The Bitcoin Association Founding President Jimmy Nguyen was recently featured on Nasdaq’s TradeTalks, where he talked about how Bitcoin SV is enabling the next evolution of Internet businesses. In his interview with Jill Malandrino, Nguyen explained how BSV’s massive scaling and very low transaction fees are solving the broken model of today’s Internet businesses.
“Our simple vision is one blockchain that scales very massively, that powers all of the world’s business applications, as well as consumer applications and payments. So, it’s a big blockchain, big vision for the world,” Nguyen said.
He delved into how no other blockchain network has been able to solve the challenges that Internet businesses currently face. Ethereum, for instance, has been crippled by its inability to scale—and the ongoing DeFi craze has exposed this challenge, with the fees shooting up to over $10 per transaction.
“That’s not how you build a blockchain network that will support large volumes of business transactions.”
Bitcoin SV’s ecosystem has continued to grow rapidly, with the number of ventures, companies and projects building on BSV hitting over 400 globally, Nguyen revealed. They range from small startups to bigger companies such as EHR Data in the U.S., a company that’s using BSV to solve the deadly opioid crisis in America.
Nguyen also explained how BSV is enabling the next evolution of Internet businesses. In today’s world, most Internet services are touted to be free, such as Facebook, Twitter, Google and other similar platforms. However, these companies harvest data and monetize it, a business model that has become quite controversial, especially for companies like Facebook.
Bitcoin SV is enabling businesses to shift from this model to one where the users own their data.
“It’s the idea of monetizing all of our online and digital activities by exchanging small micropayments between me, you and all the businesses that want your attention and access to your data. […] This vision of the Metanet is using the BSV blockchain to not only manage the data we generate every day, but to also give the ability to send tiny amounts of payment to monetize all that data,” he explained.
On the effect of COVID-19 on the BSV ecosystem, Jimmy revealed that it has led to the accelerated development of payment processors as people seek contactless payment systems. However, developers haven’t stopped there and have gone on to build other functionalities on top of the digital wallets. The major one has been identity management, with many wallets now allowing you to access other platforms such as social media accounts, Airbnb and more.
“It’s a really big vision,” he concluded.
In August 2019, Jimmy appeared on the show where he explained how Bitcoin SV is fulfilling the original Bitcoin vision. He had also been a guest on the show a few months prior where he talked about the need for regulation in the blockchain industry.
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