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Delivering on the promise of Bitcoin from Australia

The Elas team give an overview of how they are developing on the original promise of Bitcoin.

In July, Bitcoin Association for BSV partnered with Elas for the inaugural Enterprise Blockchain Conference in Brisbane, Australia. The summit featured various presentations from speakers involved with the Bitcoin SV blockchain and the surrounding ecosystem.

Speaking at the conference Brendan Lee, Chief Content Creator at Bitcoin Association and Founder & CEO of Elas, gave a brief history of how he joined the Bitcoin ecosystem. He also detailed the effort made by the Bitcoin Association team to educate about the Bitcoin SV blockchain and to provide developers with the tools and libraries necessary to build on the blockchain.

Lee noted that there are a few misconceptions about the Bitcoin Association when it is just an advocacy group. He said that it does not ‘instruct’ miners but rather aims to provide advocacy and technical leadership in several key areas, including:

The Association is also responsible for several education initiatives, including a dedicated Wiki, the BSV Academy and growing and maintaining several partnership programmes.

Lee also provided a brief history of record-keeping in human history and noted that despite humanity’s move to an age of information and the internet, it continues to use large amounts of paper.

‘The solution Satoshi proposed in his white paper uses transactions captured by a time-stamping server to track activities within a digital cash ledger. It is the nature of the cash created within that system which makes it ideal for the capture and record of data for a diversity of purposes.

‘Using the Metanet network as a scaffold, Elas believes we are the first company to fully realise an open-world approach on BSV.’

Lee noted that using Elas in combination with Bitcoin SV ensures that businesses are setting themselves up for scale. He noted that this extends to small businesses to entire government systems.

‘There is no other network which exists today which has as much potential to change the way we do things for the better than BSV,’ he said.

Private ledgers on a public blockchain

The next presentation was given by Mohammed Jaber, Co-Founder and Chief Operating Officer at Elas, who talked about developing private ledgers on a public blockchain such as the Bitcoin SV blockchain.

Jaber said that there was a demand for this shift to the more secure blockchain due to existing problems with ledger technology, including:

  • External dependencies;
  • Poor data integrity;
  • Weak security;
  • Low scalability restricts the micro economy.

Together these issues limit functionality and what is possible to do on ledger systems, Jaber said. He further provided hard data which shows Bitcoin SV outperforms traditional ledgers in several key metrics including costs, transactions per second, network availability and security.

Jaber said Elas aims to address these issues by offering a solution to users where they leverage the power of the blockchain without needing to acquire, hold or use Bitcoin. He noted that Elas offers end-to-end platform development and provides a fully managed service for new platforms. This is combined with the power of Bitcoin SV – the most scalable, cheapest and efficient protocol available.

Jaber also provided an overview of how the Elas platform connects with the public Bitcoin SV blockchain, from the initial establishment action to the final peer-to-peer transactions. He also highlighted how the government of Tuvalu is already using this technology successfully in a regulatory environment.

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‘This is a way for all users to leverage the power of the blockchain without needing to acquire, hold or use Bitcoin. To do this we needed to remove all kinds of barriers so users can continue to benefit from the technology.

‘Ultimately this allows users to experience the benefits of this technology whilst remaining completely invisible’.

You can read more about Elas and its powerful toolset here.

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