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Bitcoin SV (BSV) is Bitcoin designed for business, and is the blockchain on which all companies should rely. BSV is the rebirth of the original Bitcoin, designed to satisfy Satoshi Vision. Emerging from the controversial hard fork of the Bitcoin Cash (BCH) network of November 15, 2018, BSV is now its chain and its token. Unlike Bitcoin Core (BTC) and BCH under the Bitcoin ABC development plan, BSV's mission is clear and focused: restore the original Satoshi protocol, keep it stable and allow it to scale the chain massively. This is the only way to make Bitcoin the new money in the world (a peer-to-peer electronic payment system) and the global public register for the largest companies in the world.
After the November hard fork, the native Bitcoin companies quickly announced #WeChooseSV and added support for BSV. In fact, many of the best BCH applications, such as Centbee, HandCash, Money Button and Keyport TV, have been transferred exclusively to BSV. Their reasons are surprisingly consistent: BSV means business. That's why all global companies should use BSV.
1. BSV promises a stable protocol.
BSV tries to restore Bitcoin in the version 0.1 protocol of Satoshi. This means rehabilitating Satoshi opcodes and removing artificially imposed limits (such as the limit of 201 op codes per script). The approach is based on the belief that the original Bitcoin protocol has everything needed to support a vibrant and scalable network. As Satoshi wrote on June 17, 2010, the original design of Bitcoin should have remained for life:
The nature of Bitcoin is such that, once the 0.1 version has been released, the core design has been set for the rest of its life.
But Bitcoin never had the opportunity to thrive in the way it was born, before the Bitcoin Core developers restricted it. The Bitcoin Core group has frozen an artificial block size limit of 1 MB, disabled numerous original Satoshi opcodes, and supports the Lightning network as a level 2 alternative to chain resizing. He then altered Bitcoin forever by adding Segregated Witness in August 2017. These changes moved BTC away from the core Bitcoin project.
In August 2017, Bitcoin Cash emerged as an alleged effort to recover Satoshi's original vision. But it later became clear that the BCH developer groups consider Bitcoin Cash as an experimental application field – the implementation of new rules for ordering transactions, new operating codes and the risk of controversial changes every 6 months or even faster. In fact, during the November 2018 network upgrade, the Bitcoin ABC development team was implemented three (yes, three) hard forks in the right a week; added checkpoints and 10-block reorganization protection – changes that undermine the fundamental role of Bitcoin miners to determine the valid blockchain through their Proof of Work. Already in January 2019, BCH now tries to introduce Avalanche, a concept of pre-consent and moves towards a Proof of Stake system. There is also a renewed discussion now for BCH to reduce the 10-minute lock interval to a significantly shorter period. When will it stop? At each protocol change, BCH moves away from Bitcoin, and has become another alt-coin.
Not good for business. The largest companies in the world, such as Amazon.com and Uber, will not invest significant time and resources to create applications on the Bitcoin blockchain, if the basic protocol changes frequently based on the whim of a group of developers. That's why BSV simply wants to restore the original Satoshi protocol and keep it stable. Any significant change in the protocol after that should be rare and implemented only with strong consent and adequate testing. Developers can experience everything they want; but they should do it on the top of the base layer rather than changing the foundations.
BSV offers a Bitcoin protocol that is a solid rock, not a mobile sand. With a strong foundation, global companies can reliably build robust applications, projects and initiatives on BSV, just as they rely reliably on long-term Internet protocol.
2. BSV will be an extremely scalable network.
Since the beginning, Satoshi Vision has always been a massive climb for Bitcoin. In April of 2009, in the childhood of Bitcoin, Satoshi Nakamoto wrote to Mike Hearn that Bitcoin "never reaches a scale:"
The current Visa credit card network processes around 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. Never reaches a ladder roof.
Therefore, attempts to artificially limit the size of the block, such as the 1 MB limit of Bitcoin Core, violate Satoshi Vision. On the BCH network, developer groups are not open to resizing as quickly as Satoshi Vision needs; for the November 2018 upgrade, they kept the default block at 32 MB. On the contrary, BSV has increased its default value to 128 MB, as a big step towards even higher block blocks. The BSV roadmap will one day remove the block cap completely and allow the miners to configure themselves the size of the blocks they accept.
Unlike the Bitcoin Core and Bitcoin Cash fields, Bitcoin SV has already shown that larger blocks are possible now. During the Professional Stress Test preview of 10 November 2018, Bitcoin SV software was successfully extracted but five 32 MB blocks. At that time, those were the biggest ever on a public blockchain. Nine days later, during the main professional stress test, we saw larger world record blocks on the BSV chain of 38 MB and then 64 MB.
Big blocks are essential for attracting big deals. Just as companies want a stable platform on which to build, they will only develop enterprise-class applications on a Bitcoin blockchain that they know are scalable – with established throughput capacity in advance to support their high volume needs. Larger blocks are also needed to support the increased diversity of transactions that businesses want to perform, such as token and smart-contract transactions, as well as simple payments. If you are a company that seeks to build global Bitcoin solutions for supply chain management, electronic data exchange or smart contracts, you need a massive-scale network.
