Blockchain company, nChain released a brand new version of bitcoin known as Bitcoin Satoshi Vision (SV), on Monday, just a month before bitcoin cash (BCH) network upgrade.
#bitcoin the dark ages,
coming to an end.
THANK YOU @nChainGlobal for laying the foundation.
— $TheWildCard (@MADinMelbourne) October 17, 2018
Bitcoin SV is a new full-node implementation for Bitcoin BCH designed to “fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper,” according to an official press release. A lot of water has flowed under the bridge since early this year when Roger Ver started his campaign against Bitcoin Core (BTC) stating BCH was the original bitcoin.
The paper which is available on GitHub includes support for the November BCH upgrade, including the re-enabling of these Satoshi op_codes: OP_MUL, OP_INVERT, OP_LSHIFT, and OP_RSHIFT. The default maximum size of accept blocks has also been increased from the 32MB soft limit to 128MB. The team behind Bitcoin SV intends to remove the op_code limit entirely at a later time, after further testing as part of its rigorous QA framework.
Commenting on the development, Steve Shadders, technical director of the SV said, “It’s time for Bitcoin to professionalize. Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base.”
Apart from that, the team has removed the automatic replay feature and the activation logic for the May 2018 upgrade. The release version also introduced protections against malicious peer behaviour, notably the so-called “infinite block attack”.
Although, upgrades are common among cryptocurrency networks to secure themselves against attacks, a question comes to mind: Why now? According to nChain Group CEO Jimmy Nguyen, the reason is simple: There’s a direct economic need for miners.
Along the sidelines of the recently concluded, The Future of Bitcoin Summit, Bangkok 2018, Nguyen had said scaling is important and speed of its essence. He had said, “In two years the block reward will be split in half again to 6.25 BCH. So anyone who’s mining now will in two years receive half of what they’re receiving today. In order to maintain even current profitability, what that means is in two years they have to make up that 6.25 coins worth of value in something else, which has to come in transaction fees and which has to come in higher transaction volume.”
Earlier in August, there was a nasty spat between Craig Wright and Jihan Wu which could have resulted in Bitcoin Cash network going through a hard fork that will make it almost 40% smaller than its current size.
However, at the time of writing, it is not clear whether BCH will officially split up or not.
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