Jimy Nguyen
nChain CEO
Software Engineer at Twitch
Twitch University of California, Berkeley
Bahía de San Francisco, LA Estados Unidos
(Vietnam)

#Diversity & #innovation are keys to WIN 🏳️‍🌈|@nchainglobal Chief IP, Comms & Legal Officer | #bitcoin #blockchain | Digital #Tech Exec, Lawyer & Advisor

https://www.linkedin.com/in/jnguyen75/

https://twitter.com/JimmyWinMedia

https://www.ocf.berkeley.edu/~jimmyn/

http://jimmywin.com/

https://www.facebook.com/JimmyWinMedia/

PAYMENTS ON FIRE

"Episode 109 – Bitcoin SV, a Payments and Data-focused Path in Bitcoin Evolutio – Jimmy Nguyen, Bitcoin Association

By libsyn on November 27 2019

If you thought bitcoin was dead as a payments system, take a listen to George and Jimmy Nguyen, founding president of the Bitcoin Association, as they discuss Bitcoin SV, a new version of bitcoin that is a significant upgrade to the performance and capabilities of the original bitcoin protocol put into the world a decade ago.

From a payments perspective, bitcoin has failed. While successful as an albeit volatile store of value, its failings include:

It is slow, only able to handle 2 or 3 transactions per second with a peak rate of 7. Visa handles 50K at peak holiday times with aplomb.

While transactions are irrevocable, they are not immediately written to the blockchain. Core design specifies that that happens every 10 minutes but when the network is under load it has taken hours.

Processing cost is too high, measured in dimes and dollars, and also volatile

As the processors, known as miners, are rewarded with fewer bitcoins for their work, they’ll have to rely on processing revenues, transaction fees, to stay viable. Costs are already too high

There’s the high power usage of the network that’s needed to maintain consensus, essentially trust in the network"

https://twitter.com/JimmyWinMedia/status/1201647447132581889?s=09