Jimmy, the founding Chairman of the Bitcoin Association: 2020 is a crucial year and I am excited about the BSV Genesis upgrade | 2019 CHAINSIGHTS

Abstract : In Jimmy's opinion, Bitcoin has not expanded in the manner envisioned by Satoshi Nakamoto. BSV has now taken the cancellation of block size as the expansion route, and there is no limit on the number of transactions that can be processed until there is no limit at all.

ChainDD
ChainDD

Dec 19

"All enterprise applications can be completed on the only global public chain. Just like we operate a global Internet, having a global public chain, Bitcoin, and BSV (Bitcoin SV) is more meaningful than having 1,000 blockchains." Jimmy Nguyen, founding Chairman of the Bitcoin Association talks about how BSV (Bitcoin SV) unleashes the power of Bitcoin while attending the NASDAQ Trade Talks event.

How to "release"? Expand capacity first. In Jimmy's opinion, Bitcoin has not expanded in the manner Satoshi envisioned. BSV has now taken the cancellation of block size as the expansion route, and there is no limit on the number of transactions that can be processed. There are no restrictions on additional options such as tokens, smart contracts, IoT bandwidth, and supply chain management.

After 2019 T-EDGE New Finance Summit and CHAINSIGHTS FinTech and Blockchain China Summit, Jimmy had an interview with ChainDD(Wechat ID:ChainDD).During the tight interview time, Jimmy's viewpoint always revolved around "BSV expansion". He said that 2020 was a crucial year, and BSV expansion would be his most exciting and anticipated thing in 2020.

"BSV's mission is to make the original agreement larger and more effective. Therefore, we call this agreement upgrade a ‘Genesis upgrade of the agreement ’.” Jimmy said.

The following is an interview with Jimmy Nguyen, founding Chairman of the Bitcoin Association:

ChainDD: In 2019, blockchain and encrypted digital currencies are very hot. Are you optimistic that Bitcoin, a borderless digital currency, will surpass national sovereignty and grow into a universal digital currency?

Jimmy Nguyen: To be precise, I believe that Bitcoin is the original version of encrypted digital currencies, including but not limited to Bitcoin SV (BSV) which has gradually grown into a global digital currency.

But at present, Bitcoin's design is limited to its capacity and speed, which greatly limits its role in the global trading market. Therefore, it is totally insufficient for the concept of "globalization". The only way to achieve the "point-to-point electronic cash system" mentioned in the white paper without changing the protocol and security is to "increase the block capacity."

On July 24, 2019, BSV upgraded the protocol, adjusted the block limit to 2GB, and successively generated 180 MB and 210 MB blocks. The next year, we will achieve no block capacity restrictions. The Bitcoin white paper was written by Satoshi Nakamoto, but this is only a peer-to-peer system serving the encrypted digital currency world, not a truly global digital currency.

At the same time, I found that many countries are seeking to issue central bank digital currencies (DCEP). I believe this has a positive meaning for the entire world, but in my opinion, this does not solve the real obstacles to trading currencies. If the United States issued a digital currency based on the US dollar, Switzerland issued a digital currency based on the Swiss franc, and China also issued a digital currency based on the RMB, this means that people still need to trade currencies between countries. This is no different from our currency system today, and it just realizes digitization.

The encrypted digital currency that has really done global design is "Bitcoin". We welcome the issuance of sovereign digital currencies by central banks, but at the same time believe that BTC or BSV will combine countries with border restrictions together to serve everyone, including the central bank system.

ChainDD: What do you think about the development opportunities of blockchain technology in China?

Jimmy Nguyen: I believe that China's blockchain market is huge. I've been to more than half of the world and have communicated with people, companies and governments everywhere. However, in China, the blockchain is very active, and many large companies have shown strong interest in the blockchain field. In addition, the Chinese government has proposed to "use the blockchain as an important breakthrough in core technology independent innovation", which has injected strong leadership into the development of the blockchain.

I think China has established a technological environment for blockchain. China has top universities and excellent people. We have reason to believe that blockchain technology will nurture and innovate from young people. We need to make young people brave to break some restrictions with the support of capital and government.

In addition, some applications of blockchain technology are launched in government departments and have achieved great positive results in areas like personal identity management, customs tracking, voting system, etc.

Moreover, China's electronic payment system is absolutely leading in the world. You can use Alipay or WeChat to pay very conveniently. This is an achievement that the United States hasn’t done. Therefore, I think this is all the factors that China can lead or has achieved a leading role in the blockchain field. All countries in the world should think about how to catch up with China's leading position.

ChainDD: Do you think Facebook's Libra can impact China's advantages in the field of e-payment?

Jimmy Nguyen: I think Facebook's Libra project will not impact the leading role of China. At least, it will not pose a serious threat to WeChat payment and Alipay in the near future. At present, the launch of Libra is facing strong pressure from legislators and regulators, and many of their initial members of the alliance have quit. While this doesn't completely prevent Libra from launching, the fact is that Facebook is getting more censored because of concerns about data privacy.      

I would also like to say that the Libra project is not a blockchain project. It is a payment system composed of consortia, a closed-loop rather than an open financial system. Only companies participating in the Libra alliance can trade Libra's token in different applications, so it will reduce the universality of the Internet.

Therefore, in terms of payment, it is very difficult for Libra to compete with Alipay and WeChat payment. Maybe in the future they will become rivals, but I think it will take a long time.

ChainDD: Can you predict what is the most noteworthy thing in 2020?

Jimmy Nguyen: the most noteworthy thing in 2020 is the creation and upgrading of BSV. The BSV  node team will determine a stable version in early January 2020 (no later than the second week). Before the release of the stable version, we suggest that all nodes on the BSV production network (main network) should be upgraded as soon as possible and ready for hard fork activation on February 4, 2020.

Bitcoin protocol limits the capacity of bitcoin block. The mission of BSV is to let the original protocol expand the scale and play a role. Therefore, we call this Protocol "Genesis" (in Jemmy's view, bitcoin did not expand in the way Nakamoto envisioned). Therefore, our development team has been trying to be prepared for this. Just a few days ago, they released beta code for the upgrade. Tests will be carried out next month. The hard fork will activate on February 4. This means that we will try our best to restore the bitcoin protocol to meet the expectations of Nakamoto in 2009.

Second, we will completely remove all "Block Cap" (distributed computing system can not ensure consistency, availability and partition tolerance at the same time, so it is often necessary to weaken the guarantee of a certain feature in the design). Therefore, the block capacity of BSV will not be limited in the future. This does not mean that you can see huge blocks immediately, but that there is market power to determine the size of blocks. So, this is the most exciting thing for me in 2020.

Share to:
Related News

Share to WeChat