Bitcoin SV (BSV) recently witnessed not one, but two, 128MB blocks mined on its network – the world’s largest ever on a public blockchain. The first huge block was mined on March 30, 2019 by nChain’s BMG Pool; just a day later on March 21, the second 128MB block was mined by entrepreneur Calvin Ayre’s CoinGeek Mining operation. These record-setting blocks prove that massive on-chain scaling works on Bitcoin, and Bitcoin SV is succeeding as the only project following Bitcoin’s original design and protocol.
Bitcoin SV emerged from the world’s first Bitcoin “hash war” last November, initially as a competitor to the Bitcoin ABC implementation of Bitcoin Cash (BCH) and now as its own chain and BSV token. Named for the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto, Bitcoin SV restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale to a global network used by billions of people.
Bitcoin SV currently has a default maximum block size of 128MB, meaning the recent huge blocks contained sufficient data from BSV users to fill the current cap. The two 128MB blocks come as Bitcoin SV witnessed multiple days of big action, including a 113MB block mined on March 28 by CoinGeek Mining and numerous blocks above 50, 60 and even 80MB – all far larger than blocks on any other competing blockchain.
The big blocks come from organic growth as users take advantage of BSV’s larger data capacity for the OP_RETURN field, a place in Bitcoin transactions to embed metadata. Whereas the Bitcoin Core and Bitcoin Cash ABC networks still restrict OP_RETURN data to much smaller sizes, BSV is lifting such limits to unleash the Bitcoin blockchain’s power to act as a global commodity ledger and data network. BSV’s recent big blocks contain large data files (high-resolution pictures) uploaded using the BitPaste multi-swipe application, which makes it easy for users to upload large files with quick swipes of MoneyButton. Other users have uploaded music and even video files to BSV.
As its big blocks are more routine, Bitcoin SV debunks incorrect notions of Bitcoin Core (BTC) (now more accurately called SegWit coin) which opposed on-chain scaling, capped its block size at a tiny 1MB, and instead pursued Segregated Witness and a Layer 2 payment solution in Lightning Network. BSV also disproves Bitcoin Cash ABC developer claims that it is not yet practically feasible to sustain blocks above 32MB (the default limit on BCH ABC).
The 128MB blocks are notable for another reason: each generated transaction fees for the successful miner of 1.279 BSV, adding another 10+% of miner revenue on top of the normal 12.5 BSV block reward. This demonstrates how massive on-chain scaling allows more transactions (of differing data types and differing fee levels) in a block, which in turn results in more revenue for miners. Bitcoin block rewards halve every 4 years, happening again next year as the block reward reduces from 12.5 to 6.25 coins. For mining to remain profitable to sustain the network, Bitcoin’s economic model requires miners to progressively earn more transaction fees to make up for the continually-reducing block reward value. That only happens with bigger blocks – as now demonstrated by BSV – to ensure Bitcoin’s long-term success. In contrast, other networks undermine Bitcoin’s economic incentive model by refusing to massively scale on-chain – with the BTC network’s biggest block to date only 2.3MB on March 11, 2019 and the BCH ABC chain only having a 4.6MB block on December 18, 2018. (The original Bitcoin Cash (BCH) chain had bigger 32MB blocks but that chain no longer exists after the November 2018 hard fork event; in any event, the 32MB blocks mined on the prior BCH chain were done using the Bitcoin SV implementation.)
Jimmy Nguyen, Founding President of Bitcoin Association which advances the global Bitcoin SV ecosystem, observes:
“For too much of its 10-year life, Bitcoin has been artificially restricted. BSV users are now proving the original Bitcoin can massively scale and that Satoshi Vision is correct. We are thrilled to see the explosion of user creativity organically fill big blocks with new forms of data and generate more transaction fees for miners. With the BSV network handling big blocks quite well, we look forward to lifting the block cap even higher this year.”
Scaling even bigger is the next step for BSV. In March, the Bitcoin SV Node team announced results from its BSV Scaling Test Network showing 128MB blocks were successfully sustained for 36 continuous hours. Later this year, the BSV Node team expects to lift the default block cap to 512MB, en route to 1 gigabyte (1000 megabytes) or higher block caps. The ultimate goal is to have no default block limit, and allow miners to fully decide for themselves what block sizes to accept and create new competitive marketplaces for mining.
