Dec 24, 2018 00:30 UTC
Jan 4, 2019 at 19:32 UTC
Everything To Know About Bitcoin SV
If you call yourself a crypto enthusiast and have not been living under a rock for the past couple of months, you would know how much drama had unfolded in the wake of the Bitcoin Cash hard fork of 15th November, 2018.
A spate of hash wars had ensued as a result of the hard fork, causing quite a bloodbath in the crypto market, where prices plummeted rapidly. At the end of it all, what emerged was a split in Bitcoin Cash.
One of the camps that emerged was the Bitcoin SV camp that broke away from the original Bitcoin Cash (BCH) to follow their vision, or rather Satoshi’s Vision. The SV stands for Satoshi’s Vision and in the subsequent lines, we will break down for you what that means.
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What is Bitcoin SV?
Bitcoin Cash was originally created as a fork of the Bitcoin Core Client.
Now, a further fork of the Bitcoin Cash gave rise to Bitcoin SV or Satoshi’s Vision. Now, Satoshi Nakamoto is supposedly the mysterious man/woman behind the world’s first viable cryptocurrency Bitcoin.
In the whitepaper that this Satoshi had published gave rise to Bitcoin in the form we know it today. However, even Bitcoin did not manage to fulfill all of Satoshi’s ideals with regards to being the perfect cryptocurrency.
Satoshi’s vision was to introduce a completely decentralized cryptocurrency that would be democratic and egalitarian in its governance. In what has been described as an almost-Marxist vision by many, Satoshi envisaged a cryptocurrency that would be free from centralization concerns, scalability issues, security vulnerabilities, and safety and stability issues.
The official website of Bitcoin SV defines the cryptocurrency in question as follows:
“Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH) and will maintain the vision of Bitcoin set out by Satoshi Nakamoto’s white paper in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System Reflecting its mission to fulfil the vision of Bitcoin, the project name represents the ‘Satoshi Vision’ or SV. Created at the request of leading BCH mining enterprise CoinGeek and other miners, Bitcoin SV is intended to provide a clear BCH implementation choice for miners and allow businesses to build applications and websites on it reliably.”
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Goals of Bitcoin SV
Bitcoin SV seeks to outdo both Bitcoin Cash as well as Bitcoin itself in the following respects:
The team behind Bitcoin SV wish to build a stable base layer that implements the original op_codes from Satoshi’s whitepaper, so that several features, ranging from tokenization tools to blockchain smart contracts, and even atomic swap functionality can be then added to the top layers.
We know that achieving adequate scalability has been one of the major issues for Bitcoin. The Bitcoin SV team want to work on adding capacity strength so that high volumes of transactions can be processed quickly and easily.
This is expected to drive adoption as well and give it the much-needed edge over Bitcoin.
3. Safety and Security
The team is also dedicated towards building a cryptocurrency that is bolstered against myriad security vulnerabilities and threats of cryptocurrency scams. The website tells us:
“Bitcoin Cash will be a global currency. To enable such a future, we need to be prepared to ensure a level of security commensurate with a global money system. To do this, the Bitcoin SV project has focused on rigorous Quality Assurance for mining node software.”
The Road Ahead
In this short term also, Bitcoin SV has proved to be quite impressive. Despite minor falls, it is now the 9th top cryptocurrency in terms of market cap and is currently seeing minor gains in its price. We can only hope that with better realization of Satoshi’s vision, we’ll be seeing a brighter future for Bitcoin SV (BSV).
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