Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-graphql domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114
Stability and scaling on the BSV blockchain

My Blog

Stability and scaling on the BSV blockchain

Another important aspect of the BSV blockchain is the stability not only for people, businesses and governments using it today - but also a decade from now.

Blockchain’s ability to scale and remain stable is the bedrock upon which the widespread adoption and sustained success of blockchain applications rest. This is the view of Connor Murray (Head of Protocol Stability at BSV Blockchain), who was speaking on the sidelines of the London Blockchain Conference 2023.

As the demand for these solutions grows, the importance of scalability becomes paramount, ensuring that blockchain platforms can accommodate a burgeoning user base, process transactions efficiently, and maintain the fundamental principles of security, he said.

‘The reason why that’s important is because we want to bring large corporate enterprises into blockchain technology and enable them to build their businesses. So scalability is important but also stability. So we need to have a stable protocol that businesses can build on top of,’ he said.

The importance of stability on the BSV blockchain

Another important aspect of the BSV blockchain is the stability not only for people, businesses and governments using it today – but also a decade from now, said Murray.

‘So stability is important in Bitcoin because I can create a transaction today that I don’t broadcast to the network. I could put it under a mattress, metaphorically. So let’s say I wanted to hand down bitcoins to my children in a trust.’

‘Well, maybe I wouldn’t broadcast the transaction today, but in ten years. So without a stable protocol, there’s a chance that I could build a trust, try to broadcast the transaction and make that payment in ten years. And if the protocol is changed, that transaction won’t be valid,’ he said.

Stability and stewardship go hand in hand

Murray noted that while stability is paramount, it also goes hand-in-hand with the BSV Blockchain’s stewardship role.

‘Basically, what has been created is a gigantic financial system that has billions of dollars of value locked up in it. So with a proper steward, we are ensuring that the protocol is stable and that no tinkering happens,’ Murray said.

‘We’re keeping financial stability in the network. So, what we don’t want is, for example, the whims of some central developer group coming in, changing the network, changing the protocol rules, and causing billions of dollars of financial damage to potential corporations, and users – things like that.

‘Stewardship is basically here for us to accomplish two main tasks, to have stability to the protocol and also to enable massive scalability so that it can be used by the world.’

BSV Blockchain is pro-regulation

BSV Blockchain is pro-regulation and believes that the global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with legal compliance by industry participants.

To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, BSV Blockchain regularly engages with leading policymakers to advise on the development of positive policy.

Regulation provides clarity on legal obligations, encouraging compliance, good governance, and accountability. It also fosters innovation and market development by providing a clear legal framework, building trust, and attracting investment.

Ryan Brothwell

, ,
, , ,