“Whereas other Bitcoin and cryptocurrency project supporters focus on price and market cap, Bitcoin SV is building a blockchain that is ready for business with massive scaling, with real utility to support real long term price value. We are also building an ecosystem that is regulation-friendly, which is essential for Bitcoin usage to become widespread. For any big business looking to build blockchain applications, we invite you to build on the global enterprise blockchain and to use the world’s new money – Bitcoin SV.”
UPCOMING: COINGEEK TORONTO CONFERENCE – May 29-30, Toronto, Canada
Come learn more about what Bitcoin can do with “No Limits” and the latest on-chain scaling developments with Bitcoin SV at the CoinGeek Toronto conference May 29-30. Bitcoin Association is a proud supporter of CoinGeek events. It’s easy to register. And pay with the world’s new money and you’ll receive a discount by using BSV via Coingate.
SOURCE Bitcoin SV
Walmart China Takes on Food Safety with VeChainThor Blockchain Technology
On June 25, in combination with Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain, the Walmart China Blockchain Traceability Platform, built on the VeChainThor Blockchain, was announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. This seminar was jointly organized by Walmart China and the CCFA in Beijing.
The announcement of the Walmart China Blockchain Traceability Platform came with the introduction to the first batch of 23 product lines that have been tested and launched on the Platform. The Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc. It is expected that the Walmart China’s traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.
VeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability. By scanning the desired products, customers can acquire detailed information, including the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report, and many more data points. Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.
THE WALMART CHINA BLOCKCHAIN TRACEABILITY PLATFORM SIGNING CEREMONY
The Walmart China Blockchain Traceability Platform signing ceremony took place at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. The partners in attendance are represented by:
- Mr. Pei Liang, President of CCFA
- Mr. Chu Dong, Vice President of CCFA
- Mr. Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China
- Mr. Yang Weizhi, Managing Partner of PwC China Strategy and Innovation
- Mr. Feng Yikai, Chief Operating Officer of VeChain
- Mr. Liu Xiaoen, Chief Procurement Officer of Walmart China
- Mr. Chen Mingzhi, Chief Ethics Compliance Officer of Walmart China
- Dr. Yan Zhinong, Executive Director of Walmart Products Safety Collaboration Center
- Mr. Li He, Chairman of Inner Mongolia Kerchin Co., Ltd.
As part of the event, the signing ceremony attendees conducted a discussion on how to share responsibilities and use technological innovations to guarantee the quality and safety of products and edible agricultural produce, boost consumer confidence and satisfaction, and contribute to the upgrading of service consumption.
Kevin Feng, Chief Operating Officer of VeChain commented on the collaboration, said: “As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology. We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”
Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, stated: “Walmart has always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition. With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China. ”
Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, pointed out: “PwC’s mission is ‘building trust and solving important problems’, which is the top priority of PwC in providing professional services and making business decisions. In the face of food safety, how to build consumer trust is a problem that PwC, our clients and partners have been trying to solve. We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.
REALIZING LARGE-SCALE APPLICATION OF BLOCKCHAIN TECHNOLOGY AND PROMOTING PRODUCT TRACEABILITY IN THE RETAIL INDUSTRY
As a retailer trusted by consumers, Walmart has been devoted to improving food safety and quality management, and VeChain’s blockchain technology will enable it to take the lead in traceability management among retail peers. Walmart China has pioneered the large-scale application of traceability platform based on the VeChainThor Blockchain, giving priority to products of high-concern and high-risk. The first batch of 23 product lines have been tested and implemented using the public blockchain platform with more than 100 product lines following in the second half of this year, covering more than 10 categories.
Domestic customers are proposing higher demands on food safety, digitalization of food traceability will help suppliers to increase their brand value and win their consumers’ trust. Walmart China expects the use of the platform to continue to grow in scope, accounted scales, and geographic implementation. As the platform continues to expand, more categories of food will be traceable and thus the value transfer will be further expanded in the industry reflected on the VeChainThor Blockchain.
Through the technical support of PwC and VeChain, Walmart China has built the proprietary food safety traceability platform on the VeChainThor Blockchain. Participants in the supply chain will share their portion of data, and promote the visibility and management efficiency of the whole chain by utilizing the decentralized and tamper-proof blockchain technology. This platform enhances the transparency of product information, ensures the authenticity of product data, and boosts the trust of their consumers. In the future, the Walmart China Traceability Platform shall adopt multilateral cooperation, synchronizing data from local governments’ traceability platforms and suppliers’ own platforms, so as to provide customers with safe and high-quality products, all on the VeChainThor Blockchain.
