[ANN] [BSV] [Bitcoin SV] Original Satoshi Vision - page 15.

Do_zzze

newbie

Activity: 7

Merit: 39

Quote

The BSV Blockchain Conference in Miami is only three days away!

It's the best opportunity to discover the massive scaling, rapid growth and powerful technical capabilities of the BSV blockchain. Meet business leaders and investors actively developing new tools, products and services on BSV and hear them discuss how the BSV blockchain is changing the face of their industries.

https://bitcoinassociation.net/bsv-blockchain-conference-miami-september-2021/

  BSV Blockchain Conference in New York on September 9

  If you cannot make it to our conference in Miami, we're hosting the second leg of our BSV Blockchain Conference in New York! We'll discuss many of the same topics from Miami as well as the 2 gigabyte (GB) block that was successfully mined on the BSV network on August 16 – the largest block ever mined on a public blockchain.

  Take part in our conference and discover why this record-breaking achievement is significant for businesses and industries around the world.

https://bitcoinassociation.net/bsv-blockchain-conference-nyc-september-2021/

Do_zzze

newbie

Activity: 7

Merit: 39

Quote

Just BitCoin stuff
https://twitter.com/i/status/1431028411569475588

BSVfan

newbie

Activity: 2

Merit: 33

Quote

Did you know BitCoin has secrets Cheesy

Quote

The best way to get addoption is by creating applications that are in demand. You can waste a lot of energy trying to get adoption without the underlying business driver. Look at what Cryptofights has done as the example..made BSV larger than crypto:

kna

newbie

Activity: 13

Merit: 32

Quote

On BitcoinSV, end of July 500,000 tx/day From 2 million tx/day There are only Bitcoins ATH every day!

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

Finalists announced to compete for USD $100,000 prize pool in 4th Bitcoin SV Hackathon

ZUG, Switzerland – August 24, 2021 – Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, has today announced the three finalists for the 4th Bitcoin SV Hackathon who will compete for a USD $100,000 prize pool (paid in BSV) at CoinGeek New York, October 5-7, 2021.

Bitcoin SV Hackathons are global coding competitions designed to challenge developers to learn about the technical and scaling power of Bitcoin’s original protocol, as well as innovate on the fly. Within a set time period, participants – either as individuals or as part of a team – are tasked with developing an application on the BSV blockchain within the parameters of an overarching theme announced at the start of the competition.

The theme for this iteration of the competition is ‘peer-to-peer’ applications – not just payments, but any type of application that involves direct interaction between participants on the Bitcoin network. Entrants are tasked with leveraging the recently released SPV Channels service as part of their application to facilitate communication across the network, as well as interacting with the Bitcoin network directly via the Merchant API (mAPI). Both SPV Channels and mAPI are tools uniquely offered on the BSV network.

After announcing a shortlist of six semi-final entries last week, the judging panel has confirmed that the three entries progressing to the final round are:

– Bitcoin Phone – an app for broadcasting voice data over the Bitcoin network that leverages the non-finality of nSequence to enable close to real-time data streaming.
[Joe Thomas – Canada]

– CATN8 – a micropayment-enabled online video platform with a full peer-to-peer SPV wallet implementation.
[Marcel Gruber – Canada; Dave Foderick – United States; Thor]

– TKS Pnt – a point tokenisation system for use by merchants and their customers.
[Meta Taro – Japan]

The three finalists are invited to each send a member of their team to present their projects at the upcoming CoinGeek New York conference, October 5 – 7 (or can present virtually). The Hackathon final round presentations will be on Day 1 (October 5) of the conference, with winners announced on Day 3 (October 7). The finalists will compete for a share of a USD $100,000 prize pool, paid in BSV – $50,000 for 1st place, $30,000 for 2nd, and $20,000 for 3rd.

Final placings will be determined by a combination of a final round judging panel and audience voting. To watch the final round presentations and have your say in who goes home with first prize and $50,000 in BSV, register to attend CoinGeek New York in-person or online at coingeekconference.com.

Commenting on today’s announcement, Bitcoin Association Founding President Jimmy Nguyen said:

‘The peer-to-peer nature of Bitcoin’s original design is one of its most important features to efficiently enable scaling to high transaction volumes, yet is all-too-often overlooked by developers and commentators who retconned BTC into a digital store of value which is not used for daily activity. That is precisely why we chose to make peer-to-peer functionality an integral component for all entries in this year’s Bitcoin SV Hackathon – and with impressive results. The final three entries each have a unique take on what unique functionalities can be achieved with a peer-to-peer distributed payment and data network, which is sure to make for a fascinating final contest at CoinGeek New York in October.’

Also commenting, nChain CTO Steve Shadders said:

‘Participants in our Bitcoin SV Hackathons have never failed to impress, and this year has been no exception. Working with SPV Channels – a brand new feature set and one entirely unique to the Bitcoin SV network – and other direct peer communications mechanisms, each of our finalists have demonstrated just how broad the capabilities of this new technology are. Starting with a blank slate is no easy task, which makes the standard of entry from each of our three finalists all the more impressive, any of whom would make for a deserving winner in October at CoinGeek New York.’

Source https://bitcoinassociation.net/bitcoin-sv-hackathon-finalists-announced-a-look-at-the-top-3-projects/

kna

newbie

Activity: 13

Merit: 32

Quote

@Block_Dojo is launching its new incubator program for #BSVblockchain start-ups with a Japanese-themed summer BBQ night in #London with Dr #CraigWright tomorrow.

Tune in to watch LIVE at at 8pm (BST): https://orlo.uk/Bx6Rp - https://www.youtube.com/watch?v=kYEZKOn2X_Y

Do_zzze

newbie

Activity: 7

Merit: 39

Quote

Is BTC the ugly digital gold?

More than one year ago, I showed why BTC is not digital gold. However, I now came to the conclusion that BTC does indeed have something in common with gold—but not the way BTCers would like it to be. Let me show you.

Craig Wright on gold, Bitcoin and hoarding empires

Recently, Joel Dalais fromthe MetaNet ICU and myself caught up with Dr. Craig Wright to discuss gold, Bitcoin and hoarding empires. What Satoshi Nakamoto said in this interview changed my perception of BTC being “digital gold” a little bit:

https://www.youtube.com/watch?v=6Kpm88wYKjw

Let us see step by step what Craig Wright stated on gold and simply put in “BTC” instead of gold whenever he mentions gold.

Why do people hold gold? Why do people hold BTC?

“The only reason to hold gold is people value the damn thing,” Wright said.

Well, the only reason to hold BTC is “people value the damn thing.”

“Gold sounds valuable, until you realize: what happens if society collapses? What happens if suddenly tomorrow productivity goes down by 50%? Then that gold doesn’t suddenly make you rich,” Wright said.

Again: BTC sounds valuable, until there is a crash. We have seen how BTC correlates with stock market crashes.

