BlockTalks x BSoV AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with BSoV, on 4th May 1PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Chris.B.Sovington & Real Rouse, Community Leaders at BitcoinSoV Community. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Question Asked By BlockTalks
Q1. Can you introduce yourself to the community?
Real Rouse — Hello, everyone!I am Rouse from the BSOV Community. I discovered BSOV in August 2019, and ever since then, I have volunteered and contributed every day. I have been designing, Helping set up websites, writing a lot of content, and been active day and night in the https://t.me/BitcoinSOVCommunity chat.
I was appointed as a Community Administator a long time ago, but yesterday I removed myself from this position. I did this because I wanted to make a point, since several of the members in the community said they wanted the admins “to do more”. Frankly speaking, the admins are able to 1. Pin messages and 2. Kick/ban spammers, and do not control anything else. BSOV is not about “admins doing things” — In BSOV there is no boss or CEO with any premined funds. Who is the CEO of Bitcoin? This is what BSOV is like. Completely decentralized, and owned, driven and funded 100% by the community. After I removed myself as a Community Admin, then I’ve taken up work with the planning of the upcoming BSOV Foundation.
Me and @BSOV_Chris are two different people, sometimes with different opinions, and we do things differently. When we are speaking, then we are speaking for ourselves, and our opinions are our own. No one can speak for BSOV as a whole, only the whole community can. Each individual makes up the community, and if opinions differ, then they would have to expand BSOV to new branches. BSOV is what would unify us.
Chris.B.Sovington — Hi everyone. My name is Chris and I have been a BSoV community representative since July 6th 2019. I was one of the early miners and found out about BSoV through an acquaintance. My title as admin is quite superficial and it doesn’t grant any one any type of power. That’s the truly great thing about BSoV. Anyone can contribute and anyone can become a member of the project.
Q2. As community representative, what’s your personal views on BSoV growth in next 5 years?
Ans — Over the next 5 years, the first BSOV-Halving is most likely to occur. Just like Bitcoin, the reward will be cut in half from 50 to 25 BSOV per mined reward. Possibly by the end of these 5 years, we may even see the second halving too (from 25 to 12.5 BSOV). Over time, BSOV will become more and more deflationary, and less inflationary. The end result is that it will become more deflationary than Bitcoin (BTC) itself. When this happens is difficult to predict, because it depends 100% on how much mining power is mining BSOV, and how long time the mining power is sustained. There is likely to be several fluctuations in mining power.
Over the next 5 years, I also see an increased interest in cryptocurrencies from the general world population. People will be fed up with government currencies (fiat currencies) which are inflating, just like USA is doing today during the COVID-19 crisis. National debt is increasing, and national currencies are becoming less and less valuable, and less relevant in the globalized world that internet gave us in the first place only about 30 years ago. I think in the future, most of the value will be transacted through the blockchain, maybe we’re not there in 5 years, but I believe it will happen in the lifetime of our generation.
For BSOV, I believe that there will be made several BSOV Foundations, and several websites and communities writing about the deflationary aspects of BSOV. There will be a lot of data about BSOV that will show how a deflationary commodity like BSOV performs compared to Bitcoin (BTC). I think the data will be in BSOV’s favour, that’s why I’m rooting long term for BSOV.
I think every cryptocurrency today suffer from the egg-and-chicken problem. What came first? The egg or the chicken? Compare it with “Price and Adoption”. What will come first?
Question Asked on Twitter For BSoV!
Q1. The deflationary mechanism is nearly the only technical difference between BTC and BSOV, except that BSOV has no consensus mechanism
Do you think that, In future BSOV value could be same as Bitcoin Have?
Ans — Yes. The deflationary technicalities of BSOV are there, and they are superior to BTC, but it’s impossible to know. In some way it’s about a belief. Who knows how long time it will take? I think that over the course of 100 years, BSOV will have the time to prove itself, and it will 100% depend on the community and the adoption that BSOV has. Let’s see after BSOV has its first price discovery. After price, adoption will come, and after adoption, the price will come.
Q2. I never heard of the ERC918 smart contracts on which You at BSOV is built. Now, What Functionalities of ERC918 are you attracted to? Any differences with a traditional ERC-20? Kindly elaborate.
Ans — BSOV is both following the ERC-20 and the ERC918 token standard for Ethereum (ETH). It is very simple. ERC918 just means it is a Proof-of-Work-mineable token. This will likely be written about in more detail after the Whitepaper that Mundo (the creator of BSOV) will release. Last time we talked about the Whitepaper with him, he said he planned it for the birthday of BSOV, which is the 17th of June, 2020.
So since BSOV is ERC20, it is compatible with all other exchanges and wallets that use ERC20 tokens. No special requirements needed.
Q3. What makes a mineable and deflationary token like BSOV a viable asset and a token to watch out for?
Are you doing token burning to stabilize the prize and creating a limited supply with high demand?
Ans — Token burning in BSOV is happening automatically when a user makes an on-chain transaction. 1% of the transaction is destroyed or “burned”, by having the 1% automatically sent to a “burn-address” that is proved to have no owner. It is really simple, actually.
