Day 2 of BSV Global Blockchain Convention in Dubai Features IPv6 Forum President, Bitcoin Creator

bitcoin creator

By Makkie Maclang

Day 2 of the BSV Global Blockchain Convention features keynote presentations that highlight how combining IPv6 and a scalable peer-to-peer network, the BSV Blockchain, can do the world a lot of good. The convention is held at the Grand Hyatt, Dubai on May 24 to 26.

IPv6 Forum President and IEEE 5G World Alliance Co-Chair and Co-Founder Latif Ladid presents first and explains the need for IPv6 as a solution to IPv4 addresses having already run out. With only a million unique addresses, IPv4 can only afford to give addresses to large servers, leaving the rest of the world with shared IPs that are very difficult to track.

“In some places, you can find 2,000 people using the same IP address. So, if somebody’s a criminal, then most probably the police is going to pick up the wrong guy. Otherwise, they have to collect all these 2,000 guys to find the right guy. So it’s very, very important to have that single identity,” Ladid said.

Ladid, a world-renowned leader in technology, actually headed the transition of the United Arab Emirates from analog phone systems to digital in the 1990s as the Global-ISDN Forum Chair. The UAE then became the first country to go digital. And now, Ladid is back in Dubai with words of wisdom that cannot be ignored.

According to Ladid, IPv6 has the capacity to assign a unique address to every Internet user in the world. In fact, it would take 58,000 years for the addresses to be depleted even at a rate of 10 million addresses per second. And because of this, single identities—each user having their own IP address—are made possible.

If everyone in the world has an assigned IPv6 address, then they can communicate directly with each other without having to go through servers like Facebook or Viber. Single identities enable proper peer-to-peer communication, which is the specialty of Bitcoin creator and nChain Chief Scientist Dr. Craig Wright.

Better known as Satoshi Nakamoto, his pseudonym in writing the Bitcoin white paper, Dr. Wright explains in words that even non-technical people can get due to the simple logic behind them how peer-to-peer communication works and why it can scale.

“Peer-to-peer, a very simple concept. When I started and launched Bitcoin back in 2009, the key aspect was IP to IP. Alice goes to Bob, exchanges a transaction, does a negotiation. The whole aspect of negotiating with people and trade means making agreements—coming to agreements with other people,” Dr. Wright revealed.

But what is actually happening now is that Alice sends a transaction, and it goes through at least one server before Bob can receive it. Now, if there are thousands of people sending transactions at the same time as Alice, then the server gets congested. Either Bob receives the transaction very late or Alice still pays for the transaction even if Bob does not receive it.

“That’s why BTC, Ethereum, etcetera are not peer-to-peer. They have a mesh-like server network. It’s a horrible design. What you end up doing is I send a transaction to the network, and then, I have to search the network to find my transaction. The larger the system gets, the slower it gets, the harder it is. It doesn’t sound too efficient,” Dr. Wright explained.

“Conversely, what I’m doing with a peer-to-peer network is I’m talking directly to the other person, I’m handing them a transaction, and I’m registering it on the network. I have proof that it is a first, that it hasn’t been double spent. And the thing is, I have a key value database that is indexed by hashes… So, I can look up, very quickly, a table of has-this-been-seen-before. Instant. Fast. That’s the whole point of the hash of a transaction,” the inventor of Bitcoin added.

When Dr. Wright talks about a peer-to-peer network that scales, he is actually referring to his original design of Bitcoin, which now lives on as Bitcoin SV (BSV). By restoring the original Bitcoin protocol and design and enabling its peer-to-peer functionality, the BSV Blockchain has also unleashed the ability of the network for limitless scaling.

Dr. Wright then proceeds to debunk any concern about security and privacy with single identities and peer-to-peer communication. Removing third-party servers out of the equation and enabling direct communication already provides a natural increase in security.

“We’re making sensitive information exchange directly. We might have highly encrypted data online. But rather than communicating via servers, when people communicate directly, the level of security goes up. Those middlemen—the email server, the FTP server, the web server, the storage cloud—those systems are the vulnerabilities in our networks,” Dr. Wright pointed out.

Transactions being traceable also does not impinge on one’s privacy. Dr. Wright proposes a model using pseudonym that would enable users to reveal their identities only to those they choose to directly communicate with. Furthermore, being able to view and track transactions do not mean being able to view and track everyone else’s transactions.

“What I care about is, ‘Is my transaction going through? Are you receiving it? Am I getting my goods? Am I transacting properly?’ And this is what SPV does. I don’t care what the rest of you do, and you don’t care what I do. And you can’t trace my transactions, so we’re private,” Dr. Wright said.

By fusing the powerful capabilities of IPv6 and a scalable peer-to-peer network in the form of the BSV Blockchain, transaction fees will also be lowered to the point that everyone can afford to use it without actually putting a dent in their wallets. Dr. Wright believes that even fees of a billionth of a cent is possible in the future with limitless scaling.

It would not be an exaggeration to say that this model has endless possibilities—from something as simple as verifying if the milk one is buying was refrigerated in transport to the more ambitious project of tracking diseases in both animals and humans that would save millions of lives and save billions of dollars.  

This is the future; and the work is almost complete. Now, it is up to the world whether or not this revolutionary technology will usher in the fifth industrial revolution in a few years or a few decades. And this is why education is key. Watch all three days of the convention here.

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