Bitcoin SV Technical Standards Committee opens first proposed standard for public review

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.