The hard fork produced a second blockchain known as bitcoin SV (the initials stand for “Satoshi’s Vision”).
And at the heart of the “BSV movement” is a company called nChain, which, according to CEO Jimmy Nguyen, is working to make bitcoin SV a global currency — one used by billions of people around the world regardless of their locations or credit histories. Nguyen claims that BSV is the only blockchain project with a scaling plan big enough to accomplish such a goal.
Speaking with Distributed, Nguyen said that the hash war of last November occurred for no other reason than to preserve the original design and protocol of everyone’s favorite cryptocurrency.
“BSV rebirths the original bitcoin,” he said. “Now that BSV is its own chain and token, I’m devoting much more time to acting as a global advocate for bitcoin SV. I’m speaking at worldwide events, talking with the media and speaking with enterprises about why they should use the BSV blockchain.”
Nguyen began his career in the 1990s as an IP and digital tech lawyer when the internet was first emerging as a mainstream tool. He said that he had clients in the gaming industry who were early adopters of bitcoin as a form of payment, as well as fintech clients who explored Bitcoin and built virtual currency products. Eventually, his curiosity and intrigue led him to join nChain.
“The company was being formed by people I had experience working with, and they asked me to take a role with the business,” he explained. “I didn’t necessarily seek out cryptocurrency; it just kind of found me. Now, I get a chance to work at the epicenter of bitcoin, which I believe will transform the world as electronic cash.”
Formed in 2015, nChain seeks to ease blockchain use for corporations, both large and small, and assist in their development of new products via the BSV blockchain. The company’s services are primarily suited for commercial enterprises and government institutions, though Nguyen claimed that its work will be felt by consumers worldwide if bitcoin and its blockchain become more globally used.
Among the company’s leading products is a new software-development kit known as Nakasendo, which contains software libraries to help application developers navigate blockchain networks and create projects with BSV. The present model focuses on providing a cryptographic library to allow for a more flexible method of key generation and sharing.
“The library can be used to improve security for a cryptocurrency exchange and, more broadly, for controlling access to any kind of digital asset or resource,” Nguyen said.
At the time of writing, nChain is working on a second edition of Nakasendo, which will contain more modules for developers to utilize. The product is now available for royalty-free usage on the BSV blockchain.
For 2019, nChain is looking to take its development of bitcoin SV to new heights by enabling it to handle bigger blocks and higher transaction volumes. According to Nguyen, recent tests have shown that the BSV network can handle transaction capacities larger than those of PayPal, and the team will focus on more technical solutions to achieve massive scaling.
The company is also working to remove any restrictions artificially imposed on the Bitcoin protocol to make the currency and its respective blockchain more feasible. So far, the team has lifted the limit of data sizes that can be embedded, which, according to Nguyen, has led to an “explosion of creative development projects.”
Lastly, the company will focus on supporting major enterprise ventures, like the real business usage of tokens and blockchain applications in the digital advertising and property sectors.
“We can’t reveal any projects right now,” said Nguyen. “But rest assured, we are currently talking to many companies about building on BSV. We know real value is created by real-world usage by real businesses and real users.”