From what I documented myself till now, BSV will be the only blockchain with unlimited scalability, vey low fees, instant transactions and have also the possibility to built applications on it.
What is wrong with that? Why BTC needs lightning network in order to process transactions offchain, since they can be done onchain.
Topic: Bitcoin SV Hard Fork (Read 215 times)
Are you shilling this overly pumped altcoin in Beginners & Help because you think that since it contains bitcoin in its name you'll trick more newbies into buying something they don't want?
Bitcoin SV is an altcoin. Bitcoin SV is not Bitcoin.
So, why didn't you just use this in the altcoins area? Maybe in Altcoins speculation?
I have just shared the news. So that some of them should aware about this. I am n't forcing anyone to but the particular coin. Bitcoin SV is an altcoin. Bitcoin SV is not Bitcoin.
So, why didn't you just use this in the altcoins area? Maybe in Altcoins speculation?
there would likely be a battle of the real BTC this year and we are likely to see BCH and BSV outperform BTC interms if returns but in long term they would both die by the side
I dont think this would be the case. I dont understand why BSV pulled of this genesis stuff, are they arent tired of many forks made already? As @tranthidung mentioned too many for btc and some of them are literally useless. How come BSV could afford to do another one. This could turn into a hype shitcoin where whales like to play the investors money.
I cant accept BCH and BSV can outperform the BTC in terms of what? Tech? Price? Not happening bro. Too many btc supporters knows CW and RV are just trying to create hype here. In fairness with BCH at least they have something but for BSV? total crap work.
For me BSV is no going area apart from trading with it and make more BTC, I have a feeling BSV is likely going to pump really this year, there would likely be a battle of the real BTC this year and we are likely to see BCH and BSV outperform BTC interms if returns but in long term they would both die by the side
More than hash war, it was name war. Both of Roger Ver and Craig Wright are obsessed with getting recognized. Though there were serious discussion and conflict in ways of reaching the solution on bitcoincash fork, Bitcoincash has since failed to fully address what they were seeing as fault on the bitcoin blockchain. BitcoinSV is just a pump and dump forked due to conflict of interest from bitcoincash.
Fake-forked, clone, or copied coins from Bitcoin is endemic in crypto. I don't have believe in forked or clone coins because if their team are smart and professional, they will be able to build up own source codes and don't need to clone or copy from the others.
Why Bitcoin SV, Bitcoin A, B, C have to fork from bitcoin (BTC)?
Why Ethereum A, B, C have to fork from Ethereum (ETH)?
Why lots of altcoins have to fork from PIVX?
All copied, clone coins are shit ones, and their team are too lazy.
That thread is informative: How Many Bitcoin Forks Are There? You will be surprised!!!
Why Bitcoin SV, Bitcoin A, B, C have to fork from bitcoin (BTC)?
Why Ethereum A, B, C have to fork from Ethereum (ETH)?
Why lots of altcoins have to fork from PIVX?
All copied, clone coins are shit ones, and their team are too lazy.
That thread is informative: How Many Bitcoin Forks Are There? You will be surprised!!!
Are you shilling this overly pumped altcoin in Beginners & Help because you think that since it contains bitcoin in its name you'll trick more newbies into buying something they don't want?
Bitcoin SV is an altcoin. Bitcoin SV is not Bitcoin.
So, why didn't you just use this in the altcoins area? Maybe in Altcoins speculation?
Bitcoin SV is an altcoin. Bitcoin SV is not Bitcoin.
So, why didn't you just use this in the altcoins area? Maybe in Altcoins speculation?
Bitcoin SV (Satoshi Vision) was created out of a hash war between Craig Wright and Roger Ver on November 18, 2018. The New year seems to be working like a miracle for the Satoshi Vision hard fork, as over the last 30 days, it surged by over 212%, which is a commendable performance. Not only that, a few weeks back, it went up the ranking ladder to grab the third spot as per market capitalization, before it again fell to number 5. BSV is one of the fastest-growing blockchains to have seen the explosion of application development globally, utilizing its data, scalability, and micropayment capacity. Bitcoin SV (BSV) is the only project that adheres to Satoshi Nakamoto’s original vision and protocol.
