Bitcoin Association Founding President Jimmy Nguyen is one of the keynote presenters at LEAP 2022, one of the biggest events centered on emerging technology, held at the Riyadh Front Exhibition and Conference Centre from February 1 to 3.
Bitcoin Association is the global industry organization that supports and promotes the adoption of the BSV blockchain. Attended by over 40,000 people from all over the world, Nguyen delivers a compelling keynote speech at the main stage to a full audience on the second day of the event by illustrating exactly how the BSV blockchain can build a better world.
A Timestamped Server
Nguyen starts off by providing a brief history lesson on how time has been measured throughout the centuries—showing not only its importance but time’s crucial role in tracking progress.
“Time is something humans have always had a fascination with. We created in ancient times stone structures to measure equinoxes and solstices directed with the sun, and in ancient Egypt, they created the sundial to measure sunrise to sunset in twelve equal parts,” Nguyen said.
“Time became much more mechanical in our ability to measure it, even getting to the point of creating an atomic clock in the 1960s, so accurate it could measure time down to the millisecond across hundreds and hundreds of years,” Nguyen continued.
Now, to some, it may not make sense how time is related to blockchain technology. But Nguyen succinctly points out that blockchain is essentially a timestamped digital ledger, and it being timestamped is crucial to providing immutability and transparency to data, as each transaction is recorded in a chronological manner, providing a complete history that cannot be altered or manipulated.
“Across all this measurement of time, one key thing is important: time allows us to provide order to events. It is that order that allows us to detect truth and prevent dishonesty and fraud by detecting changes in the order of events. And it is this power of time that actually underpins blockchain technology,” Nguyen revealed.
Restoring the original Bitcoin protocol also unlocked the BSV blockchain’s capacity for limitless scaling. This literally means that there is no limit to the blockchain’s data blocks and throughput, which is measured by how many transactions can be completed per second (tps).
To quantify this, BSV miners are already preparing to increase the block size hard cap to 4GB and it is a regular occurrence to process millions of transactions on a daily basis at up to 50,000 tps. The upcoming release of the Teranode project will then further increase throughput to over 100,000 tps.
As the network scales, these numbers will only go up until it reaches terabyte-sized blocks and billions of tps. This does not only mean that the BSV blockchain becomes more efficient in processing payments and other enterprise-grade data applications and solutions on a global scale, but it also indicates cost efficiency. How so? As block size and throughput increase, the fee per transaction only goes down further.
“You cannot plan a mass scale blockchain application for a company, a country, or the world if you don’t know whether the transaction is going to cost on any given day $3 or $70. On BSV, the median transaction fee is 1/25th to 1/100th of a U.S. cent—almost free… That means you can create a network for all sorts of data, not just a payment transaction, on the blockchain,” Nguyen revealed.
Evidence of this is the hundreds of applications and platforms that are already operational and currently being built on the BSV blockchain that serves a myriad of global industries, such as government, banking and finance, healthcare, supply chain management, gaming, and social media, to name a few.
The Future of BSV in Saudi Arabia
The association has been busy bridging the gap between blockchain technology and the Middle East over the past year, and it seems that it has come to fruition as Nguyen surprises the audience toward the end of his keynote presentation by announcing that an agreement has been reached to launch the BSV Blockchain Academy in Riyadh.
“We will also be signing a memorandum of understanding with the Saudi Digital Academy and the Ministry of Communications and Information Technology to launch a full-scale BSV Blockchain Academy based here in Riyadh,” Nguyen announced.
“Using time, blockchain organizes the world with a new way to record payments and data. For a long time, blockchain’s power has been restricted by those who believed it could not scale. It is time to create a more advanced Saudi Arabia and a better world with the BSV blockchain,” Nguyen ended.
Although Nguyen certainly knows how to dramatically bring his point across to the audience, there is no exaggeration with what he stated in his keynote presentation.
Everything is backed by facts and numbers simply because blockchain, when developed right, can become the new Internet—a technology that will revolutionize systems and processes to maximize profits of businesses and will usher in a new era of living, just like how the Internet has done.