“The existing Visa credit card network processes about 15 million internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling.” – Satoshi Nakamoto (April 2009)
In order for the Bitcoin protocol to reach its maximum potential:
1.) The protocol needs to be “Set in Stone” – For Bitcoin to reach its true potential, it will require billions of transactions per second and the only way that happens is if enterprise solutions are built on the Bitcoin blockchain. Businesses require a stable protocol that will not change, so they can be confident to invest millions of dollars building enterprise level solutions on a blockchain.
2.) The network needs to “Massively Scale” – Once the protocol is locked down, a solution that can scale to accommodate billions of transactions per second must be in place to support the amount of transactions that enterprise solutions will generate. Unlimited block size and technical solutions such as SPV (Simplified Payment Verification) wallets need to be put in place.
3.) The node software that powers the protocol and network needs to be “Secure” – To enable such a future, there needs to be a level of security commensurate with a global money system. To do this, the BSV protocol developers have focused on rigorous Quality Assurance for their full node software. This is achieved by implementing a rigid set of test phases with full traceability throughout the test pipeline, to assure users that changes pass through a validation process before they are accepted. In this respect, the BSV protocol developers aspires to levels of Quality Assurance exemplified by mission critical industries such as aerospace, medicine and national security.
4.) Transactions need to be transferred “Safely and Instantly” from peer to peer – Instant transactions are key to unlocking the brick and mortar merchant market. Security improvements can be made to better secure instant transactions for the future.