Bitcoin Association Year 2 Annual Report Highlights Big Breakthroughs for Bitcoin SV Amid Global Upheaval of 2020
Busiest 12 months to date Bitcoin SV, as blockchain and the larger ecosystem continue to move into the global mainstream. Coinciding with a year of significant economic and social upheaval across the world, the challenges of the pandemic have in many ways helped accelerate the journey to blockchain technology, with Bitcoin SV continuing to lead the charge as a blockchain. company of choice.
Bitcoin Association published their Annual Report Year 2 (2020), examining Bitcoin SV’s progress during these most difficult years. In his message from the president, the founding president of the Bitcoin Association, Jimmy Nguyen, said that the organization and the BSV ecosystem as a whole have made great strides during the period.
âAs an organization, the Bitcoin Association has made great strides after transitioning to its new Swiss not-for-profit structure, adding top-notch talent in several key departments, as well as establishing important frameworks and platforms. -forms for the future growth of education, politics, media and development spaces. “
âIn 2020, we also witnessed the maturation of several BSV companies, with start-ups becoming scale-ups, to support the emergence of new entrants in new vertical sectors – all demonstrating in different ways the potential for disruption. offered by blockchain technology.
The Bitcoin SV network progressed through several key development phases in 2020, starting with the rollback of the Genesis protocol in February, which first introduced the power of unlimited scaling with the removal of size. of the hard cap block. This set a new world record in May for the largest block ever processed on the BSV network, with 1.3 million transactions for a block size of up to 369MB.
The release of Rails in September made nanopayments viable for the first time, allowing transactions as small as a single satoshi to be processed in a feasible way over the network. Mid-November saw the launch of SPV Channels CE v1.0.0, introducing a series of new use cases based on true P2P transactions.
Overall, the report says 2020 has been a strong year for the network, reflected by strong usage statistics, high average block sizes, and transaction volumes that outperform other networks.
On the event side, the Bitcoin Association and CoinGeek started the year on a high note, with in-person events in London, China and Slovenia. However, with the onset of the coronavirus pandemic, a pivot to online events was needed. In the new webinar format, the Bitcoin Association and CoinGeek were able to adapt to host some of the biggest BSV community events to date, including CoinGeek Live.
Broadcast from studios in New York and London, the event drew some 30,000 delegates from around the world, themed âOne World Chainâ, connecting the world through Bitcoin SV.
A series of other events, webinars and virtual meetings took place throughout the year, reflecting the growth in interest in Bitcoin SV in 2020. The schedule for 2021 is expected to be even bigger.
By the end of 2020, the ecosystem had surpassed some 400 companies, only the second full year since the start of the Bitcoin Association. The numbers reflect the rapid pace of development within the BSV community during the period, supported by the Bitcoin Association’s work to raise the profile of the technology in developer, corporate and academic spheres around the world.
A number of mining pools expanded their scope to cover BSV during the period, as well as an increase in the number of custodial service providers and institutional portfolios, including Fabriik, Swiss Bitcoin and Bequant.
2020 also saw progress in technical standards, following the establishment of the Bitcoin SV Technical Standards Committee end of 2019. The January 2020 training workshop saw the team come together to shape their mission. In June, Steve Shadders, CTO of the Bitcoin SV infrastructure team, was appointed committee chair for a three-year term, alongside ten other founding members appointed for an initial three-year term.
The Technical Standards Committee was created to establish common standards and principles of access and interoperability, with the aim of facilitating industry participation to ensure the most concrete standards for the development of BSV.
Education and Public Policy
Bitcoin Association has invested heavily in the creation and launch of Bitcoin SV Academy, a central knowledge and learning resource for training developers to build Bitcoin SV.
Along with this resource, the Bitcoin Association has also worked closely with academic institutions including Cambridge University Metanet Company, Renmin University in China and the creation of the very first Massive Open Online Course (MOOC) in Bitcoin SV, in partnership with Saxion University of Applied Sciences in the Nederlands.
Public policy and China
The report highlights the Bitcoin Association’s continued efforts to advise and shape policy direction through its work on public policy, another important area of ââgrowth in 2020. During the year, the group worked with a major company Washington DC-based public relations officer to help represent the interests of the BSV community, while raising the profile of Bitcoin SV more broadly.
The Bitcoin Association was also drafted to help shape legislation in Antigua and Barbuda in the form of the Digital Assets Bill 2020.
The organization has also focused heavily on expanding into China, identified as a key growth market for Bitcoin SV, due to its huge developer and blockchain ecosystem. This is the work that the Bitcoin Association expects to continue in 2021 and beyond, as part of its ongoing attempt to bring Bitcoin SV to the global mainstream.
The annual report describes a busy year for Bitcoin SV, despite the limitations posed by the pandemic. With the Bitcoin Association having started in 2021, BSV looks set for an even bigger year to come.
Discover the full Bitcoin Association Year 2 Annual Report (2020) here.
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