FundCount Wins ‘Best Hedge Fund System’ in the Bobsguide Technology Awards
FundCount, LLC, a worldwide provider of accounting and investment analysis software, today announced that it was awarded the title of Best Hedge Fund System by bobsguide, an online platform and global information resource for the financial technology sector.
The inaugural bobsguide Technology Awards provide a comprehensive overview of the various segments of the fintech market and the partnerships that contribute to success. Winners were selected by an independent judging panel based on several criteria including the strength of technology updates, the impact on client experience, and user and market engagement.
“The hedge fund category was particularly competitive with both established and newer players making the shortlist,” said Michael McCaw, editor of bobsguide. “However, based on their assessment of the solution and client engagement, the judges felt that FundCount thoroughly stood out – a real testament to the work done by the FundCount team.”
“Hedge funds operate in a highly competitive market where efficiency, transparency and client service have an enormous bearing on success,” said Alex Ivanov, CEO and founder of FundCount. “Integration across accounting and reporting along with the flexibility to drill down into underlying transactions is key. We are delighted that bobsguide recognized these strengths and the tangible benefits FundCount’s back-office accounting and client-focused reporting bring to a hedge fund.”
FundCount improves accuracy and efficiency of hedge fund operations by aggregating all investor and portfolio accounting on a single platform. The software supports virtually all security types in addition to the complex fee calculations, capital calls, entity structures and reporting requirements unique to hedge funds. An integrated general ledger significantly reduces period-end close and tax and audit cycle times, as well as provides accurate, real-time response capabilities to investor relations teams.
Bithumb to Participate in the EOS Election to “Contribute to the Development of the Ecosystem”
The cryptocurrency exchange Bithumb is to participate in the EOS election. Bithumb intends to take the lead in developing the blockchain ecosystem by supporting outstanding platforms such as EOS.
On June 25, Bithumb plans to participate in the Block Producer (BP) election using the EOS it owns. The top BP team of EOS contains 21 people and is in charge of operative directions and block production. This team is elected by votes of EOS holders.
BP, as the representative of EOS, makes various pledges. Bithumb plans to support the BP who is able to contribute to the development of the EOS ecosystem by carefully considering their pledges. Particularly, it is examining the delegation of votes using proxies based in Korea in order to increase the influence of Korean BPs.
Korea has approximately 10% share of total published EOS and Bithumb, with the greatest volume of EOS, and is expected to have a significant influence on the ecosystem if it participates in the election. Currently, Bithumb plans to participate in the election using the EOS it owns, and is examining the way in which it will be able to offer such opportunity to Bithumb members that want to participate in the election.
Bithumb recently has also been expanding its business into the blockchain domain, aside from exchanges. Since the end of last year, it has continued to cooperate with US fintech firms to establish security token exchange platforms and has recently been taking a lead in developing the blockchain industry with various firms such as Codebox, Xangle, China’s SNC, etc.
A Bithumb representative stated, “EOS has a lot of DApps due to its exceptional expandability and has high potentials to develop into a practical platform,” and added, “Bithumb will take the lead in developing the blockchain industry both locally and abroad, and in creating a healthy ecosystem by supporting outstanding platforms such as EOS.”
Blockchain3 months ago
XWallet crosses 100,000 registered users
Blockchain2 months ago
Australian Fintech Nauticus Targets $25 Million in Equity Raise
Latest News3 months ago
Rossi Is Betting on the Future
Latest News3 months ago
INOX Opens its Third Multiplex in Chennai at OMR
Latest News3 months ago
Wirecard Joins Retailtech Hub – Powered by MediaMarktSaturn and Plug and Play – to Empower Future Commerce Innovation
Blockchain1 month ago
RACE-CAP™ Launches RACE-PAY™, the First of Its Digital Money Apps for Everyone
Blockchain1 month ago
Bitcoin Association’s Bitcoin SV Hackathon Finalists Announced in Lead Up to CoinGeek Toronto Conference
Blockchain4 weeks ago
TRON Announces BitTorrent File System Protocol