BSV Blockchain (BSV) Features
The BSV blockchain (BSV) introduces an all-encompassing range of distinctive attributes that clearly differentiate it from alternative blockchain systems, establishing BSV as a remarkably adaptable and resilient network.
TypeScript Smart Contracts – sCrypt
sCrypt is a crucial component that ensures improved security and efficiency. It employs memory-intensive techniques to deter brute-force attacks, enhancing the overall resilience of the network against malicious activities. This protocol also supports simplified payment verification (SPV), enabling faster transaction verification without the need to download the entire blockchain.
sCrypt also plays a significant role in optimising mining processes. By emphasising a memory-bound approach, sCrypt ensures that mining remains accessible to a broader range of participants, promoting decentralisation. This design mitigates the potential concentration of mining power and contributes to a more inclusive network. sCrypt’s memory-intensive nature also aligns with BSV’s emphasis on larger block sizes, facilitating scalability while maintaining security. Overall, the integration of the sCrypt protocol within the BSV blockchain underscores its commitment to enhancing security, efficiency, and decentralisation within the network.
Self-executing Agreements – Bitcoin Script
The BSV blockchain, as a leading implementation of the original Bitcoin protocol, offers a comprehensive suite of unique features that set it apart from other blockchain networks. These distinctive attributes go beyond the limited functionalities found on the BTC blockchain, positioning BSV as a more versatile and robust network.
BSV’s approach to smart contracts enables developers to create and execute complex, data-rich applications within the blockchain. It discusses the scalability and efficiency of the platform, showcasing its ability to process a high volume of transactions without compromising performance. Overall, BSV empowers developers with a powerful environment for building and deploying smart contracts, contributing to the broader adoption of blockchain technology.
Streamlined Transaction Processor – ARC
ARC is an advanced transaction processor designed to enhance the efficiency and scalability of the BSV network. It introduces seamless connectivity and exceptional performance, revolutionising global scalability within the BSV ecosystem. The processor’s components include an API for REST API interaction, Metamorph for transaction processing and re-sending, BlockTx for handling mined blocks and propagating transaction statuses, and Callbacker for sending client callbacks upon transaction acceptance.
ARC’s API microservice manages authentication, validation, and transaction submission, while Metamorph takes care of transaction processing and re-sending in cases of network non-acknowledgment. BlockTx processes blocks mined on the BSV network and relays transaction status updates to subscribed Metamorph instances. Callbacker ensures clients receive notifications upon successful transaction acceptance. The extended format employed by ARC improves transaction validation efficiency by incorporating satoshis and scriptPubKey for each input, thus reducing processing time and network overhead.
The implementation of ARC demonstrates scalability and robustness through its horizontally scalable microservices. These components can be deployed on single or multiple machines, enabling ARC to efficiently manage increasing transaction volumes. BIP-239 plays a significant role, outlining the extended format utilised by ARC for transactions and contributing to the interchange standard between wallets and non-mining nodes on the BSV network.
User-friendly and Secure Payment Protocols – Paymail
The Paymail protocol is a set of protocols for BSV wallets, aiming to simplify user experiences across the ecosystem. It replaces complex wallet addresses with easy-to-remember payment handles in the format of @.. The goals of Paymail include user-friendly payment destinations, automatic service discovery, request and response authentication, permission-less implementation, PKI infrastructure, security and policy management, self-hosting or delegation to a managed service, and cross-wallet exchange of transaction output scripts.
Paymail consists of various protocols, including Service Discovery that involves both host and capability discovery phases, PKI for creating simplified handles, and Payment Addressing for discovering preferred BSV output scripts using Paymail handles. Mutual authentication ensures secure message exchange between parties. The Paymail brand is reserved for products and services that implement these protocols.
Additionally, extension protocols allow anyone to propose extensions to the bsvalias and Paymail protocols. These extensions are compatible with the core Paymail set and enable cross-wallet processes by declaring support for extensions as per the Capability Discovery section of the Service Discovery protocol.
Encrypted Peer-to-peer Communications – Peer Channel
The Peer Channel functionality facilitates encrypted and persistent messaging among BSV users, seamlessly blending offline and direct communication to facilitate the peer-to-peer interactions that align with the BSV network’s fundamental principles, as outlined by Satoshi. Peer channels serve as a means for secure communication between nodes and applications, even when one party is temporarily offline. Users can configure read/write permissions for authenticated and unauthenticated connections, and even provide separate permissions for those issued with revocable message API keys.
Each user account is associated with message streams organised into channels, owned by that account. Users can establish bidirectional or unidirectional channels with other users. Creating a channel provides a channel ID, a distributable URL for the counterpart user, a token ID for the Message API Token endpoints, and the Message API Token itself. The Peer Channel API, requiring account credentials for security, empowers account holders to create, manage, and modify channels through various endpoints.
The implementation involves the utilisation of JSON Request bodies for messages. The API provides endpoints for channel creation, amendment, deletion, retrieving channel information, and listing all channels associated with an account. This Peer Channel infrastructure aims to enable secure and efficient communication within the BSV network, adhering to the core principles of the network’s operations.
