Bitcoin SV (BSV) recently witnessed not one, but two, 128MB blocks mined on its network – the world’s largest ever on a public blockchain. The first huge block was mined on March 30, 2019 by nChain’s BMG Pool; just a day later on March 21, the second 128MB block was mined by entrepreneur Calvin Ayre’s CoinGeek Mining operation. These record-setting blocks prove that massive on-chain scaling works on Bitcoin, and Bitcoin SV is succeeding as the only project following Bitcoin’s original design and protocol.
Bitcoin SV emerged from the world’s first Bitcoin “hash war” last November, initially as a competitor to the Bitcoin ABC implementation of Bitcoin Cash (BCH) and now as its own chain and BSV token. Named for the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto, Bitcoin SV restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale to a global network used by billions of people.
Bitcoin SV currently has a default maximum block size of 128MB, meaning the recent huge blocks contained sufficient data from BSV users to fill the current cap. The two 128MB blocks come as Bitcoin SV witnessed multiple days of big action, including a 113MB block mined on March 28 by CoinGeek Mining and numerous blocks above 50, 60 and even 80MB – all far larger than blocks on any other competing blockchain.
The big blocks come from organic growth as users take advantage of BSV’s larger data capacity for the OP_RETURN field, a place in Bitcoin transactions to embed metadata. Whereas the Bitcoin Core and Bitcoin Cash ABC networks still restrict OP_RETURN data to much smaller sizes, BSV is lifting such limits to unleash the Bitcoin blockchain’s power to act as a global commodity ledger and data network. BSV’s recent big blocks contain large data files (high-resolution pictures) uploaded using the BitPaste multi-swipe application, which makes it easy for users to upload large files with quick swipes of MoneyButton. Other users have uploaded music and even video files to BSV.
As its big blocks are more routine, Bitcoin SV debunks incorrect notions of Bitcoin Core (BTC) (now more accurately called SegWit coin) which opposed on-chain scaling, capped its block size at a tiny 1MB, and instead pursued Segregated Witness and a Layer 2 payment solution in Lightning Network. BSV also disproves Bitcoin Cash ABC developer claims that it is not yet practically feasible to sustain blocks above 32MB (the default limit on BCH ABC).
The 128MB blocks are notable for another reason: each generated transaction fees for the successful miner of 1.279 BSV, adding another 10+% of miner revenue on top of the normal 12.5 BSV block reward. This demonstrates how massive on-chain scaling allows more transactions (of differing data types and differing fee levels) in a block, which in turn results in more revenue for miners. Bitcoin block rewards halve every 4 years, happening again next year as the block reward reduces from 12.5 to 6.25 coins. For mining to remain profitable to sustain the network, Bitcoin’s economic model requires miners to progressively earn more transaction fees to make up for the continually-reducing block reward value. That only happens with bigger blocks – as now demonstrated by BSV – to ensure Bitcoin’s long-term success. In contrast, other networks undermine Bitcoin’s economic incentive model by refusing to massively scale on-chain – with the BTC network’s biggest block to date only 2.3MB on March 11, 2019 and the BCH ABC chain only having a 4.6MB block on December 18, 2018. (The original Bitcoin Cash (BCH) chain had bigger 32MB blocks but that chain no longer exists after the November 2018 hard fork event; in any event, the 32MB blocks mined on the prior BCH chain were done using the Bitcoin SV implementation.)
Jimmy Nguyen, Founding President of Bitcoin Association which advances the global Bitcoin SV ecosystem, observes:
“For too much of its 10-year life, Bitcoin has been artificially restricted. BSV users are now proving the original Bitcoin can massively scale and that Satoshi Vision is correct. We are thrilled to see the explosion of user creativity organically fill big blocks with new forms of data and generate more transaction fees for miners. With the BSV network handling big blocks quite well, we look forward to lifting the block cap even higher this year.”
Scaling even bigger is the next step for BSV. In March, the Bitcoin SV Node team announced results from its BSV Scaling Test Network showing 128MB blocks were successfully sustained for 36 continuous hours. Later this year, the BSV Node team expects to lift the default block cap to 512MB, en route to 1 gigabyte (1000 megabytes) or higher block caps. The ultimate goal is to have no default block limit, and allow miners to fully decide for themselves what block sizes to accept and create new competitive marketplaces for mining.
