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CoinGeek Seoul Conference 2019
October 2, 2019, Gangnam-gu, Seoul, South Korea
CoinGeek Seoul Conference 2019
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Bitcoin SV: It's Time to Build
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About the talk

Topic: FinTech

In his inspiring opening speech for CoinGeek Seoul Conference, Bitcoin Association Founding President Jimmy Nguyen challenged the attendees to build innovative projects by harnessing the benefits of Bitcoin SV.

If you want to see more from other crypto leaders during the CoinGeek Seoul Conference, click here: https://www.youtube.com/playlist?list=PLTpDsXEwfAQpCTRMzdMNHoCh0tW6KL4Xq

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About speaker

Jimmy Nguyen
CEO at nChain Group
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Welcome and thank you for joining us here and the electric city of Soul As We Gather to continue building the future of money the future of blockchain and the future of digital technology all made possible by Bitcoins original design and protocol fact, finally in the form of Bitcoin SV vs V. Humans have always had it in our condition to build something new better to improve The Human Experience. It's been like that since the beginning of time. We build places to believe we build monuments in the sky. We build statues of Liberty. We build

Bridges to transport us. We build hours of business. We bills technology then new ways to compute. We build new methods to communicate and transmit information and we built a truly Global online Network that have the capacity and does everyday to connect the world and then one day somebody engenius designed and built this a new peer-to-peer electronic cash system a new world form of money a blockchain that had the power to enable every business application. You could think of

and that would be Amazing, but unfortunately over the past 10 plus years of Bitcoins history that potential has not been unlocked just like the world operates on a single Global public internet that we should be operating today on a single global data Ledger. That should be Bitcoin but across the past 10 years of History Bitcoin core btc's Network did not allow that to happen. They artificially crippled artificially limited literally the block size and data capacity of the network. So that Bitcoin could not fulfill its true potential to become

the world's data letters are for all Enterprises, but that's why Bitcoin SV emerge last November to reclaim this vision and this journey and we are here today to continue that process to build to unlock the potential in that block and let it grow and the blocks across an entire network and that's what we are going to be built. King on bitcoin SV the very best blockchain from miners developers Enterprises merchants and everyone so as We Gather for the next two days here at 20 weeks old to continue this journey, I want to take a moment this morning to

remember how we got here. What's a Toshiba vision is designing to make possible and then what all of you here in this room and all of you watching out on Livestream can build in this new future. So why haven't we gotten to the true Satoshi Vision? Well, all of you in this room have been watching the history and many of you out there know but it's really simple teeny teeny tiny blocks itty bitty blocks of BTC Network a lot of transaction volume of three transactions a second

ride maximum seven transactions a second nowhere near what you need to rival the global payment card systems of the world like Visa. Which take 2,000 transactions a second on average and it piqued 56,000 transactions a second. So this is a vision and what we haven't Bitcoin SV is really simple really simple my friends unlimited scaling. big block I Like Big Blocks because otherwise you have instances like this happening on the BTC Network where you have moments when there

is higher throughput where you have a backlog in the pool on April 4th and May 17th of this year. You could see the BET Network spiking up with 50,000 done confirm transaction that will not power a global money system. Let alone and Enterprise Ledger that the biggest businesses in the world can rely upon it also leads to higher transaction fees on the network with cease biking during the crypto craze in January 2018 to almost 40 US dollars to send a single transaction on the BTC Network and while it's come down since then on May 29th this year it was over $4 a

transaction and it's lower today. But that means that's a network with fees that are unreliable. You cannot have a money system to power the world or Enterprise applications without stability in fees and predictability and the efforts to create an alternate solution such as the lightning Network moving transactions off of the tangle break the crystal economic incentive model of Bitcoin, which is to provide Revenue to minors because they provide the computing power Securities to maintain the network without miners.

There is no Bitcoin and moving all of the transactions off of the chain into payment network channels with the miners are not getting all the individual transaction fees breaks. The one true genius of Bitcoin, which is his economic incentive model. And while the narrative now is BTC we've done something different Bitcoin. We know it can't be electronic cash. It can't be a global payment system for the world because it can't ask that quickly are chiefly. It's instead digital. hold a store of value well suppose you didn't write a white paper

called Bitcoin a peer-to-peer store a value system. He wrote a white paper that was Bitcoin a peer-to-peer electronic cash system. So well BTC may have other uses that are perfectly legitimate the original Bitcoin vision and design lives on only in Bitcoin SV so we don't have to go around acknowledging that we designed a blockchain network that can't really scaled and is now full as metallic blue touring is acknowledging finally out of cerium and acknowledging that businesses can't on board on to that blockchain project there

because it can't scale. So how are we solving that with Bitcoin SV? It's really simple as well. It begins with one fundamental tenet. belief We believe in the original design of Bitcoin and what is capable of doing and one of the best things is capable of doing is enabling micropayments and micro-transactions the average transaction fee now on the Bitcoin SV net worth is less than one-tenth of one u.s. Sent to send a transaction and that's still too high. We in the

