BSV Blockchain recently held a technical meetup in Mallorca, Spain to discuss some of its upcoming projects and ongoing developments. The technical meetup was organised by the team at Gate2Chain with the aim of introducing developers to the technology and teams working on ARC and SPV Wallet.
Several other important technical topics were also covered at the event, including:
- BSV Blockchain road map and deep dive into ARC and SPV Wallet
- The sCrypt smart contract toolbox
- STAS tokens
- WhatsOnChain explorer services
- TAAL mining and platform services
- BSV Libraries
- BSV Blockchain aligned with CDBC requirements.
The BSV blockchain is the only public blockchain capable of scaling to meet the demands of enterprise-scale applications and was designed to function as an extension of the Internet that allows for peer-to-peer payments and complex data transfers without intermediaries.
‘The event in Mallorca was a tremendous opportunity to showcase the ongoing work on ARC and SPV Wallet as well receive vital feedback from developers and the wider ecosystem,’ said Martin Coxall, Marketing Director at BSV Blockchain. ‘We are incredibly excited about what the teams are working on and we cannot wait to show you more in 2024.’
‘This technical meetup was a terrific showcase of the ongoing work on the BSV blockchain and the exciting upcoming projects within the ecosystem, said Bart Olivares, CEO and founder of Gate2Chain. ‘Collaboratively, we are embarking on groundbreaking efforts to reshape the Internet as we understand it. The traditional concepts of ownership and revenue generation have evolved and we are actively contributing to this transformative shift.’
A full summary of the presentations and discussions will be available in the coming weeks.
An introduction to ARC
ARC is designed to connect to every mining node on the network and includes peering logic, retry logic for transaction tracking, transaction validation, and an API for clients. It also calculates Merkle paths for broadcasted transactions. ARC’s microservices include the API server, validator (with the ability to scale for increased workload), metamorph for managing changing transaction statuses, and a peer manager to handle connections.
Additionally, ARC stores a new format of blocks containing transaction IDs rather than full transaction data. This architecture aims to enhance transaction reliability and efficiency in the Bitcoin network. ARC consists of four microservices: the API, Metamorph, BlockTX and Callbacker. You can find out more about ARC here.
Understanding SPV Wallet
SPV Wallet allows exchanges to validate their subset of transactions by leveraging Merkle proofs via block headers, and the ability to check unspent transactions on the blockchain. This approach eliminates the need to run a full node, which can cost thousands of dollars per month.
By utilising SPV Wallet infrastructure, exchanges can significantly reduce their running costs by approximately 100 times at the moment. Simultaneously, they can still ensure the validation of transactions efficiently and securely.
The key advantage of SPV Wallet is that it enables businesses to scale with the volume of their transactions rather than the total network volume. This scalability is crucial as more businesses adopt blockchain applications. You can find out more about SPV Wallet here.
Props for BSV community leadership
The BSV Blockchain recognises Ramon Quesada for his valuable participation in this events as well as the several BSV meetups he’s hosted over the years. Kudos for being one of the main leaders in the BSV community for Spain!
About Gate2Chain
Gate2Chain is a software development company, specialising in blockchain technology, dedicated to driving innovation across multiple industries. Gate2Chain is working across multiple projects with international companies like IBM.