Guest Post

Blockchain: The Invisible Trending Technology

If you’re just getting into Bitcoin and all the new terminology is overwhelming you, understanding exactly what blockchain is should be your first step. As the concept becomes clear, so too do the reasons why Bitcoin SV is the best blockchain solution out there.

Very simply, a blockchain is a chain of data blocks, with each block containing information about the proceeding block. Altogether, they provide a record of everything that has happened on that blockchain in time-stamped order.

Dr. Craig S. Wright, under the pseudonym Satoshi Nakamoto, created the first widely known blockchain with his release of the Bitcoin whitepaper in 2008. By combining blockchain with a distributed ledger technology (DLT), he introduced the world’s first peer to peer electronic cash system and the possibility for much more.

The Bitcoin blockchain created a public, immutable record of transactions. Every transaction would be recorded to publicly viewable blocks, rather than a third-party privately controlled solution, and could then be checked against by all parties for a perfectly trustless system. The blockchain allowed Bitcoin to become the record of truth for the world.

This made Bitcoin a popular option as a digital currency, but it also made it much more. As the blockchain itself is a record of data, it allowed Bitcoin to become a public database or data ledger for enterprise usage. Users and businesses could write their data to the Bitcoin blockchain for safe keeping.

The information on the blockchain does not have to be encrypted but it could be if the user requires it to be. Normally the information is stored in hashed plain text which is public. And because the blockchain is immutable, it becomes a history of truth for the world to check again, removing any possibility of corruption.

Craig Wright and Bitcoin SV

Unfortunately, for years after Dr. Wright put this innovation out into the world, bad actors constrained its possibilities by keeping block sizes small. Smaller block sizes would shield the blockchain from enterprise interest, as it would be incapable of handling large transaction volumes or business data. But thanks to Bitcoin SV(BSV), Bitcoin is returning to its original vision.

BSV has unleashed the unlimited scaling possibilities of the blockchain, allowing block sizes to grow to any size necessary to handle the volume. While other blockchains have intentionally kept block sizes as small as a couple of MBs, causing high transaction fees and limiting potential.

BSV has already seen block sizes of over 300MB in the wild, containing over a million transactions each. The Bitcoin SV blockchain has unbound scaling ability, it will eventually have terabyte sizes blocks of data stored on it.

BSV has returned the Bitcoin blockchain to its original possibilities: miniscule transaction fees data storage capabilities, a usable micropayments network, and an accessible record of Truth for the world.

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Diana Dsouza

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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