Click here to buy BSV at best rate in no time
What is Bitcoin SV Genesis Hard Fork?
The BSV node team had already released the 1.0.0 version of the BSV node implementation on January 15, 2020, when the BSV value surged to over 75%. This version states the necessary updates that is going to take place on February 4th, 2020- the day of Bitcoin SV’s hard fork known as Genesis. (Bitcoin SV Hard fork date) Genesis was even the name of the first block mined 11 years before on January 3, 2009.
The main vision of BSV’s Genesis hard fork is to restore the actual Satoshi protocol, other technical upgrades, and unlock the massive on-chain scalability. This on-chain scalability might introduce a uniform, public blockchain like the world operates on a single internet. There won't be a creation of new coins but only technical upgrades like BSV node software.
Jimmy Nguyen, the founding President of the Bitcoin Association, has been vocal about the upcoming Bitcoin SV hard fork, as he believes this is a historic moment for BSV to become the world’s largest peer-to-peer electronic cash system.
Jimmy Nguyen even shared the BSV Genesis hard fork roadmap back in December 2019:
Main Goals of Genesis Hard Fork
As per the Bitcoin SV Node Project developers- Daniel Connolly (Lead Developer) and Steve Shadders (Technical Director)- the Genesis hard fork is coming up with these major changes:
#1 Solution to Bitcoin’s Scalability Problem
The ever-nagging problem for Bitcoin’s hard limit on the block would be solved by optimizing Bitcoin’s inherent capacity for scalability. Over the years, Bitcoin has been dismayed by the disputes with the larger block size for higher transaction volumes. The BTC network kept its block cap ceiling at 1 MB, enabling only 4-7 transactions per second. BCH has a ceiling of 32 MB, which is not great to support enterprise use.
After the implementation of Genesis hard fork, Bitcoin wouldn’t have to deal with default hard cap anymore, after which there is no limit and the transaction capacity would be infinite. Hence, the miners can manage the consensus of the transaction capacity and block size on the BSV network, depending on the market forces, like Satoshi’s vision was stated in the original Whitepaper.
Before the onset of the Genesis block, BSV can process 1000 transactions per second, but if its 2 GB Block size hard cap is completely utilized, it can process up to 9000 transactions per second. Once the block cap is removed with scalability taking a higher edge, BSV’s transaction processing capacity would have infinite potential to grow. This would help the enterprise-level large scale applications to build on the blockchain.
The miners would definitely be at an advantage, as they can earn more transaction fees to compensate for the revenue they lose from the Bitcoin halving process every four years, where the block reward gets halved. ( The upcoming Bitcoin Halving is scheduled to take place in May 2020, where the BTC reward decreases from 12.5 BTC to 6.25 BTC).
#2 Restoring the Originality of Bitcoin Protocol
Bitcoin has been hanging around since 2009, and the developers have made many technical changes over this long time period. So this Genesis hard fork’s main aim is to restore the original version of the Bitcoin protocol. The technical changes can be sub-categorized into three groups, which are as under:
Restoring the OP_RETURN Functionality
This enables the Script developers to terminate the script easily and early with the possibility of executing the valid script.
Increasing The Script Numeric Type To Big Numbers
This change will increase the Bitcoin script language mathematically. As 32- bit numbers are limited in size, which makes it inefficient and complicated to perform complex mathematical calculations like signature verification. This change will get back its original design and enable it to perform complex calculations and scripts with all minds of advanced functionality.