That is why BSV announces, aloud and proudly, that it is "open for business" with a much higher block capacity than the Bitcoin Core or Bitcoin Cash offerings. We hope to see blocks of 1 GB size blocks on BSV within 2 years. With nChain's Teranode project, we plan an even larger future of terabyte-sized blocks (1 million MB), so that BSV becomes the global public registry for the largest companies in the world to use for all types of financial transactions and data.
3. BSV uses a professional approach to security
As I have already said, it is time for Bitcoin to grow and become professional. The BSV complete node team takes it seriously. For its engineering approach to safety, in the history of cryptocurrency, steps are being taken that have never been completed:
• Offer a world-class bounty program to encourage the world's best security researchers to find and disseminate bugs responsibly. Bounties come to $ 100,000 USD (payable in BSV) for the most critical bugs and rival programs offered by Google and Microsoft technology giants.
• Follow a well-defined quality assurance process before making changes to the code and adopting the practices of the most security-sensitive industries.
• Be the first implementation of the Bitcoin node entirely revised with security in history. With CoinGeek financial support, the BSV node team hired Trail of Bits, a first-class security audit firm to review the BSV code and strengthen quality assurance practices. In the blockchain space, Trail of Bits has previously worked on projects for Sai, RSKj and Livepeer. The cost for security control work is significant, and is probably why it has never been done before in the history of Bitcoin. But thanks to CoinGeek, BSV will benefit from professional security verification tests.
BSV has a plan to create industry best practices and offer an unprecedented commitment to quality assurance and professional engineering. This is exactly what big companies want for an enterprise-friendly blockchain.
4. BSV has a mentality favorable to the regulations.
BSV supporters do not invite useless regulations, but we know that it is important to create a platform that lives in the real world, with real laws. Because Bitcoin reaches global adoption, businesses and consumers need confidence that the use of its currency and blockchain is legally secure. Whether we are in agreement with them or not, we can not ignore the rules that govern the way a company operates on the Bitcoin blockchain. That's why the BSV ecosystem attracts companies and applications that want to build in a regulatory environment.
A good example is the Tokenized team, which won CoinGeek's £ 5 million tokenisation competition largely because its solution allows a token issuer to comply with the laws in its operational jurisdictions. It is intelligent, easy to use and indicative of the BSV ethics.
In contrast, some of the strongest supporters of BCH require legally questionable practices. When it enhanced the virtues of the new opc BCH OP_CHECKDATASIG (or OP_DATASIGVERIFY), Bitcoin.com's CTO, Emil Oldenburg, proposed to use it for gaming applications, such as "on-chain" or "wagers" and "deposit services" guarantee ". What it describes is a betting market on the increase or decrease of the price of an asset, without the real financial activity being exchanged; this is actually an illegal "dry shop" according to the United States and other laws.
Even worse, in a video declarationRoger Ver, managing director of Bitcoin.com, suggests that the BCH blockchain can be used for transactions involving the purchase of illegal drugs and any type of transaction, saying that:
[Bitcoin allows for] use without authorization. You do not need permission to do whatever the hell you want. If you want to bet on the Internet, that's fine too. If you want to buy drugs on the Internet, that's fine too.
I support everyone's right to their own opinion and do not take a stand on how governments should regulate gambling, narcotics or anything else. But Bitcoin will not grow until global adoption and will be used by billions of people if promoted with illegal use cases. This scares the big companies and will only bring a careful assessment of the government. This is why BSV's ethos is to act responsibly, respect the law and attract business use.
Companies choose SV
The business-oriented approach of BSV makes it easy to attract sensitive Bitcoin companies. Some of the best application founders echo the way we think when they explain why they say #WeChooseSV:
The co-founder of HandCash, Alex Agut, wrote:
The Bitcoin SV side is more aligned with us in terms of global adoption, keeping Bitcoin legal and innovator on top of the protocol, not joking and causing divisions again and again.
Keyport TV co-founder Sumanth Neppali explained:
We are looking for stability and we do not want an "upgrade" every 6 months.
Bitcoin is not a playground dev. Money is not a Javascript framework that every 6 months, something new will be released.
Bitcoin's design is complete.
Money Button / Yours.org co-founder Ryan X. Charles noted:
Bitcoin SV is the blockchain closest to the original Bitcoin protocol.
Bitcoin SV is committed to maintaining the basic protocol in place – "carved in stone". This is extremely desirable from our point of view, because the protocol as it is today is sufficient for our business indefinitely in the future.
Bitcoin SV understands the urgent need to scale.
10 years after the birth of Bitcoin, it is time to fully realize Satoshi Vision. To do this, we must build a blockchain designed for the business: to meet the real business needs, to be used by real people and to respect the real laws. It means that we need a stable protocol, massive downsizing and a professional approach to security. This is the BSV way, which is why Bitcoin SV means business.
Jimmy Nguyen is the founding president of the bComm Association and CEO of nChain Group.