Auditing gold vaults? Auditing BTC exchanges?

“I have been involved in audits before, including in The Perth Mint,” Wright said.

He explained how auditing gold is problematic, as on the one hand, one is never sure if the gold bars are actual gold bars and not just gold covered metals. On the other hand, auditing large gold vaults means being able to audit all stored gold bars at once—as soon as there is a day off between different vault rooms, there is a chance that gold bars are moved from room to room to deceive auditors.

So auditing gold vaults is tough.

That makes one think of all the shady “crypto exchanges” out there that claim to have their customer’s digital assets such as BTC in custody. How sure are we that they actually have the assets stored?

Are the BTC really there? Or is there just a graphic interface that displays an amount of BTC, while the exchange does not actually have these BTC ready to be withdrawn?

Why did empires hoard gold? Why do people hoard BTC?

“The reason they hoard gold is, they think it is wealth. Gold isn’t wealth. Money isn’t wealth,” Wright said.

Compare gold hoarding empires who think of money as wealth with the BTC camp nowadays. BTCers literally take BTC as money, and money as wealth. In reality, wealth is the economy, the goods and services being produced and offered.

This is exactly what we can witness within Bitcoin SV as in the BSV blockchain: we are creating an economy, while BTC tries to hoard wealth.

“People didn’t ever use gold to pay for anything, apart from a few elites,” Wright said.

Sounds just like BTC again. BTC isn’t used for small payments, only for no payments or really big ones.

Problems with hoarding gold? Problems with hoarding BTC?

We also discussed why hoarding itself is disadvantageous.

“Hoarding is an anti trade position,” Wright said. It basically means that whoever hoards gold does not want to put their money back into the economy.

That again sounds like what BTC is doing with their “HODL narrative.” Buy BTC, hoard it, never spend it, don’t ever put it back into the economy. Compare that to the Bitcoin SV earn and spend economy.

By the way: interesting to hear another bright Bitcoin mind on the same topic. In a recent interview with Daniel Krawisz, he stated concerning BTC and gold:

BTC is good for nothing whereas gold for all kinds of real things is good and there are real reasons to think it will go up, not just a bunch of people promoting a belief. However, there is a similarity in that the same scam has been perpetuated with both goods. Fiat money was originally based on gold. People were tricked into accepting new dollars that were not redeemable in gold. This was the same scam that was perpetrated on Bitcoiners when Bitcoin was replaced with Segwit coin, which is what BTC is now.

My new conclusion to BTC being a sort of “digital gold”

So we have seen that much of what applies to hoarding gold also applies to “HODLing BTC.” It is the same mentality.

“There is no correlation between Bitcoin in any possible history and gold. (…) There is no way that it (gold) correlates with Bitcoin. Ever,” Wright said.

After hearing Craig Wright talk about gold, I came to the thought that while BTC has none of the desirable features of gold, it indeed has all the undesirable ones:

1. BTC is—like gold—“heavy” as it is costly to transact with
2. Only big payments or no payments at all are done with BTC (as with gold historically)
3. Nobody knows how many BTC are actually on the shady “crypto exchanges,” just like nobody knows how much gold is actually in the gold vaults
4. People hold BTC more than they use it, similar to gold
Yet, gold has been perceived as money for thousands of years. BTC has a very young history compared to gold. Real economic use cases for gold are there that cannot be easily substituted, as in jewelry and electronics, but with BTC, one has no real use case that could not be substituted with another digital asset.

BTC has all the negative features of gold and none of the good features of it.

There you have your digital gold. BTC is the ugly digital gold.

Source Dr. Michael Wehrmann on https://coingeek.com/is-btc-the-ugly-digital-gold/

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

Historic 2GB block earns miner over 16 bitcoins

Ask any BTC advocate how block reward miners will be sustained after the block subsidy runs out, and they’ll mumble about world reserve currencies, settlement layers, and people being willing to pay fees in the hundreds of dollars for secure, albeit terribly slow, transactions.

Ask anyone involved in BSV, and they’ll tell you simply that miners will act as transaction processors and will eventually earn more in fees than they do from the block subsidy.

One side has no evidence whatsoever to back up its claims, and the other can point to blocks that have already rewarded miners in this way.

Record block sizes on Bitcoin enterprise blockchain

August has been an exciting month for BSV, proving beyond any doubt that big blocks were the way to go all along.

■ On August 16th, block 700597 came in at 1.25GB with 4,546 transactions in it. This block earned SVpool 6.33 BSV in fees. This was a record-breaking block at the time, and it was also the first block to earn miners more in fees than in new bitcoins from the block subsidy.

■ However, it was surpassed on the very same day when block 700605 came in at 2GB with 5,869 transactions in it. This block earned the miner who processed it 10.001 BSV in fees, blowing the earlier record out of the water.

BSV takes the lead…and it’s just getting started

Team BSV has been saying all along that Bitcoin scales on-chain and that miners will be sustained in the long run by fees when the block subsidy either runs out or is diminished to the point where it’s no longer worth mining on BTC, BCH, and other chains.

Anyone with the ability to extrapolate and reason can figure out where this is going. As users engage with popular BSV apps like CryptoFights, and as fees overtake the value of the block subsidy, miners will face increasing pressure to switch their hash power to the more profitable BSV enterprise blockchain.

The economics of Bitcoin mining ensure BSV’s success

As denial sets in, people resort to all kinds of mental gymnastics to avoid the truth of what they’re witnessing before their eyes. Some took to Twitter, Reddit, and other social media platforms to try and discredit the record blocks on BSV, claiming that they were full of spam and that miners will never switch to earning a token that’s worth 300x less than BTC.

Yet, what they didn’t mention is that it’s also 300x less expensive to mine BSV than it is to mine BTC. As blogger Zemes Gaoson explains in his excellent blog post the economics of Bitcoin mining, the block reward balances out because the ratio between hash power and price on both BTC and BSV is essentially the same which is 300:1 at the time of writing. These ratios fluctuate, but they mostly sync up and move in unison.

So, if you can mine BSV for 300x less than BTC, and the price of BTC remains 300x more than BSV, the block subsidy ceases to be the deciding factor. What then comes front and center is transaction fees. BSV has the clear and growing advantage here because of its big blocks and the growing number of applications creating demand for transactions.

BSV transactions have already overtaken all other networks, with each transaction creating fees for miners

In his eye-opening post, Gaoson argues that the market is currently ignoring the transaction economics right now since they’re still a small portion of the overall reward, but that it won’t be able to do so forever as the transaction fees in BSV begin to outweigh the value of the block rewards.

Add to this that the BTC-BSV price ratio is likely to decrease as banks clamp down on inflows to exchanges, which BTC relies on since nobody actually uses it, and the pressure on miners to switch away from BTC will grow even more intense. If Tether implodes and sends BTC’s fiat price plummeting, this could all come to a conclusion much faster than anyone expects.

