ZUG, Switzerland, Nov. 25, 2020 /PRNewswire/ -- Bitcoin
Association, the Switzerland-based
global industry organisation that works to advance business with
the Bitcoin SV blockchain, today announces that the first proposed
standard from the Bitcoin SV Technical Standards Committee has
reached the public review phase.
The proposal, a standard data format for Merkle inclusion
proofs, is the first to reach the public review phase as part of a
pilot programme for the Bitcoin SV Technical Standards Committee
and its processes. Merkle proofs are vital to all uses of
Simplified Payment Verification (SPV) described in the original
Bitcoin whitepaper and form the foundation of most user
interactions with the Bitcoin network.
The Bitcoin SV Technical Standards Committee was established to
professionalise the development of Bitcoin technology in order to
support major enterprise use and accelerate global adoption. The
Committee aims to facilitate industry participation and
representation in the development of global standards that will
promote technical excellence and enhance interoperability across
the Bitcoin SV ecosystem.
After first being proposed in June and passing an initial
checkpoint review by the 11 Technical Standards Committee members,
the proposed standard data format for Merkle inclusion proofs was
drafted by a dedicated workgroup and subjected to several
subsequent review phases. Following a final specialist review and
stakeholder canvas, the proposed standard is now available for
public review and comment for a period of two months on the
recently launched Bitcoin SV Technical Standards Committee
website.
At the conclusion of the public review phase, the dedicated
workgroup will review the comments received, before deciding
whether they show cause for returning to the drafting phase, or to
proceed with the publication of the standard.
For more information on the Bitcoin SV Technical Standards
Committee and their processes, visit:
tsc.bitcoinassociation.net/our-process/
Commenting on today's release, Steve
Shadders, Chair of the Bitcoin SV Technical Standards
Committee, said:
"The function of the Technical Standards Committee is purely to
administer a process, wherein all participants in the Bitcoin SV
ecosystem are able to come together, form a workgroup, and make use
of the various resources and processes the Committee provides in
order to see that workgroup through to completion and hopefully,
end with a standard that is adopted by the industry. The first
proposed standard reaching the public review phase is a clear first
sign that the processes put in place to draft, develop and review
standards is operating as intended."
Also speaking on today's announcement, Bitcoin Association
Founding President Jimmy Nguyen
said:
"The Bitcoin SV Technical Standards Committee represents an
important effort by Bitcoin Association to professionalise the
Bitcoin industry. The development of industry-wide standards will
ignite faster growth of important aspects of the Bitcoin SV
ecosystem, fostering compatibility and interoperability between
businesses, as the network grows to support a world where all
business and online activity can take place on-chain."
About Bitcoin Association
Bitcoin Association is
the Switzerland-based global industry organization that
works to advance business on the Bitcoin SV blockchain. It brings
together essential components of the Bitcoin SV ecosystem –
enterprises, start-up ventures, developers, merchants, exchanges,
service providers, blockchain transaction processors (miners), and
others – working alongside them, as well as in a representative
capacity, to drive further use of the Bitcoin SV blockchain and
uptake of the BSV digital currency.
The Association works to build a regulation-friendly ecosystem
that fosters lawful conduct while facilitating innovation using all
aspects of Bitcoin technology. More than a digital currency and
blockchain, Bitcoin is also a network protocol; just like Internet
protocol, it is the foundational rule set for an entire data
network. The Association supports use of the original Bitcoin
protocol to operate the world's single blockchain on Bitcoin
SV.
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SOURCE Bitcoin SV