Simple, but powerful.
This makes BSOV supply deflationary-by-design, limited and scarce, even more so than Bitcoin (BTC). As for demand, this is what the community is working on right now — by spreading the idea, and getting more members to believe in real deflation. Adoption comes gradually.
Q4. What is so special about BSOV compared to other deflationary token projects? Can you give some reasons to convince users to choose BSOV as a long term investment?
Ans — What is so special about BSOV compared to other deflationary token projects? Can you give some reasons to convince users to choose BSOV as a long term investment? Compared to other deflationary token projects today, BSOV is the only one that is:
⁃ Mineable by proof-of-work (PoW)
⁃ 0% premine
⁃ 100% community-driven and funded.
It speaks for itself. No one owns BSOV and cannot drive it to the ground by making terrible decisions. It is also actively combatting a crippling enemy the financial world hasnt had a solution for to date: Inflation. It has debilitated families and people all over the world by limiting and decreasing the purchasing power they have worked so hard to attain.
Q5. Aside from doing AMA’s, are there any ongoing projects that we can expect from @BSOV_ this 2020 that will most likely change the way a user see the project?
Ans — Aside from doing AMA’s, are there any ongoing projects that we can expect from @BSOV_ this 2020 that will most likely change the way a user see the project?
Definitely the BSOV Foundation. I hope we can get everything done during the summer of 2020, but we will see. We have also been brainstorming ways to create and off chain staking system tun by a DAO which would also be decentralized. In addition to new exchange listings and hopefully future partnerships, the sky is the limit with what we are able to accomplish.
You can read more about SovCube at sovcube.com
It’s a voluntary timelocking feature of BSOV that measures a new concept or metric called “Proof-of-Commitment”. BSOV had more than 30% of the circulating supply timelocked in SovCube at one point. Completely voluntarily by community members/hodlers. Some of it will be there for a minimum of 7 years. Now there is over 1 million BSOV timelocked, and it is nearly still untouched.
You can see a graph about SovCube slow release at https://bsov.io/sovcube.
Question Asked by our BlockTalks Community Members during live Session for BSoV team.
Q1. BSOV: 1% is burned per transaction. What happens next if the total and circulating supply of BSOV equals 1% to be burned after the transaction stated 100 years from now?
Ans — Then 1% of that 1% will be burned. BSoV is divisible by 8 decimals. It would take quite a long time to be burned down to 1 Mundo (BSoV’s equivalent to 1 Satoshi )
Q2. Many project got shut down in many country because not using right regulation and license. In order to goes worldwide how does BSOV team handle these issue?
Ans — BSoV does not have this issue. Since BSoV is mined and obtained by the exchange of resources (ie computing power, electricity, etc) it is considered in the same class as Bitcoin. I have actually requested a legal consult and while it is not in paper legal ledger, I was assured by a lawyer of this). It is not a security but a commodity.
Q3. By using SovCube, Community Member proves a high degree of commitment to the token holder integrity & longevity of the BSOV project,
Are there Extra benefits to these members as they are the ones who will make the base stronger for BSOV?
Ans — Right now, SovCube does not pay any dividends, but we have been brainstorming in making timelocked SovCube tokens that may or may not be tradeable (without value), but with a usecase, like voting rights in a Decentralized Autonomous Organization (DAO).
Q4. Can BitcoinSoV BSOV tokens be mined? What advantage does this process have over that of the competition? Tell us a little more about this process please!
Ans — Minable tokens will always be superior to airdropped tokens or other consensus mechanisms. Bitcoin is the standard, so following that standard gives BSoV an advantage. Printed ERC20 airdrops have no value. They are purely speculative since nothing was given to obtain them, therefore they have no floor price.
Q5. Your name itself Bitcoin everyone knows about BTC halving and perfect time for investors to get more profit in #BTC so why should I invest to BitcoinSOV
And what is mean represent SOV?
Ans — SOV stands for “Store of Value”. It is named this because the deflationary aspect reduces token velocity and makes the tokens more scare. Thus always maintaining value which can be stored in this ledger.
Q6. What do you think is the Benefit for BitcoinSoV about the upcoming Bitcoin Halving?
Ans — It is early in the BSoV life cycle. This token presents a prime opportunity for someone to invest or mine a store of value which deflates itself to combat inflation, which is quite literally the first and only iteration of it’s kind. There are no other deflationary and minable tokens with this unique combination.
Q7. What other features will we see in future versions (SovCube 2.0/3.0 and more)? How far do you want to get this BitcoinSoV project? to the moon?
Is the BSOV token anchored or associated with the BTC? or are they totally independent? If so, have you thought about being able to associate with them?
Ans — BitcoinSoV doesnt simply aim to be a moonshot or to become the next macrocap token. It simply wants to be a transparent, feasible, innovative and valuable way to take part in the cryptography enabled monetizational revolution. People want more control of their currency. People want less inflation. BSoV can accomplish this whether or not it becomes $10,000 per token or $1,000,000 per token. One thing we try to do at BSoV is worry about the core values. The price will figure itself out.