BSV has no ceiling, and BTC has backed itself into a corner

Since BSV has unlimited block sizes in its future, and BTC is ideologically committed to 1MB blocks, there’s a ceiling on what percentage of income earned from each block can be fees on BTC, and there’s no limit to what percentage that can be on BSV.

In other words, BSV’s fee percentage could hypothetically be 90%, meaning 90% of the fees in the block are transaction fees, and BTC’s only weapon to combat this is to jack fees up higher and higher. That’s a problem for a blockchain with blocks that are already only 10% full at times because of the absurdly expensive transaction fees. Do you see the writing on the wall yet?

The heat is turning up

After the record-breaking blocks were mined, several smart miners got the message and switched some of their hash power to mining on the Bitcoin enterprise blockchain. TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF), which is often accused of having a monopoly on BSV mining, saw its share of the hash power shrink to around 40%.

This is an interesting development, and yet, 2GB blocks are just the beginning for BSV enterprise blockchain. Teranode has already proven that it’s capable of 50,000 TPS today, and there’s no scaling ceiling in sight.

Turning the temperature up even higher, BSV applications are being built faster than anyone can keep track of, with CryptoFights, Haste Arcade, Peergame, and others generating tens of thousands of transactions per day. Before its servers needed an upgrade in July, CryptoFights alone was generating over 500,000 transactions daily. Caught off guard, it had to upgrade its server infrastructure due to the tidal wave of demand from players, it’s already relaunched and generating over a million daily transactions as it grows in popularity.

All of this will force rational miners to consider the simple equation that underpins the economics of Bitcoin mining: Miner’s block reward = block subsidy + network transactions fees.

As transaction fees become more relevant and the block subsidy diminishes with each halving, miners will switch to the most profitable option, and that will be BSV.

Satoshi was right about everything

Satoshi Nakamoto himself predicted most of what’s happening in Bitcoin today. He told us Bitcoin never really hit a scaling ceiling, he told us mining would end up in data centers, and he told us miners would eventually make most of their money through transaction fees.

All of this is being proven true on the BSV enterprise blockchain. We don’t need to wait years until the other chains crash headlong into brick walls of their own making. The warnings are painted in block capitals on said walls for all to see.

In time, these recent big blocks will be dwarfed by blocks hundreds and thousands of times bigger. But for now, let’s celebrate Bitcoin enterprise blockchain’s success due to its superior economic model. BSV has already won.

Watch: Teranode Live Demo Showing 50K TPS on BSV Blockchain

https://youtu.be/i3As9-9uSXs

Source Gavin Lucas https://coingeek.com/historic-2gb-block-earns-miner-over-16-bitcoins/

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

Bitcoin SV Technical Standards Committee releases organisational roadmap for 2021-23

ZUG, Switzerland – August 19, 2021 – Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, today announces that the Bitcoin SV Technical Standards Committee (TSC), an industry-led standards organisation for the Bitcoin SV ecosystem supported by Bitcoin Association, has released its organisational roadmap for 2021-23.

The TSC was established to professionalise the development of Bitcoin technology in order to support massive scale enterprise, consumer and government use, as well as accelerate global adoption. It works to promote technical excellence and enhance interoperability across the BSV ecosystem through standardisation. The Committee aims to facilitate industry participation and representation in the development of global standards that will promote technical excellence and enhance interoperability across the Bitcoin SV ecosystem.

The roadmap covers five key areas (wallets, client services, on-chain data, regulation and compliance, mining) and five key streams (SPV client tools, SPV client services, data and token interoperability, FATF compliance, mining interoperability) that the TSC will focus on over the next two years. Several proposed standards, as well as prior art considerations, are also included as part of the roadmap, illustrating the broad appetite for standardisation across the BSV ecosystem.

The TSC and its membership act as facilitators throughout the standardisation process, implementing the governance structures and supporting the standard from draft to publication, that enable both public participation and industry representation. Its committee is comprised of 10 members, representing seven countries and a diverse subset of businesses across the broad BSV ecosystem.

Earlier this year, the TSC announced the first technical standard to complete its rigorous standardisation process and proceed to publication was the Merkle proof standardised format, a fundamental element to the Simplified Payment Verification model that underpins Bitcoin scaling.

To view the roadmap for 2021-23 and learn more about how you can contribute to the development of standards for the BSV ecosystem, visit tsc.bitcoinassociation.net

Commenting on today’s announcement, Bitcoin Association Founding President Jimmy Nguyen said:

‘The Bitcoin SV Technical Standards Committee is a core initiative of Bitcoin Association in professionalising development across the BSV ecosystem. We have seen that the processes implemented by the TSC work, with the first Merkle proof standard published earlier this year and several more now working their way through the standardisation process. Most importantly though, there has been substantial public and industry participation – a factor which only stands to improve with the release of the 2021-23 roadmap. With a clear path forward for the next two years and a diverse set of priority areas, I hope that the roadmap will encourage more stakeholders to get involved with the standardisation process and help to build the future of business on-chain with BSV.’

Also commenting, chair of the Bitcoin SV Technical Standards Committee Steve Shadders said:

‘The release of the 2021-23 roadmap represents a significant achievement for the Bitcoin SV Technical Standards Committee and the culmination of several months of work – both for the committee and its membership, as well as the Bitcoin SV ecosystem at large who participated in great numbers. The strength and success of the committee – and more broadly standardisation as a whole – rests with the uptake and input of the industry. As we work over the next two years to fulfil the ambitious agenda outlined in the roadmap, it is my hope that this is seen as a clear sign to both the Bitcoin SV ecosystem and the business community that now is the time to get involved and contribute to the development and professionalisation of BSV.’

About Bitcoin Association

Bitcoin Association is the Switzerland-based global industry organisation that works to advance business on the Bitcoin SV blockchain. It brings together essential components of the Bitcoin SV ecosystem – enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others – working alongside them, as well as in a representative capacity, to drive further use of the Bitcoin SV blockchain and uptake of the BSV digital currency.

The Association works to build a regulation-friendly ecosystem that fosters lawful conduct while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and blockchain, Bitcoin is also a network protocol; just like Internet protocol, it is the foundational rule set for an entire data network. The Association supports use of the original Bitcoin protocol to operate the world’s single blockchain on Bitcoin SV.

Source by Bitcoin Association https://bitcoinassociation.net/bitcoin-sv-technical-standards-committee-releases-organisational-roadmap-for-2021-23/

Ayazura

newbie

Activity: 5

Merit: 12

It's very good to see that Bitcoin SV is making solid progress in researching and exploiting the real Bitcoin protocol. Keep up the good work! Very soon the public will understand that BTC is not Bitcoin, but BSV is the real Bitcoin.

