BSV Global Blockchain Convention Creates Awareness About Benefits Of Scaling

By Makkie Maclang

The inaugural BSV Global Blockchain Convention in partnership with CoinGeek to be held at the Grand Hyatt, Dubai on May 24-26, 2022 aims to create awareness about the benefits of a blockchain that can scale limitlessly. 

“As BSV has expanded so significantly since the last conference—mostly handling over two million transactions a day now—we felt that the Convention needed to offer a wider remit to its delegates. As larger companies and even governments become interested in the power of the BSV Blockchain, the Convention also needed to more directly reflect what is on offer in Dubai this May,” Calvin Ayre, CoinGeek founder and BSV Global Blockchain Convention producer, said. 

“I hope we educate these big consulting companies so that they understand what this technology can do, so they in fact, become evangelists for us when they are brought in to solve technical problems in big data,” Ayre added in a more recent interview. 

At the time Ayre made the statement, the BSV blockchain was able to complete two million transactions per day. At present, it is already handling over 10 million transactions in a span of 24 hours at a throughput of 50,000 to 100,000 transactions per second (tps) and completing 4GB data blocks. These numbers show how a blockchain can drastically improve over just a few months with the ability to scale unbounded. 

Since restoring the original Bitcoin protocol in February 2020, BSV has unlocked its ability for limitless scaling. Imagine vending machine that can process payments, dispense goods faster and hold more products over time. And as these vending machines are upgraded, products become cheaper. This is what limitless scaling can do. 

Bitcoin started with a block size cap of just 1MB at seven tps. While BTC, incorrectly deemed by many as the original Bitcoin, has remained at its starting point, BSV has broken away from it in order to realize the vision of Bitcoin creator Satoshi Nakamoto.

Satoshi has always said in emails and interviews that Bitcoin has to scale in order to survive and that it was created for everyone to use—not just the privileged few who can afford to buy it as speculative investment. And this is what BSV is committed to, and what the BSV Global Blockchain Convention aims to showcase. 

The three-day event packed with over 130 speakers will tackle how a scalable blockchain can provide more effective, more practical and longer lasting solutions to age old digital infrastructure problems that plague many big businesses across different industries. These include the following:

• How blockchain developer roles are jobs of the future and in high demand

• New developments in cyber security and blockchain

• Reinventing the streaming and virtual event space

• Innovations in identity management on-chain

• How Blockchain Technology and IPv6 and Web3.0 can combine to make a better internet

The Convention will be hosted by Switzerland-based Bitcoin Association Founding President Jimmy Nguyen. Bitcoin Association is a global industry organization that has continually supported and advanced the enterprise adoption of the BSV blockchain. 

On why the first BSV Global Blockchain Convention is being held in Dubai, Nguyen states that it is because the United Arab Emirates is a country that has embraced blockchain and other emerging technologies, which makes it the ideal place to hold such a grand blockchain event. 

“The UAE government has issued a directive that they want a significant portion—I believe over 50% of government transactions—on a blockchain by the year 2030. Similarly, in Saudi Arabia, they have a Saudi Vision 2030 to digitally transform the entire kingdom by 2030, diversify economic sectors and reduce reliance on the oil industry,’ Nguyen explained.

“All those things combined in both the UAE and the rest of the MENA region make for a very strong government directive to embrace all kinds of emerging technologies, for which blockchain is the data infrastructure that will underpin not just better financial systems, but AI, IoT, device management, robotics, autonomous vehicles, smart cities, smart community technology… All that needs a data structure to power it, as well as the ability to send micropayments to monetize it,” Nguyen added.

Earlier this year, Bitcoin Association has finalized a partnership with the University of Sharjah in the research and development of an academic certification and validation platform that will be built on the BSV blockchain. The R&D project will resolve the widespread problem of fake degrees in the nation—something that could become a framework that could be emulated across the globe. 

According to Dr. Al Hemairy, they chose to build on the BSV blockchain because it is the only blockchain that can provide them with the efficiency provided by big data blocks and instant transactions at fees of tiny fractions of a penny per transaction. 

“This is for many reasons. One is the large block size on the blockchain, which really fits the project scope. We need to write a large data set, including the transcript, academic credentials, student details and institution details, and maybe even module descriptions for each course the student has been taking through their academy journey, which requires a larger block size,” Dr. Mohamed Al Hemairy of the University of Sharjah, who is leading the project together with Dr. Manar Abu Talib, revealed 

“The transaction processing is very fast and this is one of the features and advantages. Also, the cost is not comparable with any of the existing networks, and for all these reasons together we selected the BSV network to build our system on,” Dr. Al Hamairy added. 

And these powerful capabilities are the reason why His Highness Sheikh Saud bin Saqr al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, the Ras Al Khaimah Royal Family and the Ras Al Khaimah Chamber of Commerce has patronized the BSV Global Blockchain Convention.

The Convention will also be livestreamed for free on its website to maximize awareness and educate those who cannot make it to the venue.