Key takeaway
- The standardized format is now used in the Bitcoin SV node software, Merchant API (API), ElectrumSV and ElectrumX.
- This will eliminate the need to download the entire blockchain for transactions.
- The TSC will continue to monitor the adoption standard.
The Swiss Bitcoin Association recommends the first technical standards for simplified payment verification (SPV) using digital currencies, eliminating the need to download the entire blockchain for transactions. This will simplify the whole process of bitcoin in a specific manner.
The standardized format is now used in three major element applications, the Bitcoin SV node software, Merchant API (API), ElectrumSV and ElectrumX. “The first BSV technical standard moving to the recommended stage – the final technical standards stage – is a significant achievement for the Bitcoin SV Technical Standards Committee,” said Technical Committee Chairman Steve Shadders.
The TSC was created to develop Bitcoin technology and aims to support business primary use and accelerate global adoption. Meanwhile, the TSC will continue to monitor the adoption standard, as well as any potential improvement or modifications that may be needed to ensure that it remains useful and relevant to the companies that implement it.
“The work of the Bitcoin SV Technical Standards Committee is vital to professionalizing the development of Bitcoin technology for business and ensuring that it is compatible, interoperable and valuable.” Bitcoin Association for BSV Founding President Jimmy Nguyen marked on the announcement.
However, the Swiss government also adopted a report on the digitalization of financial markets, identifying opportunities and risks and outlining the measures for the coming years.