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

New 1.25GB, 2GB record blocks prove BSV’s economic model

700597: Remember that number. It’s the block number of one of BSV’s biggest block yet at almost 1.25GB, but that’s the less important part. The thing that makes block 700597 special is, it’s the first Bitcoin block to earn its processor a higher return in transaction fees (6.33 BSV) than the block subsidy (6.25 BSV). Even in these “early days,” BSV is proving its economic model works.

Before anyone had time to catch their breath, BSV smashed even that record with block 700606, which came in around 2GB and generated over 10 BSV in transaction fees.

Block 700597 was processed (or “mined”) by SVPool at 1:38 p.m. UTC on August 16, 2021. It contained 4,546 transactions and was 1,247,906,363 bytes in size. Most importantly, it generated 6.33025237 BSV (around US$1,074) in fees—higher than the 6.25 BSV block subsidy processors receive for verifying a Bitcoin transaction block.

If you’ve been noticing some extra large blocks on the BSV network recently, there’s a reason for it. The BSV protocol, like Bitcoin as it was initially released, has no hard-coded limit on how large blocks may be. Instead, processors set their own “soft caps” according to their technical capabilities. Processors SVPool and TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) both lifted their block caps to prove it was possible.

It was just last week BSV celebrated its largest block at just under 1GB, though we predicted soft caps would rise further, allowing for many more records to be broken in the near future. That is now happening.

For some more context, the main argument that formally split the Bitcoin community in 2017 was over whether the Bitcoin network could, or should, raise the limit of its block size. The “small blockers,” who now control the BTC network, argued that a Bitcoin block should be 1MB (yes, megabytes). They begrudgingly agreed to a “deal” to raise it to 2MB by the end of the year, before reneging.

Bitcoin’s blockchain, they said, should serve as a “settlement layer” for transactions that happen off-chain, on “second layer” networks. The unreliable Lightning Network is the best-known attempt at a proof of concept for this. To marginally increase the number of transactions per block, BTC fundamentally altered Bitcoin’s protocol and economic rules by introducing segregated witness (SegWit), which removed digital signature data from the transaction data they corresponded to.

When miners/processors complained that limiting the block size (now called “block weight” on BTC) would result in lost income, they were told that users would pay a premium for transaction fees instead. This went against everything Bitcoiners had promised in the preceding years, and today BTC fees for a single transaction can be high enough to make banks and Western Union blush.

That’s not the model BSV, Bitcoin, or Satoshi Nakamoto wanted. Bitcoin should focus on high transaction volumes, a large (data) capacity network and cheap fees. That way, everyone could be satisfied: users could pay a single cent for regular payment transactions, while high-volume data applications could work out deals with processing operations to pay even less, generating millions of transactions a day.

Meanwhile, even die-hard BTC adherents continue to grumble about $20-$60 fees for single transactions (no matter what amount of money they’re sending) and transactions being dropped because the blocks were too full. BTC’s price may boom, but many users find those are the times it’s virtually impossible to actually send anything.

Blocks 700597 and 700606 exist now as proof that transaction processors can earn more in fees than the block subsidy, by verifying blocks containing thousands of transactions. It’s important to note also that the Bitcoin SV Node Team is completely re-architecting the protocol software (while strictly maintaining its “set in stone” rules) to create Teranode, which when activated will make this past week’s records seem puny by comparison.

Watch: Teranode Live Demo Showing 50,000 TPS on BSV Blockchain

https://www.youtube.com/watch?v=i3As9-9uSXs

Source Jon Southurst https://coingeek.com/new-1-25gb-2gb-record-blocks-prove-bsvs-economic-model/

kna

newbie

Activity: 13

Merit: 32

Quote

New world record 2 gigabyte block on Bitcoin SV blockchain paves future for Bitcoin mining with transaction fees as majority of block reward

ZUG, Switzerland, August 18, 2021 /PRNewswire/ -- Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, today confirms that a 2 gigabyte (GB) block was successfully mined on the BSV network - the largest block ever mined on a public blockchain. The new world record was set at block height #700606 on August 16, 2021 at 15:20:11 (UTC), containing 1,999,941,397 bytes of data.

Beyond its record-breaking size, the 2 GB block is notable for earning the winning miner substantially more in transaction fees than the current 6.25 coin 'fixed subsidy' amount of a Bitcoin block reward and shows how Bitcoin mining will remain profitable in the future by transitioning to 'transaction processing.'

The record-setting 2 GB block caps several weeks of rapidly accelerating growth on the BSV network. Just 10 days earlier on August 6, 2021, the BSV blockchain set new landmarks (at the time) with the first of five 1 GB (1000 megabyte) blocks. In comparison, the BTC network is limited to 1 megabyte blocks, which offer just a tiny fraction of data capacity in comparison.

On BSV, the network capacity is not arbitrarily limited by protocol developers but can instead scale unbounded to meet market forces. With user demand on the BSV mainnet growing, miners representing the majority of current hash power on the BSV network – led by TAAL Distributed Information Technologies - a public company listed on the Canadian Securities Exchange (CSE: TAAL) - signalled intent to raise their block size 'hard cap' to 2 GB by August 13, 2021. Other known BSV miners followed TAAL's lead.

Soon after, on August 16, 2021, a 1.247 GB block was mined on BSV (block #700597, at 13:38:50 UTC), a record-setting size for a short time. This was the first ever mainnet Bitcoin block above 1 GB in size and the first ever with transaction fees (6.33 coins) higher than the fixed subsidy amount (6.25 coins) for the block– for a total block reward of 12.58 BSV. Less than two hours later, at 15:20:11 UTC on August 16, the new world record 2GB block was mined. It provided 10.00 coins in transaction fees, adding 160% more than the fixed subsidy amount of 6.25 coins, for a total block reward of 16.25 coins to the winning miner.

A day later, on August 17, the BSV network saw block #700737 added with 1.737 GB of data – providing 8.69 coins in transaction fees, 139% more than the fixed subsidy amount of 6.25 coins, for total block reward of 14.94 BSV.

With this shift to transaction fees capable of being the majority of a block's total reward, BSV has reached a landmark moment for the Bitcoin mining and transaction processing sector. Satoshi Nakamoto designed a system limited to a total supply of 21 million Bitcoin, with 'fresh' coins distributed in a 'fixed subsidy' amount to the winning miner of every new block. The subsidy amount began at 50 coins and halves approximately every four years to 25, to 12.5, now at 6.25 coins, and so forth until it becomes very small and eventually runs out. Miners also earn the fees for every transaction contained in a block, so Satoshi intended for transaction fee revenue to increase over time to compensate for the decreasing fixed subsidy amount. This is only possible by scaling Bitcoin – as Satoshi intended - with bigger blocks that hold more transactions and data, all while maintaining low transaction fees to facilitate genuine use and utility.