Q8. What is the exact feature of BitcoinSOV (BSOV) cryptocurrency that makes it deflationary by design compared to the original Bitcoin (BTC)?and How exactly does this deflationary mechanism make BitcoinSOV better suited as a Store-of-Value (SoV).
Ans — Q1: The simple and powerful deflationary mechanism — 1% of each transaction is sent to a “burn address”.
Q2: The deflationary mechanism reduces the token velocity of BSOV, which means “the speed at which the token changes hands”. Bitcoin (BTC) is more suitable as a MoE (Medium of Exchange) while BSOV is more suitable as a SoV (Store-of-Value). Now anyone would say that today Bitcoin (BTC) is already a Store-of-Value, but at some point BTC’s token supply will stagnate, and the value of BTC will stabilize.
BSOV’s supply is designed to reduce forever, and therefore possibly become worth more over time, due to its scarcity.
Q9. Do you really believe that it is trustworthy and beneficial that the community make the decisions about the cryptocurrency, do you think this could lead you to remain a long-term project that investors can trust?
Ans — We believe that the only way to truly attain trust is by community engagement and control. Look at the USD and how manipulated it is due to the centralized control of the Federal Reserve. What once had $100 of buying power now has about $26 of buying power. And this is due to lack of decentralization. The community cannot destroy BSoV the same way the Fed can destroy the USD because of its consensus mechanism and decentralization.
Q10. What do you think is the Benefit for BitcoinSoV about the upcoming Bitcoin Halving?
Ans — The upcoming Bitcoin (BTC) halving is a way for BTC to show it’s disinflationary characteristics, by gradually reducing inflation. This is likely to make BTC increase in price these next years. After the price increases, BTC will become adopted by more users.
After BTC gets more money injected and adoption achieved, then other cryptocurrencies are likely to receive the same, later. Maybe you can call it a kind of “trickle-down-economy”, which is a popular term. Also, any mainstream focus on deflation and disinflation is a good opportunity for focus on the mechanisms of BSOV. You just inspired me to do some things now, to make people aware of BSOV, haha.
Q11. What plans are you currently managing to expand to different countries or regions? Have you considered executing adoption actions
Ans — This project cannot change the laws of other countries. But since it is decentralized, any country or entity can be a part of it or mine it. We already have miners and contributors from across the globe.
Q12. Could you tell us about BSOV Swarm? What was the main reason to create it & how will it give benefits?
Ans — It was just a little community initiative I wanted to create, (I wrote many things on the bsov.io website) where BSOV Community members voluntarily help each other to gain awareness for BSOV, by organizing small groups and sharing and writing content about BSOV. It is a concept inspired by a book called “Swarmwise” written by “Rick Falkvinge”, the founder of the Swedish Pirate Party, which is a political party in Sweden. A method that gained success in getting the party to fruition after a very short time.
You can join the BSOV Swarm chat at https://t.me/BSOVswarm
Q13. Can you tell us what’s the main Targeted userbase of Bsov? Is it Businesses, Corporates, Developers,etc? & also, which services are provided by Bsov to them?
Ans —
The business opportunities I can come up with right now from the top of my head are:
- BSOV Mining Pool
- BSOV Mining
- BSOV Cloud mining
- FPGA production
- FPGA distribution (this is an already established market, so it’ll be faster to start)
- ASIC production (probably the most expensive option here, this early.)
- ASIC distribution (depends on ASIC production being finished)
- BSOV Investing
- BSOV Exchange
- BSOV Foundation (not business for profit)
- BSOV Faucet
- BSOV News site
- BSOV Wiki (not a business)
We’ve created a little initiative for those who are interested in sharing business ideas, and eventually co-operate, and find resources.
You are welcome to join the chat at https://t.me/BSOVBusinessBrainstorm
Q14. One of the most frustrating experience most crypto community often face regularly is that most crypto projects they support are always unapproachable.
How do you plan to assure us that transparency and accountability are part of your core values at BitcoinSOV? How do you view your community members? ASSET OR LIABILITY?
Ans — About transparency:
BSOV has been to-date a radically transparent community, where everything has been going out in the wide open public at the main chat of https://t.me/BitcoinSOVCommunity
Also, the single financial expense which BSOV donation wallet had, is listed on https://bsov.io/growth which was the Mercatox listing — You can see that until now, the people from BSOV doesn’t hide anything, and they are terribly honest and upfront. I personally believe The BSOV Foundation will have these values of transparency and accountability written formally and in public, when the time comes after it is fully planned.
Q15. I think listing in ResFinex is already a Great Exchange for BitcoinSoV but Do you have plan about listing in top exchanges like Binance,Kucoin etc?
Ans — Bigger exchanges are more likely to come after BSOV has gotten a bit more adoption and price discovery.
Here are some important links of BSoV 👇
https://twitter.com/BSOVFoundation
