BSV Blockchain to return Blockchain to Satoshi’s vision across MENA and the globe

BSV Blockchain to return Blockchain to Satoshi’s vision across MENA and the globe

BSV Global Blockchain Convention which commenced today in Dubai UAE is aiming to bring Blockchain back to Satoshi’s true vision and make it useful efficient and good.

Jimmy Nguyen, Founding President of BSV Blockchain, told attendees in his opening speech, “In the world today we are seeing too many coins, more than 10,000 cryptocurrencies listed on CoinMarket. We are seeing algorithmic stablecoins crash like in the case of Luna from Terra, with many of these coins being connected to crime. This is not the world I entered into when I started in Blockchain. Today we are here to start a conversation around building a world of Blockchain that is better. Build a world where Satoshi’s vision for BSV original protocol, one of P2P electronic payment transactions, and a data blockchain infrastructure useful for everyone. We are here to make the blockchain useful again.”

He goes on to state that the Satoshi vision was one of efficiency, honesty, a world of good. Bitcoin was created to address problems and issue a powerful data code and develop the internet protocol where it natively would send payments between devices without an intermediary.

Satoshi didn’t call this a blockchain, he called it a distributed time stamp server publishing transactions time stamped in a distributed manner.

Nguyen notes that BSV has demolished prior assumptions and hit 20 million transactions in April 2022, with blocks of 4GB of data. BSV is also the only blockchain that has the capacity to store NFTs on chain and yet he states this remains unmentioned unrecognized by others.

Nguyen believes that Blockchain and crypto should become more than speculative investing. He adds the world of scaling is currently not happening on Bitcoin because it is not being used for daily payments as this would create network congestion given that Bitcoin platform can only carry out 3-7 transactions per second, which is nowhere near the capacity of Visa or MasterCard that can carry out 50,000 transactions per second.

He explains, “At BSV Blockchain we have demonstrated 100,000 transactions per second, we have scaled and our network capacity is 4 GB per block which is 4000 times more than the capacity of the Bitcoin network. In April we demonstrated 2.4 million individual Bitcoin transactions in a single Block and this was Satoshi’s original design for Bitcoin. This is why Satoshi develop OP_PUSHDATA4, allowing users to send gigabytes of data in a transaction working to push to 4.3 GB of data in a single Bitcoin transaction.”

Scaling the blockchain is necessary to make it useful and inexpensive. The BTC network according to Nguyen is congested and transaction costs are high and unreliable, anywhere between 70 cents to 30 USD. Ethereum is not that better with average costs ranging from 3 USD to 70 USD and currently standing at 24 USD. This means minting an NFT on Ethereum costs 80 USD. On BSV it costs 1/100th to 1/20th of a cent, almost free. The goal is to get that number down to 1/1,000th of a cent  This is the way Satoshi had designed it adds Nguyen.

He explains, “Satoshi wanted people to be able to send small casual transactions over the internet, and that is why we are working with IPV6 internet protocol. The combination will create something formidable.”

In the MENA region BSV has already started its journey. Muhammad Salman Anjum Head of BSV Hub for MENA & South Asia stated, “We have launched our BSV MENA hub out of Dubai UAE and are developing partnerships with academia, governmental entities, the private sector, developers as well as regulators to push forward the adoption of Blockchain and BSV.”

BSV is working with several entities in the UAE including the Ministry of Energy, University of Sharjah, and UAE Department of Community, Dubai Police and others to build the research and development as well as knowledge base.

BSV MENA will also be promoting the launch of Women ambassadors in the upcoming months to encourage more women to enter the blockchain ecosystem.

While Ahmed Yousif, Lead of Government Initiative Middle East BSV Blockchain discussed the work BSV is doing with governments in MENA and how this relates to Smart Cities.

As he stated, “The MENA governments have a huge interest in use cases where blockchain can solve problems and the BSV task force is working with governments in KSA on Blockchain use cases for smart cities and Saudi green initiative. Bahrain government is also working on use cases in government on the infrastructure side.”

He gives an example of a use case in KSA where a Saudi diplomatic gated community, will be utilizing NFTs ( Non Fungible Tokens) in Riyadh KSA to encourage its residents to participate in green initiatives as part of the community.

He notes that the BSV journey in the region is just starting but BSV is here to disrupt the way we share data.

Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

CoinMENA Chief Operating Officer Dina Semaan announced today on twitter that CoinMENA crypto exchange is now serving clients in Qatar. This would be the first crypto exchange to officially announce that it is serving clients in Qatar. As per her tweet, “Starting from today, CoinMENA services are now being offered in Qatar, making us the first regulated crypto exchange to be offering services in Qatar.” She adds with this expansion we now offer CoinMENA services in six Arab countries, and we continue to achieve our goals of offering the simplest and easiest method for trading crypto.” This comes after Qatar’s FIFA 2022 took on sponsors such as Crypto.com, one of the international crypto exchanges globally. It also comes after FIFA signed up AlGorand Blockchain as a sponsor and partner for their digitization plans in the sports and entertainment sector. CoinMENA was first regulated in Bahrain, and then sought regulation in UAE, and offers its services in KSA, Kuwait, Oman, and now Qatar as a regulated entity. In the press release CoinMENA confirms that it has become the first regional digital assets exchange to offer its services in Qatar, meaning that users across the Gulf state can now easily and safely invest in cryptocurrencies for the first time. Qatari citizens and residents can open accounts with CoinMENA and have access to all the features the platform has to offer, including connecting their bank accounts to their CoinMENA wallets, enabling them to deposit and withdraw funds directly and safely within minutes. Commenting in a joint statement, CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said: “We are delighted to become the first crypto exchange to offer our services in Qatar. Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.” The Bahrain-headquartered firm recently became the first onshore licensed crypto exchange to introduce limit trading, enabling the CoinMENA users to set the price at which they wish to buy and sell crypto. Users in Qatar will also be able to utilize the recently added features including withdrawing USDT via the TRON network for lower fees, and earning bonus rewards when they invite their friends through CoinMENA’s referral program. “CoinMENA’s entry into Qatar is a huge step on our journey to becoming the Middle East and North Africa (MENA) region’s preferred crypto financial services company,” said Sam’an. “Our team is constantly striving to onboard new countries and introduces new features to a wider audience.” “We are immensely proud of everything we have achieved during our first year of operations,” Tabbaa added. “However, we still have a lot to achieve, which is why we will continue to work tirelessly to deliver the best possible experience for our ever-expanding user base.”