The recent gigabyte-sized blocks on the BSV are driven by increased user demand for bigger blockchain capacity. In particular, users of MetaID – a blockchain-based identity protocol built on BSV – and applications powered by its protocol, including ShowBuzz, are uploading many larger-size image files to allow consumers to own and control their own data, without risk of losing access to their valuable data if they are "deplatformed" or a social media service shuts down. This leverages the permanency, cost-efficiency, interoperability and personal control characteristics of the BSV blockchain.

MetaID users are not alone in wanting a blockchain that can efficiently store and process more data. Many other BSV applications across a wide array of sectors – including eSports, social media, digital advertising, AR, healthcare, data integrity and IoT – are demonstrating demand for bigger blockchain capacity.

The BSV network offers these capabilities at extremely high throughput rates - demonstrating 50,000 transaction per second throughput earlier this year during a live test. It also offers extremely low cost - the median transaction fee on the BSV network in 2020 was less than 1/50th of a U.S. cent [reported data from bitinfocharts.com].

Commenting on today's announcement, Bitcoin Association Founding President Jimmy Nguyen said:

"After years of watching Bitcoin crippled on the BTC network, we are thrilled to see BSV finally take Satoshi Nakamoto's vision to the next level with the recent wave of gigabyte size blocks. The new world record 2 GB block and its substantial proportion of transaction fees demonstrate that the future lies in a blockchain that can meet users' demand for greater data capacity and miners' need to generate greater fee revenue. That future is BSV, which is supporting real utility and real value, just as Satoshi always intended."

Also commenting, Technical Director of the Bitcoin SV Infrastructure Team Steve Shadders said:

"Over on the BTC network, it took years of Bitcoin scaling battles to get nowhere and remain restricted at tiny 1 megabyte blocks that can handle at most 7 transactions per second. But on BSV, it took less than a week for miners to see value in opening the door to 2 GB blocks. While this sounds big, we're really just getting started on our journey towards terabyte – 1 million megabyte - size blocks so that BSV can process millions of payment and data transactions per second, and support the global population along with our one world Internet."

To learn more about the BSV blockchain and the array of businesses using its network, visit bsvblockchain.org.

Past and future CoinGeek Conferences, the leading global events educating about BSV blockchain technology can be watched. The most recent was held in Zurich, the heartland of the European banking world; replays available. The next event is CoinGeek New York (Sheraton New York Times Square Hotel, October 5-7, 2021). Please join in person or virtually to discover how the BSV blockchain's unbounded scaling can support business, consumer and government uses with low fee data applications and micropayments.

About Bitcoin Association

Bitcoin Association is the Switzerland-based global industry organisation that works to advance business on the Bitcoin SV blockchain. It brings together essential components of the Bitcoin SV ecosystem – enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others – working alongside them, as well as in a representative capacity, to drive further use of the Bitcoin SV blockchain and uptake of the BSV digital currency.

The Association works to build a regulation-friendly ecosystem that fosters lawful conduct while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and blockchain, Bitcoin is also a network protocol; just like Internet protocol, it is the foundational rule set for an entire data network. The Association supports use of the original Bitcoin protocol to operate the world's single blockchain on Bitcoin SV.

Cision
Cision
View original content:https://www.prnewswire.com/news-releases/new-world-record-2-gigabyte-block-on-bitcoin-sv-blockchain-paves-future-for-bitcoin-mining-with-transaction-fees-as-majority-of-block-reward-301357916.html

SOURCE Bitcoin Association

Quote Lookup

TRENDING
1.
Three U.S. senators urge more Taiwanese help on automotive chip shortage -letter
2.
Influencers with Andy Serwer: Ian Bremmer
3.
U.S. states rush to meet deadline to join $26 billion opioid settlement
4.
RPT-Musk's 'AI Day' confronts tough questions about Tesla's technology
5.
COLUMN-Plan to add dental care to U.S. Medicare is a game-changer for seniors

Source: Bitcoin Association - https://finance.yahoo.com/news/world-record-2-gigabyte-block-130000498.html

https://www.prnewswire.com/news-releases/new-world-record-2-gigabyte-block-on-bitcoin-sv-blockchain-paves-future-for-bitcoin-mining-with-transaction-fees-as-majority-of-block-reward-301357916.html

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

UPDATE AS OF AUGUST 16, 2021

Bitcoin Association has just published a further update on the BSV network in light of the recent attacks.

This update covers the following topics:

1. Monitoring of the Bitcoin SV network

2. Outreach to exchanges.

3. Communications with miners.

4. Liaising with law Enforcement.

5. The latest record-setting blocks.

6. The block size hard cap increase.

READ THE FULL UPDATE https://bitcoinassociation.net/august-16-2021-update-on-the-bsv-network/

Do_zzze

newbie

Activity: 7

Merit: 39

Quote

It's a big week for TAAL and we're just getting started!

Today, BSV processed two massive blocks. The first one was 1.2 GB. The fees were 6.33 BSV, in addition to the block reward subsidy of 6.25 BSV. THE FIRST TIME THE FEES EXCEED THE SUBSIDY REWARD.

No time to celebrate because a few minutes later a whopping 2 GB block was mined. This time earning 10 BSV in fees, plus the rewards subsidy of 6.25 BSV.

All detailed and predicted in the Satoshi White Paper in 2008.

https://whatsonchain.com/block-height/700597 =1.25GB

https://whatsonchain.com/block-height/700606 = 2GB

Stay tuned as TAAL reports Q2 later this week! For more information on TAAL’s processing power and companies that have chosen to build on BSV with TAAL, visit www.taal.com/investors/.

Source MATTHEW WHITCOMB from http://taal.com/

Quote

And then, the world witnessed a 2GB block on #BitcoinSV #BSV

Block 700606 - 1,999,941,397 bytes

10.00 transaction fees +
6.25 fixed subsidy =
16.25 BSV total block reward

Txn fees added 160% (!!) more to block reward. This is how #Bitcoin scales and how miners stay profitable!

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Quote

Learn more about BSV enterprise blockchain with Bitcoin SV Academy ebook

About six years ago, blockchain started infiltrating the enterprise world, grabbing the attention of major conglomerates and even the smaller firms. However, at the time, it was still mostly a buzzword that companies just put out to excite investors and shareholders. Blockchain was such a hype that one publicly traded company in the U.S. changed its name to become Riot Blockchain, and its shares soared almost immediately after.

Blockchain has greatly evolved since then. It’s now no longer a buzzword and has infiltrated the highest level of global giants such as Oracle, IBM, Intel, JPMorgan, Tencent, Samsung and more. The technology has become so sought after that you’ll be hard pressed to find an enterprise that’s not exploring it.

However, despite attracting interest from the enterprise world, blockchain technology has failed to live up to the promise. The Bitcoin SV Academy’s ebook on enterprise blockchain explores how the technology has failed enterprises and how Bitcoin SV remedies all the shortcomings of the other blockchain networks.

