Recently the Bitcoin ABC upgraded its software causing a fork in the Bitcoin Cash Network. Non-supporters of the updated opted for another version of the software dubbed Bitcoin Satoshi Vision (SV). Here we will explore deeper insights into Bitcoin SV and determine its future prospects as a cryptocurrency.
What is Bitcoin Cash SV?
Bitcoin SV is a cryptocurrency that sprouted after the just concluded fork on the Bitcoin Cash Network. SV developers lead by controversial billionaire and crypto developer Craig Wright claim Bitcoin SV is built to realize Satoshis Vision. The team claims that it would restore the original features of the Bitcoin protocol on the Bitcoin SV blockchain. Furthermore, Bitcoin cash SV supports enabling unlimited block size.
Technically, Bitcoin SV is a new full bode implementation for Bitcoin Cash. However, the SV team clearly stated it does not intend to create a new Bitcoin Variant or Token. Neither are they asking exchanges to list a new Bitcoin SV or BSV token. Instead, the team revealed that Bitcoin SV gives miners another choice for consensus rules for Bitcoin Cash.
There many other implementations of the Bitcoin Cash Protocol. The Bitcoin SV team believes that their new implementation would compete favorably with the other six implementations of BCH. On the original Bitcoin White Paper, Satoshi revealed that it is up to miners’ voting with the hash power to decide rules for the network.
Major Features that Differentiate SV from Bitcoin ABC
Bitcoin SV developers on their official website listed the following as the major features of the Bitcoin SV protocol.
Bitcoin SV developers claimed that they built Bitcoin SV to be as stable as possible, unlike the other implementations. The developers said businesses and big enterprises require stability before they can adopt a technology platform. However several changes to the bitcoin protocol still failed to solve this problem.
Ideally, big corporations and businesses do deep background research on a particular technology before using it. This is attributed to the fact that they would spend a huge amount of money on technology. The current status of Bitcoin Cash Network does not attract such investments.
The bitcoin SV team revealed that their only change would be restoring bitcoin to the original version. The team said Bitcoin SV offers the assured stability that would encourage innovation and institutional adaptation of Bitcoin Cash.
The scalability debate is the longest one within the Bitcoin community. Bitcoin SV developers believe that Bitcoin cash should be able to process transaction volume at the required scale. The SV team developed a roadmap primarily focused on delivering capacity increase. This could be achieved through bigger default or miner configurable block sizes and performance improvements.
“Out of the 9 test environments in use by the project, the SV Gigablock Testnet (SV-GBTN) dedicates to identify bottlenecks and performance measurement of proposed changes.” the team revealed.
They also add that the SV-GBTN is running on a continuous cycle of performance tests. However, the results of those are for public consumption. So the miners and other industry participants can make inform scaling decisions.
By enabling massive scaling, Bitcoin SV would allow the BCH blockchain to support significantly higher transaction volumes and more transaction fees for miners. This is important for miners to maintain profitability as the block reward will halve again in the year 2020 (reducing from 12 BCH to 6.25 BCH for each block), and halve again in later years. Massive scaling is also important to convince enterprises to use BCH for their blockchain applications – which will require big blocks and large throughput capacity.
As a currency with the prospect of becoming a global commodity, Bitcoin SV claims its team prepared the software to be as secure as possible. The team reveals that the Bitcoin SV project focuses on rigorous quality assurance for mining node software to ensure max security.
It further explains that the high-level security achieves by implementing a rigid set of test phases with full traceability. The SV team boasts that their level of security is only comparable to the aerospace, medical and national security industries.
The project highlighted that its team will use best practice management process. This would include engaging external expertise from other security-sensitive industries to monitor and audit its systems. Furthermore, the project is to engage the services of a leading blockchain security audit firm.
As the final security breach detection mechanism, the project is to offer lucrative bug bounty programs only comparable to Google’s and Microsoft’s. The team believes this will help them assemble security researchers from around the world to their platform.
Safe instant transactions
The SV team believes instant transactions are the key to unlocking and benefits of the larger merchant market for bitcoin cash. Bitcoin SV claims to feature security improvements that can bolster the future of Bitcoin cash security. Furthermore, the SV team developed a Roadmap takes safe and instant transaction as a major priority.
The success of the Bitcoin Cash SV will significantly depend on its adaptability both to miners and users. As the SV team claimed, it is time Bitcoin gets a mainstream acceptance, however, there are still major barriers on its way. Price fluctuation is the most problematic factor preventing businesses adopting bitcoin.