Bitcoin SV Technical Standards Committee releases organisational roadmap for 2021-23

ZUG, Switzerland, Aug. 19, 2021 /PRNewswire/ -- Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, today announces that the Bitcoin SV Technical Standards Committee (TSC), an industry-led standards organisation for the Bitcoin SV ecosystem supported by Bitcoin Association, has released its organisational roadmap for 2021-23.

The TSC was established to professionalise the development of Bitcoin technology in order to support massive scale enterprise, consumer and government use, as well as accelerate global adoption. It works to promote technical excellence and enhance interoperability across the BSV ecosystem through standardisation. 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.

The roadmap covers five key areas (wallets, client services, on-chain data, regulation and compliance, mining) and five key streams (SPV client tools, SPV client services, data and token interoperability, FATF compliance, mining interoperability) that the TSC will focus on over the next two years. Several proposed standards, as well as prior art considerations, are also included as part of the roadmap, illustrating the broad appetite for standardisation across the BSV ecosystem.

The TSC and its membership act as facilitators throughout the standardisation process, implementing the governance structures and supporting the standard from draft to publication, that enable both public participation and industry representation. Its committee is comprised of 10 members, representing seven countries and a diverse subset of businesses across the broad BSV ecosystem.

Earlier this year, the TSC announced the first technical standard to complete its rigorous standardisation process and proceed to publication was the Merkle proof standardised format, a fundamental element to the Simplified Payment Verification model that underpins Bitcoin scaling.

To view the roadmap for 2021-23 and learn more about how you can contribute to the development of standards for the BSV ecosystem, visit tsc.bitcoinassociation.net

Commenting on today's announcement, Bitcoin Association Founding President Jimmy Nguyen said:

"The Bitcoin SV Technical Standards Committee is a core initiative of Bitcoin Association in professionalising development across the BSV ecosystem. We have seen that the processes implemented by the TSC work, with the first Merkle proof standard published earlier this year and several more now working their way through the standardisation process. Most importantly though, there has been substantial public and industry participation – a factor which only stands to improve with the release of the 2021-23 roadmap. With a clear path forward for the next two years and a diverse set of priority areas, I hope that the roadmap will encourage more stakeholders to get involved with the standardisation process and help to build the future of business on-chain with BSV."

Also commenting, chair of the Bitcoin SV Technical Standards Committee Steve Shadders said:

"The release of the 2021-23 roadmap represents a significant achievement for the Bitcoin SV Technical Standards Committee and the culmination of several months of work – both for the committee and its membership, as well as the Bitcoin SV ecosystem at large who participated in great numbers. The strength and success of the committee – and more broadly standardisation as a whole – rests with the uptake and input of the industry. As we work over the next two years to fulfil the ambitious agenda outlined in the roadmap, it is my hope that this is seen as a clear sign to both the Bitcoin SV ecosystem and the business community that now is the time to get involved and contribute to the development and professionalisation of BSV."

About Bitcoin Association

Bitcoin Association is the Switzerland-based global industry organisation 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.