The failed promises of enterprise blockchain

For enterprises, blockchain technology promises two key benefits—optimized performance and reduced costs. These benefits result from the three important features that set blockchain technology apart: security, scalability and distribution.

This vision of a cost-efficient and optimally performing technology is within the reach of the enterprise world. However, a decade later, we have yet to see any tangible enterprise applications running on the blockchain.

“Enterprise blockchain has failed to deliver on its incentives, leaving many disillusioned by the benefits of blockchain for business.”

One of the key factors behind the failure of enterprise blockchain is the inability to eliminate a central point of failure. While a blockchain is, by nature, distributed, most of the so-called enterprise blockchain saturating the market today are mere private ledgers branded as “permissioned blockchains.” Having a blockchain network which is under the control of a central entity simply defeats the purpose of the blockchain.

This isn’t the only challenge hindering enterprise adoption of blockchain technology. High cost of developing the blockchain infrastructure, lack of interoperability (which the Bitcoin SV Technical Standards Committee is working to eliminate) and failing to balance transparency and privacy are some of the major challenges. These challenges, however, pale in comparison to the inability of most blockchains to scale—which is yet another challenge Bitcoin SV has solved by scaling unbounded.

Simply put, the scale, stability, security, and interoperability have all been compromised by all these challenges, and despite its promises, blockchain technology has failed to deliver the data economy it was meant to.

“This is where Bitcoin SV comes in. By returning to the original design and protocol of the Bitcoin blockchain, Bitcoin SV has solved these drawbacks and delivers on the promises of blockchain for business.”

Bitcoin SV – the global enterprise blockchain

Back in 2009, Satoshi Nakamoto had a vision—one of a single global blockchain that scales to serve an unlimited number of users and applications. BSV restores this original design and is bringing to reality Satoshi’s vision.

One of BSV’s biggest selling points is its unbounded block size and throughput capacity. To date, it’s the only blockchain that has scaled unbounded. In doing so, it supports greater data capacity, higher transaction volume, fast processing and very low transaction fees. This enables developers to build creative applications that rely on micropayments and which generate high transaction volume.

BSV has continued to prove that Satoshi intended for Bitcoin to scale, generating bigger and bigger blocks and shattering misconceptions about blockchain scalability. Most recently, the network set a new record by mining two 1 GB blocks—the largest ever mined on a public blockchain.

This unbounded block cap size allows the BSV network to provide the most cost-efficient transactions. In 2020, the median transaction fee on the BSV network was less than 1/100 of a U.S. cent.

Yet another challenge that faces enterprises is the instability that comes with most public blockchains. This goes against the tried-and-tested foundation the Internet was built on, in which the protocol never changes. This reliability allowed applications to surge on the Internet and led to the birth of the online world as we know it today.

BSV blockchain offers this same reliability to blockchain developers and allows enterprises to build on Bitcoin without having to worry about what tomorrow might bring.

“The network layer in Bitcoin is where many innovative and disruptive blockchain-based capabilities begin to empower an entirely new digital experience.”

In addition to these benefits, BSV assures its users of a secure protocol with 100% uptime. Since it’s distributed, BSV has no central point of failure. With an immutable ledger, any malicious actors have no way of erasing the logs that indicate there has been a breach. This allows quick detection of manipulated data and the consequent identification and isolation of infected nodes.

Bitcoin SV’s enterprise capabilities and use cases

While other blockchains promise that they will reinvent the Internet in the future, Bitcoin SV is writing this future today. With its enterprise-grade data monetization and management network, BSV is powering all manner of applications across retail, healthcare, finance, manufacturing and more.

In the healthcare industry, EHR Data and Veridat are leading the pack. The former was founded by the same leading minds behind PDX Inc., a U.S. medical data firm with 40 years of expertise working on the pharmacy tech solutions sector. Based in Texas, EHR Data is building the world’s first global electronic health record on Bitcoin. This will allow individuals to securely own, control and monetize their personal medical information, changing how we interact with our healthcare providers forever.

In supply chain management, Norwegian startup UNISOT is leveraging Bitcoin SV to record real-time data about a product’s origin and movement. Founded by industry veteran Stephan Nilsson, UNISOT’s flagship product SeafoodChain is changing the sea food industry, which is Norway’s second-largest export.

BitBoss, for its part, is leading the iGaming revolution, leveraging the capabilities of the Bitcoin SV blockchain that make it ideal for the in-dire-need-for-evolution industry. BitBoss provides provably fair gaming for both land and online casinos, relying on the transparency and immutability of the BSV blockchain.

Download Bitcoin SV Academy’s ebook, Bitcoin SV: What it is and how it restores the promise of enterprise blockchain.

https://bitcoinsv.academy/bitcoin-sv-what-it-is-and-how-it-restores-the-promise-of-enterprise-blockchain

Source by Steve Kaaru https://coingeek.com/learn-more-about-bsv-enterprise-blockchain-with-bitcoin-sv-academy-ebook/

kna

newbie

Activity: 13

Merit: 32

Quote

Relica adds GPS treasure hunts to image-sharing app

Does the idea of photos with treasure hunts attached sound like fun? Image-sharing app Relica has officially launched a range of GPS-enabled features, including a treasure hunt with Bitcoin value attached to images.

Relica announced the geolocation feature in a blog post in late June 2021, saying it was “literally putting Bitcoin on the map.” It will be unlocking major cities around the world one by one, based on demand in those areas.

Quote

@Relicaworld
Imagine being able to attach Bitcoin to a photo and place it anywhere in the world for friends to collect 🤯

#Relica #GPS #Bitcoin #BSV

The company will also be partnering with others in the BSV system, starting with tokenized collectibles and giveaways personality “Zatoshi“. Zatoshi will be leaving small Bitcoin amounts at various GPS locations. Users will need to physically visit those spots to collect and unlock the drops.

As part of Relica’s “Global Treasure Hunt,” users are invited to look for images of runes—each one with some Bitcoin attached to the image. The game is to collect three run images, and post your collection on Twitter. Winners will receive Relica’s first NFT. They plan to release more details of the competition in the coming weeks.

Gamifying image-sharing

The new GPS-based features signal a move for Relica into “gamification” territory, making use of BSV features like tokenization. It extends its appeal beyond just image-sharing and making money from posts, inviting users to get more creative about how they use the service.

In the future, Relica may add this feature for other users as well. Users could attach Bitcoin or other tokens to the images they upload. Companies could also use the features for advertising and promotion, posting an image related to an event or business and inviting people to visit it to collect something of value, like a discount or one-off collectible item.

Relica launched in early 2021 with a simple image/photo-sharing mobile app (that can also be used via a desktop browser). By linking it to a BSV wallet, users made micropayments of 1-10 cents to upload images and like or comment on others’ posts. That also allowed creator accounts to earn money from their posts, receiving a large share of those payments.

