The BSV Blockchain Townhall on 24 October 2024 wrapped up an exciting third quarter which was characterised by the maturing of existing infrastructure components (Teranode, SPV Wallet, Overlay Services) and promising new partnerships.
A guest presentation was given by Matija Hanzevacki, Product Manager for WhatsOnChain. The session also featured the following BSV Blockchain speakers:
- Darren Kellenschwiler (Utilisation Technical Team Lead);
- Thomas Giacomo (Director of Utilisation);
- Siggi Oskarsson (Teranode Director);
- Connor Murray (Director of Stewardship);
- Ásgeir Oskarsson (Business Analyst);
- Shawn Ryan (Outreach Director);
- Eva Porras (Education Director);
- Martin Coxall (Director of Growth);
- Brett Banfe (Head of Community).
WhatsOnChain
Hanzevacki gave an update on WhatsOnChain, the leading blockchain explorer for the BSV blockchain, which covered recent developments and ongoing projects. WhatsOnChain became a part of TAAL in May 2023. However, Hanzevacki pointed out that it maintains an unbiased view of the blockchain by using independent infrastructure and separate nodes from TAAL. This setup ensures information displayed is directly sourced from the network’s peers.
Hanzevacki proceeded to introduce several new features. The redesigned stats dashboard now offers real-time data on BSV network activity, including transactions, block sizes, and active miners, with time-series data for deeper analysis. The tag stats feature provides insights into popular applications on the BSV blockchain, with filters to track trends across different categories.
The platform’s plugin support feature allows community contributions to transaction visualisations, enhancing user experience. Additionally, a new UTXO store was launched to replace the outdated ElectrumX-based API, with the STN shutdown to focus resources on Teranode integration. The API remains open and free to explore, with tiered packages available for high-usage needs.
Utilisation
Overlay Services launch and SDK development
Darren Kellenschwiler reported advancements in the BSV Utilisation stream, including the launch of Overlay Services that allow selective transaction sharing across networks for multi-company data exchange. SDK performance saw significant improvements, with the Go SDK enhancing memory efficiency by 50% and the TypeScript SDK achieving a 10x speed increase in transaction validation. A new key-sharing scheme in the TypeScript and Go SDKs was introduced, allowing private key backup via QR codes, as part of the Smoulder project.
ARC system updates enhanced stability, providing clearer success/failure feedback, especially for double-spend detection, and now support multiple callbacks for improved blockchain reorg handling. Developer tools are being refined to support token protocols and standardise application-to-wallet interfaces, with partners like Project Babbage. Finally, progress is underway on IPv6 and multicast integration, aiming for IPv6 Gold Logo certification.
Standardisation efforts and stablecoin launch in Uganda
Giacomo discussed plans to align BSV blockchain components with international standards, working with entities such as the W3C or ISO to ensure compliance, especially with ISO 200-22 for financial transaction metadata. The team is integrating Basel Committee guidelines for stablecoins to support international compliance for BSV issuers. To improve compatibility, BSV will shift to the Apache 2.0 open-source license by January, enabling broader distribution.
Security audits are underway, starting with the Typescript SDK in collaboration with Trail of Bits. The roadmap centres on the Mandala upgrade, including Teranode overlay services and SDK integration. A pilot project with Kite Financial in Uganda will launch a stablecoin to test BSV’s open-source components in a real-world setting, and a new partnership with AWS aims to distribute components like the SPV wallet on AWS Marketplace, broadening enterprise reach.
Teranode
Siggi Oskarsson reported on Teranode’s progress, starting with a test that ran in May achieving one million transactions per second over two weeks. Although initially planned as a six-month test, it was shortened to focus on scaling node numbers, successfully running on six nodes. In Q3, Teranode operated in “listening mode” on the main net, performing transaction validation with shallow block validation, while in Q4, it will transition to “mining mode” to begin actual mining.
A new “seeding” feature allows Teranode to start from a UTXO and blockchain state snapshot, making it faster to initialise nodes without downloading the full blockchain. Ongoing testing focuses on edge cases and concurrency issues within large networks to enhance stability. Teranode’s private mining network now includes three nodes, with plans to connect to the legacy network and start mining on Testnet this quarter.
