‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.

October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV alpha client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?

The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.

“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”

With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months.

“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.

Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the halving event is set to take place, the network needs to start scaling now.

For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”

Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.

“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.

In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.

Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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An evening of blockchain and Bitcoin Cash with nChain and Dr. Craig Wright recap

On the evening of October 4th at the St. David’s Hotel in Cardiff, nChain’s Jimmy Nguyen and Dr. Craig Wright keynoted an evening of Blockchain and Bitcoin BCH education, hosted by IP law experts, UDL.

After enjoying a happy hour session of cocktails, nibbles, tea and coffee, Blockchain and Bitcoin BCH enthusiasts from across the UK, Spain, Slovenia and beyond gathered for a short refresher on why Blockchain and Bitcoin BCH are set to change the world with Nguyen, a lesson on economics and how BCH fits in with Dr. Wright and a fruitful Q&A session with both experts covering more specific topics of interest from the audience.

Nguyen’s “The Power of Blockchain and Bitcoin Cash” presentation was high-energy and entertaining as always, highlighting the point that companies want to be the Netflix and not the Blockbuster of their industry and the key in doing so is by staying on top of the latest technology.

Nguyen walked the audience through Blockchain basics, explaining how Blockchain tech is a ledger system or a record keeping system, but without the intermediaries.

“Think of it is a big, giant excel spreadsheet in the sky, maintained by nodes and servers that are distributed throughout the world,” Nguyen explained.

He then went on to explain why Bitcoin Cash is going to be the leading, if not the only, Global Public Ledger. “Bitcoin BCH is the true Bitcoin and should be used every day, its fast, cheap and easy to use,” he said.

With Smart Contracts and Tokenization on the way, Bitcoin BCH is the “all-in-one” coin, the ledger of the future, Nguyen explained. Use cases for BCH and smart contracts include:

-IP registry

-Music & Content Rights Management

-Insurance information

-Property titles

-Smart insurance policies- no need to submit a claim!

And nChain is creating the building blocks to accomplish the above, he said.

Towards the conclusion of Nguyen’s presentation, he touched on Bitcoin SV, a new software implementation publicly supported and spearheaded by CoinGeek and nChain, a software implementation that is unique in fulfilling Satoshi’s vision.

“We believe Bitcoin needs an open protocol that is stable, scalable and secure,” Nguyen explained.

“We believe that path to that is Bitcoin SV. We want to put the control in the hands of the miners. Lets stop playing around and experimenting with the Bitcoin protocol. If we do that, we will unlock the full power of Blockchain. The BCH protocol needs to be built on solid rock, not sand, for global businesses to build on top,” he said.

Wright’s presentation echoed Nguyen’s call for Bitcoin SV support, explaining if you want to build a stable business, you need a stable protocol. He said a business needs certainty and if you create an app, a smart contract as a service, you need to know if will be valid in three, five or even ten years.

“Bitcoin is not just money…it is the foundation for everything that we see. Bitcoin was always the future—some want to stop this, it cannot be stopped. It’s a better technology—we’re going to stop it where it is and let businesses grow,” Wright said.

During the Q&A session with Nguyen and Dr. Wright, the role of miners in the Bitcoin BCH ecosystem was mentioned throughout with both parties emphasizing the vital importance of “miners choice” in bringing the Bitcoin BCH chain forward.

In response to concern from the audience that there could be a chain split due to disagreements over the direction of Bitcoin BCH, Both Dr. Wright and Nguyen independently said nChain does NOT want a chain split and Bitcoin SV’s intent is NOT to create a new token or a new coin.

“We are doing this to create a new choice for miners for implementation for Bitcoin Cash, one that doesn’t change,” Nguyen explained.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Jimmy Nguyen tells BCH Boys: Scalability is the pillar of Bitcoin SV

The BCH Boys, Bitcoin BCH enthusiasts who are on a mission to introduce the cryptocurrency to the world, sat down with nChain’s Jimmy Nguyen for an interview on Wednesday. They talked about projects being worked on at nChain, as well as what is in store for the future. A significant amount of time was utilized to cover the upcoming network upgrade in November and the role Bitcoin SV plays in Bitcoin BCH’s future. The interview is available on YouTube and is an invaluable tool for understanding what’s really going on with the Bitcoin BCH blockchain.

