Bitcoin SV (BSV)

About Bitcoin SV (BSV)

What Is BSV?

Bitcoin SV (BSV) was created in 2018 as a result of a hard fork from the Bitcoin Cash (BCH) blockchain, which itself had forked from the Bitcoin (BTC) blockchain a year earlier amid the contentious blocksize wars.

BSV positions itself as the true realization of the original vision for Bitcoin as outlined in Satoshi Nakamoto’s white paper, early Bitcoin client software, and other writings attributed to Nakamoto. The primary goals of BSV include enhancing scalability and stability in accordance with Bitcoin’s foundational description as a peer-to-peer electronic cash system. Additionally, it seeks to provide a distributed data network capable of supporting advanced blockchain applications at an enterprise level.

To achieve these objectives, BSV has eliminated artificial limits on block size and reactivated Script commands, along with other technical features that had been historically disabled or restricted by the developers of the BTC blockchain. This approach purportedly enables the BSV network to process tens of thousands of transactions per second while keeping transaction fees exceptionally low, making it suitable for micropayments. Furthermore, BSV offers advanced functionalities such as token creation, smart contracts, and other data use cases.

The BSV network asserts its uniqueness in providing unbounded on-chain scaling, claiming to be more in line with Bitcoin’s original design than any other blockchain currently in existence.

Who are the founders of Bitcoin SV (BSV)?

The blockchain technology firm nChain is responsible for developing the BSV node software and has consistently rolled out protocol updates aimed at restoring the original functionality of the Bitcoin protocol. nChain also leads the BSV Infrastructure Team, which is dedicated to enhancing the node software and other essential infrastructure tools for the BSV network.

Craig Wright, the former Chief Scientist at nChain, has been a prominent supporter of BSV since the split from Bitcoin Cash (BCH) in 2018. Wright claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and has championed BSV in light of the controversial protocol changes proposed by various BCH developers during that time.

Additionally, entrepreneur Calvin Ayre is a vocal proponent of BSV, actively seeking investment opportunities in companies and projects that are building on this blockchain.

Following the split from BCH, the BSV Association was established as a non-profit organization based in Switzerland. This association is committed to promoting the global growth and adoption of the BSV blockchain and its associated digital cash ecosystem.

What makes Bitcoin SV (BSV) unique?

Bitcoin SV (BSV) distinguishes itself from other iterations of Bitcoin by its claimed adherence to the original Bitcoin protocol, as well as its commitment to realizing the vision laid out in the Bitcoin white paper and other writings attributed to Satoshi Nakamoto. BSV aims to provide a scalable and functional blockchain platform that facilitates efficient electronic cash payments and supports distributed data applications for a wide range of users, including consumers, enterprises, and government entities.

One of the key features of BSV is its unbounded block size, which allows the network to scale in response to market demands and accommodate the needs of any application or payment network without relying on second-layer solutions. In 2021, the BSV network achieved a significant milestone by mining the world’s first gigabyte-level blocks, reaching sizes of up to 2 GB in August of that year. To put this in perspective, 2 GB is 2,000 times larger than the 1 MB block limit imposed by the BTC network. BSV’s block capacity is anticipated to continue expanding, enabling it to handle an increasing volume of transactions and diverse data use cases.

The BSV Infrastructure Team has reportedly tested new node software that demonstrates the network’s capability to process up to 1,000,000 transactions per second. This impressive capacity is expected to be realized on the BSV mainnet and is projected to grow even further in the future. With this level of processing power, BSV positions itself as a competitor that aims to surpass the payment processing capabilities of established platforms like VISA, all while significantly reducing costs for users.

Additionally, BSV provides a scalable and ready-to-use platform for blockchain application developers. The network asserts its ability to grow alongside user adoption, which ensures that transaction fees remain low and that interactions are processed swiftly. This promise of efficiency and scalability makes BSV an attractive option for developers looking to build applications on a robust blockchain infrastructure.