Technical Standards To Simplify Digital Payments

The Swiss Bitcoin Association recommends the first technical standards for simplified payment verification (SPV) using digital currencies, eliminating the need to download entire the blockchain for transactions.

Switzerland’s Bitcoin SV Technical Standards Committee today recommended its first digital currency standard for simplified payment verification (SPV), enabling transactions to occur without having to download the entire blockchain.

This standardized format is now in use across three prominent ecosystem applications, the Bitcoin SV node software, Merchant API (mAPI), ElectrumSV and ElectrumX.

The first BSV technical standard progressing to the recommended stage – the final stage for technical standards – represents a significant achievement for the Bitcoin SV Technical Standards Committee, says Technical Committee Chair Steve Shadders.

The Swiss government today adopted a report on the digitalization of the financial markets, identifying opportunities and risks and laying out action points for the coming years.