Ever since Bitcoin Satoshi Vision, or BSV, was launched, people have wondered what this ecosystem would lead to. As it turns out, there are quite a few projects underway, most of which seem to be linked to stablecoins or assets with a similar model. Although everything is still in the early stages, there is something interesting taking place regardless.
Stablecoins on Bitcoin SV
It is quite interesting to see how developers are seemingly willing to build stablecoins on top of a controversial blockchain. The fork of Bitcoin Cash into Bitcoin SV has not made too many people happy, even though this chain is still going strong regardless. Since it can’t compete with either BTC or BCH in terms of market cap or overall popularity, a different approach must be taken.
As it turns out, that approach comes in the form of developers building stablecoins and other tokens on top of this chain. There are quite a few of those in development right now. Tokenized is one of the more interesting ventures, as it allows anyone to issue and trade tokens on Bitcoin SV. It will also provide complete KYC and AML compliance, which can certainly make things very interesting further down the line.
Other Noteworthy Projects
Some of the other projects outlined by community members include Gold Token. That particular asset is currently in development, as it will be backed by physical gold. Users will be able to buy and sell physical gold in a digital form. As is usually the case where ventures like these are concerned, users should do their homework and thoroughly vet any company looking to provide such a service.
There is also the Yen Point, which will seemingly act as a Japanese currency on the BSV blockchain. It is a bit similar to how MonaCoin works, although its overall usability should be much bigger. At least, that is what the creators are hinting at. Whether or not the world needs such a token, is a different matter entirely. Exploring options on any available blockchain is never a bad thing, however.
A Viable Business Model?
One could argue Bitcoin SV is not more – or less – suited to build fiat tokens and stablecoins than other blockchains. At the same time, it is not necessarily an approach that will make this project a lot more appealing all of a sudden. Originally, BSV was designed to compete with the other Bitcoins on the market, yet it seemingly still struggles to do so. Providing the technology as a “stack” to other developers is interesting, but it won’t do anything for the native BSV currency.