Bitcoin SV, or Bitcoin Satoshi Vision, is a cryptocurrency that emerged as a result of a hard fork from the Bitcoin Cash network. It aims to fulfill the original vision of Bitcoin as outlined by its pseudonymous creator, Satoshi Nakamoto. The project places a strong emphasis on scalability, stability, and security, seeking to provide a blockchain that can support high-volume transactions and enterprise-level applications.
History of Bitcoin SV
Bitcoin SV was created in November 2018 following a contentious hard fork from Bitcoin Cash, which itself was a fork of the original Bitcoin blockchain. The fork was driven by differing views on how to scale the blockchain effectively. The Bitcoin SV camp, led by nChain and CoinGeek, believed in increasing the block size to allow for more transactions per block and thus better scalability.
The hard fork resulted in the creation of two separate chains: Bitcoin Cash ABC, which aligned with the Bitcoin Cash roadmap, and Bitcoin SV, which pursued its vision of restoring the original Bitcoin protocol while enhancing its scalability.
The vision of Satoshi Nakamoto
Bitcoin SV aims to stay true to the original vision of Bitcoin as a peer-to-peer electronic cash system, as outlined in Satoshi Nakamoto's whitepaper. The project seeks to restore and adhere strictly to Bitcoin's original protocol specifications, which they believe will enable Bitcoin to function as an efficient, scalable global money system.
Bitcoin SV proponents advocate for large block sizes, which they argue are necessary to process high transaction volumes and support complex applications on the blockchain. This is seen as a way to facilitate widespread adoption for diverse use cases, including micropayments and data transactions.
Technical features of Bitcoin SV
Block size and scalability
One of the most significant technical features of Bitcoin SV is its massive block size capacity. Initially, Bitcoin SV increased the block size limit to 128 MB, and subsequent updates have further expanded this limit to several gigabytes. This allows the network to process a much larger number of transactions per second compared to Bitcoin and Bitcoin Cash, aiming to eliminate bottlenecks and reduce transaction fees.
Stability and security
Bitcoin SV emphasizes maintaining a stable protocol to encourage enterprise-level adoption and application development. By minimizing changes to the core protocol, Bitcoin SV provides a reliable platform for developers and businesses to build upon. Security is also a priority, with the network employing robust cryptographic measures to protect against attacks and ensure the integrity of transactions.
Smart contracts and enterprise use
Bitcoin SV supports smart contracts and advanced scripting capabilities through its support for the Bitcoin Script language. This allows for more complex and programmable transactions, enabling enterprises to develop decentralized applications (DApps) tailored to their specific needs. The network's scalability is intended to accommodate the high demands of enterprise applications, positioning Bitcoin SV as a blockchain suitable for business use cases.
Development team
Bitcoin SV is primarily developed by nChain, a blockchain technology company focused on advancing Bitcoin technology. The development team is committed to ensuring that Bitcoin SV remains true to its vision of scalability and stability, working to maintain the integrity of the protocol while implementing necessary improvements.
Supporters and ecosystem
Bitcoin SV has garnered support from a diverse range of stakeholders, including miners, businesses, and developers who share its vision for a scalable and stable Bitcoin network. The ecosystem around Bitcoin SV includes a variety of tools, platforms, and applications designed to leverage the blockchain's capabilities, ranging from payment systems to enterprise solutions.
Governance model
Bitcoin SV follows a governance model that emphasizes adherence to the original Bitcoin protocol, with a focus on decentralization and community input. Decisions regarding network upgrades and changes are made with the involvement of stakeholders, including miners and developers, to ensure that the network evolves in a way that aligns with its foundational principles.
Adoption and use cases
Bitcoin SV is designed to facilitate a wide range of use cases, from everyday transactions to complex enterprise applications. Its scalability and low transaction fees make it suitable for micropayments, while its support for smart contracts enables more sophisticated financial transactions and business processes. The network's ability to handle large amounts of data also opens up possibilities for data-intensive applications, such as supply chain management and IoT solutions.