Bitcoin SV World believe that number should get even lower and lower because Bitcoin SV has the capacity to scale very large with Big Blocks and therefore whole so much transaction capacity, but it shouldn't be infinitely cheap to transact because I said so she wrote over 10 years ago the very beginning of Bitcoins history. This should only be one Global chain that can surpass the Visa credit card networking capacity because Bitcoin as you see there it never really hits a scale ceiling and since Bitcoin SV emerge we have begun that Journey that road which continued just this

past. July 8th, July 24th with a quasar protocol upgrade which continue the journey to restore Bitcoins original protocol and design so instead of block app or a 32GB block cap on bch which isn't really used. We have a default block hard cap on bitcoin SV now of 2000 megabytes to gigabytes that is so much significantly larger, but it's nowhere near enough. But for now it's what is going to help show the world that Bitcoins original design works. It doesn't mean that we're doing mm Mega

Bloks to gigabytes instead. It's restoring the power to minors to choose. What is the block size that fits their Market forces an economic incentive So currently the mining pools are largely setting their hard cap at 256gb which is still so much larger than the other networks, and we've already seen blocked. Sing that full current capacity mind on the Bitcoin SV Network the largest ever Mind on any Global public blockchain. It's getting to the point where we see such large Watson bsv. It's a non-event. I know there's a community public stress

test going on starting last night and today as we speak and I saw this morning some hundred thirty-nine Mega Bloks remind I Almost Do you know why because look at this chart from blockchain showing the top 10 loss of in mind on bsv in descending order 256gb blocks on the top. You'll see on the far right? There's 248 248 217 210 and it keeps going down because it's a non-event. This is the way it should be an even bigger and in February of 2020 next year the Bitcoin SV no team will implement the all-important Genesis

upgrade what you hear about today bringing back this at Ocean protocol. Close as we can get it and one of the key elements there is completely removing any default hard cap. There will be no limited unlimited scaling capacity which is whatever the miners and the network will sustain that is critical to ensure that the Bitcoin Network survived with minor Revenue staying profitable because mine are Revenue includes two components in the block reward one a fixed subsidy amount for every Miner that wins a blocked as well as all of the transaction fees of

the individual transactions that get put into the block and Bitcoins history has largely ignored that second part, but that is critical to Bitcoins design and its future profitability because of the block reward halving about every four years that fixed subsidy amount gets cut in half. It started at 50 coins that I went to 25 currently. It's 12.5 coin next May gets cut in half to 6.25 coins. And then for you After that are really critical having down to 3.125 coins and so on so miners will not remain profitable by just depending on number go

up in price. We can't rely on that the toe shoes designed with something else the fixed subsidy as you see here and yellow will continue to get smaller. But then the miners Revenue would be maintained or even grow bigger by in green the transaction fees work to have to grow larger. And for the only way for that to happen is if you can fit more and more transactions into a blocked because we don't want transactions to be expensive. We want them to be really cheap. If you have fractions of a set for your transaction fee. You need to fit Millions. If not one day billions of projections

into block size. And that's what we are demonstrating is fully possible and Bitcoin SV the Bitcoin scaling test Network for Bitcoin SV has run stress test. In fact on July 20th. 12 consecutive blocks of the full current heart capacity there 12 GB were mine consecutively in a row without any problem and that's not even the most important part of the story the most important part of the story is this how much in fees did the winning minor get for those blocks at the full 2GB almost 40 coins. So that's 12.5 coins a fixed subsidy

+ / 27 additional coins. Once the block reward keeps cutting in half that is where miners remain profitable and provide the network for all of you to build upon. We're seeing this on a regular basis as well on August 3rd a very supportive member of China's Fiesta Vee Society ran his own stress test pumping 2 million transactions on to the main other than our building some blocks of 210 and 150. Megabytes 800000 + 700 Rosen transactions in those blocks. But again the key Point here isn't the number of transactions with the block size.

It's at the miners who won those blocks. More than the 12.5 coins. They got two point five additional coins for 15 because 56 now imagine once a megabyte block of Pastor gets larger and larger those total fees if they're filled up get more and more Bitcoin SV is the only blockchain project that will sustain Miner profitability in the future. You know, why we think about it we design for it. We encourage development ecosystem that generates High volumes of transactions to

ensure miners are here to provide the network and we believe in a day of such large block that will get to terabyte size block a million megabytes or your blocks are containing billions of transactions with capacity of millions of transactions a second to become true Leaf the world globe. Data Ledger, and the journey is already be getting an Earnest in Bitcoin SV short life. You'll see that the block size is on a daily average are increasing and the trend line as you can see here in red is going up BTC in yellow is staying at a nice very even one megabyte average in size