Stewardship
Connor Murray provided an update on the Chronicle release, the final SV node update aimed at restoring elements of the original Bitcoin protocol. While addressing this release, the team received feedback expressing concerns over reintroducing transaction malleability, which could disrupt existing applications and businesses. In response, they are refining the release scope to maintain stability and ensure continuity for businesses not expecting malleability. Consequently, the release will be delayed as discussions continue.
Standardisation
Ásgeir Oskarsson introduced a renewed focus on standardisation within the BSV ecosystem, led by himself and Murray, aiming to foster collaboration among developers, companies, and builders. This initiative seeks to make development on BSV easier and create a cohesive application landscape by supporting interoperable protocols. The plan includes revamping standardisation efforts through BRC meetups, aligning BSV with external standards like ISO and W3C, and publishing initial standards, starting with a token protocol.
Oskarsson highlighted the importance of collaborative working groups, especially in areas requiring specific expertise, such as ISO 20022 in finance. Community feedback and contributions are encouraged to drive these standardisation advancements.
Outreach
Shawn Ryan updated on outreach initiatives, highlighting efforts to strengthen memberships with strategic groups and ensure active technical representation. Recently, the team joined the W3C community, attended a related event, and collaborated with Project Babbage to revive the W3C blockchain community group, aiming to foster ongoing engagement. He reported a promising discussion with the Banking Infrastructure Architecture Network (BIAN), potentially leading to collaboration in 2025. BSV Blockchain also joined the Linux Foundation, finalised a partnership with Coinstore to expand in the Philippines, and discussed SPV implementation with a planned listing in early November.
Further collaborations include an IoT project with Smart Grow Agritech, where data from 15,000 devices is uploaded frequently to the blockchain, illustrating high transaction volumes. Plans with AWS involve prototyping labs focused on IoT and AI for 2025, with follow-up discussions anticipated at AWS’s December event. He also highlighted efforts to recruit developers across Eastern Europe in developer events, as well as outreach for the Uganda stablecoin project and an upcoming summit with Ugandan leaders. He encouraged sharing contacts interested in blockchain for future support and collaboration.
Education
Eva Porras, the new head of the Education Department, shared plans to boost blockchain adoption through targeted education for executives and developers. The department will create tailored courses, initially piloting with universities, to refine and demonstrate BSV’s practical applications and competitive benefits. Executive courses will focus on ROI and business outcomes, while developer courses will cover foundational skills, core development, and real-world applications.
Porras also plans to enhance educational resources like technical documentation, making them accessible and updated. After a short R&D phase, the team will expand distribution, aiming to support and educate the community, viewing each trained individual as a potential advocate for BSV.
Growth & Community
Marketing performance review and upcoming events
Martin Coxall reviewed the organisation’s Q3 performance of its marketing efforts, noting growth in leads and a reduced cost-per-lead, despite challenges in brand awareness and heavy competition in key markets like the U.S. With a focus on education over direct business, they emphasised database expansion as essential for outreach impact. Recent successes include technical content campaigns on releases like ARC and SPV overlays and a partnership with Global Ledger for KYC services.
Upcoming events aim to boost blockchain awareness, including a November executive event in Madrid with Gate2Chain and participation in the Gartner Symposium in Barcelona. Coxall views these engagements as strategic for building visibility in the competitive enterprise blockchain market.
Community efforts in W3C and the ambassador program
Banfe discussed efforts to professionalise and commercialise BSV blockchain through collaborations like the W3C Blockchain Community Group, emphasising BSV’s unique ability to handle both public and private data with enterprise-grade permissions. He highlighted BSV’s readiness in areas like IoT, setting it apart from competitors by working with standards bodies such as W3C and IEEE to accelerate adoption.
Banfe also stressed the importance of educating newcomers with resources like ELI5 videos and the BSV Skills Centre, making concepts like UTXOs and stable protocols more accessible. He praised the BSV Ambassador network’s progress, with ambassadors from regions like Ireland and MENA building valuable business connections, recently strengthened by new members such as Ken Saito.
Request an invitation to the next BSV Town Hall.
To participate in the next, exciting BSV Town Hall event, you can join the BSV Discord or you can email Brett Banfe directly at [email protected]. Thank you.
