Publication time: September 4, 2020
Source of information: CoinGeek.com
Jimmy Nguyen, the founding chairman of the Bitcoin Association, recently participated in Nasdaq's TradeTalks, where he talked about how Bitcoin SV is driving the next revolution in Internet commerce. In an interview with Jill Malandrino, Nguyen explained how BSV's massive expansion and extremely low transaction fees can solve the failure mode of today's Internet companies.
".@BitcoinAssn Founding Chairman@JimmyWinSV participated in @Nasdaq #TradeTalks hosted by @JillMalandrino, and discussed how blockchains like Bitcoin SV can achieve the next generation of Internet business transformation #BSV https://t.co/m98tHagxNk
— TradeTalks ( @TradeTalks) September 2, 2020"
"Our simple vision is to allow the blockchain to expand on a large scale, and to provide support for all commercial applications, consumer applications and payments in the world. Therefore, this is a great blockchain for the world, a grand vision "Nguyen said.
He studied in depth why no other blockchain network can solve the current challenges facing Internet companies. Take Ethereum as an example. It is struggling because of its inability to expand. The continuing DeFi boom has exposed this challenge, and the cost of each transaction has soared to more than $10.
"This is not the way a blockchain network that supports a large number of commercial transactions should take."
Nguyen revealed that the Bitcoin SV ecosystem is continuing to grow rapidly, with more than 400 companies, companies and projects based on BSV worldwide. These companies include both small start-ups and large enterprises, such as EHR Data in the United States, which is using BSV to solve the fatal opioid crisis in the United States.
Nguyen also explained how BSV will promote the next revolution in Internet commerce. In today's world, most Internet services claim to be free, such as Facebook, Twitter, Google, and other similar platforms. However, these companies collect data and use it to monetize. This business model has caused considerable controversy, especially for companies like Facebook.
Bitcoin SV is shifting companies from this model to a model where users own their own data.
"The idea is to realize all online and digital behaviors through micropayments between me, you, and all companies that want your attention and access to your data. […] Metanet's vision is to use the BSV blockchain, Not only can we manage the data we generate every day, but it also has the ability to make small payments to monetize all these data," he explained.
When talking about the impact of COVID-19 on the BSV ecosystem, Jimmy revealed that as people seek contactless payment systems, the development of payment processing services is also accelerating. However, the developers did not stop there, but continued to build other functions on the basis of the digital wallet. The most important thing is identity management. There are many wallets that allow you to access other platforms, such as social media accounts, Airbnb, and so on.
"This is really a very grand vision." He concluded.
In August 2019, Jimmy explained in the show how Bitcoin SV realized the original Bitcoin vision. A few months ago, he was also a guest show, in which he talked about the need for supervision of the blockchain industry.
Currently, more than 400 projects worldwide are built on the Bitcoin SV blockchain. With rock-solid agreements and declining transaction fees, the Bitcoin SV ecosystem has developed rapidly, and we look forward to more unprecedented commercial applications in the future.