The Bitcoin Blockchain has over a decade long proven history as secure and sovereign
The original Bitcoin software version started in January 3, 2009.
On November 15, 2018 the Bitcoin SV version started restoring original version of Bitcoin, as the Bitcoin Cash group decided to change their consensus rules away from the original protocol. The goal for Bitcoin SV is to stay true to the original version of Satoshi Nakamoto’s bitcoin protocol as stated in the white paper and first version of the software i.e. to be globally scalable, stable, cost & energy-efficient.
“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”
– Satoshi Nakamoto
Bitcoin SV is the most Scalable, Secure, Stable and Cost/Energy-efficient public blockchain available.
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- Bitcoin SV offers very high transaction throughput by massive on-chain scaling. On February 4th 2020 the Genesis upgrade was implemented, meaning that the blocksize limit was removed and the protocol was reset back to the original version from 2008.
In may 2020 a world record block size of 369 MB, containing 1.3 million transactions was processed by TAAL. This corresponds to about 2 600 transaction per second.
As a reference the average transaction volume on the VISA payment network is around 1,700 tps (based on a calculation derived from the official claim of 150 million transactions per day).
- Bitcoin SV offers very high transaction throughput by massive on-chain scaling. On February 4th 2020 the Genesis upgrade was implemented, meaning that the blocksize limit was removed and the protocol was reset back to the original version from 2008.
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- Bitcoin SV offers very low transaction fees. Due to the continuously raised block size, blocks will never be congested. Transaction fees will therefore be at the lowest possible network fee that the miners can offer (and even free) . Today typically less than $0.001 USD per transaction, regardless of amount sent. The base price is 1 Satoshi/byte (ie 0.00000001 BSV ) by the economy-of-scale and free market pressure, fees down to 0.25 Satoshi/byte has been seen (ie less than $0.00015 USD).
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- Bitcoin SV offers “Instant P2P Transactions” meaning that any transaction has a 99% chance to be verified and included in the following block in the blockchain. The “uncertainty” of 1% is handled according to the business risk scenario. In Business-to-Business use-cases the actual risk of a double spending is zero due to the immutable proof the double-spender would photographically sign against himself. Insurance services however exists to mitigate this risk totally, if required.
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- Bitcoin SV is Turing Complete! Turing completeness is a term used to identify a computer or software that is capable of solving any problem that a Turing machine can. In layman’s terms, this means that it can execute any algorithm. Bitcoin can do anything Ethereum does, but in a form that is statically analysable. It is a new form of security model. https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3160279_code2682943.pdf?abstractid=3160279&type=2
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- Bitcoin SV offers an extended Token and Smart Contract protocol with more than 45 asset types, supporting most conceivable token scenarios such as fungible (like ERC20), non-fungible (like ERC721), Shares, Bonds, Asset Backed Security, Collateralized Debt Obligation, Futures, Currency Tokens, ID Tokens, License, Membership, Movie Tickets, Coupons, Digital Collectable, Voting, etc.
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- Bitcoin SV offers legally enforceable smart contracts with scalability. Unlike platforms based on Ethereum, where all contracts/tokens are executed by everyone(!) in “one global computer (VM)”. Bitcoin smart contracts/tokens are completely distributed with one Virtual Machine (VM) per contract/token. In fact we can run unlimited numbers of VM’s and thereby achieve unlimited scalability and availability. Bitcoin smart contracts/tokens also does not require “Gas” to execute like Ethereum, the normal low transaction fees apply.
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- Bitcoin SV offers large data storage capability. Each transaction can today store up to 10MB! This enables longer and more advanced smart contracts as well as more data to be stored on-chain. On June 2020 transaction processos TAAL announced, as the first company, to accept 10MB data transactions.
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- Bitcoin SV offers stability by restoring the original Bitcoin protocol; it will keep it stable and allows it to massively scale. Bitcoin SV will maintain the vision set out by Satoshi Nakamoto’s white paper in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System
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- Bitcoin SV vision: https://bitcoinsv.io/vision/
The development community in Bitcoin SV is exploding with new Enterprise applications
Here are some examples:
– Instant webpage micropayments by MoneyButton.com
– Over 45 legal tokens standards (like ERC20, ERC721, etc, etc) by Tokenized.com
– Legally enforceable Smart Contracts by Tokenized.com
– Bitstagram, B://, BitDB, Bitsocket, Bitpipe, Bitchat, Bitcom, Datapay, ButtonPage, Genesis, Babel, Chronos, Bitgraph, Meta, Planaria and Bottle from @_Unwriter
– Bitpaste.app by @libitx
– A.N.N.E protokoll from Mr. Scatman @bsmith12251960
– Point-Of-Sale from HandCash POP
– BDI (Blockchain Data Interchange, ref EDI) for enterprise business communication on Bitcoin SV by UNISOT
– UNISOT™: an Enterprise Supply Chain Sustainability Platform as a Service and open Global Business Network, from UNISOT.
