Jimmy Nguyen on Blockchain, BSV and the Future of Money and Tech
After the excitement of CoinGeek Seoul earlier this month, we were able to catch up with the Blockchain Association's Founding President and former CEO of nChain, Jimmy Nguyen. Jimmy is probably one of the world's most well-known (and spoken!) Bitcoin advocates and has been actively promoting and working in this exciting space for over three years.
So Jimmy, how did you get into blockchain and cryptocurrencies? What first sparked your interest?
I was a digital technology and intellectual property lawyer in the U.S. for 21 years. I was a partner in major corporate law firms and represented clients ranging from major multinationals to emerging tech start-ups. As a digital tech lawyer, you always have to learn about new technologies as they arise. Some of my clients in the online gaming and fintech space began exploring the use of Bitcoin and virtual currency, so I learned about the industry.
Towards the end of my legal career, I knew I was ready for a change. Then an opportunity arose to join nChain – the blockchain research & development business built around Craig Wright. I was prepared to take a leap, and it was an exciting opportunity to work at the very epicentre of Bitcoin to help implement Craig’s vision for Bitcoin and its blockchain – a vision that is exceptionally grand and transformative for the entire world.
And you're currently on the strategic advisory board for nChain; how is nChain working to develop blockchain tech?
I am nChain’s former CEO. nChain is the leading blockchain advisory, research and development firm in the world. It has one of the largest blockchain patent portfolios in the world, with more than 800 patent applications and granted patents. The inventions at nChain are breathtaking - mostly out of the genius mind of its Chief Scientist Dr Craig S. Wright, creator of Bitcoin. Craig has an understanding of Bitcoin’s technology potential beyond anyone else, and it shows in his prolific inventions. That IP [intellectual property] will be made available to benefit the BSV ecosystem.
nChain’s next phase is expanding its professional services arm to help companies design blockchain solutions using nChain’s IP. Through nChain, I expect to see many companies in diverse industries learn how to build the world's leading blockchain technology applications.
Can you give us an introduction to the Bitcoin Association? What's the overall vision of the Bitcoin Association? And how is your project making an impact on the blockchain space?
Bitcoin Association is the leading global organisation for Bitcoin business and supports Bitcoin SV (BSV) as the original Bitcoin protocol and with a massive scaling roadmap. It brings together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin SV ecosystem.
Our goal is to ensure Satoshi Nakamoto’s original design and protocol for Bitcoin is successful in BSV. We support the growth of BSV to become the world’s new money and global enterprise blockchain.
Since BSV emerged from the world’s first Bitcoin hash war in November 2018, we have been busy building the entire global BSV ecosystem. Bitcoin Association manages the Bitcoin SV Node team which develops the BSV client software, does the BSV scaling work, and builds other critical aspects of the BSV infrastructure.
We are especially focused now on supporting developer training and experience with BSV – running BSV hackathons, supporting developer attendance at key BSV events, and now creating a developer training curriculum and materials.
Our organisation also does outreach to other BSV ecosystem participants to support their needs and use of BSV – such as mining pools, wallets, exchanges, merchants, and enterprises that want to build on BSV.
We also engage in discussions with government agencies and lawmakers, advocating for a regulation-friendly cryptocurrency ecosystem and advising on laws that support the responsible growth of blockchain technology.
Bitcoin Association will be leading the blockchain future because our mission is to support BSV as the dominant global public blockchain for all enterprise applications and digital currency use.
Tell us about the team behind the Bitcoin Association?
I serve as Founding President of the Association and have a team of managers that support me. We have a Marketing Manager (Martin Coxall) and a Program Manager (Raylene Wilson) in London. We have a Training & Development Manager (Brendan Lee) based in Australia. I also hired regional managers for key countries – a China manager (Lise Li) and Jerry Chan (Japan/South Korea).
We also get significant support from others – such as the CoinGeek and Ayre Media team, the nChain research and development company, and volunteer country Ambassadors around the globe.
What has been your project's most significant achievement so far?
Bitcoin Association is fairly young, and we’re just getting started. If I had to name a key achievement, it would be by the Bitcoin SV Node team which is managed by our association.
This July, they successfully implemented the Quasar protocol upgrade for the BSV network – lifting the default block hard cap to 2GB (2048 MB compared to just 1 MB on the BTC network). They also have successfully mined a series of 12 successive 2GB blocks on the Bitcoin SV Scaling Test Network. And on the mainnet, we have seen stress tests produce large blocks with over 700,000 and 800,000 transactions within a single block.
These results prove that what Bitcoin Core developers have told you all along is wrong - Bitcoin can indeed massively scale. Bitcoin can indeed support a single global public blockchain that the entire world operates on, just like we operate on a single global public internet. The results have come from effective research and technical work – including to make transaction validation, block creation and block propagation more efficient.
So, there is much more work to do, and we intend to build the BSV blockchain into the global data ledger for the future.
What is the next step for the Bitcoin Association in the next couple of years?
Our first goals are technical – successfully implement the February 2020 “Genesis” upgrade to restore the original Bitcoin protocol, and completely remove any block cap. This will leave it to miners, by consensus, to determine the network’s block size based upon market demand. This requires re-educating miners to take a more proactive role in the governance of the system.
Another goal is to train more developers to build on BSV. The plan is to roll out a BSV developer training curriculum and program in 2020 and launch BSV developer conferences and training events.
Additionally, we also want to educate major enterprises as to why BSV is the only blockchain that fulfils all their needs – such as massive scalability, low and predictable fees, a stable protocol, and a regulation-friendly ecosystem. We already have one major business ready to launch an enormous application on BSV – ONEStore, the second biggest mobile app store in South Korea will be launching a BUSKON music content delivery platform built on BSV.
In the next couple of years, I want to get more big enterprises building real applications on BSV.
That all leads to our key goal of generating high transaction volume on the BSV blockchain. We want BSV’s cryptocurrency to have real value, and that comes from it having practical utility. We want BSV to be the most used blockchain in the world, and that will be demonstrated by high transaction volume and the biggest average block size.
This is the question everyone is wondering; in a nutshell, why BSV?
BSV is Bitcoin that actually works – for developers and enterprises. That’s because BSV is the only blockchain project fulfilling Bitcoin’s original design – restore the original Satoshi protocol, keep it stable and allow it to massively scale to support enterprise usage.
BSV is fulfilling Bitcoin’s original plan to be big, to support big blocks that can reach gigabytes and terabytes in size – to process billions of transactions per block and millions of transactions per second. That means BSV can act as a data carrier network, and its blockchain can power all enterprise applications with the use of micropayments and microtransactions.
At scale, BSV can subsume all other blockchain projects and transform the entire Internet into our vision of the “Metanet.” Developers see this more every day – as more and more are moving their projects from other blockchain platform choices to BSV.
In sum, BSV has the ambition – and the technical plan – to transform the entire technology world. You don’t want to miss out on the incoming BSV wave; help improve the world with BSV!
And finally, if you had to recommend another cryptocurrency project or blockchain company apart from those you’re actively involved in, who would it be and why?
None. As Satoshi Nakamoto wrote early in Bitcoin’s life, “There is only one global chain”. That will be Bitcoin in the form of BSV. I have no other crypto project to recommend.
But I will recommend people check out the exciting wave of new BSV ventures across the globe building on the powerful BSV blockchain.
Thanks, Jimmy, we look forward to seeing the progress the teams at nChain and the Bitcoin Association make with the Genesis upgrade!
The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The views expressed by the author do not necessarily represent the opinion of BitPrime.
Images courtesy of Victoria Hoete-Dodd and the Blockchain Association unless stated otherwise.
Last updated: 15/10/2019