ZUG, SwitzerlandAnd May 4, 2022 /PRNewswire/ – The Bitcoin Association today released the MVP phase of the LiteClient Toolbox, which allows users to easily interact with the Bitcoin SV (BSV) blockchain as it continues to grow and expand. The toolkit was developed by the Bitcoin SV Infrastructure Team and includes several elements that introduce the Simplified Payment Verification Model (SPV) as described in the original Bitcoin white paper.
The LiteClient Toolbox (LCT) consists of a set of modular components that interact with the BSV blockchain in a scalable and efficient manner. These components are reference implementations of the modules that implement Simplified Payment Verification (SPV) as described in the Bitcoin White Paper.
Previous implementations of “light client” software solutions relied heavily on bloom filters to capture user-relevant transactions from entire indexing nodes. This old implementation deviates significantly from the network user solution described in Bitcoin’s white paper, which sees senders connect to receivers and send them a direct push.
This native SPV design is enabled by the LiteClient Toolbox which means that users do not have to download every single transaction on the BSV network if they just want to receive or send transactions. Instead, they just need to maintain and maintain an updated copy of the longest chain of block headers and use existing communication protocols to validate transactions against Merkle proof provided by full nodes.
The BSV blockchain is the only public blockchain capable of scaling to meet global requirements while offering high data throughput, low transaction fees, and support for complex smart contracts. As the adoption of BSV and the size of the blockchain continues to grow, the adoption of LiteClient’s toolkit will be critical to ensuring that users can easily interact with the blockchain without running full nodes.
The release of LiteClient Toolbox and MVP documentation is the long-awaited first step in moving the Bitcoin infrastructure in the right direction, where services are robust, scalable, and efficient.
The primary goal of this MVP release is to educate the internal Bitcoin SV ecosystem about the capabilities of the LiteClient Toolbox and how it can be applied to different applications. Adopting these tools will greatly improve interoperability between services running on Bitcoin SV, enabling use cases such as easy and scalable tokens that work with any wallet, payment and status channels, multi-party payments, and more.
LiteClient Toolbox consists of the following basic components:
- wallet Enables key management and UTXO (Unspent Transaction Output).
- Ban client headers – Collects and maintains an updated version of the longest chain of block headers, which can be used to verify transactions.
- Direct Payment Protocol (DPP) Defines a standard language (via API) for senders and receivers of payments to communicate with each other and the Bitcoin SV network. This includes establishing node connections through a node/miner interface and extensions such as Paymail server and peer channels.
- Direct Payment Protocol (DP3) proxy – It simplifies the payment process even more and enables additional features.
- Paymail server
Any business that interacts with the Bitcoin SV blockchain will be able to take advantage of one or more components of the LiteClient Toolbox, enabling them to perform their necessary functions without the expense of running a full node. Companies that can adopt LiteClient infrastructure include:
- Wallet Providers
- Exchanges that use payment capabilities
- Apps that use BSV as a payment method
- Individuals who are interested in peer-to-peer capabilities and want to run their own payment infrastructure
- Small and medium businesses that are interested in a subset of BSV blockchain transactions (payments and data) can take advantage of this to validate transactions on the blockchain.
Speaking of today’s announcement, Engineering Director of the Bitcoin Society Gad WahabShe said:
“Bitcoin has been designed from the ground up in a way that is scalable to the fullest. You don’t need to run a full indexing node just to send and receive Bitcoin payments or interact with the blockchain. You just need to store and update the block header chain as well as direct communication between the parties. The initial phase of LiteClient software helps on enabling payments and direct communications and addressing the fragility and lack of interoperability with existing infrastructure. If things are built and used correctly as they were designed, there is no risk of things breaking as the dependence and volume of data on the Bitcoin SV network continues to grow indefinitely.”
Also, commenting on the ad, General Manager of the Bitcoin Association Patrick PrinsShe said:
“We are pleased to announce the launch of the LiteClient Toolbox, which delivers the powerful SPV model described in Section 8 of the Bitcoin White Paper. In line with BSV’s implementation of the original Bitcoin protocol design, this will finally enable P2P and IP2IP transactions, opening up a new world of opportunity The BSV blockchain continues to expand its reach beyond the capabilities of other protocols and traditional digital payment networks. We encourage wallet services, exchanges and other application operators on the BSV network to learn about LiteClient Toolbox and look forward to implementing components to enhance its efficiency and realize Satoshi’s vision of a global P2P-authorized electronic cash system. “.
More information about the LiteClient Toolbox, along with downloads and documentation is available at the BitcoinSV.io website.
About BSV Blockchain
BSV is the ideal blockchain for enterprises and government projects. Through unlimited on-chain scaling, the BSV blockchain meets the needs of large-scale technological applications: high transaction volumes, high speed, low predictable fees, micropayment capabilities, and greater data capacity. Its powerful technical capabilities enable smart contracts, tokenization, IoT device management, compute and more. As a public ledger, BSV also enables transparency, auditing, and more honesty for governments, citizens, and organizations. Applications on BSV now span a wide range of industry sectors – media and entertainment, social media, online gaming, Metaverse/AR/VR, digital advertising, data integrity, identity management, government services, supply chain, accounting, RegTech, and distributed network intelligence, the Internet of Things, and financial services. BSV also supports the green and regulated ecosystem that businesses and governments want.
SOURCE Bitcoin Association