In a BlockTalks podcast posted on July 21, 2021, Tokenized Co-Founder and CEO James Belding speaks about why his team chose to build on the BSV blockchain and likens it to the TCP/IP that basically allows for computers across networks that are connected to the Internet to be able to communicate with each other and determines how data is sent and received over the Internet. It is one of the base protocols that makes the Internet what it is today and makes possible emails, websites, web browsers and even file sharing.
“As part of my journey to where we are now, the first step was literally evaluating all different technologies out there, all the distributed networks and deciding what they are capable of—both now and into the future—and then, deciding what the real value proposition is, what should these distributed networks be responsible for, what should they do, and where’s the value for those responsibilities or those things it can do or its functions… We spent a long time evaluating everything. We’re clear that we’re building exclusively on Bitcoin SV—that’s the only network that we believe is going to be relevant in five years’ time. And we liken the protocol that is Bitcoin SV to something like TCP/IP, something like a base layer kind of protocol,” Belding explained.
According to Belding, he realized that BSV is like TCP/IP after spending much time and effort searching through many distributed ledgers or blockchains that would provide Tokenized, which specializes in tokenizing assets and digitally transforming legal and financial contracts through a combination of Ricardian and smart contracts, with the technology they need. With the capacity of BSV to scale after restoring the original Bitcoin protocol, it provides a rock-solid foundation for platforms and applications to be built upon it with unlimited potential for growth. Hence, it has the power to fade into the background and act as plumbing for global systems—so much like how TCP/IP has done.
“What’s important about Bitcoin SV that maybe a lot of people don’t appreciate is it’s the original vision for Bitcoin. Just because it’s the first, doesn’t mean it’s always the best—you can’t equate those things, it’s not logically sound. But one thing that is interesting and worth noting is that when someone pulls something from the ground and designs something from scratch, you go from zero to one, there’s nothing to compare to. So, every decision that they make in that design has to come from nothing. And so, they have to build up reasoning for the parameters they choose or the design choices that they choose. And thinking all that through is a very different experience to someone taking something that already works and just tweaking a few things,” the Tokenized CEO pointed out.
It is akin to how Johannes Gutenberg, for instance, knows every part of the printing press and why it is there. It would be vastly different from someone tweaking the printing press and deciding to remove a bolt that they do not know serves a crucial purpose, making that version not as effective as the original. The same goes for Bitcoin. With BTC and BCH tweaking the original protocol to be able to record transactions off-chain or to create untraceable transactions, they deviate from what Bitcoin was designed for. The same goes for other digital currencies, which is why most find it difficult to scale.
“Every single network that we looked at in comparison to the original Bitcoin as it was originally envisioned and the arguments and rationale for all the design choices in comparison to things that have been proposed as alternatives, it’s very, very superficial in understanding in our view. And they actually haven’t understood at all why that decision was made and what the consequences are. And a lot of times, the consequences don’t become apparent until you have to scale,” Belding revealed.
The evidence is all out there in the open, BSV continues to scale and improve its technology because it is committed to the original Bitcoin design. Whatever detractors may say, there are hundreds of companies that are already building their applications on the BSV blockchain. And like Belding, they have decided on BSV after researching and evaluating other blockchains.