– SeafoodChain: a seafood industry solution, providing Proof-of-Quality, -Sustainability, -Provenance, – Ingredients. etc.
– Abendum: A Triple Entry Accounting & Auditing and Sustainability reporting platform.
The website MetaStore.app lists many of them:
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Peergame maintains this list of the BSV Ecosystem:
Bitcoin history
2008 October 31 – Satoshi Nakamoto posted the Bitcoin White Paper on the Cryptography mailing list: https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html
He did not post this information on the Cypherpunk Mailing List, as so often is misstated !
2009 January 3 – The first software is launched by Satoshi Nakamoto.
2010 – Satoshi Nakamoto handed the network alert key and control of the code repository over to Gavin Andresen.
2010 July 15 – Satoshi implement the 1 MB block size as a temporary spam protection after being convinced by Hal finney and others.
2011 April 23 -Satoshi Nakamoto sent his final email: “I’ve moved on to other things. It’s in good hands with Gavin and everyone.”
2014 – the company Blockstream overtook the control of the “Bitcoin Core” development and developer communities on social media. Many raise the concerns that Blockstream is funded by the bankers. There is also an allegation that Blockstream and their Bitcoin Core team use heavy censorship on social media to silence any opponents. A number of functions (OP-codes) are being removed and other limitations are added to the code. Also a number of new functions (OP-codes) was added like “Replace-By-Fee” and “Child Pays for Parent”. Video: Why Blockstream Destroyed Bitcoin
2014 February 27 – Blockstream reduces OP_RETURN to store only 40 bytes, it was previous 80 bytes. It was done as an attack against Counterparty’s plan to operate as the first decentralized digital asset exchange using blockchain technology. More info
2015 October 29/30 – Dr. Craig S. Wright officially explains that Bitcoin is Turing Complete, video.
2015 November 15 – Blockstream changes the Bitcoin protocol with BIP65 adding OP_CHECKLOCKTIMEVERIFY and thereby breaking the nLockTime. Practically creating a protocol split.
BTC is now no longer following the original Bitcoin protocol!
2017 August – Blockstream changed the consensus algorithm again with the SegWit implementation and therefore creates a second modification away from the original Bitcoin protocol. At this time a number of community implementations like Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, in the lead by Bitcoin ABC come together and continue the original Bitcoin chain under the name “Bitcoin Cash”. They then start to recover the Bitcoin protocol to its original state by for example removing the “Replace-by-Fee” function and by expanding the blocksize to 8 MB.
2018 November – the Bitcoin Cash group changed the consensus protocol by adding 10 block rolling checkpoints, Canonical Transaction Ordering (CTOR) , OP_CHECKDATASIG and thereby created yet a modification away from the original Bitcoin protocol.
BCH is now no longer following the original Bitcoin protocol!
2018 November 15 – Bitcoin Independence Day.
Bitcoin SV (Satoshi’s Vision) team continues the current Bitcoin protocol and starts to recover back to the original protocol functionality according to the Bitcoin White Paper. The team started with expanded the block size to 128MB.
2019 July – Bitcoin SV expanded block size to 2 Giga Byte.
Enabling theoretically 10 000-15 000 transactions per second on-chain.
2020 February 4 – Bitcoin SV restores Satoshi Nakamoto Original Bitcoin Protocol.
Removal of the temporary block size limit of 1 MB, removal of unnecessary added, faulty and limiting OP-codes, restoration of removed OP-codes. Block size is now determined by the market demand. Transaction fees are getting lower by economy of scale.
2021 January – The 25 chained ancestor limit is history! The default ancestor limit raised from 25 to 1000. More info.
2021 March 13 – World record block size 638 MB! Article
2021 June 9 – Terra Node proven to handle +50 000 transactions per second! Article
2021 August 6 – World record block size 1 Gigabyte! Article
2021 August 16 – World record block size 2 Gigabyte! Article
2022 Februari 6 – World record block size 3.8 Gigabyte! Article
