What is Bitcoin SV?
Bitcoin SV (BSV) is a cryptocurrency and a full-node implementation of the original Bitcoin protocol. It is a fork of Bitcoin Cash (BCH) and aims to restore the original Bitcoin vision as set out by Satoshi Nakamoto in version 0.1 of the cryptocurrency. The BSV team refers to their project as the “Satoshi Vision”, and the cryptocurrency itself is known as BSV.
Bitcoin SV is led by nChain, a research and development startup that creates tools, protocols, and apps for global blockchain growth. The founder of nChain is Craig Wright, an Australian computer scientist who has claimed to be Satoshi Nakamoto, the creator of Bitcoin. However, these claims are widely viewed as false within the media and the cryptocurrency community.
On November 15, 2018, Bitcoin Cash split into two through a hard fork. The dominant Bitcoin Cash client, the Bitcoin ABC faction, continued to use the Bitcoin Cash name and protocols, while BSV sought to “restore the original Bitcoin protocol”. The decision to hard fork from Bitcoin Cash came from a debate about canonical transaction ordering, which allows for a more efficient algorithm and the ability to add oracle data to the blockchain.
Bitcoin SV uses a proof of work consensus mechanism, similar to Bitcoin. However, it differs in its block size, which is not restricted on the BSV network. The Genesis upgrade in February 2020 removed block size restrictions, allowing for larger block sizes and the ability to handle big data and other applications that global organizations require. The BSV network can process 50,000 transactions per second and has a record of processing a 2 GB block.
The main function of BSV is as a medium of exchange, similar to Bitcoin. However, it also has potential use cases in payments, social media, and online gaming. The BSV blockchain allows for instant transactions and can reduce the risk of double-spending through the use of insurance services.
What sets Bitcoin SV apart from other cryptocurrencies is its focus on scalability and stability. The BSV blockchain can handle larger block sizes, allowing for more transactions per minute and lower transaction fees. This makes it suitable for a wide range of use cases beyond just payment systems, such as storing and analyzing large amounts of data.
Bitcoin SV also aims to restore the original Bitcoin protocol as set out by Satoshi Nakamoto in version 0.1 of Bitcoin. This includes restoring specific opcodes from the Bitcoin 0.1.0 protocol implementation and elevating the block size to 128 MB (eventually extended to 512 MB in a hard fork). The goal is to create a stable and secure network that can handle the demands of global organizations.
One of the main use cases of Bitcoin SV is as a medium of exchange, similar to Bitcoin. However, it also has potential use cases in payments, social media, and online gaming. For example, blockchain gaming platform Kronoverse has built its role-playing game CryptoFights on the BSV blockchain. Additionally, Bitcoin SV has been adopted by some businesses and merchants as a form of payment.
While Bitcoin SV has gained a following of supporters, it has also faced controversy. The project is led by Craig Wright, an Australian computer scientist who has claimed to be Satoshi Nakamoto, the creator of Bitcoin. However, these claims have been widely discredited and viewed as false by many in the media and cryptocurrency community.
In conclusion, Bitcoin SV is a full-node implementation and a fork of Bitcoin Cash (BCH) that aims to restore the original Bitcoin protocol and increase scalability and stability. Its native cryptocurrency, BSV, can be used as a medium of exchange and has potential use cases in various industries such as payments, social media and online gaming. However, the project and its leader have faced controversy and skepticism in the cryptocurrency community.
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