Bitcoin SV
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| Bitcoin SV | |
|---|---|
 | |
| Denominations | |
| Symbol | ₿ |
| Ticker symbol | BSV |
| Precision | 10−8 |
| Subunits | |
| 1⁄100,000,000 | Satoshi |
| Coins | Unspent outputs of transactions[lower-alpha 1] |
| Development | |
| Implementation(s) | Bitcoin SV Node |
| Latest release | 1.0.8 / 24 May 2021 |
| Development status | Active |
| Forked from | Bitcoin Cash |
| Website | bitcoinsv.com |
| Ledger | |
| Ledger start | 3 January 2009 |
| Timestamping scheme | Proof-of-work (partial hash inversion) |
| Hash function | SHA-256 |
| Issuance | Initially 50 Bitcoins per block, halved every 210,000 blocks |
| Block reward | 6.25 BSV [lower-alpha 2] |
| Block time | 10 minutes |
| Block explorer | blockchair |
| Supply limit | 21,000,000 BSV[lower-alpha 3] |
Search Bitcoin SV on Amazon.
Bitcoin SV (BSV) is a cryptocurrency that split in November 2018 from Bitcoin Cash.[1][2]
Aspiration[edit]
The goal of Bitcoin SV is to permit large block sizes[3] and to restore the original protocol as it existed in 2009 as closely as possible and then not change the protocol anymore. With the Genesis upgrade on 2 April 2020 at block 620 537 most of the original protocol has been restored.
The split from Bitcoin Cash[edit]
In August 2018 the lead node software Bitcoin ABC has added two controversial features (Lexicographical transaction ordering and OP_CHECKDATASIG) which the Bitcoin SV Node team and the miner CoinGeek did not accept[4]. Instead of changes to the protocol CoinGeek, who at the time sold mining and hardware and ran a mining pool[5], and the Bitcoin SV Node team wanted to scale Bitcoin Cash to 128MB blocks which the Bitcoin ABC team rejected.
Although the changes from either node implementation were not mutually exclusive no agreement could be reached. Bitcoin Cash split into to different chains where the chain with the changes from the Bitcoin ABC Node retained the BCH ticker and the fork with the changes from the Bitcoin SV Node received the new BSV ticker[1]. The split of the two chains, also known as "hash war" was perceived as a messy fork and had a negative influence on not only the price of the involved chains but also others like BTC[6][7].
A month after the split BSV was traded at 76 with a market cap of $1.3 billion.[8]
Delisting campaign[edit]
From the beginning when the BCH-BSV split happened many saw in BSV a coin that raises red flags and was created by bad actors but listed it anyways while warning users because there was no replay protection.[9]
When Craig Steven Wright, a well known supporter of BSV, who sees in Bitcoin SV the embodiment of the true bitcoin ethos[3], threatened with libel law suits[10] against people who called him a scammer some exchanges took this as a reason to delist BSV from their exchanges. The first to announce this was Binance[11] with Kraken and others following.
Removal of protocol changes[edit]
Features that have been added to Bitcoin during the stewardship of the BTC developers have been removed in BSV. These are notably P2SH and RBF. SegWit and other newer additions to BTC and BCH were never part of the BSV protocol as they were added after the split.
Difficulty adjustment algorithm[edit]
Bitcoin uses a proof-of-work algorithm to timestamp every new block. The proof of work algorithm used is the same in both cases. It can be described as a partial inversion of a hash function. Additionally, both Bitcoin and Bitcoin Cash target a new block to be generated every ten minutes on average. The time needed to calculate a new block is influenced by a parameter called the mining difficulty. If the total amount of mining power increases, an increase of the mining difficulty can keep the block time roughly constant. Vice versa, if the mining power decreases, a decrease of the mining difficulty can keep the block time roughly constant.
To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter. This algorithm is called the difficulty adjustment algorithm (DAA).
BSV has inherited the DAA from Bitcoin Cash when it split with BCH. The DAA adjusts the mining difficulty after each block. To calculate the difficulty for a new block, the Bitcoin Cash DAA uses a moving window of last 144 blocks[12].
Bitcoin SV plans to return to the original 2016 blocks DAA that is still in use on BTC.
This is the largest remaining change in the protocol restoration. No date for the change has been defined yet.
