BSV global blockchain convention heads to Dubai for Three-Day event
BSV global blockchain convention heads to Dubai for Three-Day event

BSV global blockchain convention heads to Dubai for Three-Day event

By Cryptonomist Editorial Staff - 23 May 2022

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The BSV Global Blockchain Convention is heading to the Grand Hyatt, Dubai on May 24 to 26, 2022 for its first-ever grand conference. The three-day event is jam packed with enlightening speeches and panels composed of over 130 speakers, who are all experts in the field of blockchain and other industries. 

The convention hopes to open the eyes of big businesses to the benefits of a scalable blockchain. Producer Calvin Ayre, who is the billionaire founder of blockchain conglomerate CoinGeek, likens the BSV Global Blockchain Convention to Woodstock for those within the industry. 

Ayre said:

“It’s like Woodstock coming to these conferences, that’s how influential this technology is going to be and it’s going to change so many things”.

Then, he added:

“I hope we educate these big consulting companies so that they understand what this technology can do, so they in fact, become evangelists for us when they are brought in to solve technical problems in big data”.

What exactly is a scalable blockchain?

Although digital currencies, of which Bitcoin is the pioneer, have boomed since the pandemic began, many are still unaware of what blockchain technology is and what it can do. Bitcoin is actually the first-ever functioning implementation of blockchain, and today, most cryptocurrencies that followed after Bitcoin are built on the technology. 

To put it simply, blockchain is a decentralized and distributed ledger that records all transactions made on a digital currency network. It is decentralized in that there is no one administration that manages the network and it is distributed in all nodes or miners on the network keeping a copy of a history of all transactions. 

All transactions are time-stamped and stored chronologically on the blockchain. Before a change occurs on the network, all miners must first agree to it. This provides immutability to data and makes it very difficult to hack and for other fraudulent activities to occur. 

Back in 2009, Bitcoin creator Satoshi Nakamoto set a 1MB data block size cap and a maximum throughput of seven transactions per second (tps). This was meant to be just a starting point as Satoshi has always asserted that scaling is the key to Bitcoin’s survival.

To scale is defined as to escalate something and a scalable blockchain means that the block size and throughput are continually increased as the network improves. At present, BTC still has a 1MB block cap and a throughput of seven TpS. 

BSV has separated from its community to create the scalable blockchain that Satoshi has always envisioned. Hence, the name Bitcoin Satoshi Vision (BSV). BSV decided to restore what they define as the “original Bitcoin protocol” back in February 2020, unlocking the ability of its network for limitless scaling. 

BSV miners are currently completing over 10 million transactions per day at 4.7GB blocks and throughput of 50,000 to 100,000 tps. The best thing about scaling is that block size and throughput are inversely related to transaction fees, meaning as these numbers go up, fees go down. 

Now, fees are at very small fractions of a cent per transaction. Compare this to BTC’s average transaction fee of $2 to $3 and popular cryptocurrency Ethereum’s low of over $5, and it is evident that BSV is the practical solution for big businesses that process millions of transactions on a daily basis. 

Why hold the convention in Dubai?

The United Arab Emirates (UAE) has completely welcomed emerging technologies of which blockchain is one. In fact, it has affected a mandate, the goal of which is to transfer 50% of all government transactions to the blockchain by the year 2030. This is a part of a larger objective of being 10 years ahead of other countries and becoming a global technological leader.

Because of this, the entire middle eastern country has become a hub for blockchain adoption and development. And the University of Dubai is completely on board with its government’s technological initiative. 

University of Dubai President Dr. Eesa Bastaki, explained: 

“The whole drive of the country is towards having everything available on a blockchain wallet that will give you all your credentials, as well as other things, of course. Transactions are going to happen without using banks, without using credit cards—directly from the buyer to the seller, from the seller to the buyer, and so on”.

Dr. Bastaki also added: 

“We think that for Dubai, and the UAE in general, implementing blockchain will be a start towards the 10X vision, which we’re looking at. We want to be ahead of the world by 10 years and have blockchain implemented completely in the country. So, everything and every transaction will be on the blockchain”.

The University of Sharjah is likewise committed to the nation’s mandate. It has partnered with Switzerland-based Bitcoin Association, the global industry organization pushing for the global adoption of the BSV blockchain, for the research and development of an academic certification and validation platform. 

On why it chose to build on the BSV blockchain, Dr. Mohamed Al Hemairy of the University of Sharjah, who is heading the project with Dr. Manar Abu Talib, has this to say. 

Dr. Al Hemairy revealed in an interview:

“This is for many reasons. One is the large block size on the blockchain, which really fits the project scope. We need to write a large data set, including the transcript, academic credentials, student details and institution details, and maybe even module descriptions for each course the student has been taking through their academy journey, which requires a larger block size”.

 Dr. Al Hemairy added: 

“The transaction processing is very fast and this is one of the features and advantages. Also, the cost is not comparable with any of the existing networks, and for all these reasons together we selected the BSV network to build our system on”.

The pervasive problem of fake degrees is but one of the many age-old issues that a scalable blockchain can provide a solution to. Find out more at the BSV Global Blockchain Convention, which is also going to be broadcasted live for free at its website. 

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