LONDON, Dec. 12, 2018 /PRNewswire/ -- nChain, the blockchain research and development firm, announces that two of its leaders, Jimmy Nguyen and Dr. Craig S. Wright, have been appointed to new additional roles to support global growth of Bitcoin SV (BSV). Emerging from the November 15, 2018 contentious hard fork of Bitcoin Cash (BCH), BSV now is a separate chain and token that fulfils the original Satoshi Vision for Bitcoin: restore the original Bitcoin protocol, keep it stable, and enable massive on-chain scaling. Nguyen and Wright will devote increasing time to external efforts to achieve global adoption and enterprise-level usage for Bitcoin SV.
Nguyen joins the bComm Association as Founding President. The first-ever organization dedicated to bCommerce (Bitcoin commerce), the bComm Association brings together developers, merchants, exchanges, miners and other Bitcoin network participants. Nguyen will head the industry group as it provides global support for Bitcoin SV, as the key to long-term financial success for all participants in the inter-related Bitcoin ecosystem.
Through the bComm Association, Nguyen will expand his efforts educating about why massive on-chain scaling through Bitcoin SV is important not just for merchants and application developers, but also for the mining industry. In 2020, Bitcoin's block reward will halve to 6.25 coins, and then halve again every several years thereafter. To make up for the reduced block reward value, miners need to earn more in transaction fees, which requires much higher volumes of transactions with different types: simple payments, tokens, smart contracts, and others. Huge transaction volume will require gigabyte size and bigger blocks. It also needs a stable protocol for businesses to feel confident using the Bitcoin blockchain for enterprise applications. Bitcoin SV is the only blockchain with a roadmap to achieve these goals, and to ensure the mining industry is profitable so miners provide computing power and security to sustain the Bitcoin network for all other users.
In addition, as announced by Squire Mining Ltd., both Nguyen and Wright have been appointed as inaugural members of a new Advisory Board for Squire. Through its subsidiaries, Canadian-based Squire is engaged in the business of developing data mining infrastructure and system technology in the mining space, including ASIC chips and next generation mining rigs.
Furthermore, both Nguyen and Wright will serve on a new Strategic Advisory Board created for nChain Group. By serving in strategic advisory roles for both nChain Group and Squire, Nguyen and Wright are reflecting the need for more collaboration among different parts of Bitcoin's ecosystem. Wright will continue his work as nChain's Chief Scientist, as well as work to promote Bitcoin education.
Stefan Matthews, Chairman of the Board for nChain Group (and also for Squire), explains:
"Bitcoin SV and the bComm Association are critical to drive the success of the mining industry and other participants in the Bitcoin network. That is why we enthusiastically support Jimmy Nguyen's work as Founding President of the bComm Association and as global ambassador for Bitcoin SV. Jimmy is one of the best voices in the world for Bitcoin, and communicates especially well to the business community. Craig Wright has unparalleled understanding of Bitcoin's technical and economic workings, and offers the most powerful vision for its future potential. Together, Jimmy and Craig provide a strong combination for strategic guidance that will benefit not just nChain but also the entire Bitcoin SV ecosystem."
As it grows, the bComm Association will call for financial support from more companies – especially miners and mining hardware companies who benefit from a massively scaled Bitcoin SV blockchain. The organization will also expand to invite major businesses who want to use the Bitcoin SV blockchain for enterprise-level applications.
ABOUT NCHAIN: nChain is the global leader in research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of the Bitcoin network - focusing on Bitcoin SV (BSV) as the original Bitcoin which will fulfil the Satoshi Vision.