Since its release into the market in 2009, Bitcoin has been making waves in the world of technology. Not only is it the pioneer digital currency, but it is also the first-ever functioning implementation of blockchain technology.
However, because it is a breakthrough technology, a decade has been lost in figuring out what the true intentions are of Bitcoin creator Satoshi Nakamoto. After several hard forks that split the Bitcoin community into different implementations, the original vision for Bitcoin has finally been realized through BSV, and developers can now efficiently build on Bitcoin.
The Original Vision for Bitcoin
It is a fact that BTC has veered away from Satoshi Nakamoto’s original vision for Bitcoin in maintaining its status as a speculative investment and pseudo digital gold, taking pride in its price volatility and maintaining its counterproductive technology of having a block size cap of only 1MB, a throughput of a mere seven transactions per second (tps) and high transaction fees.
BSV, on the other hand, has restored the original Bitcoin protocol as stated in the Bitcoin white paper and has become capable of unbounded scaling. Satoshi Nakamoto’s vision is to create a Bitcoin that can be used by everyone around the world, and scaling is central to reaching this goal.
Bitcoin was never meant to be a plaything for rich people. It is something that was envisioned to be a global payment system that has the ability to resolve longstanding issues that have plagued many industries. BTC will never achieve this with its refusal to scale and reliance on send-tier solutions to make up for the fact that its blockchain cannot scale.
The BSV blockchain, on the other hand, continues to scale at a rapid pace, as evidenced by its recent increase of its block size hard cap to 2GB and its upcoming release of the Teranode project that will enable the network to rival and even surpass the VISA network’s capacity at 50,000 to 100,000 tps.
And as the network scales, the transaction fees only become lower. Currently, BSV averages at only less than a penny per transaction. With these capabilities, it is the most practical solution to many of the problems that plague industries today.
For instance, EHR Data is working on a global healthcare database that will eliminate data siloes that make it difficult for medical records to be accessed by stakeholders. VXPASS, a digital vaccine card provider, has recently been approved for use by the City of San Francisco. UNISOT, an enterprise supply chain sustainability platform, has revolutionized supply chain management from source to consumer.
These are but a few of the hundreds of companies that have built on BSV, and more are continuing to build on Bitcoin as the BSV ecosystem grows.
Developers Can Now Build on Bitcoin
With the powerful capabilities of the original Bitcoin being unlocked, the past couple of years have been eventful for BSV. Even though many practical use cases have emerged across all kinds of global industries, BSV continues to encourage developers to build on Bitcoin.
TonicPow, Britevue, mintBlue and Codugh are just some of the lucrative businesses that got their start from the BSV Hackathon, a blockchain competition that promotes the development of applications and platforms on the BSV blockchain. Like them, developers can now embark on their journey to establishing a profitable business by capitalizing on the powerful yet cost-effective capabilities of the BSV blockchain.
“The biggest obstacle for participants is when they take a tech-first approach. Approach your project from a business-first approach, and then apply your technical knowledge afterwards. Think about a problem, a real problem that real users have. Think of a business idea that fixes that problem and then build an interesting technical solution that addresses your business problem,” Codugh’s founders Shashank Singhal and Andrew Snow advised.
Developers are not the only ones who can build on Bitcoin. An innovative visionary can always create their own team of developers and like-minded individuals in developing an enterprise that can maintain its relevance even far off into the future.
“Be forward-thinking when designing your business. We have been held back for over 10 years in the way we think about building a business on Bitcoin, and it is important to identify opportunities where you can push Bitcoin forward,” Britevue CEO Connor Murray said.
Even though blockchain is beginning to be recognized for its true worth as a stable and viable technology, many are still hesitant to utilize its full potential due to it being a relatively new technology. And this is why it is crucial for these BSV start-ups to pave the way for blockchain adoption and show people that what is most important is that anything can be built on a stable, scalable and cost-efficient blockchain.
“The idea that you build on something that you know will be there tomorrow is important. Also, in terms of stability, it is something you can trust to build a business upon—I wouldn’t trust any other blockchain because your whole business could change tomorrow if their underlying protocol changes. If BSV is the original blockchain and it has no boundaries, why consider anything else?” mintBlue CEO Niels van den Bergh explained.