Nguyen leads in by providing some background behind why Bitcoin BCH was necessary. Many in the early cryptocurrency community recognized that Bitcoin Core (BTC) developers were not adhering to the digital currency guidelines that were presented by Satoshi Nakamoto, opting instead to develop their own crypto playground. These individuals pulled together to ensure that the true digital currency envisioned by Satoshi could live on and it does—only through Bitcoin BCH.

He points out that developers have a tendency to want to change things up every few months and are making network alterations that are neither requested by the community nor warranted. These developers are trying to take control of the blockchain when, in reality, the entire community rightfully needs to be in control—hence, a decentralized network. As Nguyen poignantly stated, “[The blockchain] is not a place for experimentation.”

Miners have the most at stake with a blockchain. They’re the one that drive the network’s success. Without miners, there is no blockchain. In order to ensure that mining will be able to continue as the network continues to become more popular and halves every few years—a process that is built into the system—it is important to offer them an incentive that allows for mining to remain economically viable.

This is where Bitcoin SV comes in. Bitcoin SV is a full node implementation of the Bitcoin BCH protocol and is being developed in order to give miners a choice. It will provide stability, scalability and security—key factors in a blockchain’s long-term success.

The other benefit to Bitcoin SV, and probably the more important benefit, is what it will mean to big business. Businesses won’t accept any platform— blockchain or otherwise—that is constantly being tweaked and manipulated based on the whimsical desires of developers. Business owners want to know that they can rely on the platform to carry them five or ten years into the future. This won’t be possible with the current makeup of any blockchain.

Says Nguyen, “Scalability is the pillar of Bitcoin SV.” He explains that nChain, along with industry experts, conducted numerous tests to determine what is necessary now in order to be prepared for the future. All of the models— pricing, transaction composition and different economic factors—show that the minimum block size needed in two years will be at least 200MB, if not more. In order to reach that level, scalability has to begin today.

In order to ensure that Bitcoin SV is viable as a secure and stable system—requirements for both miners and businesses—nChain has brought in teams of independent auditors to review and test the code, it is offering bug bounty programs and participating in a gigabit testnet. All of these activities will help ensure the strength and integrity of the Bitcoin BCH blockchain.

Wrapping up, Nguyen touched upon the upcoming CoinGeek Week Conference on Nov. 28-30. He mentioned that there would be some exciting announcements made during the event from nChain and other Bitcoin BCH companies that are sure to make enthusiasts happy. Tickets to the three-day conference are still available via Eventbrite.

Bitcoin BCH has the ability to change the world. There are many in the ecosystem that are working hard to bring about positive change, but it can only happen if everyone understands what cryptocurrency is to be used for—a decentralized, peer-to-peer digital currency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Jimmy Nguyen: There are too many tokens in the world

In this interview with CoinGeek’s Becky Liggero, nChain CEO Jimmy Nguyen shares his thoughts on how to spread the word about Bitcoin Cash (BCH) around the world.

nChain CEO Jimmy Nguyen sees much promise in how blockchain technology is going to change industries.

He said, “We think the power of the Bitcoin Cash blockchain is not just as a payment system, a currency that we can use to buy and send money, but to transform all kinds of technical functionality. And one of the great things it can do is transform trade, which will pave the way for smart contracts, all kinds of tokenization of any asset, financial instruments, rewards tokens, physical assets, and if you imagine a later world, if you could tokenize any asset, you will allow that to be traded for a different asset or variations of the same asset.”

Speaking from Kigali, Rwanda, Nguyen acknowledged the potential of blockchain in transforming the developing world. Tokenization of assets, he says, is “valuable for a lot of the world. I think that’s especially valuable for territories like Africa, because it breaks down borders and it allows them to sort of leapfrog into a new technology wave.”

There’s one thing though that bothers him. “There are—and I’m going to say this to the whole world—too many tokens in the world! I think there’s too many. We’re not opposed to people creating new tokens but we always say—and I get asked for nChain’s purposes to invest in a lot of ventures—I always look at them and say, ‘Is there a need for your token besides just being another way to pay for something, or just to raise money for your venture, to replace venture capital fundraising?’ I would like to see a world where tokens are done on the Bitcoin Cash chain, and if they’re done, that they have some utility function that can’t be done on the underlying Bitcoin Cash chain to begin with,” Nguyen said.

