- Bitcoin SV hard fork codenamed Genesis to increase power and technical scalability in the chain
- BSV declined 3,82% over the past 24 hours, but rose 180% in 2020
On February 4, Bitcoin SV launched a hard fork, code-named Genesis. The idea of “restoring” the protocol rather than updating is to increase its scalability and technical capabilities so that data, transactions and digital activity of all types can be “in a chain” in one public block chain.
Hard fork Bitcoin Cash (BCH), which was a hard fork of Bitcoin Core (BTC), in November 2018, this is how BSV first appeared.
However, in this latest update, a significant number of nodes were not updated and stuck in the block, says BitMEX Research.
“Now a gap has been detected, the old rule chain has been extended by one block,” reports BitMEX Research.
The block [000000000000000000ab6dd91fba22c92aa2c07cd26fb9d5863a37f7a6ee37db] at a height of 620539 was accepted by Bitcoin SV 1.0.1 as valid, which was mined by an unknown pool, but was recognized as invalid by Bitcoin SV 0.2.1.
Striving for scaling and technical power
The Bitcoin SV hard fork was supported by the Bitfinex crypto exchange, which took place at block height # 620,538. Deposits and withdrawals were suspended on February 3 at 23:00 (UTC) and will be resumed when the BSV network is stable.
Meanwhile, BSV is trading at $ 270,64, an increase of 3,82% over the past 24 hours than 180% in 2020.
With this latest hard fork, Bitcoin SV wants to “unlock” its inherent power for “large-scale scaling” by removing the default hard cap on block sizes. While the Bitcoin network had a 1MB block limit, which allows for around 7 transactions per second, and BCH at 32MB, BSV has a 2GB block block that can handle "1000 transactions per second and theoretically up to 9000 transactions per second.
But BSV wants to further increase it so that enterprises can use it to create large-scale applications. This, according to project manager of Bitcoin SV Node Daniel Connolly, lead developer and technical director Steve Shadders, will allow miners to receive more commissions for transactions.
Apparently, the project wants to "restore as much of the original protocol as possible in order to realize the spirit of Satoshi's design, described in the original technical description of bitcoins."
And using the Genesis hard fork, they remove restrictions on the blockchain block size, the original Bitcoin Script functionality and some harmful changes, such as pay-to-script (P2SH), which added privacy. Jimmy Nguyen, founding president of the Bitcoin Association, the organization behind Bitcoin SV, said:
“By bringing back the Satoshi design in Bitcoin SV, the Genesis hard fork is a historic moment in Bitcoin’s journey to become the world’s peer-to-peer e-money system and an enterprise blockchain that can work.”
But as for eToro analyst Mati Greenspan, the founder of quantum economics says:
Get rid of Craig Wright and #BitcoinSV days
Remove Roger Very and #BitcoinCash is worthless.
How many ppl would you need to take out to make # Bitcoin disappear ?!
- Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) February 3, 2020