Jack Liu: BSV will create a revolution in niche applications

With his RelayX ‘superwallet’, Jack Liu is making the passage from the existing money world into Bitcoin as painless as possible – and ideally, invisible altogether. By integrating with mainstream products like WeChat and Alipay, RelayX sidesteps the usual off-putting signup procedures that deter countless potential users from entering the Bitcoin ecosystem.

And having got people onboard, Jack’s new venture, the CambrianSV Bootcamp, is all about encouraging entrepreneurs to provide new Bitcoin users with services which bring the Bitcoin world to life – new apps, products and services, all generating blockchain transactions. And that has the spinoff benefit of making mining BSV more profitable and therefore ensuring the security and continuity of the mining network.

So how can the work of Bitcoin entrepreneurs be made easier? Well, Jack says it’s partly a question of creating standardised tools on which new products can be built: “it’s just going to get a lot more efficient. We’re going to have some common protocols on the blockchain that define [things like] location, value, content …You can have every single Internet 2.0 application be baked into the protocol level. And then every single application is a surface.” 

That means it will be easy for anyone to set up a new brand that accesses existing data on the BSV blockchain. For the user, the choice between services may be as superficial as a preference for one UX design over another, because the underlying data will be the same.

If BSV services are going to be easier to create than current online businesses, that should allow a much wider range of people to set up as business owners – without the multiple skills that have traditionally been needed: “previously,” Jack says, “if you wanted to build technology, you also had to learn how to do public speaking, to be able to face down the VC [venture capitalist] who’s giving you a bad term sheet …to become a manager of people”. 

BSV will allow people with creativity, but not necessarily the traditional skills of entrepreneurs, to create “niche applications” because “being niche, being different is going to be valued”. The consequence of this movement will be to “reverse our society back to an age where they were bakers and different shops at the street level – you’re going to see that on the technology level, and that’s going to make the Internet so much more interesting.”

Hear the full interview with Jack Liu on this week’s CoinGeek Conversations podcast:

You can also watch the podcast video on YouTube.

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Postcard from Bali – BSV developers at work

Bali is a tropical island full of relaxed locals and excited holidaymakers. Plus – for last week only – about 30 developers from Bitcoin SV startups working together in a big room for several days. They soon found they had much in common, in the technical problems they were working on and their overall ambitions.

The atmosphere at the CambrianSV Bootcamp was uniformly positive and mutually supportive. The organisation of the event, though a team headed by Jack Liu of RelayX, was exemplary – well-planned without being bossy or officious.

It can be counted as a triumph in itself that people had actually turned up in distant (for many of us) Bali. Nobody on Jack’s team actually knew the place, so choosing it was a gamble. But people arrived from Germany, Brazil, the US, Scotland, Singapore, Japan, China and Argentina – to name just a few – and were delighted with what they found.

The days were a mix of talks on technical matters, some outings, for fun, but mostly just plenty of time for the developers to work on their projects. Through the week, they were invited to show what they were doing to the whole group, before, during and at the end (below). Some teams, such as Twetch, were bigger and more advanced than others, with live products already doing business. But those without a product to show were treated with equal respect and interest by the rest of the group.

Postcard from Bali - BSV developers at work

Throughout, there was a sense – no, more than that: a real intellectual understanding – that it was in everyone’s interest that all products or ideas should succeed. More transactions on the blockchain mean that BSV will be secured through its mining network being made profitable; and more transactions bring more users into the BSV world, ready to try other services. It’s a bit like how early Internet businesses were happy for other Internet startups to succeed because the more people that came online, the bigger their potential market.

Bali itself provided a delightful backdrop to the event. From the balcony next to the main room, where breakfast and lunch were served, arcane discussions about op returns and R-Puzzles took place against a wall of waving palm trees, with the sounds of exotic birds and the mopeds on the small road outside wafting up from below.

Postcard from Bali - BSV developers at work

And, yes, we did get to see a little beyond the event venue, with an outing to traditional rice terraces (above) and another to a monkey sanctuary. On those occasions we must have seemed like any other group of tourists – until you caught snatches of conversations about technical matters that continued with the samel intensity, even among the monkeys. On the last day, minibuses shipped everyone off to the coast for a party by the beach.

