ZUG, Switzerland, November 25, 2020 / PRNewswire / – Bitcoin Association, that Switzerland-based global industry organization working to advance business with Bitcoin SV blockchain, today announced that the first proposed standard of the Bitcoin SV Technical Standards Committee has reached its public review phase.
The proposal, the standard data format for proof of Merkle’s inclusion, is the first to reach a public review phase as part of a pilot program for the Bitcoin SV Technical Standards Committee and its processes. Merkle’s proof is essential to all Simplified Payment Verification (SPV) uses that were described in the original Bitcoin whitepaper and formed the basis of most user interactions with the Bitcoin network.
Bitcoin SV Technical Standards Committee is was founded to professionalize Bitcoin development technology to support the use of large companies 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 being first proposed in June and passing an initial checkpoint review by 11 members of the Technical Standards Committee, the proposed standard data format for proof of Merkle inclusion was designed by a specialized working group and underwent several subsequent phases of review. 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 newly launched Bitcoin SV Technical Standards Committee website.
At the end of the public review phase, the special working group will review the comments received, before deciding whether they indicate reasons for returning to the drafting phase, or for continuing with the publication of the standard.
For more information on the Bitcoin SV Technical Standards Committee and the process, visit: tsc.bitcoinassociation.net/our-process/
Commenting on today’s release, Steve Shadders, Chairman of the Bitcoin SV Technical Standards Committee, said:
“The function of the Technical Standards Committee is purely to manage a process, where all the participants in the Bitcoin SV ecosystem can come together, form working groups, and make use of the various resources and processes provided by the Committee to see that the working group is over and hopefully, terminated. with the standards adopted by the industry. The first proposed standard reaching the public review stage is a clear first sign that the processes in place to compile, develop and review standards are working as they should. “
Also speaking at today’s announcement, the Founding President of the Bitcoin Association Jimmy Nguyen | said:
“The Bitcoin SV Technical Standards Committee represents an important effort of the Bitcoin Association to professionalize the Bitcoin industry. The development of industry-wide standards will fuel 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 businesses and online activities can take place in a chain. “
About the Bitcoin Association
Bitcoin Association is a global industry organization based in Switzerland that works to advance business on the Bitcoin SV blockchain. It brings together the essential components of the Bitcoin SV ecosystem – companies, startups, developers, traders, exchanges, service providers, blockchain transaction processors (miners) and others – working with them, as well as in a representative capacity, to drive the further use of the Bitcoin blockchain. SV and BSV digital currency absorption.
The association works to build a regulatory-friendly ecosystem that encourages lawful behavior while facilitating innovation using all aspects of Bitcoin technology. More than just a digital currency and blockchain, Bitcoin is also a network protocol; Just like the Internet protocol, these are the basic rules that are established for the entire data network. The association supports the use of the original Bitcoin protocol to operate a single world blockchain on Bitcoin SV.
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