Open-source Ecosystem Wallet – Electrum SV
ElectrumSV is a trusted and open-source ecosystem wallet designed for seamless integration with cold storage solutions, offering users control over their BSV holdings. The wallet emphasises security, featuring encrypted and password-protected keys that grant control over the user’s BSV. With a focus on user-friendliness, it enables efficient BSV management through various features.
ElectrumSV operates as a non-custodial wallet, ensuring users retain control over their funds. The wallet supports multi-signature payments, enabling the distribution of BSV control among multiple individuals who must collectively approve any spending. The wallet is compatible with the BIP270 protocol, allowing users to easily initiate payments by copying payment URLs or scanning QR codes.
The wallet is available as an open-source solution and offers comprehensive documentation to assist users in navigating its features effectively. Users can choose from different distribution and installation options to suit their preferences and needs, making ElectrumSV a versatile and secure choice for managing BSV.
Wide Variety of Token Protocols
The BSV blockchain presents a range of token protocols to cater to diverse applications including supply chain tracking, Web3 tokenisation, and CBDCs. These protocols enable the creation and management of digital records of ownership, referred to as tokens, on the BSV blockchain through smart contracts. These tokens represent ownership of specific assets and track changes in ownership over time. The BSV blockchain supports various token protocols to meet different needs.
Several token protocols are introduced, each offering distinct capabilities. The Run Network provides a platform for building apps and tokens on BSV, supporting interactive objects called jigs that enable the creation of diverse applications. The STAS Token protocol creates smart contract-based tokens that ensure token persistence and stability on the BSV blockchain. Colored Token protocols like 1Sat Ordinals and Elas Token enable the infusion of individual sats with value and issuance of tokens as UTXOs, respectively. The Tokenized Protocol focuses on authenticating and storing data captured from financial, legal, and commercial activities, aiming to disrupt traditional financial messaging standards. The Simple Fabriik Protocol adds token capabilities to applications, often used for NFTs, loyalty, gaming, or reward tokens.
The BSV blockchain offers a range of advantages, including scalability, smart contracts for secure transactions, peer-to-peer payments, NextGen NFTs with low fees, data integrity verification, unchangeable e-documents, secure voting, unlockable content, and regulatory compliance. This diverse ecosystem empowers users to explore and implement various token and NFT solutions while benefiting from the unique attributes of the BSV blockchain.
Merchant API – mAPI
Merchant API (mAPI) is an additional service provided by miners to merchants, enabling them to access policy and fee quotes for transaction submissions and transaction status inquiries. This service allows merchants to fine-tune their transaction settlements according to their business requirements. mAPI allows users to connect directly with nodes to facilitate customised transaction settlements, granting businesses greater control over their transactions.
The implementation of mAPI involves specific endpoints such as “Get policy quote,” which reveals the policies of a specific miner, and “Get fee quote,” allowing users to determine the fees required for prompt transaction settlements by a particular BSV miner. “Submit transaction” lets users send raw transactions to miners for inclusion in the next block they create, while “Query transaction status” helps check the real-time status of previously submitted transactions. Additionally, there’s the option to “Submit multiple transactions” for sending multiple raw transactions to a miner for inclusion in their upcoming block.
The service also offers callback notifications for merchants, allowing them to request callbacks for Merkle proofs and double spend notifications during transaction submission. In summary, mAPI serves as a direct channel for merchants to interact with miners, enhancing their transaction management capabilities and ensuring efficient and tailored transaction processing.
BSV Blockchain Tools and Libraries
BSV offers a diverse and expanding range of tools and libraries to support developers in building, testing, and deploying applications. These tools cater to various needs within the ecosystem. “Overpool” empowers users to construct their own off-chain BSV transaction ledger, which can optionally be shared over an overlay P2P network in real-time. “sCrypt: Visual Studio Code” presents an extension for Visual Studio Code that enables developers to work with sCrypt, a high-level smart contract language for BSV. “CATN8” introduces an embeddable, interactive, and monetisable video player, also functioning as a peer-to-peer superwallet.
Further tools include “MiniForth Playground,” simplifying Bitcoin script writing, and “Chronos Labs,” offering resources for enhancing the Internet using the BSV blockchain. “Metaglue” forms a platform for building Metanet applications with an accessible wallet layer. “Bitcoin Name System (BNS)” supports decentralised naming and identity, and “MiniGate” acts as a lightweight metanet gateway. “Metahandle” provides a means to access onchain content through human-readable handles, and “NOWNodes” offers a cryptocurrency API for instant access to a variety of blockchain networks. The list of tools continues, each designed to facilitate diverse functionalities within the BSV ecosystem, catering to developers’ needs and ambitions.
How is BSV different?
- Net environmentally green (low carbon footprint).
- Designed from the start to not be a security and to work within all existing laws including property law.
- Enterprise-level scaling plus – only one in the world – the one chain that can do it all today.
- Layer-1 scaling.
- Micro and nano transaction capability.
- Global interoperability resulting from stable protocol and aim to be single, global blockchain.
- Working towards ISO/SOC certification.
- IPv6 integrated – BSV works end-to-end using IPv6.
- No meddling from developers.
- Enables true peer-to-peer transacting (SPV).
- Trail of bits reviewed – this is a big differentiator. (especially with code bugs we are seeing)