Bitcoin Holidays[edit]
Bitcoin has several holidays that mark important events during the life of the BSV blockchain.
| Holiday | Date | Background |
|---|---|---|
| Genesis Block Day | 3 January 2009 | The first block on the blockchain, called the “Genesis block” was constructed. |
| Bitcoin Birthday | 9 January 2009 | The Genesis Upgrade restored the Bitcoin Protocol. |
| Bitcoin Rebirth Day | 4 February 2020 | The Genesis Upgrade restored most of the Bitcoin Protocol. |
| Bitcoin Pizza Day | 22 May 2010 | Laszlo Hanyecz paid 10k Bitcoins for two Papa John’s pizzas. This was the first commercial transaction that placed a value on Bitcoin. |
| Big Blocks Day | 1 August 2017 | The Scaling War ended when BTC and BCH forked to two different chains after the no consensus between small and large blockers could be found for multiple years. |
| White Paper Day | 31 October 2008 | The Bitcoin White Paper was first posted on the cryptography mailing list. |
| Bitcoin Independence Day | 15 November 2018 | BCH and BSV forked to two different chains and BSV emerged to restore Satoshi’s original vision for Bitcoin and free the network from the restrictions added over the years. |
Scaling[edit]
Scaling is one of the longest discussed subject in Bitcoin. In an email to Mike Hearn in April 2009 Satoshi wrote "The existing visa network processes about 15 million Internet purchases a day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling."
Today, the mainstream notion is that Bitcoin can't scale. This believe comes from an idea, that was formed after Satoshi left the project, that every user must be able to easily and cheaply download and verify every transaction ever included in a block. Limiting the scalability of the network to the slowest participant of the network. BSV does not agree with this idea and follows Satoshi's view that a "system where every user is a network node is not the intended configuration for large scale".
Bitcoin uses an UTXO system which prohibits cross-tx interaction and the script within them is purely functional without any side effects. Validating all UTXO in a block can be done with a function of O(log n) depth and in a parallel way that allows for unbounded horizontal scaling.
The scaling testnet which is run using a modified version of the node software has seen a new record of 9,000 transactions per second[13] with transaction fees of around $0.003[3].
At CoinGeek Zurich, a cryptocurrency conference in Switzerland, the Teranode project was presented to handle 50'000 transactions per second thanks to splitting the tasks between multiple parallel deployed machines.
Turing completeness[edit]
It is the general belief that Bitcoin is not Turing complete. It is hence believed that Bitcoin can't be used to do general computations and complex smart contracts and is solely useful for the transfer of money (the coins). Not being Turing complete greatly limits the use cases and smart contract capability. Because of this general believe Ethereum was created in order to provide a blockchain that is Turing complete.
Although it is correct that Bitcoin Script, the language used in Bitcoin, has no loop function it is wrong to conclude from this that Bitcoin is not Turing complete. Since BSV has restored the original Bitcoin functionality it is possible to iterate in multiple ways and BSV has become a Turing complete system allowing for programing of general computing and smart contracts similar to Ethereum.
"Script can be seen as Turing complete through the use of two stacks, forming a two-push-down-automaton."[14]
Practical proof[edit]
Xiaohui Liu, the creator of sCrypt, has created Conway’s Game of Life and Rule 110 on Bitcoin to show a Turing Complete implementation of code.
Tokens[edit]
BSV supports fungible and non-fungible tokens. One of these tokens is the NFTY with the goal to build interoperable games and apps[15]
Other tokens are STAS (a L0 Script token), Tokenized (a L2 token), RelayNFT (a L2 run token), Elas (a L2 UTXO token), SA10 (a L1 sCrypt token).
A big advantage of tokens on BSV compared to other systems like Ethereum (ETH) are the low transaction fees due to the large block size. For example when CryptoKitties were a success on ETH it slowed down the network and resulted in a sixfold increase in pending transactions.[16]
Community ethos[edit]
The Bitcoin SV development and community ethos is driven by the desire to deploy the blockchain at enterprise levels and to be regulation-friendly[3] With the immutable and transparent ledger, Bitcoin is private and not anonymous[3] and there are no plans to introduce features which would help make transactions anonymous and make the chain less regulation-friendly. Because of this approach the Bitcoin SV community is often called statists by those who do not agree with this direction.
The enterprise approach can also be seen in the subjects discussed and guest invited at the CoinGeek conferences, the leading conference in Bitcoin SV.
Wallets[edit]
| Wallet | Supported Platform | Unique selling point |
|---|---|---|
| Centbee | Android, iOS | remittance service and easy buying of BSV in South Africa |
| DotWallet | Android, iOS | sCrypt smart contract support |
| ElectrumSV | Windows, Mac, Linux | advanced features, OpenSource |
| HandCash | Android, iOS, Web | Keyless wallet, $handle names, SDK |
| MoneyButton | Web | easy web integration, paymail market, SFP token support |
| RelayX | Android, iOS, Web | Run token support, CreditCard support |
| Simply Cash | Android, iOS | SPV, OpenSource |
Learning platforms[edit]
To learn about Bitcoin SV the following platforms have been created:
Notable projects[edit]
- The island country Tuvalu is building the first national government on the Bitcoin SV blockchain.[17]
- The Kingdom of Lesoto VXPASS, built on the BSV blockchain, as their digital vaccine verification system.[18]
- UNISOT ID (did:unisot) is listed at the Decentralized Identity Foundation (DIF) and added to the W3C repository.[19]
- The full specifications are published on the Unisot repository.
