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About Bitcoin SV
Bitcoin SV is short for Bitcoin Satoshi’s Vision (BSV) and is a cryptocurrency that claims to be closer to the original Bitcoin template as envisioned by its creator. The idea for Bitcoin and blockchain was first published in an online cryptography forum in November 2008, by an anonymous person (or group) called Satoshi Nakamoto.
The white paper, entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ outlined an electronic payment system based on mathematical proof, and explained how the different parts of the Bitcoin protocol would operate and be kept secure. It further described how a new type of database called a blockchain would keep track of the history of all Bitcoin transactions, and be maintained by everyone in the network.
Bitcoin was first released as version 0.1 in January 2009, by Satoshi and was published on SourceForge, an online collaboration platform for developers. In 2017, the Bitcoin community split in two (or hard-forked) over scalability issues and Bitcoin Cash (BCH) was created which increased the size of blocks, allowing for more transactions to be processed.
In November 2018, there was a difference in opinion between the Bitcoin Cash community over stability, scalability, security, and safety issues. This caused a so-called ‘hash war’ as two developer camps fought for control of the Bitcoin fork, which ended in a hard fork of Bitcoin Cash. The result was the creation of Bitcoin SV which is intended to provide a clear Bitcoin implementation choice for miners and allow businesses to build applications and websites on it reliably.
Leading the charge for the fork was Australian Craig Wright, ‘the self-proclaimed inventor of Bitcoin’. He is a co-founder of the BCOMM Association which aims to safeguard Bitcoin from unnecessary diversion from its original protocol. At the time of the fork, he was also Chief Scientist at nChain, a blockchain technology research and development company which later initiated the development work on Bitcoin SV.
Bitcoin Cash follows the Bitcoin Cash ABC protocol and roadmap published by bitcoincash.org. Bitcoin SV follows the Bitcoin Cash SV protocol and roadmap published by nChain. According to the Bitcoin SV website, the fork was created at the request of leading BCH mining enterprise CoinGeek. The Antiguan-based mining division is owned by Calvin Ayre, the billionaire online gambling tycoon.
The chief aim of Bitcoin SV is to propagate large blocks. This feature is said to require a certain centralization of miners and node operators. In December 2018, Bitcoin SV had seen up to 512 nodes (a program that fully validates transactions and blocks), with four chief miners controlling 74% of the hash rate (a measuring unit of processing power).