This article is set to give the readers a clear view on Bitcoin SV’s origin, fork, price history of the BSV coin, the lead developers and what the platform entails in key detail.
Bitcoin Satoshi Vision original logo (Bitcoinsv.io)
Table of Contents
History of Bitcoin SV
In November 2018, Bitcoin Cash (BCH) hard forked to Bitcoin Satoshi Vision (BSV) and Bitcoin Adjustable Blocksize Cap (Bitcoin ABC) leading to a week of confrontations and competition between the two chains. Bitcoin SV community believes in the chain being the original version of “Satoshi’s Vision” of a peer to peer decentralized system, a vision that Bitcoin and Bitcoin Cash seem to have abandoned. The Bitcoin Cash fork in 2017 from Bitcoin arose from claims that the original chain was not in accordance with what Satoshi envisioned. This is a similar reasoning that led to Bitcoin SV forking from BCH as the latter also started to go wayward of Satoshi’s original vision for bitcoin.
The Bitcoin Satoshi Vision
Bitcoin SV Node logo
The vision stated in Satoshi’s bitcoin whitepaper outlines four key elements that BSV network has also adopted in its vision and roadmap. The official website of the caretakers of the BSV network names stability, security, safe and instant transfer of funds and scalability as the key elements every blockchain should have. While the first two properties have been met by most cryptocurrency projects including bitcoin, scalability, and instant payments have not been met. BSV’s vision rotates around these four pillars to ensure Satoshi’s Vision for bitcoin is actualized.
Bitcoin, Ethereum and other early blockchain systems have problems with scalability as the participation on the network grows. This hinders these platforms from gaining mass adoption and acting as global assets. For Bitcoin SV to be able to be globally acceptable and gain adoption worldwide the platform has to be fast in transacting huge volumes at the required scale.
The Bitcoin SV platform offers 128 MB miner configurable block sizes which deliver capacity increases for the platform as compared to bitcoin’s block size of 32 MB. This will ensure the platform supports efficient transfer of huge volumes around the world without time lags in the system.
Bitcoin SV focuses on top security on their blockchain through audits by some of the best blockchain security auditors. Furthermore, they will involve external quality assurance managers to ensure the security of the platform is paramount. The vision statement states that the security will be set and achieved through rigid test phases and have strict validation processes for their users.
“This is achieved by implementing a rigid set of test phases with full traceability throughout the test pipeline, to assure users that changes pass through a formal and rigorous validation process before they are accepted. In this respect, Bitcoin SV aspires to levels of Quality Assurance exemplified by mission critical industries such as aerospace, medicine and national security.” – Bitcoin SV vision statement.
c. Safe and instant transfer of funds
One of Satoshi’s vision for bitcoin was a global decentralized system that allowed users to transfer funds across the platform. Furthermore, the transactions were set to reduce the fees to almost zero to allow an increase in adoption across merchants and retail shops.
Bitcoin SV aims to keep its system form experiencing a multitude of changes that end up misimplementing the original vision of Satoshi. The blockchain will offer a stable system that will be rigid to excessive changes while maintaining a quick, secure and scalable platform.
Bitcoin SV (BSV) vs Bitcoin ABC (BCH)
The idea to fork Bitcoin SV was coined by the self-proclaimed Satoshi Nakamoto, Craig Wright who wants to see the bitcoin’s founder vision actualized. Craig has become a media favorite and has used the fame to push for supremacy of Bitcoin SV over Roger Ver who backs Bitcoin ABC. The two have been caught in a war of words as to which chain is the original bitcoin chain. The tug of war between the two chains became more severe leading to major market changes that saw the mining powers of the two chains fully mobilized and shifted from BTC to BCH.
This led to both communities competing for the bragging rights to which chain would be the longer one, terminating the other completely. The Bitcoin Cash hash war went on for a few days before BCH and BSV implemented replay protection and permanently split from one another. This prevented any of the chains being killed off and rather coexist as both ranks in the top 10 coins on the market capitalization charts.
The BSV token
The Bitcoin SV (BSV) has had a volatile period in the last two months since the fork. BSV traded at the $170 USD range in the first few days before sharply dropping below the $100 USD mark. The digital asset currently trades at $65.69 USD, representing a slight 2% rise in price in the past 24 hours. The coin has a maximum supply of 21 million BSV tokens with 17,594,173 BSV currently in circulation. This places BSV at the 10th position with a total market capitalization of $1,155,740,951 USD.
The BSV blockchain development team
The Bitcoin SV development team comprises of top officials in management and software development from nChain and Coingeek. Some of the most outspoken members of the Bitcoin SV community are Craig Wright from nChain and Calvin Ayre the CEO of Coingeek hence the huge presence of team members from the two companies.
Craig Wright, CEO of nChain speaking on Bitcoin SV
Bitcoin SV development team is led by Daniel Connolly who joined nChain after 20 years in enterprise systems and held senior IT positions with various United Nations agencies. The developer also contributed in the community that keeps Bitcoin alive as well as the Electron Cash project hence showing massive experience in the blockchain space.
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