TAAL Distributed Information Technolgies, Inc., a self-described “Canadian-based technology company leading in enterprise scale blockchain based information management and security through Bitcoin SV and other SHA-256 based digital asset platforms,” has filed a second patent to built smart contracts on the Bitcoin SV blockchain network, according to a press release.
More specifically, it will be built on Layer 1 technology, which is something the group just acquired. The press release breaks these down:
“Layer 1 tokens are validated by computers operating on the blockchain directly, unlike more common Layer 2 token systems which require separate Layer 2 protocol servers. Processing transactions directly on the network is synergistic with TAAL’s vision and roadmap for its core business of blockchain transaction processing as it allows different ways of creating more transactions and thus facilitates an expansion of the fee market available to TAAL. The fee market is an important pillar of TAAL’s revenue strategy.”
Part of the group’s reasoning for this is that Bitcoin SV is a provably scalable. This has been proven by the platform’s stress test network, and is “unequaled” by other blockchain networks, the release notes.
Speaking on the matter is Jerry Chan, the CEO of TAAL, who said:
“We are proud to be involved in delivering this ground-breaking initiative to market and look forward to working with our enterprise clients and development partners to expand the ecosystem for smart contract technology on the Bitcoin SV platform.”
