCs. These protocols enable the creation and management of digital records of ownership, referred to as tokens, on the BSV blockchain through smart contracts. These tokens represent ownership of specific assets and track changes in ownership over time. The BSV blockchain supports various token protocols to meet different needs.
Several token protocols are introduced, each offering distinct capabilities. The Run Network provides a platform for building apps and tokens on BSV, supporting interactive objects called jigs that enable the creation of diverse applications. The STAS Token protocol creates smart contract-based tokens that ensure token persistence and stability on the BSV blockchain. Colored Token protocols like 1Sat Ordinals and Elas Token enable the infusion of individual sats with value and issuance of tokens as UTXOs, respectively. The Tokenized Protocol focuses on authenticating and storing data captured from financial, legal, and commercial activities, aiming to disrupt traditional financial messaging standards. The Simple Fabriik Protocol adds token capabilities to applications, often used for NFTs, loyalty, gaming, or reward tokens.
The BSV blockchain offers a range of advantages, including scalability, smart contracts for secure transactions, peer-to-peer payments, NextGen NFTs with low fees, data integrity verification, unchangeable e-documents, secure voting, unlockable content, and regulatory compliance. This diverse ecosystem empowers users to explore and implement various token and NFT solutions while benefiting from the unique attributes of the BSV blockchain.
BSV offers a diverse and expanding range of tools and libraries in different programming languages such as TypeScript, Golang, Python (coming soon).
ese components aim to structure and maintain a middleware layer of the BSV Blockchain technology stack and serve as an essential toolkit for developers looking to build on the BSV Blockchain. They are designed to address a variety of needs within the ecosystem.
