Dear Elon Musk: Contrary to popular belief, Bitcoin has the ability to scale

The following letter, originally written by Bryan Daugherty (Director of Blockchain Policy at the Bitcoin Association for BSV), was sent to Elon Musk (business magnate, investor and current CEO of Twitter). The author has given permission to publish this letter publicly in the hope that it will reach a wider audience and try to get the attention of Elon Musk.

Dear Mr Musk,

I hope this letter finds you well and in good spirits. As a highly respected innovator in the technology industry, I wanted to express my admiration for your work and the many ways you continue to contribute to advancing society, both culturally and technologically.

Based on your public statements, it appears that we have different views when it comes to the usefulness of blockchain technology, especially proof-of-work consensus mechanisms for data and financial exchange.

Unknown to most in the digital asset space, including some of the top experts, Bitcoin has the ability to scale, as originally expressed by Satoshi Nakamoto in April 2009: “Bitcoin can already scale much larger than [Visa] with existing hardware for a fraction of the cost. It never really hits a scale ceiling.”

Navigating the complex landscape of social crypto influencers, Ponzi schemes and illicit security offerings can be difficult, but it is important to understand that blockchain technology represents a different kind of opportunity – one that is less volatile and speculative, and reflects some of the biggest. technological leap humanity has experienced, albeit without the same level of fanfare.

As for whether proof-of-work can scale, the answer may not be as complicated as the journey to understand it. Since block #556767 was mined on November 15, 2018, BSV developers have broken proof-of-work scaling barriers that were once thought to be unthinkable.

MNP, a prominent accounting, tax and business consulting firm in Canada, has conducted extensive research on the topic of Bitcoin and recently published two reports on the importance of the original Bitcoin protocol, the impact of changes to the popular BTC version on its features, and how the competing version, BSV, has been able to exploit the original scaling capabilities that were present when the system was first released.

Unlimited scaling enables new possibilities in microtransactions, IPv6 compatibility, extreme data efficiency, verifiable identity and secure critical infrastructure, providing a great opportunity for innovators like yourself to leverage the most efficient, resilient, globally stable and secure data distribution. model.

As an example, SpaceX can use IPv6 in combination with BSV to transfer financial transactions securely and efficiently with its customers for its internet service. Tesla can use BSV to track the origin of materials in its supply chain management, track and maintain vehicles, trade energy or even use IPv6 to enable secure communication between vehicles, charging stations and other devices. In addition, by using the BSV blockchain as a cyber security solution, it is possible to protect the internal network of any company against unauthorized access or data breaches.

This is due to Bitcoin’s original ability to monetize, manage and secure data. Often overlooked by most, Bitcoin is an amalgamation of data (bits) and coin (finance). With the ability to handle over 50,000 transactions per second, it is now possible to send micropayments, monetize data, transfer data, and capture an immutable time-stamped audit trail of all activity on a network.

Bitcoin’s UTXO model makes it scalable and capable of parallel processing, enabling near-instantaneous real-time payments with settlement times of just seconds and fees that are a fraction of a cent (less than 1/5000th of a penny). The potential uses and benefits of Bitcoin are virtually limitless.

One of the key benefits of using BSV as the underlying infrastructure on a platform like Twitter is the potential to allow users to earn micropayments for their content. Using BSV-based tokens, loyalty points or digital assets, users can be rewarded for producing high-quality content that is valuable to the community. This not only encourages users to create higher quality content, but also helps establish a more sustainable business model for the platform.

In addition to these benefits, using a scalable blockchain like BSV can also give users greater control over their data. With traditional social media platforms, users have little say over how their data is used or who has access to it. By storing user data on the BSV blockchain, users can have greater control over who has access to their information and how it is used.

Furthermore, a BSV-based social media platform can also have its own marketplace for users to create, buy and sell digital assets, as well as monetize content such as art, music and blogs. This will open up new income streams for both the platform and the users.

Using a blockchain like BSV can also enable in-app payments, allowing users to easily and securely make in-app purchases. This can be particularly useful for purchasing premium content or accessing exclusive features such as with Twitter Blue.

Finally, I would like to applaud your efforts regarding the Twitter files. It is of utmost importance that transparency and accountability are a high priority for social media platforms, especially in light of rising levels of cyberbullying and fake accounts.

Overall, I believe that the use of a blockchain like BSV has the potential to revolutionize social media platforms like Twitter and bring many benefits to both the platform and its users. I hope that you will consider this perspective and the potential of these technologies to improve the user experience and business model of Twitter.

I would like to request the opportunity to further discuss the potential benefits of the BSV Blockchain, as well as to invite you to the London Blockchain Conference on 31 May – 2 June at the Queen Elizabeth II Conference Center in London. This conference will showcase innovative technologies and companies working to transform industries and build the new valuable internet. I truly believe it would be a valuable opportunity for you to see for yourself the potential of this technology and I would be honored if you were my VIP guest.

Sincerely,
Bryan W. Daugherty – CCI, CBI, SME
Director of Public Policy – Bitcoin Association for BSV Blockchain

Watch: London Blockchain Conference 2023 Brings Government Business into the Blockchain

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