So what did it all add up to? Well, it was certainly a unique and memorable time. Friendships were formed and links between technical teams will lead to future cooperation. Already, there were products being adapted to incorporate each other’s services, to their mutual benefit.

But perhaps it was the reinforcing of a pioneering spirit that will be the real legacy of CambrianSV. Participants who are now already physically dispersed around the world will remember – in a visceral way which online communication can never match – that there are friends and colleagues who believe in the same vision that is powering their efforts to take BSV to the next level. If and when that happens, those few precious days in Bali could assume a legendary status.

Postcard from Bali - BSV developers at work

You can catch up on reports on each day’s events at the CambrianSV Bootcamp on its YouTube playlist.

Jack Liu: Just by living, you’re going to be making Bitcoin transactions

Jack Liu: Just by living, you’re going to be making Bitcoin transactions

“Three is kind of a lucky number,” says Jack Liu, “you’re not really going to get a fourth chance, fifth chance, a sixth chance—so I look at it as like this is all or nothing.”

Hong Kong-based entrepreneur Jack Liu sees the opportunities offered by Bitcoin SV (BSV) today as being the third and final chance to realise the potential he’s always seen for cryptocurrency.

After the decision was made, years ago, not to scale Bitcoin (BTC) and then the problems with Bitcoin Cash (BCH) that followed, Jack is now pinning his hopes on BSV. But to work, he says, reliable revenue streams must be developed for BSV—and fast.

“I think as much as today we sit here with amazing optimism for BSV, if we cannot get BSV adopted on a transaction level, you’re going to see divisions again within BSV. So you’ve got to get transactions going as soon as possible—and that’s where the urgency comes from.”

To that end, Jack and his team—formed since he left Circle just a couple of months ago—have already released two products, FloatSV, an exchange, and RelayX, a ‘superwallet’ that connects BSV with existing payment platforms such as Alipay and WeChat.

Jack’s concern is that transactions must sustain the network of BSV miners by providing them with micropayments. The danger is that the rival version of Bitcoin, BTC, is used purely as a store of value: “The great thing that banks would love to see is if they can make Bitcoin merely ‘digital gold’—they would love that because it would not alter the world that we live in …which is really not that interesting at all. If that was what you told me Bitcoin was going to be, I would never have joined this industry.”

Instead, Jack’s vision is to have BSV playing a part in every aspect of our lives, with micropayments being sent and received between people all the time—during work, rest and play: “I think in the future, if someone notices that you haven’t made a hundred transactions in a day, they might call the police and look for you—because just by living, you’re going to be making transactions.”

Although we may find ourselves making micropayments for things we now think of as free, Jack says that on the other side of the equation, “You probably will have hundreds more income streams daily.” But that doesn’t mean they’re all going to be big money-makers: “I mean income streams as in maybe you open a door for someone and they tip you one cent.”

But small payments made to people in developing countries for providing casual digital services, for instance, could make a big difference in those economies. The aim, Jack says, is for people to be able to start using RelayX with no BSV or fiat money. Instead, they would earn money through the app, and it would get into circulation that way.

BSV is uniquely able to make this possible because its rivals “never had the vision that Satoshi did for the entire system.” Instead, they’re marketing individual use cases, which, when the market changes, will have to pivot: “they’re kind of opportunistic blockchains” whose protocol will inevitably change, making them unsuitable for established businesses to build on.

Hear the full interview with Jack Liu on this week’s CoinGeek Conversations podcast:

You can also watch the podcast video on YouTube.

Please subscribe to CoinGeek Conversations – this is episode 19 of a weekly podcast series. Just search for “CoinGeek Conversations” wherever you get your podcasts, subscribe on iTunes, listen on Spotify or visit the CoinGeek Conversations website.

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

A month after leaving his job at Circle to fulfill the vision he sees for Bitcoin, Jack Liu is back—with a new superwallet and a cryptocurrency exchange based on Bitcoin SV (BSV).

Liu announced over the weekend that he has teamed up with cryptocurrency exchange OKEx to roll out Float SV, a BSV exchange built on top of OKEx’s white-label solution OKNodes Program. On Twitter, Liu explained: “#FloatSV will resemble @OKEx interface at first, but over time, we will introduce many UX experiences.

