Taal Distributed Information Technologies (TAAL.C) has agreed to purchase 20% of Codugh Pty. Ltd, an Australian technology company involved in the construction of application program interface (API) marketplaces.
The investment is expected to assist in the development and commercialization of TAAL’s merchant API services layer, which uses the Bitcoin SV blockchain infrastructure for its operation and monetization.
“The global API management market has been predicted to be worth US$6.2 billion by 2024, but we hope to reach even beyond that, to the global developer community. To build Codugh, we needed to create a truly on-demand system that was powered by microtransactions and could scale massively. This was only possible on BSV,” said Shashank Singhal, CEO of Codugh.
Signhal and Andrew Snow founded the company to build a API marketplace that would allow developers to monetize their code by posting their APIs to public platforms and get paid in real time. The marketplace is successful because of the micropayments feature of the BSV blockchain, which gives customers the freedom to browse and choose the API that suits their needs, and funnels payment back to the developer every time someone uses it.
This isn’t the traditional subscription-fee model. Instead, its a service that works on a functioning micropayments network, and can handle on-demand, real-time payments, solving the problem of paying developers for producing new services.
“We are very excited to collaborate with Codugh. The Codugh team complements TAAL’s transaction processing services , and allows businesses and development projects built upon BSV to add seamless API integration to their products and services. This is an important step forward in our 5-year strategic vision,” said Jerry Chan, CEO of TAAL.
Bitcoin SV is short for Bitcoin: Satoshi Vision and it’s the braintrust of Craig Wright. Yes. That Craig Wright – the guy thinks he’s Satoshi Nakamoto and who will sue you if you deny it. It’s a hard fork of Bitcoin Cash that aims to return to the values and technology of the original Bitcoin, which includes decentralization, using cryptocurrency as payments and trade methods, as well as an elevated network capacity.
The main advantages of Bitcoin SV (BSV) include:
- Scalability: The block size of this cryptocurrency is 128MB while the original Bitcoin Cash (BCH) was only 32MB. With a bigger block size, BSV helps to scale the network and allow more transactions to be performed.
- Transaction Costs: The BSV developers wanted to minimize the transaction cost. This is how they created affordable and fast transactions at a large scale, which they believe are the keys to success for the new BSV cryptocurrency.
- Network Development: Satoshi’s view was implemented to the existing blockchain. This BSV implementation took lots of work – making Bitcoin SV a chain which underwent a lot more changes compared to its competitor – Bitcoin ABC.
These three benefits combined make initiatives like Codugh possible.
The Codugh model highlights the potential for the microservice economy made possible by the BSV network’s scalability. The micropayments feature creates revenue streams outside of digital assets, where hashing rig operators can process fees at a more granular level, and where APIs are concerned, on a per call basis. This will help clients avoid getting caught in long term contracts, while also allowing them to charge fees at fractions of a cent.
In the past that wouldn’t have been possible. Services would have had to be given away for free because of the costs associated with payment methods available for financial institutions, while still exposing the developers to contend with distributed denial of service attacks. Now BSV has made everything tighter, easier and far more streamlined.
—Joseph Morton