It also launched a “pay to view” feature in June 2021, letting popular creators put their posts behind a paywall and inviting others to pay before viewing them. The feature, Relica’s developers said, would encourage more valuable content like promotions, recipes, professional photography, tips and useful advice, and any other creative use posters could think of—however, Relica does not permit nudity or explicit material.

Earning money from social media had been an obvious use-case for Bitcoin from the start, particularly as its growth paralleled that of the social networking phenomenon. However deliberately limited block sizes on BTC crippled the development of paid networks, which rely heavily on small, fast, and high-volume transactions. Those apps are now flourishing once more on the BSV blockchain.

Watch: CoinGeek Zurich panel, Performance Advertising and Affiliate Marketing on BSV: https://www.youtube.com/watch?v=ncR2kN23XpY

Source Jon Southurst : https://coingeek.com/relica-adds-gps-treasure-hunts-to-image-sharing-app/

Bitcoin SV (BSV)

brand new

Activity: 0

Merit: 29

Dear Bitcoin community, I am alerting you to a scammer https://twitter.com/mirrorbsv who is trying to steal BSV funds with a fishing site. This idiot tried an exit scam but realized that he will be legally screwed with the enforcement action taken.

Indeed, it is easy to locate IP/VPN addresses, those used for domain name payments, phone number, wallet connections, email addresses. All digital footprints are incriminating evidence. One day or the other the penalty will fall #mirrorbsv @mirrorbsv It's just a matter of time.

All data is public even if this scammer is in India, Brazilian, China or Africa ... it will not be possible for him to escape justice even less in a society where everything is traceable and connected.

here is https://web.archive.org/web/20210616145048/https://mirrorbsv.com/
which proves that the data on the website did exist. Afterwards, keep your TXs and all the evidence safe. Then file a complaint with the authorities and with the CFTC. https://www.cftc.gov/Forms/tipsandcomplaints.html

Here is the data associated with the mirrorbsv website: https://web.archive.org/web/20210616145048/https://mirrorbsv.com/

I suggest that the community strongly ignore this idiot and that the aggrieved people pursue the action taken since no matter where he is you can assert your consumer protection rights and seek redress for the harm suffered.

human8ty

newbie

Activity: 3

Merit: 8

Here I am, slipping through those beautiful times again to drop a message in which the Bitcoin blockchain aka BSV would have one more role with artificial intelligences:

In 2022 How is digital technology changing the way people meet?

The Internet has dramatically changed people's lives in the very early 21st century (later replaced by Metanet Bitcoin evolution). Nowadays, almost every field is digitalized. The art of dating has also been profoundly changed by digital innovation. Dating apps and websites are becoming increasingly powerful in increasing the chances of users meeting partners. This digital technology has truly transformed the way people meet.

The role of modern technology in dating
Who would have thought that one day almost everyone would be seduced by online dating? The practice began in the United States in the early 1990s, but was shunned by many countries. 20 years later, many people have adopted this method of dating. Nowadays, online dating has become very modern with the help of new technologies. Indeed, these technologies boost the user's opportunities to find the person who suits him/her best. As a result, their search for the right partner will be much faster.

Modern technology makes it easy for people looking for love or romance, whether they live in the same geographical area or not, to meet each other. It also brings together members with the same interests or, for example, the same sexual orientation. Basically, the innovation of technology makes love accessible to everyone in a faster and easier way. It maximises the chances of meeting single women or men and finding the perfect person.

Technologies that take online dating to the next level
Online dating is not like it was 20 years ago. It has undergone a major evolution. Today, online dating has become super efficient with the help of new and advanced technologies.

Software Matchmaking
Special software for matchmaking is used and continuously improved nowadays to make quick matches. It is a suitable solution for people who want to find a partner that meets their expectations. Matchmaking software makes it possible to arrange meetings with compatible people as quickly as possible.

AI and chatbots
With the help of chatbots and artificial intelligence, matches will be made more quickly. This is an effective way for dating sites to minimise the risk of meeting the wrong person. All you have to do is type in the type of person you want to meet and the chatbots will do the rest. In a very short time, a multitude of members in the site's database will appear on the screen.

VR/AR technology
Virtual reality and augmented reality technology has really shaken up the world of video games, online casinos... and especially online dating. Thanks to this great innovation, members will have the opportunity to meet in a virtual space, no matter where they are. They can arrange virtual dates to meet each other as if they were meeting in real life.

Future technologies on the horizon
Digital innovation has put a modern twist on the search for love. Innovative technologies already exist to help find an ideal partner, but even better ways are emerging.

DNA Matchmaking
This is a way of finding out whether two people are genetically compatible. After analysing their genes, it is possible to say whether they are meant to be together. This romantic chemistry is based on the fact that the more variation there is between the two partners, the better.

AI identity
This is the most effective way to avoid the fake profiles that plague dating sites. This online identity verification tool helps to gain the trust of users as soon as they register. Digital identity is an ultra-secure technological advance that offers members absolute peace of mind in their search for love.

Completely virtual dating
With this new technology on the horizon, distance between two people will no longer be a problem. Moreover, with the covid-19 pandemic affecting the world, a completely virtual date would be the solution for everyone. With the help of a camera, it is possible to do virtual activities that will help the partners to get to know each other better and enjoy a moment together.

In conclusion, dating has become less complicated and more secure nowadays, thanks to digital innovation. Numerous systems and software, each more powerful than the last, are used to help users find the right match. And dating apps and sites are doing everything they can to offer a better experience to their ever-growing membership!

#scaling #data #nft #timestamped #bsvBitcoin G42-Sol0818.்8-921|ப.08.42.23.3028.4747972.7

Do_zzze

newbie

Activity: 7

Merit: 39

Quote

BSV as a Turing machine

This week, we explore the case of BSV as a Turing machine. This topic delves into a very specialist field that is normally the realm computational theory, but I will attempt to address it in a way that applies to the general developers and focus on its practical applications instead of being pedantic about the theories.

Being Turing complete is a common term used to describe computer languages and systems, and centers on their ability to do the same thing as a theoretical machine, called a Turing machine. A Turing machine is a theoretical computer system and mental model which describes a machine with a read/write head, an arbitrarily long tape on which instructions can be written and read from, and a rule set. If a system can theoretically accomplish the same tasks as a Turing machine, then it is said to be Turing complete. Practically speaking, if a computer language is descriptive enough to execute computations complex enough that the result of the computation cannot be determined beforehand (analytically) without actually doing the computation, then it is Turing complete.

A common feature of computer languages which generally make them Turing complete is the ability for the language to allow for structured control flow of a program, either through loops or jumps. In computer science terms, a language must support sequencing, selection, and repetition. But the necessary condition for Turing completeness for languages is the support for conditional branching, or selection. It has been long thought that Bitcoin’s script wasn’t Turing complete, because it did not support looping, and therefore, the notion of branch execution didn’t seem possible. But thanks to the re-enabling of the original Bitcoin op-codes in BSV, it has now been shown that BSV is indeed Turing Complete, proved via simulating Conway’s Game of Life (a cellular automata which is known to be Turing complete) on a bitcoin script.