Rescind P2HS For New Transactions
Pay to Hash Script (P2HS) is a mechanism introduced for enabling hiding output scripts at the time of creation. This is against the original Bitcoin protocol, which supports an honest record of events. P2HS has encouraged wide usage of poor privacy practices, and divergence from such practices is best for Bitcoin to get back to its original protocol. The existing P2HS wallets will remain unaffected, and this change will prevail for any new outputs being made.
Restoring nLockTime and nSequence
These data fields are integral to the mechanism of payment channels that have been described by Satoshi as a fundamental mechanism for allowing high-speed micropayments. The old opcodes shall be removed, and the original usage of nLockTime and nSequence would be restored.
#3 P2P Relay of Transactions with Complex Scripts
This change will stabilize the protocol and enable the use of complex transactions by the participants in the network. Before Genesis hard fork, if a participant wanted to use complex transactions, they would have had to find a miner, who would help in confirming transactions in a block. After Genesis, the transactions, which were of standard type, will be relayed across the peer-to-peer network, enabling all of the participants to use complex transaction types.
As Internet evolution took place over the last 30 years, the public blockchain is also targeting something like that for the future. Even after the Genesis fork, the BSV might go through some technical upgrades later, including BSV Node software. But any software applications wouldn’t materially affect the base protocol rules and shouldn’t affect applications built on top of BSV after this Genesis upgrade.
Impact On Price
This Genesis hard fork upgrade might trigger the value of BSV up, and it can again go up the ranking ladder to become the third popular cryptocurrency in the world. But there are whispers from across the crypto space about the controversy of Craig Wright and Tulip Funds, which might take BSV down along with himself. The court hearing is pending, which might clarify the doubts.
What Users Should Do
The California-based crypto management institution, BitGo has already announced that its BSV users won't be able to receive BSV transactions after the upgrade due to compatibility issues. Any transactions sent to BitGo BSV wallets would be marked invalid. BitGo advises its users to either convert their BSV coins to BTC or transfer their funds to the external wallet before February 4th, 2020. This step is being taken by BitGo because of the sunsetting of the P2HS, as covered in the second point.
Source: https://coinswitch.co/news/bitcoin-sv-fork-all-about-upcoming-bsv-fork-bitcoin-sv-hard-fork
Click here to buy BSV at best rate in no time
What is Bitcoin SV Genesis Hard Fork?
The BSV node team had already released the 1.0.0 version of the BSV node implementation on January 15, 2020, when the BSV value surged to over 75%. This version states the necessary updates that is going to take place on February 4th, 2020- the day of Bitcoin SV’s hard fork known as Genesis. (Bitcoin SV Hard fork date) Genesis was even the name of the first block mined 11 years before on January 3, 2009.
The main vision of BSV’s Genesis hard fork is to restore the actual Satoshi protocol, other technical upgrades, and unlock the massive on-chain scalability. This on-chain scalability might introduce a uniform, public blockchain like the world operates on a single internet. There won't be a creation of new coins but only technical upgrades like BSV node software.
Jimmy Nguyen, the founding President of the Bitcoin Association, has been vocal about the upcoming Bitcoin SV hard fork, as he believes this is a historic moment for BSV to become the world’s largest peer-to-peer electronic cash system.
Jimmy Nguyen even shared the BSV Genesis hard fork roadmap back in December 2019:
Main Goals of Genesis Hard Fork
As per the Bitcoin SV Node Project developers- Daniel Connolly (Lead Developer) and Steve Shadders (Technical Director)- the Genesis hard fork is coming up with these major changes:
#1 Solution to Bitcoin’s Scalability Problem
The ever-nagging problem for Bitcoin’s hard limit on the block would be solved by optimizing Bitcoin’s inherent capacity for scalability. Over the years, Bitcoin has been dismayed by the disputes with the larger block size for higher transaction volumes. The BTC network kept its block cap ceiling at 1 MB, enabling only 4-7 transactions per second. BCH has a ceiling of 32 MB, which is not great to support enterprise use.
