Blockchains 101: Bitcoin SV
Controversy over Bitcoin’s Legacy
Introduction
Bitcoin SV (SV stands for Satoshi Vision) is a Bitcoin Cash fork (chain split) which happened in November 2018 from debates over the identity of the mysterious Satashi Nakamoto (creator of Bitcoin) and his Original Vision for the cryptocurrency.
Description
BSV fork is the result of a dispute over CTOR (Canonical Transactions Ordering) upgrade for Bitcoin Cash which would enable the graphene algorithm to run more efficiently with enabling Oracle data to be imported to the blockchain.
The fork, supported by Craig Wright and Calvin Ayre rejected the CTOR proposal and wanted to increase the blocksize to 128MB instead of the 32MB proposed by Roger Ver at the time, allowing BSV to handle more transactions per seconds at lower fees, but also to better support smart contracts and dApps on the chain.
A bigger block size involves that the BSV blockchain will tend to become 4x more heavy (size) than BCH and 128x than Bitcoin overtime (1MB blocksize).
The fork resulted in a significant hash war (mining computing power) between the two blockchains in order to maintain network dominance and to determine how the chain would be split, resulting into BCH forking into Bitcoin ABC and BSV.
Controversy
BSV is surrounded by a controversy around Prof Craig Wright claiming to be Satoshi Nakamoto and Bitcoin SV his vision of the original Bitcoin, taking Bitcoin 2009 Whitepaper as reference of the project.
Mining and supply model
Bitcoin SV has the same supply model than the one of Bitcoin.
Current block reward is of 6.25BSV.
Storage and wallets:
Official BSV desktop wallets: https://electrumsv.io/
Smart contracts
Bitcoin SV has started implementing smart contracts on top of the bitcoin cash blockchain using a protocol called CashScript (there is also a second implementation called wormhole based on Omni Layer protocol). While the success of these smart contracts is mitigated, they have reproduced the main characteristics of Ethereum smart contracts including ERC20 — ERC721 and NFT standards.
dApps
Bitcoin SV allows developers to create decentralized applications on top of its network. One use case of a decentralized application on BSV is the gaming platform peergame.com
Technical specificities:
- Type: Native Coin
- Total Supply: 21,000,000
- Subunit: 10–9 (Sats)
- Consensus: Proof of Work (PoW)
- algorithm: Hashcash
- Encryption: SHA-256
- Privacy: Pseudonymous (Low)
- Blocktime: 10 minutes
- Coding languages: C++ / Go (Java, Python)
- Open source: Yes
Documentation:
- Whitepaper (Bitcoin): https://bitcoin.org/bitcoin.pdf
- Github code: https://github.com/bitcoin-sv/bitcoin-sv
- Official website: https://bitcoinsv.com/
- Explorer: https://www.oklink.com/bsv
- Twitter account: https://twitter.com/BitcoinSV
- Reddit: https://www.reddit.com/r/bitcoinsv/
- Wiki: https://en.bitcoinwiki.org/wiki/Bitcoin_SV
Telegram community: https://t.me/TradingBull_DA
Twitter: @_Digital_Assets
