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Here’s why so many people are building on BSV.
In July 2022, Bitcoin Association for BSV partnered with Elas for the inaugural Enterprise Blockchain Conference in Brisbane, Australia. The summit featured a variety of presentations from speakers involved with the Bitcoin SV blockchain and the surrounding ecosystem.
One of the first presentations was given by Michael Choi, CEO of Panda Angel, who took to the stage to talk about his project MyFabula. Cho explained that MyFabula allows you to take ownership of your story by recording it on the blockchain using different methods including video, audio or text and controlling when it gets published.
Choi noted that social media platforms such as Facebook, Instagram, and Twitter give us several ways to share our stories online – whether that be through written posts, video, or voice recordings. However, there are also several problems with these existing platforms, including:
MyFabula, which is built on the Bitcoin SV blockchain, enables people to exhibit things that they want people to know, said Choi.
He added that an additional benefit of being built on the blockchain is an additional layer which is offered by no other social media platform. This also provides a level of authenticity to these posts, meaning nobody can steal the data and it is unalterable. However, all of the existing benefits of social media are still present, and users can still make posts directly from their phones or laptop and put them online, Choi said.
Choi confirmed that MyFabula will launch in stages over the next year, with the ultimate goal of creating a new social media metaverse, which is fully featured and includes technologies such as NFTs. Stage 1A of MyFabula will launch in Q4 2022 and will include the user interface and Web 3.0 apps. This will be followed by NFTs in Q1 2022 and the ability to link with other social media in Q3 2023.
MyFabula is ultimately just one of several projects which are currently being built on the Bitcoin SV blockchain. This is because it is the only scalable and immutable blockchain with low transaction fees.
Lise Li, CEO at Keyi Tech & Head of APAC Hub at Bitcoin Association, highlighted these and other benefits in her presentation. She noted that Bitcoin Association is a Switzerland-based non-governmental organisation dedicated to the Bitcoin SV blockchain. This includes building a regulation-friendly ecosystem and running several global initiatives to promote the blockchain, she said.
Li said so many people choose Bitcoin SV because it is designed for massive scaling, surpassing giants such as Paypal. Besides the throughput scalability, Li noted that BSV offers incredibly-low microtransaction fees, and the blockchain can just as easily send 1 cent as it can $1 million.
‘Bitcoin SV is the only blockchain that can scale. There are many factors behind this, but one of the fundamental reasons is because it uses a Proof of Work consensus. Using Proof of Work, even those people who have nothing to do with the blockchain can do a simple hash function and validate the data.’
The second fundamental behind BSV’s scalability is the powerful node software it uses, said Li. ‘We have optimised our node software for a very long time, and have recently updated the software with many new features.’ Lastly, the Lite client and SPV mechanism is also a key component for the scalability of Bitcoin, she said.
Li closed her presentation by showing off the Bitcoin Infrastructure website and the BitcoinSV Academy. BitcoinSV’s infrastructure allows for unbounded scaling, exceptional performance, and immense interoperability, all while being easily implementable and manageable. At the other end of the spectrum, the BitcoinSV Academy has developed materials to help people new to the ecosystem learn about the technology.