nChain Director Says Bitcoin SV (BSV) Set to Add New Merchant API for Making Native Transactions Efficient
Bitcoin SV is finally dissociating itself from its notorious past and is starting to gain widespread attention for all the right reasons. For example, a couple of days back, Steve Shadders, an executive over at nChain, announced to the world that SV’s core dev team was making big changes to the premier token’s native ecosystem— thus putting the currency in line for big things later on this year.
Shadders Makes Bold Assertions Regarding BSVs Future
Appearing on a crypto related podcast recently, Shadders spoke with Bitstocks CTO Daniel Arakelian, wherein he told him that a merchant API was on the cards for BSV in the near future. However, on the matter, Shadders refused to comment on what form this API would finally take.
Further elaborating on this recent development, Shadders went on to say that this new merchant API would allow a wide array of business owners to “receive assurances for transactions” as well as find out associated tx fees amounts in advance.
He then went on to add:
“Once you’ve got to the point where you know exactly what transaction fee by 99.9 percent of the miners, you can get a fairly high level of assurance before you even broadcast the transaction.”
A More Detailed Look At The Situation
For those who may not be aware, nChain has recently been pursuing its ‘Terranode Project’ so as to deal with BSV’s issues of poor transactability. In relation to Terranode, a spokesperson for nChain noted that the project will be divided into two phases that will look to bolster the overall security of the currency’s network.
Last but not least, a couple of days back Craig Wright, chief scientist at nChain, released a new blog post on Medium wherein he wrote about how Bitcoin SV wallets could possibly be used via smart cards for biometric authentication related purposes in the coming few months.
Shadders: “Bitcoin SV Will Prioritize Scaling And Security”
As mentioned earlier, one of BSVs core problems at the moment is its lack of scalability options. In this regard, Shadders was recently quoted as saying that the currency’s
“scalability was his firm's prime focus for the future”.
“The scaling work is probably part of the reason why the Bitcoin SV project came into existence. We were somewhat frustrated with the pace of work that was going on.”
Also on the agenda for the BSV team is the asset’s overall security. In this regard, the dev team has decided to push for a ‘bug bounty’ that will allow independent tech enthusiasts to find any defects within the altcoin’s source code. Not only that, but Shadders also believes that by making use of a Proof-of-Concept [PoC] module, BSV will be able to greatly enhance its overall privacy protocols.
“If this external agent can sit there and handle the multi-threaded paths of peer-to-peer networking and then just feed transactions out of the Bitcoin node on a single connection, then the collective machine that you’ve got with these two components becomes an awful lot more performance (oriented).”
In closing, it is worth mentioning that nChain currently has a lot of work lined up for BSV. For example, from the perspective of its PoC project, the firm is still mulling over a future component break-up for Bitcoin SV. Let’s see how the future of the top 10 altcoin plays out from here on out.