After the implementation of Genesis hard fork, Bitcoin wouldn’t have to deal with default hard cap anymore, after which there is no limit and the transaction capacity would be infinite. Hence, the miners can manage the consensus of the transaction capacity and block size on the BSV network, depending on the market forces, like Satoshi’s vision was stated in the original Whitepaper.
Before the onset of the Genesis block, BSV can process 1000 transactions per second, but if its 2 GB Block size hard cap is completely utilized, it can process up to 9000 transactions per second. Once the block cap is removed with scalability taking a higher edge, BSV’s transaction processing capacity would have infinite potential to grow. This would help the enterprise-level large scale applications to build on the blockchain.
The miners would definitely be at an advantage, as they can earn more transaction fees to compensate for the revenue they lose from the Bitcoin halving process every four years, where the block reward gets halved. ( The upcoming Bitcoin Halving is scheduled to take place in May 2020, where the BTC reward decreases from 12.5 BTC to 6.25 BTC).
#2 Restoring the Originality of Bitcoin Protocol
Bitcoin has been hanging around since 2009, and the developers have made many technical changes over this long time period. So this Genesis hard fork’s main aim is to restore the original version of the Bitcoin protocol. The technical changes can be sub-categorized into three groups, which are as under:
Restoring the OP_RETURN Functionality
This enables the Script developers to terminate the script easily and early with the possibility of executing the valid script.
Increasing The Script Numeric Type To Big Numbers
This change will increase the Bitcoin script language mathematically. As 32- bit numbers are limited in size, which makes it inefficient and complicated to perform complex mathematical calculations like signature verification. This change will get back its original design and enable it to perform complex calculations and scripts with all minds of advanced functionality.
Rescind P2HS For New Transactions
Pay to Hash Script (P2HS) is a mechanism introduced for enabling hiding output scripts at the time of creation. This is against the original Bitcoin protocol, which supports an honest record of events. P2HS has encouraged wide usage of poor privacy practices, and divergence from such practices is best for Bitcoin to get back to its original protocol. The existing P2HS wallets will remain unaffected, and this change will prevail for any new outputs being made.
Restoring nLockTime and nSequence
These data fields are integral to the mechanism of payment channels that have been described by Satoshi as a fundamental mechanism for allowing high-speed micropayments. The old opcodes shall be removed, and the original usage of nLockTime and nSequence would be restored.
#3 P2P Relay of Transactions with Complex Scripts
This change will stabilize the protocol and enable the use of complex transactions by the participants in the network. Before Genesis hard fork, if a participant wanted to use complex transactions, they would have had to find a miner, who would help in confirming transactions in a block. After Genesis, the transactions, which were of standard type, will be relayed across the peer-to-peer network, enabling all of the participants to use complex transaction types.
As Internet evolution took place over the last 30 years, the public blockchain is also targeting something like that for the future. Even after the Genesis fork, the BSV might go through some technical upgrades later, including BSV Node software. But any software applications wouldn’t materially affect the base protocol rules and shouldn’t affect applications built on top of BSV after this Genesis upgrade.
Impact On Price
This Genesis hard fork upgrade might trigger the value of BSV up, and it can again go up the ranking ladder to become the third popular cryptocurrency in the world. But there are whispers from across the crypto space about the controversy of Craig Wright and Tulip Funds, which might take BSV down along with himself. The court hearing is pending, which might clarify the doubts.
What Users Should Do
The California-based crypto management institution, BitGo has already announced that its BSV users won't be able to receive BSV transactions after the upgrade due to compatibility issues. Any transactions sent to BitGo BSV wallets would be marked invalid. BitGo advises its users to either convert their BSV coins to BTC or transfer their funds to the external wallet before February 4th, 2020. This step is being taken by BitGo because of the sunsetting of the P2HS, as covered in the second point.
Source: https://coinswitch.co/news/bitcoin-sv-fork-all-about-upcoming-bsv-fork-bitcoin-sv-hard-fork
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