PCH and green. We don't need to talk about it. And that's also happening with a daily average number of Bitcoin transactions inside the block the number of transactions within the block is gradually increasing and you know what I love about these charts, even though there are some spikes because of stress test. I've always been the biggest advocate for organic growth organic development on this chain. We want a network a monetary system with Bitcoin SV which is stable which has True Value based on true utility not

speculative trading and requires organic growth. It also means the miners are waking up and the diversity of pools that are mining Bitcoin SV have greatly increase as you can see here a number of pools have started adding to the mix that coin game PST pool in N chains BMG pull start it and we're seeing more and more coming in because they realized Big Blocks mean big business including for minors. It means for Enterprise needs you can have greater throughput capacity cuz that's the biggest thing Enterprises talk to us about when they're exploring. What blockchain to work on. What is the

through Capac throughput capacity at 2GB block we estimate you can be doing 9 to 14,000 transactions a second depending upon the data size. That's good. But we need more and this is why Bitcoin SV he is also the only blotching project that is really providing the capacity to act as the global Enterprise blockchain so that it is more than just a money system. So that its data Ledger contains real. Value we are working so hard in the Bitcoin SV world to ensure that we meet Enterprise blockchain needs and you'll hear about this over the next two days. They

need a network that is scalable transparent with the date is audible verifiable High availability globally distributed immutable secure with fast finality low and predictable fees. You don't want unpredictable fees that is lawful regulation and business-friendly because the world will not come to a blockchain that is filled with Darkness. They want a blockchain ecosystem in which they can operate in the light with stability that's proven and verified with the capability to maintain privacy of data and also enable Smart contracts and tokens, you know where

they're going to find that they're going to find that on bitcoin SV as it continues. Its journey to become the new data carrier Network and expand into this mind-blowing proposition that. Craig Wright introduced to the world of medinet where the Bitcoin blockchain and its system to combine the power of both payments and data using the same data structure in the Bitcoin blockchain because if you hear from over the course of the conference likes to say what is bitcoin its data a bit and coin is money. So Bitcoin is simply data with monetary

value and we are the ecosystem that best understands that and is unlocking that secret in Bitcoin. And so that leaves me to what can you build on bitcoin SV as a developer Enterprises where you can build a lot and a lot of tools and resources have come online and just the 10 or so months since Bitcoin SV emergency maker of the peer-to-peer site keeps track of all of the development maintained by bsv does and the Agora site and so far there's over two hundred. Easy projects that have been launched online are provided to the world for Bitcoin SV

207 Services 42 different types of resources 18 different protocol layers and more and more coming every day. I watch what you all do online. It is thrilling. It's exciting and we are proud that you are here to continue the journey to build things like whether SV which you'll hear from their CEO during this conference creating huge amounts of transactions on Chain by leveraging the ability to record weather data such as where I live now Seattle United States of America and then find ways to create innovative business models about it more institutional approach has such as Drive

markets and institutions Exchange in Canada with tell her there's group invested in earlier this year in large part because they made a decision to build a new payments Network to transform how clearance and settlement happens with major financial institutions across the world and they're building it on the Bitcoin SV lock. You'll hear this conference from Conover the online game company from the United States that is using the Bitcoin SV block change record game data from this is popular cryptophytes can transform into future the whole world of Esports and the world of

casino games. Big boss is here to talk to you about its technology for gaming including using the Bitcoin SV blockchain to create a token I system for playing and paying for games and casinos and online even in the world of property. You're going to hear about amazing ideas for how you can use the BSB blockchain such as Japanese companies y space is experimenting with with a title registry and even use an earthquake detection technology from iot devices attaches to building to feed data to the bsv blockchain is here to

talk to you about being the Enterprise blockchain service provider using the BFG. Blockchain because of its data capacity and predictability and more importantly we're going to learn that it's time to change the cryptocurrency Paradigm for too long. People have bought activities on blockchain and cryptocurrency is about buying and trading and then holding to wait to see if you get wealthy that's not a money system Bitcoin was designed to be a new form of money. And what do we do with money? We earn it and then we use it. So the bsv ecosystem has

truly risen up to the call to create applications projects and ideas to create a circular ecosystem where the world including in the world developing countries earn and use bsv from their personal interactions from passive activity on their mobile devices and other devices from business models. I'm sure you will all think of that. I can't even dream of today. You'll hear from uptime SV the Caribbean Seas first hackathon on that very front creating distributed detection systems for website monitoring and intelligence and we've seen an entire ecosystem of

applications arrived within less than a year with bsv applications and projects that you everything you see on the screen in front of you. We're just getting started. All of these need more development they need more work. At the speed of what you are building has become breathtaking because we are all working together to build the best blockchain for miners developers Merchant Enterprises and everyone. It's part of our human condition in our Human Experience to always want to build

something bigger better that improves us that changes the nature of who we are and what we can do humans have always had that need to create and build we build monuments to the sky. We build walls to protect we build places to gather. because gifts to friends twinkle statues of Liberty, we build metropolises. We build Bridges and highways transport us we built our business. rebuild escalating marketplaces McGill architecture that inspires and then we build technology. We build two ways to compute

we build a medium broadcast. We build new method to communicate and transmit information. We build a truly Global online Network. Bellevue value the data reveals new ways to handle money and ways to pay your waist stock. building systems interact with the environment around us build a dazzling array of Digital Services that connects the entire globe and then one day someone is genius Bill something truly amazing a new peer-to-peer electronic cash to bitcoin blockchain a technology

platform to build everything and Bitcoins original design to toshiba's if it's back here on fire with Bitcoin SV It's time to build. What will you build?

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