what is bitcoin sv (bsv)?
bitcoin sv (bsv) came about after a hard fork of the bitcoin cash (bch) blockchain in 2018, which itself had forked from the btc blockchain a year earlier.
the goal of bitcoin sv is to fulfill the original vision of the bitcoin protocol and design as outlined in satoshi nakamoto’s white paper, earlier bitcoin client software, and satoshi’s known writings. bsv aims to offer scalability and stability in line with the original description of bitcoin as a peer-to-peer electronic cash system, as well as to offer a distributed data network that can support advanced enterprise-grade blockchain applications.
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To this end, it removed artificial block size limits and re-enabled scripting commands and other technical capabilities that had historically been disabled or restricted by btc blockchain protocol developers. this allows the network to process tens of thousands of transactions per second while maintaining extremely low transaction fees for micropayments, as well as offering advanced capabilities such as tokens, smart contracts, computing, and other data use cases.
The bsv network is unique in its ability to scale unlimitedly on-chain while being more closely aligned with bitcoin’s original design than any other blockchain.
who are the founders of bitcoin sv (bsv)?
Blockchain technology company nchain developed the bsv node software and has regularly delivered protocol updates that restore the functionality of the original bitcoin protocol. nchain now provides the bitcoin sv infrastructure team that continues to advance node software and other infrastructure tools for the bsv network.
nchain chief scientist craig wright, who claims to be satoshi nakamoto, has supported bsv since the split between bch and bsv in 2018, following the proposal of controversial protocol changes by several bch developers.
entrepreneur calvin ayre is also a strong supporter of bsv and regularly seeks investment opportunities in companies and projects that are based on the blockchain.
After bsv spun off from bch, a swiss-based non-profit industry association known as the bitcoin association was formed which now supports the global growth and adoption of the bsv blockchain and digital currency. The work of the bitcoin sv infrastructure team at nchain is done at the request and under the direction of the bitcoin association.
what makes bitcoin sv (bsv) unique?
bsv differs from other versions of bitcoin in its adherence to the original bitcoin protocol and focuses on realizing the vision of the bitcoin network outlined in the bitcoin white paper and other well-known writings by satoshi nakamoto. Unlike BTC, which now functions primarily as an investment or store-of-value asset, BSV aims to offer a usable and scalable blockchain platform for efficient payments and distributed data applications for consumer, business, and government users.
Thanks to its unlimited block size, bsv can scale to meet market forces and adapt to the demands of any application and payment network without resorting to second layer solutions. In 2021, the BSV network mined the world’s first gigabyte (over 1,000 megabyte) level blocks, reaching up to 2GBs in August 2021; For comparison, 2GB is 2000 times the 1MB block limit of the BTC network. bsv network block capacity is expected to continue to grow to support more transaction volume and further drops in data usage.
With testing of the new node software, the bsv infrastructure team has already demonstrated the ability of the bsv network to handle up to 100,000 transactions per second and expects that ability to show up on the bsv mainnet and grow even more in the future. With this capability, bsv rivals and aims to replace the payment processing capabilities of platforms like visa at a fraction of the cost to users.
bsv also offers a product-ready, scalable platform for blockchain application developers, many of whom have migrated from other networks like ethereum after encountering scaling issues as adoption increased. bsv is able to scale along with user adoption, which means developers can rest assured that transaction fees will remain low and interactions will be processed quickly.
bsv’s functionality is attractive to enterprise and government users, and the blockchain offers an efficient and stable platform for companies and agencies looking to experiment or build on blockchain technology.
how many bitcoin sv (bsv) coins are there in circulation?
As defined by the original bitcoin protocol, there will be a maximum of 21 million bsv coins in circulation. New coins from this circulation are distributed to bsv miners through block rewards, which they earn in addition to transaction fees for validating blocks.
Block rewards for miners are reduced by 50% in pre-defined periods to slowly shift miners’ reliance on these subsidies to transaction fees and to reduce the flow of new tokens as they near their expiration date. maximum amount.
how is the bitcoin sv network protected?
bsv is protected by the proof-of-work consensus mechanism as described in the bitcoin whitepaper. This means that in order for a block containing new transactions to be added to the blockchain, miners must solve a complex mathematical problem using their computer’s processing power. the miner who solves this problem first earns the block reward and transaction fees, and their block is added to the chain.
As more blocks are built on top of your block, the validity of transactions now stored on the chain is ratified by other nodes and becomes very difficult, if not virtually impossible, to alter.
where can you buy bitcoin sv (bsv)?
bitcoin sv is listed on major exchanges including okex, kucoin, huobi, bitfinex, bittrex, bithumb, as well as dozens of additional platforms. is also available to buy from here