As head of a global leader in the research and development of blockchain, Nguyen seen some hurdles to application of the technology in the world. The first one he enumerated was the education of developers.

He said, “There’s too few qualified blockchain developers in the world. There’s a shortage. We’re trying to train more through programs such as what we’re doing with Stack Lab and CoinGeek in Iloilo, Philippines, training next-generation blockchain developers on Bitcoin Cash. So that takes partnerships with universities and training programs.

“Secondly, I think we need more partnerships with people, operators who want to run exchanges, especially in territories like Africa. There’s only three countries in Africa now where there are online exchanges for cryptocurrency. To make it more accessible to the world, the community needs to partner with more people who are willing to be operators of exchanges.”

Nguyen noted, “Finally, we need to partner with legacy businesses. The power of blockchain technology is that it creates ways to better solve problems that exist in our world today, eliminating intermediaries, make things more efficient, and the best way for blockchain ventures to do that is to actually partner with big legacy businesses, because you could help solve their problems. So that’s why we’re looking for partnerships like that.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright

Join trade mark experts UDL for an evening with nChain, global leader in the research and development of blockchain technologies, and ardent advocate of Bitcoin Cash (BCH). The event will be held at The Principal St David’s Hotel, Cardiff at 630pm.

The chief speakers will be nChain Chief Scientist, Dr Craig Wright, who has been involved in Bitcoin since the beginning, and Jimmy Nguyen, who has served as nChain Group CEO. They will share their vision for where this technology can take us in the future — not just as a cryptocurrency, but as a powerful new data network which can revolutionise our world in so many ways. Tickets are priced at £20 but after costs, but profits will go to UDL’s charity of the year, Mind. Find out more about Mind and mental health here.

You will hear from nChain leading executive Jimmy Nguyen speaking about: A bComm world and how Bitcoin Cash will power the future of bCommerce. Learn how Bitcoin Cash (BCH) has the power to change transactions fdor the benefit of both the customer and the merchant, how regulation fits into that vision, and why mass adoption of Bitcoin Cash matters around the world.

Hear from Dr Craig Wright, Chief Scientist, nChain Limited speaking about: The power of Bitcoin Cash for merchants and other enterprises. The discussion will cover questions such as; why merchants and other enterprises should choose Bitcoin BCH over the segwit Bitcoin, or, indeed other cryptocurrencies.

After their presentations, there will be an interactive interview andparticipants will also be able to engage in a Q&A with two of the most important figures in the Bitcoin world. Tickets are on sale here (with profits going to mental health charity Mind).

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright appeared first on Coingeek.

Read More

An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright

Join trade mark experts UDL for an evening with nChain, global leader in the research and development of blockchain technologies, and ardent advocate of Bitcoin Cash (BCH). The event will be held at The Principal St David’s Hotel, Cardiff at 630pm.

The chief speakers will be nChain Chief Scientist, Dr Craig Wright, who has been involved in Bitcoin since the beginning, and Jimmy Nguyen, who has served as nChain Group CEO. They will share their vision for where this technology can take us in the future — not just as a cryptocurrency, but as a powerful new data network which can revolutionise our world in so many ways. Tickets are priced at £20 but after costs, but profits will go to UDL’s charity of the year, Mind. Find out more about Mind and mental health here.

You will hear from nChain leading executive Jimmy Nguyen speaking about: A bComm world and how Bitcoin Cash will power the future of bCommerce. Learn how Bitcoin Cash (BCH) has the power to change transactions fdor the benefit of both the customer and the merchant, how regulation fits into that vision, and why mass adoption of Bitcoin Cash matters around the world.

Hear from Dr Craig Wright, Chief Scientist, nChain Limited speaking about: The power of Bitcoin Cash for merchants and other enterprises. The discussion will cover questions such as; why merchants and other enterprises should choose Bitcoin BCH over the segwit Bitcoin, or, indeed other cryptocurrencies.

After their presentations, there will be an interactive interview andparticipants will also be able to engage in a Q&A with two of the most important figures in the Bitcoin world. Tickets are on sale here (with profits going to mental health charity Mind).

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright appeared first on Coingeek.

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