On Thursday, November 15, 2018, Bitcoin Cash underwent a controversial hard fork, creating two new cryptocurrencies: Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash ABC (BCHABC) is presented today as the old Bitcoin Cash (BCH).
Bitcoin Cash was created through an internal conflict with the old Bitcoin team, that included Roger Ver, and forked the new crypto. A little later, Craig Wright joined the Bitcoin Cash team. Craig Wright is an Australian millionaire who became ‘famous‘ in 2016 by claiming that he would be the real mysterious Satoshi Nakamoto. Supporting facts are still lacking.
Due to a difference in ideologies, visions and influences including those of CoinGeek Mining, a difference of opinion arose between Roger and Craig which led to a hard fork of Bitcoin Cash. After the fork, the battle for each miner and hash arose and led to disastrous consequences, called the Bitcoin Cash hash war. One that will be talked about for a long time. The battle caused a drop in Bitcoin and altcoins, which even the experienced traders were looking forward to. More than $70 billion of market capitalization evaporated within two weeks.
Bitcoin SV focuses on the following four pillars with Satoshi’s vision in mind:
To ensure that Bitcoin Cash can truly act as a global currency, it is necessary to demonstrate that the platform is ready to process the transaction volume on the required scale. The Bitcoin SV roadmap is focused on delivering capacity increases, through larger standard miners and configurable block sizes and performance improvements. To enable massive scale-up, Bitcoin SV will pave the way for the BCH blockchain to support significantly higher transaction volumes and higher transaction costs pay-out for miners. This is important for miners to maintain profitability, as the reward will halve again in 2020 (from 12 BCH to 6.25 BCH per block), and halve again years later.
Companies, especially the largest ones, need stability before they can operate on a technology platform. Repeated, unnecessary and unproven changes to the Bitcoin-protocol may harm the economic incentive structure and security of the blockchain. They can also create significant uncertainties for large companies that need to plan years in advance and deploy significant resources before deciding to build applications and projects on Bitcoin Cash.
When crypto is used as a currency, one must be prepared for a level of security that is consistent with a global monetary system. To do this, the Bitcoin SV project has focused on strict quality assurance for the mining node software.
This is achieved by implementing rigorous test phases with full traceability throughout the chain, to ensure users that changes go through a formal and rigorous validation process before they are accepted. In this respect, Bitcoin SV strives for levels of quality assurance, for example in mission-critical industries such as aerospace, medicine and national security.
Direct transactions are the key to unlocking the brick and mortar trade for Bitcoin Cash payments. Security improvements can be made to better secure immediate transactions for the future, and the Bitcoin SV roadmap treats secure immediate transactions as a key priority.
By Jeroen Modified 06/07/2020