The Float SV exchange will launch in April, but Liu noted, “…the exact timing will be adjusted forward if any major exchange delists Bitcoin (SV).”

Promising “real asset exchange experience,” Float SV will only list blockchains that runs Proof of Work SHA-256 and real assets such as commodities and currencies. This means no native tokens, no securities, and no security token offerings (STOs) on the platform. Part of Float SV’s exchange revenues will be reinvested into PoW, according to Liu.

This partnership with OKEx, according to Liu, brings his career to full circle. Liu, who previously served as chief strategy officer at OKEx, now returns as a partner and will leverage the crypto exchange giant’s technology as he works to bring “his own taste and values to the surface.”

“I have learned more from Star [Xu] than can be explained, and it is great to be back leveraging OK’s trusted and scalable exchange infrastructure with which I am very familiar with. Float SV can count on OK’s track record of being a neutral technology platform,” Liu wrote in a Medium post. Star Xu is the founder and chief executive of OK Group.

The announcement comes on the heels of the beta launch of Liu’s non-custodial wallet, RelayX, last April 1 in Argentina. Coined a “the world’s first mobile Superwallet,” RelayX promises to deliver a seamless payment experience around the world by supporting interoperable sends and receives over WeChat Pay, Alipay, and Kakao pay, with Line Pay and more to follow. The company explained:

“RelayX users will be able to spend their local currency denominated Bitcoin (SV) balance over Alipay and WeChat by simply scanning the receive QR Codes. Relay’s network of earners will process payments similar to how miners process transactions.”

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

Cross-platform transactions are limited to $100 during the beta launch period, with no fees involved. Since its launch, RelayX said it has already processed more than 500 on-chain transactions, including more than 200 cross-platform transactions. The company has also partnered with South Korean blockchain giant Coinplug, which will provide localized support allowing RelayX to connect with the Korean market.

RelayX is available today in beta on Android.

Jack Liu: Fulfilling the vision for Bitcoin

Jack Liu: Fulfilling the vision for Bitcoin

Senior executive Jack Liu is leaving his job at Circle to help fulfil the destiny that he sees for Bitcoin. He’s set out his thinking in a manifesto that, appropriately enough, he’s posted on the Bitcoin SV blockchain.

Starting with a quotation from the English poet and visionary William Blake (“to see a world in a grain of sand”), Jack’s message take the form of a letter “to my future self”. In it, he writes about the utopian future he hopes he’ll one day inhabit.

There’s no mention of Bitcoin in his post, but there are hints of themes that will be familiar to those who have speculated on the kind of changes that a complete crypto revolution might entail.

So, for instance, he hopes for his future self that “your world will be frictionless and marked by truth, freedom and fairness. Your world will truly be one that is defined by human imagination and honest work.”

Ideas that Bitcoin could allow the fair valuation of all work are hinted at in the desire that “people would be able to afford the one luxury that could not be bought – time – by reaping the true value of their labor.”

Jack’s taken risks to follow his belief in Bitcoin ever since he quit a well-paid job in investment banking and moved to Silicon Valley six years ago, to investigate the crypto business.

Since then, he’s worked in many different roles in crypto, most recently as Managing Director, Asia for the crypto finance company, Circle. Many of those roles, including Chief Strategy Officer at OKCoin, have meant building products that create better bridges between the worlds of fiat and crypto.

He explained the motivation behind his move: “this industry is so messed up right now,” he said. The problem is that today “we have one use case” – betting on the price of cryptocurrency. And that’s spawned numerous pointlessly competing coins. To realise the full efficiency gains that Bitcoin makes possible, Jack argues, we need more kinds of transactions, not just financial speculation: “a thousand different use cases, not a thousand different coins”.

As he explained in a recent podcast, he has a much bigger vision for crypto. Speaking to CoinGeek, Jack said that although he is “super-bullish” about the future of Bitcoin (“I’m a growth mindset person”), his latest message is intentionally cryptic – no pun intended. But it’s only the first announcement of his future plans, with more details to follow.

