Huobi Japan has listed BSV blockchain with the trading pair BSV/JPY. This is the first time that the Japanese market has legal and regulated access to BSV blockchain. The listing is an important first step for the BSV ecosystem in Japan, as the country is a key market for technological innovation.
Huobi Japan – BSV blockchain enters a highly regulated market
The Huobi Group has a combined trading volume of about $4.5 billion Dollars. On top of that, Huobi Japan is the Japanese exchange with the most trading pairs in Japan. Its exchanges are regarded as secure, and the Group can confidently claim that its security technology remains uncompromised since the Huobi Group was founded in 2013.
Because Japan’s Financial Service Agency is regarded as highly selective and strictly controls any assets that are listed in Japan, the listing is also good news for the ecosystem around BSV blockchain. As the BSV blockchain is a vital part of many businesses and government projects, it welcomes and encourages reasonable regulation. A good regulatory framework curbs the possibility of casino-like speculation taking place.
BSV blockchain – ready for adoption in Japan
Traditionally, Japan is a market that is very enthusiastic about technology and one that has contributed significantly to the world’s technological advancement. Currently, blockchain is regarded as one of the key actors in deep tech next to AI and IoT. However, as most blockchains do not scale, the promises of blockchain technology – although widely propagated, have not been met so far.
With legal access to BSV, blockchain communities in Japan can now discover how BSV blockchain stands out in comparison to other digital assets. Key features of its blockchain are:
- massive transaction throughput
- smart contract capability
- microtransactions
Scaling to up to 50,000 transactions per second and beyond
In the project’s current state, BSV blockchain can already handle up to 50,000 transactions per second. That is, if the current system is tightly and properly managed. Going forward, the scalability of BSV blockchain will further improve as we move Terabyte size blocks and enable millions of transactions per second. So far, BSV blockchain has reached the record of processing 20 million transactions per day, and it will continue to set much higher records in the future.
Bitcoin as a Turing complete system
Contrary to the common misconception that BSV blockchain is not suitable for smart contracts, the blockchain is proven to be Turing complete. Combined with its massive scaling power, it is the number one candidate for hosting blockchain applications of any kind. A further advantage is that its protocol is set-in-stone, which ensures that any business or service that is built on the BSV blockchain will not need to be reprogrammed due to changes to the protocol.
Microtransactions
The original purpose of Bitcoin was microtransactions, as its inventor Craig Wright has pointed out on countless occasions. The Internet in its original design reserved a place for microtransactions, which the existence of the http status code 402 proves. Beyond the very design and structure of the Internet, microtransactions have the power to make existing business models much more efficient and allow entrepreneurs to create entirely new revenue models.
Beyond any price speculation, BSV blockchain has key value propositions by being used as digital cash. For applications, for micropayments and as a global peer-to-peer cash-system for the entire Internet. Thus, BSV blockchain can become a key asset to prepare Japan for Web3 transformation.