The first CoinGeek Conference of the year is currently being held at Samsung Hall in Zurich and is being broadcasted live until June 10.
Jimmy Nguyen, founding president of Bitcoin Association, a Switzerland-based global industry organization pushing for the adoption of the BSV blockchain, gave the opening speech, which sums up why BSV is all about and its vision for the future. The popularity of Bitcoin in the past few years have engendered the creation of thousands of digital currencies; however, their use is only for investment trading and not for any other.
“There are now thousands of cryptocurrencies and many, many ledger projects yet with very little actual use beyond investment trading transactions. Around the world, I’m often asked by people, ‘What is the explanation for the price of Bitcoin and other digital tokens when so few people actually use the coins in daily life?’ And I tell them the truth, ‘There is no good answer.’ For most of the market, there is no good answer. But here at CoinGeek Conference and across BSV’s global blockchain ecosystem, we want to give you a good answer,” Nguyen eloquently said.
The answer to this is that while other digital currencies have neglected to maximize the utility of blockchain technology and have stagnated at being just another asset that can be traded like traditional stocks, BSV has continued to scale in order to accommodate huge volumes of data. And this can be used by diverse enterprises for a variety of utility applications. Scaling has also made it possible for digital payment transactions at micro and nano levels that allows for transaction fees to drop to a rate that businesses can make practical use of to streamline processes and improve data systems as the entire world collects data at a staggering pace and at a massive amount.
“It is necessary to handle this exponential growth of data usage we’re seeing. Every day over 306 million emails and 500 million Tweets, 95 million photos and videos posted on Instagram. Every one of you every day will generate 1.7MB of data every second of the day. And by 2025, it’s estimated that each human every day will somehow be generating 463 exabytes of data. And that is because of the proliferation of the Internet of Things,” Nguyen explained.
Scaling is the answer to this ginormous amount of data being generated on a daily basis. While BTC has stagnated to just 7,000 transactions per second (tps), BCH at 60 tps, ETH at 20 tps and PayPal at 193 tps, the BSV main network is averaging at 5,124 tps with its test network breaking records at over 9,000 tps and almost two million transactions in one block. Because these digital currencies’ volatile value and unscalability, transaction fees are high. For instance, BTC’s fees per transaction were at its highest $33.94 in April and at $4.33 in June, while ETH peaked at $69.92 on May 12 and leveled at $6.13 on June 3 of this year. BSV, on the other hand, had a median transaction fee of only $0.0001 on June 3.
In order to explain the significance of these numbers, Nguyen likens it to email. Imagine if the email network only allows a maximum of 7 emails to be sent globally every second, it would not have been able to scale to its current capacity of 2.4 billion emails per second. Likewise, it would not have grown to what it is today—a major tool for communication—if it takes $4.33 just to send one email. But with the BSV blockchain that continues to scale its data blocks at an immense rate, high transaction fees and big data are not a problem.
“And those blocks can contain more than just payments, they also contain the most valuable commodity of our digital economy—the new oil—data and data infrastructure. So many things given to own and monetize our own data, to send electronic cash person to person, peer to peer, anywhere in the world, transcending geographic boundaries, allowing us to have business and government services that are better, creating a universal source of truth that breaks down data silos and opens data transparency, improving the sustainability go our planet, creating new ways to think, cities, communities, homes, lives that are smarter, stronger, better. So many things given if we allow massive scale of blockchain and BSV. We ignite the power of data,” Nguyen concluded.
