Bitcoin SV

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Bitcoin SV
Bsv-icon-small.png
symbol BSV
Publishing year 2009 (start of the blockchain) / 2018 (fork)
Blockchain 229 GB
Mining SHA-256
Website www.bitcoinsv.io

Bitcoin SV (BSV for short - Bitcoin Satoshi Vision ) emerged from the Bitcoin protocol with the aim of restoring the original protocol rules and “freezing” them, as was intended by Bitcoin inventor Satoshi Nakamoto. The background to this is controversial protocol changes that have been incorporated into the implementation of Bitcoin Core over the years .

From BTC to BSV

The inventor and original main developer of Bitcoin, Satoshi Nakamoto , built a temporary block size limit of 1 MB into the source code in 2010 . This change limited the number of transactions to approximately 5-7 transactions per second. The limitation was introduced as a temporary measure to prevent overload attacks on the network with many large blocks in the initial phase of the network. Satoshi Nakamoto had recommended increasing the block size limit later and increasing it dynamically as needed with minor code changes.

With the growing awareness of Bitcoins from 2013/2014 and driven by the spread of mobile Bitcoin wallets, this temporary limitation had a disruptive effect and now limited further acceptance. The space in the transaction blocks became a scarce resource. The refusal of some Bitcoin developers to dynamically increase the block size as proposed by Satoshi led to a "blocksize dispute" within the Bitcoin developer community. Instead, controversial changes have now been added to the program code, which only add the highest-paying transactions to the following block and the blockchain and reject all further transactions. This change, which is called "RBF" or "Replace-by-Fee", leads to higher and permanently fluctuating transaction fees as well as longer, difficult to estimate waiting times for the confirmation of the payment. The "backlog" of unconfirmed transactions can be recognized by the size of the mempool . Only those who pay high fees for the "certifier" will get their own transaction confirmed quickly. Small balances become worthless and the microtransactions planned by Satoshi become impossible, since the fee of a transaction quickly exceeds the transaction amount.

The scalability of Bitcoin and the increase in the block size limit were dogged for a total of more than five years and argued to this day.

This conflict resulted in Bitcoin XT in August 2015 , Bitcoin Unlimited in January 2016 and Bitcoin Classic in February 2016 . None of these alternative clients received a majority of the mining hash power that would have been necessary to activate the new rules. Therefore, from the beginning of 2017, consideration was given to activating new rules as a minority and as a user-activated hard fork ( UAHF for short ). The UAHF essentially contained two changes that can be found in the "New York Agreement". The first change concerned the activation of SegWit , the second change should then increase the block size from 1 MB to 2 MB. The second agreement of the "New York Agreement" was broken by the Bitcoin Core developers after the activation of SegWit , and contrary to the agreement no longer carried out.

As a direct result, Bitcoin Cash (BCH) was split off on August 1, 2017. However, further fundamental differences of opinion about the future goals quickly crystallized and so BSV was created on November 15, 2018 with the aim of restoring the original Bitcoin protocol, as described in the white paper by Satoshi Nakamoto.

Mining

Bitcoin SV initially received little support from miners . Usually the difficulty of finding new blocks only adjusts every 2016 blocks, which corresponds to around ten minutes or two weeks with normal block time. In order to avoid that no block is found for a long time due to the lower hash power, BSV has introduced new rules for faster adjustment of the difficulty ("Emergency Difficulty Adjustment", EDA).

Client

At the moment only the reference implementation is compatible with the last hard fork and can be downloaded as source code on GitHub . It is offered under the separate "Open BSV License", a modification of the MIT license , which prohibits the reuse of the source code in other software that is incompatible with Bitcoin SV. The software is available for Linux and macOS .

Nodes

The Bitcoin SV network currently consists of around 363 nodes (as of February 24, 2020).

Marketplaces & Exchange Exchanges

Bitcoin.de, floatsv.com, Coinify.com, Bitbay.net, Poloniex.com, Bittrex.com, Digifinex.com, OKEx.com, Gate.io, Bitvavo.com and many other trading venues enable the acquisition or trading of Bitcoin SV.

Web links

Individual evidence

  1. ↑ Bitcoin SV. Retrieved October 9, 2019 .
  2. ↑ Bitcoin SV (BSV) price stats and information. Retrieved February 24, 2020 .
  3. ↑ Re: Transactions and Scripts: DUP HASH160… EQUALVERIFY CHECKSIG | Satoshi Nakamoto Institute. Retrieved February 25, 2020 .
  4. ↑ BitMEX Research: A complete history of Bitcoin's consensus forks | BitMEX blog. Retrieved February 25, 2020 (American English).
  5. ↑ Commit July 15, 2010 In: github.com.
  6. ↑ Message from Satoshi Nakamoto. October 4, 2010, accessed April 26, 2020 .
  7. ↑ Bitcoin Wallet 3.06 , heise.de , accessed on February 25, 2020.
  8. ↑ Bitcoin wallet app approved for iOS , heise.de , accessed on February 25, 2020.
  9. ↑ Average block size - Blockchain.info
  10. ↑ https://bitcoinblog.de/2016/05/23/rbf-kom-in-die-wallets
  11. ↑ Bitcoin mempool size. In: Blockchain.info.
  12. ↑ bitcointalk.org thread. October 4, 2010, accessed November 1, 2013 .
  13. ↑ EB82 - Mike Hearn - Blocksize Debate At The Breaking Point | Jun 8, 2015 YouTube accessed on February 25, 2020
  14. ↑ CoinScrum: QA with Gavin Andresen and Mike Hearn | Apr 18, 2015 YouTube accessed on February 25, 2020
  15. ↑ https://bravenewcoin.com/insights/segwit2x-the-new-york-agreement
  16. ↑ Segwit2x why did it fail? Nearly a year later still don't get what happened. In: reddit. Retrieved April 26, 2020 .
  17. ↑ Cindy Daily: An interview with Wu Jihan on Stories Behind the Birth of BCH and the Road to Future (1). In: yours.org. Retrieved April 26, 2020 .
  18. ↑ Cindy Daily: An interview with Wu Jihan on Stories Behind the Birth of BCH and Road to Future (2). In: yours.org. Retrieved April 26, 2020 .
  19. ↑ Eli Afram: Here's why Bitcoin Cash WILL Succeed. August 28, 2017, accessed February 25, 2020 .