The BSV Global Blockchain Convention in Dubai has begun. Commencing on May 24 and ending on the 26th, the three-day event at the Grand Hyatt Dubai aims to educate individuals and businesses about building a better world with blockchain.
The answer to the “how” can be summed up in two words: limitless scaling. The Internet has done it before. Starting with dial-up connections with a speed of merely 56 kbps and websites made of pure text, it has scaled to match market demands to what it is today—streaming high-definition videos using fiber connections at speeds of 1,000 to 2,000 mbps.
And the Internet is still scaling, constantly pushing the limits to increase its bandwidth. This is also what unbounded scaling will do for blockchain. And it has already started. The BSV Blockchain, which has unlocked limitless scaling by restoring the original Bitcoin protocol and design, is already completing 10 million instant transactions per day at 4GB blocks and a throughput of 50,000 to 100,000 transactions per second (tps).
This is a huge upgrade compared to BTC—heralded by many as the original Bitcoin, but utterly failing to realize Bitcoin white paper author Satoshi Nakamoto’s vision—which has stagnated at a tiny 1MB block size and only seven tps.
Because of these limitations, which were set by Satoshi only as starting points during the creation of Bitcoin, and its volatile price, BTC has become just a speculative investment for the wealthy. It is not something that can be used for daily payments much more than other data transactions and has become almost useless.
The utility is a cornerstone of the BSV Blockchain because Satoshi intended for Bitcoin to be used by everyone, not just the privileged few. And scaling is the only way to achieve this, which is embedded in the original Bitcoin created almost 13 years ago in 2009.
“If Satoshi intended the Bitcoin network to remain at a tiny 1MB block added every 10 minutes of data, why did Satoshi put into the original Bitcoin protocol and design an Opcode, OP-PUSHDATA4, one of the technical components in the script language of Bitcoin, which allows a person to push in a single Bitcoin transaction a file of up to 4.3GB of data,” Jimmy Nguyen, founding president of the BSV Blockchain Association and the convention’s master of ceremonies, said in his opening speech.
OP-PUSHDATA4 was already there in 2009. And ever since then, Satoshi has always maintained that Bitcoin needs to scale to survive—something that the BTC community chose to ignore. And this is why BSV was born, to fully realize Satoshi’s vision of a Bitcoin that is useful to the entire world, not just for payments but for many other data applications in all kinds of industries.
“What kind of world do you want? Do you want a world of just investment speculation, a world selling digital assets that are mostly useless, a world with technology that does not scale, with fees so inefficient that the systems are just not useful, a world that operates outside the law, a world of darkness? That is not the world I want to see,” Nguyen eloquently said.
“I want to see a world where blockchain is useful, a world of peer-to-peer transactions, a world of micropayments, a world of digital cash, a world where you can monetize your consumer data, but a world that only moves with massive scaling to move us forward, a world that empowers every person in every country to allow them to trade in every global marketplace, to enjoy financial inclusion, to pursue new jobs [and] new careers, to fulfill their potential, to control their own identity… a world of innovation, a world wonder, a world of light, a world of good,” Nguyen added.
This world envisioned by Nguyen is a future that can be made real through the limitless scaling of the BSV Blockchain. A timely example of how this is already happening is how VXPASS stores, tracks, and verifies vaccination records on the BSV Blockchain.
Another innovative platform being developed on the BSV Blockchain is Pakistan’s Sindh Police Department ammunition monitoring, which allows real-time tracking of how much ammunition is available in every police station.
These are but two of the hundreds of platforms already using or still being built on the BSV Blockchain. And they are made possible not only because of the efficiency of the network but also because of the utter practicality of using it. Already averaging fees of 1/100 to 1/20 of a U.S. cent per transaction, it can go for as low as 1/1000 of a cent as BSV continues to scale.
“The other practical impact of this scaling journey is that it’s necessary to create blockchain systems for the world that do good to make it useful at inexpensive fees so that everyone can use it, not just wealthy people. The BTC network, because its capacity is so small, is congested, and the cost to send a transaction from me, the sender, to you, which gets earned by the miners or validators on the network, is both very high and unreliable,” Nguyen pointed out.
Over 130 speakers will attest to the potential of the BSV Blockchain, unleashed through constant scaling, capable of doing the world a lot of good.
Watch all three days of the BSV Global Blockchain Convention for free here.