Bitcoin SV (BSV)
Bitcoin SV —— One of the products of Bitcoin Cash's hard fork
- Bitcoin SV (Satoshi's Vision) is the product of a hard fork of Bitcoin Cash. on November 15, 2018, Bitcoin Cash was forked into two different digital currencies, Bitcoin SV being one of them, the other being Bitcoin ABC, which became the dominant party and took over the BCH codename
- Bitcoin SV provides a new all-node Bitcoin Cash (BCH) implementation that aims to achieve the vision originally set out by Satoshi Nakamoto in his Bitcoin white paper.
- BSV's block size increased to 128MB, now has been increased to 2GB, BSV uses CTOr (sequential transaction ordering) transaction ordering rules instead of TTOR (topological transaction ordering), and adds the opcode OP_CHECKDATASIG to bring smart contracts to Bitcoin Cash.
What is Bitcoin SV?
Bitcoin SV (Satoshi's Vision) is the product of Bitcoin cash hard fork. On November 15, 2018, Bitcoin Cash was forked into two different digital currencies, and Bitcoin SV was one of them. This hard fork triggered a hash war that ended with the Bitcoin Cash blockchain being split in two, with Bitcoin SV and Bitcoin ABC being born. Bitcoin ABC became the dominant party and took over the BCH codename, while Bitcoin SV has its own codename. The Bitcoin SV website shows that the project is mainly supported by Coingeek, with nChain doing the development work.
Bitcoin SV offers a new all-node Bitcoin Cash (BCH) implementation designed to achieve the vision originally set out by Satoshi Nakamoto in his Bitcoin white paper.
Bitcoin SV Origin
In the early hours of November 16, 2018, Bitcoin Cash underwent a hard fork, resulting in Bitcoin SV.
The fork originated from two competing camps in the original Bitcoin Cash community. The first camp, backed by Jihan Wu and Roger Ver, promoted a software called Bitcoin ABC, which kept the block size at 32MB.
A second camp, led by Craig Steven Wright (known in the community as “CSW”) and billionaire Calvin Ayre, has launched a competing software version of Bitcoin SV, or “Bitcoin Satoshi Vision”, which increases the block size limit to 128MB.
Bitcoin SV is forked from BCH, so it has the same mining algorithm “SHA-256” as BCH and uses the proof-of-work mechanism, and the number of BSV is also 21 million.
History of BSV
BSV historical events:
Block Size War
The 1MB block limit was no longer able to support the volume of bitcoin transactions, resulting in extremely slow bitcoin block confirmations. The bitcoin developer community was divided on whether the block should be expanded or maintained. Two different solutions emerged, one being on-chain block expansion, and the other being the introduction of off-chain transaction solutions such as the Lightning Network. The introduction of Segregated Witnesses has essentially changed the Bitcoin protocol and therefore forked from the original Bitcoin chain. A new transaction codename, BCH, emerged at the time, and BCH’s block limit eventually increasing to 32MB.Click to learn more about this history and BCH.
Even with the emergence of BCH, the scaling community eventually split into two camps. One camp (led by the Bitcoin ABC) did not want rapid scaling, but instead kept the block cap at 32MB. at the same time this camp also wanted to introduce technical changes that deviated from the Bitcoin protocol, making it more anonymous and untraceable by the government. The other camp wants to build a massively scalable Bitcoin blockchain that follows Satoshi Nakamoto's original vision, exactly as described in the Bitcoin white paper. This hash war saw the introduction of a major code change by the camp that adopted the transaction codename BCH, which meant that this camp also forked from the original Bitcoin protocol. BSV became the new transaction codename that followed the original Bitcoin protocol. This is how "Bitcoin Independence Day" came about on November 15, 2018.
The Battle of the Protocols
The period of fighting to realize Satoshi Nakamoto's vision is called the "Battle of the Protocols". It began before the "Block Size War" and ended after the "Hash War".
This is a key upgrade to the Bitcoin SV network that will take place in February 2020 to get as close as possible to Satoshi Nakamoto's original design, restore the original Bitcoin protocol, and lock it down to provide stability for developers and businesses with on-chain applications.
BSV, BCH, BTC protocol comparison
Advantages of Bitcoin SV
- Size: The block size of BSV was 128MB, now updated to 2 GB while the original BCH is only 32MB. the increased block size helps to massively scale the network and allows more transactions to be executed.
- Transaction costs: One of the goals of BSV developers is to minimize transaction costs - affordable and fast transactions at scale are the key to the success of new cryptocurrencies.
- Network development: realizing Satoshi's need for a view of existing blockchains
- BSV is the only complete blockchain system
What is Bitcoin SV halving?
Bitcoin SV halving refers to a 50% reduction in mining rewards per block. The first bitcoin SV halving occurred on April 10, 2020. The mining reward per block went from 12.5 BSV to 6.25 BSV.
Bitcoin SV, Bitcoin Cash and Bitcoin all have a total supply of 21 million coins.
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