The Bitcoin SV Technical Standards Committee held a webinar to introduce Bitcoin SV to technical standards, outlining the frameworks in effect for implementing technical standards for greater ecosystem interoperability.
The event focused on how usability was crucial to unlocking the full potential of Bitcoin SV, with its low transaction costs, short transfer times, and unbounded scaling, by focusing on the need for standardization and the benefits of a single code of technical standards.
The event outlined the Technical Standards Committee’s draft roadmap before seeking feedback from stakeholders interested in shaping the Bitcoin SV ecosystem’s potential course.
The committee’s members were particularly keen to emphasize the importance of community input, both on the TSC roadmap as a whole and in the format of individual working groups set up to discuss criteria in key focus areas.
Steve Shadders, nChain’s Chief Technical Officer, kicked off the webinar. He started by outlining the committee’s work and the committee members present for the meeting before immediately going on to an outline of their goals, which was especially necessary given BSV’s rapid growth rate.
He spoke about the Technical Standards Committee’s history, beginning as a group of developers working on essential wallet interoperability to set the technical agenda for standardization across the entire BSV ecosystem.
“When the decision was made to form the TSC, one of the core things was to work out what its function is. And that core goal is to let the people who need to do technical collaboration to improve interoperability within the ecosystem, focus on exactly that.”
The TSC’s job, according to Shadders, is to help the industry decide which expectations it should set and how they should work to promote the growth and development of Bitcoin SV as a whole.
Alex Fauvel, the co-founder of Two Hop Projects, then took the stage, emphasizing the importance of technological standards for those developing applications on top of the Bitcoin SV platform. Fauvel said the decentralized approach to designing standards was vital to their consistency and, importantly, usefulness, noting the involvement of business experts in defining the guidelines.
“The strength of Bitcoin SV technical standards is that they are all developed by the people that need them—industry experts are involved at all stages.”
Fauvel described the technical standard-setting process as “open” and “designed to enable all interested parties to have a role in influencing the course of technical standards.”
“This is a collaborative and open process, so all interested parties should get involved as much as possible. Developing the standards is consensus-based, so the comments from stakeholders at all stages are taken into account.”
Meanwhile, The Hopper CTO James MacLeod spoke about the TSC’s roadmap, which is open for public comment until May of this year.
Regulation and enforcement, wallet utilities, client services, tokenization, and mining are all covered by the roadmap as it currently stands
“We have identified two strategic objectives. Firstly, provide a summary of areas within the industry that require attention with a focus on addressing the major barriers to adoption for Bitcoin SV. Secondly, identify areas of concern with unimplemented or poorly implemented parts of the network model.”
“Getting involved gives you a voice at the table and allows you to enter the dialogue and be involved in the conversation about something that is important to you and your business.”
Angus Brown, co-founder, and CEO of Centbee, stepped in to lead the Q&A panel, seeking to clarify other speakers’ remarks and answering questions from those in attendance.
Brown answered a variety of questions, including ones about the standard-setting process and whether membership in the Bitcoin Association was needed to define the general course of professional specifications in each of the five main fields.
He was also questioned about the time investment required to participate in each of the workgroups, which he said should be about a couple of hours per month—and “shouldn’t interfere with your day job.”
Returning to close the case, Steve Shadders said that the Technical Standards Committee’s job was to work with industry stakeholders to promote cooperation, eliminate needless red tape, and assist in developing practical, workable technical standards for the good of the Bitcoin SV community as a whole.
“If you get involved in a workgroup, you are going to spend 99% of your time focusing on the technical detail and not wasting your time with administrative details that can easily be taken care of by the TSC.”
Shadders said he wanted as many community members as possible to help form the technical specifications, noting that the goal was to increase the accessibility of Bitcoin SV for all.
“I really do encourage everybody to participate. We really want this process to be driven by the industry. The ultimate goal is that we improve the usability of Bitcoin SV so that it can reach the global adoption we are all working towards.”