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About Bitcoin SV
Key Points
- BSV emerged from a hard fork of the Bitcoin Cash (BCH) blockchain in 2018.
- Aims to fulfill the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper.
- Claims to offer scalability and stability, processing tens of thousands of transactions per second with low transaction fees.
- Removed artificial block size limits and re-enabled Script commands and other technical capabilities.
- Unique in its capacity for unbounded on-chain scaling, aligned with the original design of Bitcoin.
Founders and Supporters
- nChain developed the BSV node software and provides the BSV Infrastructure
About Bitcoin SV: The Original Bitcoin
Unveiling the Essence of BSV
Bitcoin SV (BSV) emerged as a result of a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, a chain reaction that was triggered by the earlier fork from the BTC blockchain in the preceding year, amidst the tumultuous blocksize wars.
BSV purports to realize the original vision of the Bitcoin protocol and design, as outlined in Satoshi Nakamoto’s seminal white paper, early Bitcoin client software, and the revered Satoshi writings. By doing so, BSV strives to provide scalability and stability in tandem with the original conception of Bitcoin as a peer-to-peer electronic cash system, while also delivering a distributed data network capable of supporting sophisticated, enterprise-level blockchain applications.
To this end, it has eliminated artificial block size constraints and reinstated Script commands, as well as other technical capabilities that had been historically disabled or restricted by the protocol developers of the BTC blockchain. This purportedly enables the network to process tens of thousands of transactions per second while maintaining extremely low transaction fees for micropayments, in addition to offering advanced capabilities such as tokens, smart contracts, computation, and other data-driven use cases.
The BSV network boasts a distinctive capacity for unbridled on-chain scaling, while simultaneously adhering more closely to the original vision of Bitcoin than any other blockchain, setting it apart from its peers.
The Founding Visionaries Behind BSV (BSV)
Blockchain technology pioneer nChain has developed the BSV node software, consistently delivering protocol updates that meticulously restore the original functionality of the Bitcoin protocol. Furthermore, nChain now spearheads the BSV Infrastructure Team, which continues to drive innovation in node software and other infrastructure tools, propelling the BSV network forward.
Noted cryptographer and former nChain Chief Scientist Craig Wright, who asserts his identity as the enigmatic creator of Bitcoin, Satoshi Nakamoto, has been a stalwart advocate of BSV since the contentious hard fork that bifurcated BCH and BSV in 2018, sparked by the contentious protocol amendments proposed by a coterie of BCH developers.
Noted entrepreneur Calvin Ayre is a fervent proponent of BSV, and he actively pursues investment opportunities in innovative companies and projects that leverage the blockchain.
Following the divergence of BSV from BCH, a Switzerland-based non-profit industry association, dubbed the BSV Association, was established to foster the global proliferation and adoption of the BSV blockchain and digital cash.
Unveiling the Uniqueness of BSV
BSV diverges from other Bitcoin iterations by purportedly adhering to the original Bitcoin protocol, with a steadfast commitment to realizing the vision for the Bitcoin network as outlined in the seminal Bitcoin white paper and other esteemed writings of Satoshi Nakamoto. BSV strives to provide a scalable and usable blockchain platform, optimized for efficient electronic cash payments and distributed data applications, catering to the diverse needs of consumers, enterprises, and government entities alike.
Owing to its unbridled block size, BSV is empowered to scale in tandem with market forces, effortlessly accommodating the demands of any application and payment network, all while eschewing the need for second-layer solutions. In 2021, the BSV network achieved a groundbreaking milestone, mining the world’s inaugural gigabyte (1000+ megabytes) level blocks – peaking at an impressive 2 GBs in August 2021; in stark contrast, this represents a staggering 2000-fold increase over the 1MB block cap of the BTC network. As the BSV network continues to evolve, its block capacity is poised to expand further, thereby supporting an even greater volume of transactions and data usage.
Notably, the BSV Infrastructure Team has purportedly showcased the BSV network’s remarkable capacity to process up to 1,000,000 transactions per second through rigorous testing of its novel node software. This unprecedented capability is expected to be replicated on the BSV mainnet, with anticipated further growth in the future. By achieving this feat, BSV is poised to rival and potentially surpass the payment processing capabilities of established platforms like VISA, all while offering users a significantly more cost-effective solution.
BSV boasts a scalable and production-ready platform, tailored to the needs of blockchain application developers. Notably, BSV asserts its ability to scale in tandem with user adoption, thereby ensuring that transaction fees remain low and interactions are processed with rapidity.
The Total Supply of BSV Coins in Circulation
As stipulated by the original Bitcoin protocol, a hard cap of 21 million BSV coins is established, with fresh coins being distributed to BSV miners through block rewards, in addition to transaction fees, as a token of appreciation for their role in validating blocks.
At predetermined intervals, block rewards for miners are halved, gradually transitioning their dependence from subsidies to transaction fees and curbing the influx of new tokens as they approach their maximum supply.
The Security Mechanisms of the BSV Network
BSV is fortified by the proof-of-work consensus mechanism, as outlined in the seminal Bitcoin white paper. This entails that for a block comprising novel transactions to be appended to the blockchain, miners must resolve a intricate mathematical conundrum leveraging their computer’s processing prowess. The miner who solves this problem with the greatest celerity earns the block reward and transaction fees, and their block is subsequently added to the chain.
As successive blocks are layered upon the initial block, the legitimacy of the transactions now embedded in the chain is corroborated by other nodes, rendering them increasingly immutable and virtually impervious to alteration.
Where to Acquire Bitcoin SV (BSV)
BSV is proudly listed on prominent cryptocurrency exchanges, including OKX, KuCoin, and HTX, among other esteemed platforms.