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.

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

800,000 Saudi’s used digital currencies in 2021 with the value of virtual asset transactions in Saudi at around 20 billion USD and this is expected to grow five times over the next five years. The information was shared by Ali AlObaid, Managing Director of BitOasis crypto exchange, to Arab News

In the article he states, “We believe that this can grow by five times over the next five years. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity.”

He added that around 4 percent of adult population in MENA will have invested in crypto by the end of 2022. While in the USA 20 percent of adults have invested in crypto.

BitOasis user base in KSA is primarily millennials, 25-34 year old’s, with 30 percent of those trading on BitOasis between the ages of 35-44 years.

In a YouGov survey recently it noted that 1.8 percent of Saudi Arabian residents currently trade in cryptocurrencies. Yet it is Morocco that tops crypto ownership as per a TripleA report, followed by Egypt, UAE, and then KSA.

The report noted that in 2021 3.9 percent or 300 million people were crypto users globally with 18,000 businesses accepting crypto payments.

Why a Crypto ad on Saudi’s MBC is Big News!

Why a Crypto ad on Saudi’s MBC is Big News!

So even with the tumultuous times that the crypto market is seeing this past week, and despite the fear and apprehension on the state of crypto, stablecoins, and NFTs given the regulation discussions happening across the globe, one thing has kept my spirits high and optimistic. It is no other than the crypto TVC ad for BitOasis on MBC.

This is big news! Big News because it gives me a premonition that crypto will soon become a regulated mainstream item in the Kingdom of Saudi Arabia.

Most will ask, why link the BitOasis Crypto TVC with possible regulations in Saudi Arabia. The answer to me is simple. MBC Group is a media conglomerate owned by the Saudi government based out of MENA with headquarters in Dubai UAE.

So either MBC needs the money so badly it doesn’t care what ads air on their station, or MBC is warming up to crypto which could mean that the government of Saudi Arabia is warming up to crypto as well.

It is not so surprising; In Ramadan Saudi MBC Group launched their NFTS, Fananees, the most popular characters in digital intellectual property, the renowned seven cartoon characters with more than 200 different attributes. A total of 9,999 unique NFTs were revealed.

So when BitOasis TVC on MBC Group came out, it felt more like a continuation of MBC Group’s openness towards crypto and NFT scene. Ola Doudin, Founder and CEO of BitOasis said on LinkedIn, “We’re very proud to have launched the region’s first cryptocurrency television commercial in partnership with MBC GROUP, the largest media company in the Middle East and North Africa.”

Notice the word in partnership!

Doudin has on many occasions espoused the ambitions of BitOasis to expand across the MENA region, and their discussions with many regulators including Saudi Arabian.

So while yes, crypto is facing a bearish market, it doesn’t mean it is going away, on the contrary it is here to stay.

Finally one can’t pass over another big piece of news that has come out of the region this week. Dubai government is preparing a metaverse strategy that will be out in the next two months. Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai, has directed the formation of a higher committee to prepare the Dubai Metaverse Strategy. The higher committee will be headed by the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and will supervise all future technological developments in the emirate.

 It reminds me of the Blockchain strategy that was announced in 2017, and look where the UAE is today, a strong crypto hub.

In the end you can’t have a metaverse without a digital currency of some sort and you can’t have a metaverse without a crypto economy.

So whenever you start losing hope or start getting the jitters, read these words above and remember that after the dot com bubble, there was a revival, and after the ICO bubble there was a revival, and today after the bearish times… good ones are just around the corner.