SecurityBrief New Zealand - Technology news for CISOs & cybersecurity decision-makers
Story image
BSV Association enhances security with framework update
Wed, 21st Feb 2024

The BSV Association (BSVA), the guardian of the BSV Blockchain protocol, has announced the rollout of new security features into its operational framework. These strategic updates further underline BSVA's commitment to maintaining a secure, regulatory-compliant blockchain landscape that adheres to the original Bitcoin white paper's vision.

Integral to this framework are the updated Network Access Rules (NAR), the reimplementation of the Alert System (AS), and the advancement in the Digital Asset Recovery (DAR). Combined, these enhancements are engineered to boost the reliability, functionality, and security of the BSV network. The BSVA believes that these upgrades are of significant benefit to the BSV community and will facilitate the network's ongoing expansion and widespread adoption.

The NAR is a set of rules defining the relationship between the BSVA and the nodes on the BSV network. It outlines their responsibilities towards the network and their interaction with the Association. The principles of the Bitcoin Protocol inform these rules, ensuring that all nodes contribute to a legal and honest network environment, providing transparency and direction for network participants. Network tasks in this context include validating or accepting blocks, collating transactions into a block, attempting to find a proof-of-work for a block, or broadcasting a block.

The Alert System, another crucial aspect of the BSV network, is geared towards publishing messages within the network. These messages can either be communicative, for instance, software update announcements, or directive, such as freeze, unfreeze, or reassign instructions for transaction outputs. Working hand in hand with the NAR, the reestablished Alert System helps to ensure that the BSV network is transparent, legal, and adheres to the Bitcoin protocol.

Also, the BSVA has launched an initiative around Digital Asset Recovery. DAR aligns blockchain technology with existing legal frameworks for asset protection. This undertaking permits the freezing or recovery of digital assets in cases of loss, theft, or if they need ownership or transfer. DAR is a critical element in creating a government-regulated network and framework for digital assets, as well as upholding existing property laws.

Stewardship Director at BSVA, Connor Murray emphasised the importance of these developments: “These updates represent a significant milestone in our journey to stay true to the vision of BSV Blockchain. The Association's role in ensuring network integrity and compliance with legal standards is vital for the future of blockchain applications. Our specific aim is to make BSV a dependable and trustworthy platform for digital innovation. We are committed to fostering a blockchain ecosystem that is secure, transparent and aligns with the original Bitcoin vision."