One of Jack’s concerns is the urgency of the need to increase the number of transactions on the blockchain because of the halving of the block reward next year. That way, miners will be compensated by transaction fees to make up for lower mining rewards. As to whether that can be done by next year, Jack sounds confident – and hints that his current plan involves working on a solution.

Finally, I asked why Jack is putting his faith in Bitcoin SV rather than other currencies. “I don’t think I’m picking BSV,” he said, “I think I’m picking Bitcoin.”

If Jack is right, “we are about to enter a new phase in the global economy”. Talk of a crypto bear market will end as the cyclical economy will be relegated to history. Fasten your seatbelts and stand by for a brighter Bitcoin future.

SVPool global BCH hash power up to 10%; OKEx’s Jack Liu backs Bitcoin SV

SVPool global BCH hash power up to 10%; OKEx’s Jack Liu backs Bitcoin SV

Another day, another period of growth for public Bitcoin BCH mining pool SVPool.

Data on Coin Dance showed that as of Nov. 6, SVPool holds 10.42% of global Bitcoin BCH hash power. Following behind are ViaBTC (9.72%), OKMiner (7.64%), Bitcoin.com (5.56%), BTC.com (4.86%), Antpool (4.17%), Waterhole (2.08%), P2Pool and GMO IG (1.39%), and Huobi and Northern Bitcoin (0.69%). BMG Pool takes the top spot with 13.19%, followed by CoinGeek and BTC.top with 11.11% respectively.

SVPool global BCH hash power up to 10%; OKEx’s Jack Liu backs Bitcoin SV

On a seven-day basis, SVPool already accounts for 8% of the Bitcoin BCH hash power.

SVPool global BCH hash power up to 10%; OKEx’s Jack Liu backs Bitcoin SV

SVPool is a personal initiative of nChain Chief Scientist Dr. Craig Wright. It offers zero fees to miners and launching with initial Pay-per-last-N-shares (PPLNS), and plans to add more features and Pay-per-share plus (PPS+) options in the coming weeks. Customer hash for the public mining pool, which opened for business last Oct. 22, is currently around 30,000 miners.

SVPool is managed by CoinGeek Mining and proudly runs the Bitcoin SV full node implementation, which is also experiencing a growth in popularity—and support—within the BCH community.

Over the weekend, Jack C. Liu, former chief strategy officer of digital asset exchange OKEx and current advisor to Bitcoin Cash Association, announced his support of the full node implementation designed to fulfil the Satoshi Vision for Bitcoin.

Cobra Bitcoin, the anonymous handler of the bitcoin.org website, also signaled his support for Bitcoin SV. In a tweet on Nov. 2, the developer announced that he “will be running and supporting Bitcoin SV,” noting that “we need to stop adding too many features all at once, and the protocol as implemented by Bitcoin SV makes the least changes.”

This marked a change of heart for Cobra Bitcoin, who, in August, promised to release his own implementation for Bitcoin BCH that would include replay protection and would also prevent transactions from being replayed across different chains when a split takes place. It appeared, however, that the anonymous developer is fed up of Bitmain “trying to become a more powerful version of Blockstream” and forcing “changes through without consensus.”

Unlike other competing BCH implementations, such as Bitcoin ABC, that seek to experiment with unnecessary technical changes to the Bitcoin protocol, Bitcoin SV’s roadmap will restore the original Satoshi protocol, keep it stable, enable the BCH network to massively scale, and professionalize Bitcoin. The Bitcoin SV implementation will allow global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.

To protect this vision of a scalable, workable money for the entire world, CoinGeek and its founder, Antiguan entrepreneur Calvin Ayre, have poured resources and money into several projects—from Terab to Cash Shuffle—to spread the message of BCH. CoinGeek recently awarded £5 million to Tokenized, an on-chain token system designed exclusively for the BCH network and proudly uses the original Satoshi Vision design of Bitcoin. CoinGeek’s tokenization contest is still open, with a secondary award of £1 million up for grabs.

Interested in learning more about Satoshi Vision, Bitcoin SV and SVPool? Join the gathering of miners at the upcoming Miners Day, happening as part of the CoinGeek Week Conference in London on Nov. 27-30. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the revolution.