Bitcoin SV (BSV)

$93.3019 (-3.71%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
9 $1,685,820,000.00 $359,286,000.00 18,068,400 BSV 47 -3.71% 0.57% $3,461.50

Exchange Pair Volume (24h) Price

Background

Bitcoin Satoshi's Vision (BSV) is the result of a perennial controversy within certain cryptocurrency circles about what Satoshi Nakamoto's vision for Bitcoin was and if Bitcoin is or should strictly adhere to their vision. BSV's ethos is to "restore what was the original Bitcoin protocol." BSV is not alone in their pursuit to honor Nakamoto's vision, and they, with a panoply of other projects, claim the 2008 Nakamoto white paper as their project's white paper. BSV's website also elaborates on the differentiation between existing attempts to preserve Nakmoto's vision and BSV's goals. The decision to hard fork from the Bcash chain was a result of a dispute over implementing the graphene algorithm into Bcash in the summer of 2018. Additional points of contention related to script enhancements enabling deployment of smart contracts on Bcash once the hard fork went into effect on November 15, 2018. Community members dissatisfied with the decision to implement these updates because they felt they violated Satoshi’s orginial vision for Bitcoin, started the Bitcoin Satoshi Vision project in response. To continue their pursuit of what they believed to be Nakamoto's original vision. Support from Coingeek’s mining operations reassured the Satoshi Vision team they would have adequate hash power to properly secure the BSV network post-fork. To hopefully entice large volumes of commercial transactions to the network because of its improved scalability from the implementation of larger block sizes with the selling point of lower costs than existing invoice and receipt systems and the ability to transfer value globally with minimal fees. Initially the intent was to demonstrate the superiority of Satoshi’s Vision as a feature set for Bitcoin Cash. Resulting in the most hash power used to determine consensus for the Bitcoin Cash chain. Allowing for a reorganization of the Bitcoin Cash blockchain back to its feature set prior to the hard fork with the new Bitcoin SV features included. This was prevented from happening when the core Bitcoin Cash team added checkpoints to Bitcoin Cash’s code. Checkpoints prevent the reorganization of blocks below a check pointed block. The inclusion of checkpoints finalized the split between Bitcoin Cash and Bitcoin SV permanently.

Technology

At block 556759 of the Bitcoin Cash chain (previously forked from the original Bitcoin blockchain), Bitcoin Satoshi's Vision forked to create a separate chain reflecting the original Bitcoin 0.1.0 protocol focused on four characteristics, which the BSV team feels most closely mirror Satoshi's original intent for Bitcoin: stability, scalability, security, and safe instant transactions. First steps to restoring Satoshi's vision include support for the original Bitcoin client's script language and re-enabling all original Bitcoin opcodes, some of which are no longer used by Bitcoin (BTC). Additionally the limit of 201 opcodes per script was removed. BSV targets stability by almost immediately ossifying the codebase except for, according to the project website, "any critical security fixes". For scalability, BSV will support 128 MB block sizes, larger than any Bitcoin fork to date. Contending Satoshi intended the original 1 MB block size to be a temporary measure. Zero-confirmation transactions are the key to BSV's safe, instant transactions goal, which should allow for rapid transaction propagation, secure confirmation, and miner-configurable fee policies. Along with a record of the event that can be stored for future confirmation of items like tax payments. To facilitate zero-confirmation transactions users can directly connect to each other using IP addresses with secure domain identifiers to communicate. Direct connection via IP-2-IP enhances the privacy of transacting parties because the record of the transaction is public without disclosing any identity details. To further enhance privacy Bitcoin SV is developing wallet solutions that will allow users to easily create new keys for every transaction. So their activity across the network cannot be easily aggregated and traced by third party monitors. One of the op_codes Bitcoin SV removed allowed for the burning of coins permanently. Meaning, Bitcoin SV does not remove coins permanently, allowing them to re-enter circulation when miners act to salvage coins that have been lost from circulation.



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