“Whereas other Bitcoin and cryptocurrency project supporters focus on price and market cap, Bitcoin SV is building a blockchain that is ready for business with massive scaling, with real utility to support real long term price value. We are also building an ecosystem that is regulation-friendly, which is essential for Bitcoin usage to become widespread. For any big business looking to build blockchain applications, we invite you to build on the global enterprise blockchain and to use the world’s new money – Bitcoin SV.”
UPCOMING: COINGEEK TORONTO CONFERENCE – May 29-30, Toronto, Canada
Come learn more about what Bitcoin can do with “No Limits” and the latest on-chain scaling developments with Bitcoin SV at the CoinGeek Toronto conference May 29-30. Bitcoin Association is a proud supporter of CoinGeek events. It’s easy to register. And pay with the world’s new money and you’ll receive a discount by using BSV via Coingate.
SOURCE Bitcoin SV
DNA Behavior International Takes its API to the Next Level by Enabling it with AI
For some time now DNA Behavior has been using its API to help a variety of organizations quickly “plug in” its behavioral chip to discover and leverage behavioral insights already within their people and systems. Now, DNA Behavior is taking that effort to the next level, by leveraging a suite of enterprise-ready AI services, applications, and toolsets to accelerate the adoption of behavioral insights across large financial services enterprises.
“Banks and large wealth management firms are leveraging behavioral finance to gain a competitive edge,” says Hugh Massie, CEO of DNA Behavior International. “To date, behavioral finance initiatives have been pinpointed and targeted toward specific client and employee groups. By utilizing AI and additional apps and toolsets, DNA Behavior is poised to implement the worlds’ largest behavioral finance initiatives for banks and wealth management firms. In short, rapid application of BeFi across larger organizations.”
DNA Behavior’s focus and specialty is revealing 200+ behavioral insights and the action steps needed to aid employees and clients in investing, working, spending and living smarter. Leveraging these additional technologies in addition to DNA’s API help meet industry demands to create rich omnichannel experiences by applying behavioral insights to enterprise-wide datasets.
“We’re using linguistic analytics to deepen our – and our clients’ – understanding of individual’s personality characteristics,” Massie says. “The linguistic and tone patterns individuals use in their speech or written communication have inherent connections to their instinctive behaviors. Revealing these linguistic and tone patterns will aid in DNA Behavior’s core offering, which is validated, robust, consistent and practical behavioral insights and customized experiences they can “plugin” to their own systems. These latest additions amp up that offering, expanding the possibilities, both in terms of speed and volume,”
As examples of its new AI-enabled API, Massie offers three scenarios:
- Use natural language recognition capabilities to discern the intent of what a user is saying, to respond to inquiries and requests. The problem is, most chatbots and automated support systems use a one-size-fits-all approach to respond to inquiries. DNA is powering current technologies to customize these existing engagements at scale.
- Measure emotions, fears and excitement for investors and relaying this intelligence to advice teams along with the communication steps and a playbook to behaviorally manage clients.
- Use linguistic analytics to infer individuals’ personality characteristics, from digital communications such as email, blogs, tweets, and forum posts. This enables an organization to better parse a user’s inclination to create a customized marketing playbook for each client. Organizations armed with this information will optimize their marketing spend for steak dinners, theater tickets, gifts and professional sporting events.
SOURCE DNA Behavior International
Post-fundraising update: YouTrip Secures Principal Licence From Mastercard To Fuel Rapid Growth in Singapore
YouTrip, Singapore’s first multi-currency mobile wallet with a prepaid Mastercard, has announced that it has secured a Principal Licence from Mastercard and will be assuming the primary role of issuer and stored value facility holder of YouTrip accounts. This will allow YouTrip to deliver improved and additional features directly to its users, as well as enable it to provide a more robust and dedicated payment security setup in anticipation of The Payment Services Act targeted to commence in 2020.
Having partnered with Mastercard and EZ-Link to launch in Singapore in August 2018, YouTrip will be taking over the role of issuer and holder of stored value accounts from EZ-Link while continuing the current brand partnership. This is part of YouTrip’s wider ambitions to develop its platform and new features for its users, as it readies itself for expansion. Since YouTrip announced its record pre-Series A fundraise earlier this year, it has doubled the number of app downloads to over 400,000 from 200,000 in May and grown its team beyond 100 people across its offices in Singapore and Hong Kong.