That is wonderful, but how does that affect the average programmer? It is one thing to theoretically be equivalent to a Turing machine, but an entirely different matter to have average developers be able to wrap their head around how to program computations into the system. We already know that the original criticism of Bitcoin script (made mostly by Ethereum developers and the original founders of the project) was that there is no facility for looping, or repetition in Bitcoin. This limitation was overcome by just unrolling the loops (much like what a compiler does in modern languages) as loops are just syntactic sugar for high level languages to achieve repetition. But how do we achieve the conditional branching required to do useful computation? Besides which, every bitcoin script output is simply a predicate, it only can evaluate to TRUE/FALSE, so how do we get more complex computations out of it?

Simply speaking computation can be simply getting an output from a predefined function, given specific inputs.

Most generally we want to be able to do:

y = f(x)

Where y is the output desired, f is the function that is the computation algorithm constructed beforehand, and x is the specific instance input.

So how do we do this on Bitcoin?

We certainly can put functions to be evaluated into Bitcoin transactions outputs (coins). These can sit there in the blockchain until such time in which they are executed when given an input x. These take the form of locking scripts in Bitcoin, which is what needs to be unlocked (by way of an unlocking script) when you want to spend the output. Therefore in Bitcoin, the ‘x’ takes the form of an unlocking script, and the ‘f’ is the locking script that was previously put into an output (with some associated bitcoins).

But if a given ‘f’ is public on the blockchain, and anyone can spend it by giving it any arbitrary ‘x’ as an unlocking script, then this wouldn’t be terribly useful right?

Right.

So one way of solving this is the method of passing transactions around in payment channels, and only seen by intended parties (off chain). This way, they won’t just unlock the f with an arbitrary x, but only the inputs that were requested or needed. Why they would do so is likely due to some locked funds in the channel which were already pre-negotiated with the computation requester beforehand.

Another technique that may be employed could be the use of un-finalized transactions. Transactions on BSV are not mineable until all the inputs have been marked finalized, so one way to ensure that a transaction isn’t published before it is ready is by repeatedly signing incremental versions of the same transaction, successively, between nodes, and not finalizing the inputs until the desired output y has been produced.

One can imagine a method by which a requester of computation could put a function f into the network, and then publish an un-finalized transaction into the network, with the needed input x, and allowing arbitrary parties to execute the f and publish an updated transaction with the output y as an output. Then the requester could finalize the transaction which would allow the transaction to be mined and thus paying for the computation and its result.

How about function composition?

i.e.

y = h(g(f(x)))

Namely, being able to take previous outputs, and chain them as inputs into the next function to be executed?

Successive functions can be chained, or sequenced, by successively passing transactions back and forth between the requester and the network. The requester would post the initial un-finalized input which would contain the x that would be input for the computation along with the sequence of functions that need to be executed in succession, namely, f, g, h. The network of computing nodes would then compete to be the first to chain f, g, and h together as inputs in the txn, in order to produce the final output y.

The key point is that the actors in the BSV computational network is just a requestor, which specifies the functions to be executed, in what sequence, and with what initial input x. Conditional branching can be achieved by controlling which functions are made spendable. The one thing we have to rely on is that the network of nodes as a whole will do the work of selecting and creating the txns that compute and produce an output, because by doing so they will be able to pay themselves a bitcoin reward. So unlike a normal computer that executes code because it is hardwired to do so, the Bitcoin computer executes code because we can rely on the fact that some node out there will want to make money, and do the computation, so that they can earn money.

Source Jerry Chan https://coingeek.com/bsv-as-a-turing-machine/

🔴 BTC & BitcoinSV (BSV) share some of the history of blocks, that's all. The functions of BTC wrongly called Bitcoin have been stripped away to establish an ideological oligarchy and certainly the usual conflicts of interest & overwhelming technological limitation (block size, fees, consortium of partners ... ). Thus consumers have and are being misled into believing that BTC is genuine Bitcoin. BTC is a chimera. BTC is a serious mislead. Bitcoin has been full turing since (launch) december 2008. BTC is not turing fonction (multiple updates & SeGwit forks effects).

BSV is not BTC. BTC is not the originel Bitcoin code. BSV is the originel Bitcoin code backed up and delivered through forks.

To understand & learn more, take the time to read: https://coingeek.com/crypto-crime-cartel-behind-adam-back-and-blockstreams-attempts-to-constrain-bitcoin/

Dark forces are at work to prevent people, consumers, entities, businesses, communities and states from understanding that BSV is Bitcoin. In addition to the specialized media that pretends or completely ignores to broadcast the records, the new functions, the evolution of the Bitcoin ecosystem aka BSV, (coindesk, cointelepraph, decrypt and others), it is overwhelming to note that BSV has undergone 51% of attack attempts for nothing! Without any double expenditure was recorded, just entities that spend + 300.000 dollars per day to try (in vain) to destroy BSV! Jealousy, hypocrisy, conflict of interest, greeding is all that these dark forces offer, deep rot, all at the expense of technology, common utility to help build a better future for generations to come.

The Bitcoin Blockchain aka BSV is disrupting established models that have been in decline for many decades, Bitcoin allows for a new way of seeing and doing things, drastically reducing costs, providing ironclad security, and allowing time stamping of all kinds of data. Make no mistake, the Blockchain has the potential to become the fundamental technology of the fourth industrial revolution. Rest assured that Bitcoin is one of its founding pillars. This technology can be your multi-plane triumph as long as you respect its aura.

kna

newbie

Activity: 13

Merit: 32

Quote from: Pastaga on August 12, 2021, 07:21:53 AM

Quote

A large number of details of BSV's two computing power battles have been exposed-public computing power is the cornerstone of security.

Many years later, when miner Zheliang paid close attention to the voting process of other miners in the middle of a certain night, he would still think of the late night against the attack of computing power.

....

Indeed MinerID label can be a good solution!

Quote

#BSV ecosystem: please raise the hard cap in your #BitcoinSV Node software by Friday August 13, 2021 at 13:00 (UTC)

Miners are increasing to 2GB

Non-miners: new recommended hard cap is 10GB

READ Bitcoin Association advisory and FAQs: https://bitcoinassociation.net/advisory-and-faqs-raising-the-hard-cap-setting-in-bitcoin-sv-node-software-in-anticipation-of-multi-gigabyte-blocks/

Source: https://bitcoinassociation.net/advisory-and-faqs-raising-the-hard-cap-setting-in-bitcoin-sv-node-software-in-anticipation-of-multi-gigabyte-blocks/

Topic: [ANN] [BSV] [Bitcoin SV] Original Satoshi Vision - page 15. (Read 226359 times)