Why BitcoinSV

Published on
Jan 16, 2022
Written by
G2C Team
Read time
2 min

G2C Team


Why is G2C committed to using BSV as its underlying blockchain?

BSV is a public and permissionless blockchain. And for G2C we believe in a public, permissionless and privacy-aware blockchain platform, BSV. This is a way to give transparency so that any party can check the stored data into the blockchain. However, that does not mean that all the data must be stored in plaintext. Sensitive data can be encrypted, so that only the owner can give access to that data to anyone at any moment. 

Non modifiable protocol. This is one of the key concepts of BSV: it is a locked and unmodifiable protocol, not an application or a service. Protocols must be stable over time and they can't be constantly changed to be usable in the long term. Imagine if the Internet protocol (TCP/IP) was changed every so often. All applications based on the Internet would have to adapt to the changes continuously, which is time-consuming and expensive. In the case of TCP/IP, the protocol has been stable and used from the 70's (more than 50 years) and that is on of the reasons of its success and adoption. A protocol that changes is a liability to its users who have to focus on keeping up, whereby the stability of an unchanging protocol allows them to focus on business and innovation. Once a protocol has been locked down, enterprises can build their products and services and that is what makes it valuable. Imagine also if a developer could modify the meaning of a bit in the TCP/IP protocol: all the applications on top of the protocol would stop working immediately. The same applies to blockchain: a transaction using a modified instruction will not be valid after the change, so it breaks the stability summarized in that a transaction written now would be valid in a year, 10 years, or even 50 years. Otherwise, the system will not offer confidence to innovate and build real business on it. So, a protocol requires that transactions written now remain valid in the future. The only method to maintain this premise valid is to set the protocol and lock it (set the protocol in stone). This is one of the main reasons why G2C uses BSV as its blockchain of choice, because BSV is the only blockchain that cannot be changed.

Energy efficiency. BSV is working towards a vision of optimization for efficiency, so even though it uses a PoW (Proof-of-Work) consensus protocol, it is a scalable solution in terms of energy efficiency. With a fraction of the energy used by other protocols like BTC or ETH, BSV can do many more tps as well as an array of other functions that others could never do. Energy efficiency is not about how much energy is used but what it done with the energy.

Use of renewable energy. In the BSV ecosystem there are specialised transaction processors who provide agreements to companies to secure the insertion and verification of transactions in a scalable way and with compromises of renewable energy usage. So, the energy to power the work done by processors is committed to provide from renewable sources. 

Low fees. BSV allows transactions to be processed with very low fees (as low as $0.0003), as well as being very predictable and stable over time. Furthermore, using transaction processors, fees can be easily managed through pre-established agreements. It is one of the foundations to say that BSV allows business models to be implemented in a stable and predictable framework. 

Scalability and consensus protocols. It is widely considered that the PoS-based blockchains scale better than PoW-based ones. This misconception comes from the fact that BTC and ETH use a lot of energy to process very few transactions per second. But that is not the case with BSV. PoW consensus is transparent in terms of the number of transactions aggregated in a block, meaning that the computation cost (and therefore the energy cost) is the same no matter whether a block contains a few transactions or millions of them. The more BSV scales the more efficient it becomes.

Smart contract capability. BSV can process smart contracts and is considered a Turing-complete blockchain. Therefore, any program can run on BSV, even if it has loops in the code. BSV offers smart contract capabilities with a fraction of the cost that is required by other recognised platforms, such as ETH.

“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime”

Satoshi Nakamoto.

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