The decision to build on BSV blockchain (BSV) was ultimately an easy one as it is the only protocol that offers true scalability, doesn’t face backlogs, and is inexpensive, says Steve Smid, Project Manager at Gate2Chain.
Smid was speaking at a recent VIP Reception event in Ras Al-Khaimah in the United Arab Emirates hosted by Bitcoin Association for BSV. The event, which took place on 8 October 2022, was invite-only and included members of the Royal Family, C-level executives and select media members.
6 factors that make BSV blockchain the best choice for developers
Smid pointed to six key factors that ultimately make the BSV blockchain the best choice for developers:
High scalability
The BSV Mainnet reaches more than 10,000 transactions and the BSV Teranode Testnet has already successfully surpassed 50,000 transactions. The maximum block size has reached 4GB and is increasing.
Privacy by default
Users own their content and their money while maintaining privacy, without compromising traceability or accountability.
Accountability
Bitcoin natively tracks every transaction, compliantly, on-chain. It is designed with existing regulatory frameworks in mind.
Transaction fees are a fraction of a USD penny
With Bitcoin, you can send as little as $0.001 or however much you want for a fraction of a penny, anywhere, anytime, instantly.
Instant transactions
Bitcoin is a hyperconnected type of network where transactions are propagated instantly and accepted in seconds.
Proof-of-work and data on chain
Bitcoin scales natively on-chain and it can be used as stable, decentralised data storage.
Partnership with Trueworld
Smid also touched on Gate2Chain’s partnership with Trueworld which enables real-time monitoring of environmental indicators and sustainability claims. The capabilities sit on a dynamically updated platform built by Trueworld, accredited by institutions, and recorded to the blockchain using Gate2Chain.
The platform enables the vetting and validation of the environmental credentials of governments and industries in a move that is expected to bring unprecedented levels of accountability in tracking climate and environmental change.
By capturing what the team describes as the ‘vital signs of the earth’ and the inclusion of industry and company-level data, the world’s biggest companies will get an instant read on their sustainability and climate footprint.
This level of transparency at a global level has not been possible until now and can be visualised on a traced Digital Twin World ‘Observatory’ the team has built.