- Centbee has been chosen by the South Africa’s regulatory sandbox for testing the regulatory treatment for low-value cross-border payments between South Africa and Ghana using Bitcoin SV.[20][21]
- Worldline has chosen nChain as its enterprise-grade blockchain solution provider for the “Payments Platform as a Service” (PPaaS) solution it continues to build.[22]
References[edit]
- ↑ 1.0 1.1 Kharif, Olga (23 November 2018). "Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency". Bloomberg LP. Retrieved 2021-06-08.
- ↑ Weisenthal, Joe (2021-01-21). "To Understand Bitcoin, Just Think of It as a Faith-Based Asset". Bloomberg. Retrieved 2021-06-28.
- ↑ 3.0 3.1 3.2 3.3 3.4 van Leeuwen, Hans (2021-05-03). "Aussie 'bitcoin founder' faces court truth test". Financial Review. Retrieved 2021-06-30.
- ↑ Kelly, Jemima (2018-11-09). "The unholiest of holy wars: "Satoshi" vs "Bitcoin Jesus"". Financial Times. Retrieved 2021-06-28.
- ↑ Murphy, Hannah (2018-12-19). "Crypto miners fight for survival as market turmoil continues". Financial Times. Retrieved 2021-06-30.
- ↑ Rooney, Kate (2018-11-30). "Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies' market value". CNBC. Retrieved 2021-07-01.
- ↑ Rooney, Kate (2018-11-16). "Wall Street's crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half". CNBC. Retrieved 2021-07-01.
- ↑ Kelly, Jemima (2018-12-17). "You know things are bad when Tether is in the crypto top 5". Financial Times. Retrieved 2021-07-01.
- ↑ Osborne, Charlie (2018-11-20). "Kraken warns of extremely high risk when investing in Bitcoin Cash SV". ZDNet. Retrieved 2021-06-28.
- ↑ Moore, Matthew (2019-05-07). "Bitcoin 'creator' uses UK libel law to silence critics". The Times. Retrieved 2021-06-30.
- ↑ Kelly, Jemima (2019-04-15). "Binance delists Craig Wright's "Bitcoin Satoshi's Vision"". Financial Times. Retrieved 2021-06-28.
- ↑ Noda, Shunya; Okumura, Kyohei; Hashimoto, Yoshinori (2019-06-26). "A Lucas Critique to the Difficulty Adjustment Algorithm of the Bitcoin System". SSRN. doi:10.2139/ssrn.3410460. SSRN 3410460. Unknown parameter
|s2cid=ignored (help) - ↑ Brown, Eileen (2021-02-03). "Bitcoin SV hits new transactions record". ZDNet. Retrieved 2021-06-23.
- ↑ Sgantzos, Konstantinos; Grigg, Ian (2019). "Artificial intelligence implementations on the blockchain. Use cases and future applications". Future Internet. 11 (8): 170. doi:10.3390/fi11080170.
- ↑ Brown, Eileen (2021-03-29). "NFTY Jigs platform launches for developers to build interoperable games and apps". ZDNet. Retrieved 2021-06-28.
- ↑ "NCryptoKitties craze slows down transactions on Ethereum". BBC. 2017-12-05. Retrieved 2021-07-05.
- ↑ Allcock, Sam. "Tuvalu Set to Build First National Government on Blockchain". Fortune Herald. Retrieved 2021-06-17.
- ↑ Matekane, Ntate Sam. "Chairman Speech for Opening Ceremony of Sesiu sa Tšoele le beta Poho". SESIU. Retrieved 2021-06-22.
- ↑ "Added UNISOT DID method". Github. Retrieved 2021-06-17.
- ↑ Vermeulen, Jan (2021-04-03). "All the cryptocurrency projects being tested in South Africa's regulatory sandbox". Retrieved 2021-06-17.
- ↑ "Regulatory Sandbox". Retrieved 2021-06-17.
- ↑ "Worldline continues to build its "Payments Platform as a Service" (PPaaS) solution, at the heart of its Terminal Solutions & Services transformation roadmap". Worldline. Retrieved 2021-06-17.
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