0
0
It has been said that scaling is the holy grail within the world of digital currency and blockchain. The term scaling refers to the ability of a blockchain to increase its data block sizes and throughput, which is measured in transactions per second (tps). Only with scaling can blockchains meet the ever-increasing demands of the market.
Evidence of this is how popular blockchains, such as BTC and ETH, are always trying to come up with second- and third-layer solutions to compensate for the fact that their base layer, the blockchain, does not scale. But the real solution, obviously, is to have the base layer scale.
The BSV Blockchain, after it restored the original Bitcoin protocol, has unlocked its ability for limitless scaling. This literally means the sky’s the limit. Block size and throughput are increased as the network continues to scale.
BTC is stuck at 1MB block sizes and seven tps—numbers that were set by Bitcoin creator Satoshi Nakamoto as mere starting points—and ETH can only process about 70 tps. On the other hand, BSV has already completed a record-breaking 10 million transactions in a day at 4GB blocks and 50,000 to 100,000 tps. And these numbers are only going to go up as the network scales.
A scalable blockchain can also afford to lower down its transaction fees to an amount that can hardly be felt even by regular people. At present, BSV has fees ranging from 1/20 to 1/100 of a cent per transaction. This further increases the utility of the BSV Blockchain for businesses in different industries, and marketing is one of these.
“I think that with today’s modern consumers where people are pivoting more towards ESG, making sure that… they’re consuming legit drugs or want to know that a certain luxury good they’re consuming is valid or whatever, this is where blockchain provides that public ledger where records can be on a chain. But we need a chain that’s very cheap to do that functionality,” social media marketplace Mijem Inc. Chief Strategy and Purpose Officer Phuong Dinh said during a panel about marketing, loyalty programs and blockchain at the recently concluded BSV Global Blockchain Convention in Dubai.
Compared to BTC and ETH’s current average fees of $1.26 and $11.44, respectively, the difference is glaring. Large block sizes, an extremely high throughput that can surpass VISA and fees that cost next to nothing are just some of the powerful abilities of a scalable blockchain. And these are needed in order for many creative implementations within the marketing industry to be realized.
“[Barpay] services several thousand bars, restaurants and hotels. Basically, with QR codes, the customers can scan to view the menu, order and pay. And the last piece of that is once you’ve had your experience, people would go and leave a review,” Joe DePinto, co-founder of Haste Arcade and Barpay, shared during the discussion.
“Since you’re getting the opportunity to earn micropayments for the reviews that you leave on these restaurants, so now, the customers are doing the marketing for the venues themselves in a way where they can earn based on legitimate content,” DePinto added.
With a scalable blockchain, it would not be an overstatement to say that its potential for use across all types of industries is limitless. And this is what the marketing industry needs in order to design more effective yet cost-efficient campaigns, and ultimately, pull in new customers and keep patrons happy.