Caecilia Chu, co-founder and CEO of YouTrip said, “We have come a long way since we launched a year ago. The tremendous support we have received from our users is truly humbling, and also a testament to their belief and confidence in our mission to transform overseas travel spending. Securing a Principal Licence from Mastercard marks another significant milestone in our growth journey as it will allow us to operate and deliver additional features directly to our users, as well as accommodate more sign-ups. As the regional fintech space continues to develop dynamically, this licence will provide the ideal springboard for the development and expansion plans we have in the pipeline.”
YouTrip also recently obtained a remittance licence from MAS to cater for future product development. This will be key to its expansion plans as more regulators identify fintech as a major growth area and introduce progressive policy measures to facilitate innovation and the broadening usage of such services.
POS Terminal Market to Soar Owing to Massive Demand for Cost-Effective Technologies to Manage Payment Systems by 2023: Radiant Insights, Inc.
Global POS Terminal Market is anticipated that the market will witness a higher CAGR during the forecast period. Retail payment systems account for an essential position in the smooth functioning of any economy. In the past years the growing popularity of the device across different verticals is enabling the industry growth. Inception of cloud technology and related benefits are more likely to deliver robust technology for payment systems in the near future. Further, major development in the POS device such as size and technology compatibility for small-scale business, and greater flexibility.
Driving factors comprise massive demand for cost-effective technologies to manage payment systems within different verticals. POS terminal offers convenience and features in various application segments. In addition, the proliferation of smartphones and modernization of app technology provide payment service to customers in the consumer market is adding more.
In addition, inception of big data backed by software which is integrated with other software systems is contributing more to the utility value. Hence, greater CRM functionality aligned with customer relations and the use of predictive analysis for client and customers in the B2C space accounts for a massive growth during the forecast period.
Download PDF to know more details about “Global POS Terminal Market” Report 2023.
Fixed and wireless POS form as product segments while hardware and software form the component category for POS terminal market. The Asia Pacific dominates the global scenario owing to the vast presence of customer base and digitalization of payment technologies at large. In addition, inception of start-up technology in India and China acts as a catalyst in strengthening the industry growth in APAC.
The key players are Mswipe Technologies Pvt Ltd, Shenzhen Xinguodu Technology Co Ltd, SMIT Fintech Co Ltd, Fuijan Newland Payment Technology Co Ltd, SZZT Electronics Shenzhen Co Ltd and VeriFone Holdings Inc.
The ‘Global POS Terminal Market Outlook 2018-2023’ offers detailed coverage of POS terminal industry and presents main market trends. The market research gives historical and forecast market size, demand, end-use details, price trends, and company shares of the leading POS terminal producers to provide exhaustive coverage of the market for POS terminal. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography.
The report has been prepared based on an in-depth market analysis with inputs from key industry participants. The global POS terminal market has been segmented into five major regions, namely, North America (U.S., Canada, and others), Europe (U.K., France, Germany, Russia, and others), Asia-Pacific (China, Japan, India, Australia, and others), South America (Brazil, Argentina, and others), and Middle East & Africa (South Africa, Saudi Arabia, and others). Furthermore, the report also includes an in-depth competitive analysis of the key vendors operating in this market.
Access 143 page research report with TOC on “Global POS Terminal Market” available with Radiant Insights, Inc. @: https://www.radiantinsights.com/research/global-pos-terminal-market-outlook-2018-2023
- Key Regions
- North America
- Asia Pacific
- Middle East & Africa
- South America
- Key Vendors
- Fujian Newland Payment Technology Co., Ltd.
- Mswipe Technologies Pvt Ltd
- Shenzhen Xinguodu Technology Co., Ltd.
- SMIT Fintech Co., Ltd.
- SZZT Electronics Shenzhen Co., Ltd.
- VeriFone Holdings, Inc.
- Key Questions Answered in This Report
- Analysis of the POS terminal market including revenues, future growth, market outlook
- Historical data and forecast
- Regional analysis including growth estimates
- Analyzes the end user markets including growth estimates.
- Profiles on POS terminal including products, sales/revenues, and market position
- Market structure, market drivers and restraints.
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