“Blockchain, not crypto, is the real long-term innovation of the future”: Bryan Daugherty testifies at NY committee hearing

BSV Blockchain Association Public Policy Director Bryan Daugherty spoke to the New York City Office of Technology & Innovation last week, telling them that blockchain is the real long-term innovation and that the rampant speculation in the digital currency industry is allowing illegal finance, influencers and outright Ponzi schemes to thrive.

Daugherty told the committee that, in his view, the collapse of FTX may not be an isolated incident, and that it stemmed from a critical failure of management or outright criminal activity.

The SmartLedger co-founder called out the feel-good lies promoted by many prominent players in the industry, saying that all the talk of inclusion and increased efficiency was little more than a ploy to con consumers and investors out of their hard-earned money.

In BSV Blockchain Association’s view, blockchain technology and micropayments, data integrity and improved network security are the real innovations.

BSV supporters tell the politicians the truth

As Public Policy Director for the BSV Blockchain Association, Daugherty has a unique opportunity to inform policymakers in the US and elsewhere how blockchain really works and why, despite the lies and fraud that characterize the digital currency industry today, there is real innovation here .

Unlike the Twitter influencers and crypto-anarchists who are loud and proud online, Daugherty is meeting with leaders who want to have some influence over how regulations play out. His understanding of the original Bitcoin protocol, which his company SmartLedger uses to create various utility applications that harness the power of BSV, will be passed on to those who matter, facilitating a greater understanding of the true power of Bitcoin and ensuring that regulations promote real innovation and value creation while eradicating crime.

Significantly, Daugherty repeatedly distances BSV from the broader digital currency industry and the speculation it is known for. He’s an example of someone building real companies to create value instead of just trying to extract it from other “dealers”, giving him credibility that others trying to influence the same decision makers don’t have.

What are the true innovations of the BSV blockchain?

Daugherty mentioned three innovations that the BSV blockchain unlocks: micropayments, data integrity and increased network security. Let’s look at these one by one.

Micropayments – Bitcoin is and always has been a peer-to-peer electronic cash system. While BTC, which has hijacked the Bitcoin brand name, is known for its high fees and slow transactions, the original protocol designed by Satoshi Nakamoto was capable of instant transactions for almost zero fees.

Fortunately, a team of hardworking Bitcoiners restored the original protocol – it is now known as BSV. It processes millions of microtransactions every day for a growing number of applications in gaming, finance and social media. The average fee to send a BSV transaction is less than 1/1000th of a cent, and BSV’s throughput capacity is growing every day. Dr. Craig Wright, the inventor of the Bitcoin protocol, envisions millions and then billions of transactions per second, creating a micropayment economy on a truly global scale.

Micropayments enable economic activity that has traditionally been impossible, such as tipping influencers and content creators fractions of a cent, paying pennies to access online media such as videos or blog posts, and paying for in-game actions, creating new business models possible for the first time.

Data Integrity – In his recent The Bitcoin Masterclasses, Dr. Craig Wright spoke at length about the problems with data breaches and the predatory models that rely on data collection. He also outlined the privacy implications and what the future might look like thanks to Bitcoin.

While many hardcore BTC advocates will deny it and try to stop anyone who wants to use Bitcoin for data transfers, the truth is that the protocol was always capable of processing and storing data. BSV proves this – it is possible to write any type of data to the blockchain, including NFTs, in the form of images, videos and audio files.

Satoshi Nakamoto always intended Bitcoin to be more than just a cash system. That’s why he built in opcodes like PUSHDATA4. Not understanding this, or perhaps not wanting to, BTC Core developers removed these features, creating the broken system we see in BTC today. After restoring Satoshi’s original design, BSVere has proven that it was always capable of data transactions.

As tools are built and Bitcoin integrates with IPv6, these computing capabilities will have revolutionary implications for the world. Not only will data storage become truly decentralized, breaking down the walls of the silos that data lives in today, but it will be possible to send files in a truly peer-to-peer fashion, cutting out data harvesters and digital spies like Meta ( NASDAQ: META) and Twitter.

On top of this, companies, organizations and individuals will be able to write data to the blockchain, receive micropayments for access to that data or store it immutably for a variety of reasons. Thus, it will be possible to prove that a company took action to comply with the regulations, that a person invented something before anyone else, or that a given event occurred on a given date at a specific time. There will be a time-stamped recording of the data on the BSV blockchain.

Network Security – This innovation is close to Daugherty’s own heart. His company Certihash has built a suite of blockchain-powered cybersecurity tools, including Sentinel Node, in partnership with IBM. Sentinel Node revolutionizes network security, logging and timestamping of network events on the blockchain.

While the average time it takes to detect a network breach is several months today, Sentinel Node reduces that time to a few seconds. It constantly monitors the state of computer networks, and provides alerts when actions are performed in relation to protected files. Unlike similar tools today, Sentinel Node writes the data to an immutable public blockchain, making it impossible to change or edit logs.

Not only do blockchain-powered tools like this dramatically reduce the time it takes to detect breaches, but they create real administrator accountability. It will no longer be possible to deny, obfuscate or transfer the money when everything – from breaches to the actions taken by administrators to manage them – is visible on an immutable public ledger that acts as a universal source of truth.

Truly, the innovations Daugherty talked about to the New York City Office of Technology & Innovation Committee are changing the world. They are just hidden, for now, under a mass of scams, lies and deception promoted by a crypto industry that financially benefits from naive speculators trading worthless tokens. Slowly the world is waking up to the true power of Bitcoin and in time it will change the world in ways that can hardly be imagined.

See: Sentinel Node Blockchain Tool to Improve Cyber ​​Security

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