ZUG, Switzerland, February 16, 2024: The BSV Association (BSVA), the steward of the BSV Blockchain protocol, announces the implementation of new security updates to its operational framework, including the Network Access Rules (NAR), Digital Asset Recovery (DAR) and the reimplementation of the Alert System. These strategic enhancements are designed to uphold the integrity, security, and functionality of the BSV network, in accordance with the original vision of the Bitcoin White Paper.
Network Access Rules (NAR):
The Network Access Rules is the set of rules regulating the relationship between the BSV Association and the nodes on BSV. It details their duties and obligations to the network and their relationship with the Association. The rules are grounded in the principles of the Bitcoin Protocol and the Bitcoin White Paper, ensuring that all nodes contribute to a lawful and honest network environment, providing transparency and guidance for network participants. Network activities in this instance include collecting, validating, or accepting a block, collating transactions into a block, attempting to find a proof-of-work for a block, or broadcasting a block.
BSV Alert System (AS):
The Alert System is a crucial component within the BSV network. It is a sophisticated system for publishing messages within the network. These messages can be either notifications (e.g., software update announcements) or directives (e.g., freeze, unfreeze, or reassign commands for transaction outputs). The AS operates in conjunction with the NAR to ensure that the BSV network remains honest, lawful and ensures the Bitcoin protocol is ‘set in stone’. The AS reflects the BSVA’s commitment to maintaining a transparent, orderly, and trustworthy blockchain environment.
Digital Asset Recovery (DAR):
In addition to these measures, part of the BSVA’s stewardship delivers on the concept of DAR, a protocol that aligns blockchain technology with existing legal frameworks for asset protection. This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.
Connor Murray, Stewardship Director at BSVA said, “These updates represent a significant milestone in our journey to stay true to the vision of BSV Blockchain. The Association’s role in ensuring network integrity and compliance with legal standards is vital for the future of blockchain applications, all with the specific intention of making BSV a reliable and trustworthy platform for digital innovation. Our commitment is to continue fostering a blockchain ecosystem that is secure, transparent, and aligns with the original Bitcoin vision.”
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About BSV Blockchain:
One Blockchain for Everyone.
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.
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 it’s scripting language provide powerful technical capabilities that BSV has restored.
