BSV, derived from BTC and BCH, is building cases, advocating supervision, and depicting a Bitcoin utopia different from what many people think.
From the perspective of block capacity, average transaction volume on the chain, and maximum transaction volume per second, BTC has failed to realize the function of the electronic cash system. At the BSV China Conference held on December 7, Jimmy Nguyen, chairman of the Bitcoin Association, said This is the starting point for explaining how BSV will realize the Satoshi Vision.
In short, the idea of BSV is to achieve expansion by increasing block capacity, promote usage by reducing handling fees, and maintain miners profitability and improve the economic model of BTC by increasing transaction volume (transaction handling fees).
It appears that BSV has made progress with its big block idea.
In July this year, BSV continuously produced 12 2GB blocks during the stress test on the Scalability Test Network (STN), which contained between 2.7 million and 4 million transactions, and the single transaction fee was less than 1 cent. The service fee income can reach 39 BSV, which has exceeded the current block reward. Recently, BSV’s 24-hour on-chain transaction volume surpassed that of Ethereum.
In February next year, BSV will also undergo a Genesis hard fork upgrade to support unlimited block capacity.
For individuals, we want this system to help people control their information and data. You can publish files on this, you can choose how much to pay for it, if the content is liked by people, you can start making money, after that You don’t need to worry about government audits. Bearing value, this is the original intention of Bitcoin, not as a digital gold.” Craig S. Wright (hereinafter referred to as CSW), the chief scientist of nChain, summarized the vision of BSV.
At the meeting, CSW also reiterated that peoples understanding of Satoshi Nakamotos vision is biased. For example, the rules of code is law are not perfect, and the focus of Bitcoin is to protect privacy rather than anonymity.
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The Bitcoin Vision of BSV Refactoring
Jimmy said at the conference that BTC failed to realize Satoshi Nakamotos vision, and failed to achieve block capacity (1MB), average transaction volume on the chain (3 transactions per second), and maximum transaction volume per second (7 transactions per second). Realize the functions of the electronic cash system.
BSVs solution is to achieve expansion by increasing the block capacity, and at the same time improve the economic model of BTC by increasing the transaction volume.
Miners income includes two parts, block rewards and transaction fees.According to the rules of Bitcoin, the block reward will be halved every four years. When the block reward is reduced to a certain amount, miners will be unable to make ends meet.
In order to keep miners profitable, BSV believes that the loss of mining rewards needs to be compensated by increasing transaction volume, that is, transaction fees.
BSV is the only blockchain that will allow miners to continue to make profits in the future. Jimmy said.
In July this year, BSV continuously produced 12 2GB blocks (2048MB) in the stress test on the expansion test network (STN), which is 2000 times the size of the BTC block, and the transaction volume included is between 2.7 and 4 million. , miners fee income can reach 39 BSV, which has exceeded the current block reward (12.5 BSV). The theoretical value of transaction processing capacity exceeds 9000 transactions per second.
Within 26 days after the launch of the expansion test network, the BSV transaction volume exceeded 1.4 billion, which is three times the total transaction volume on the BTC chain for 10 years.
Recently, BSV’s 24-hour on-chain transaction volume surpassed that of Ethereum. The data shows that as of 8:30 on December 7, BSV’s 24-hour transaction volume reached 850,000, far exceeding Ethereum’s 570,000.
Jimmy revealed that BSV is starting to develop the Teranode project to achieve terabyte (1000 GB) block size, million-level transaction speed and billions of transaction capacity.
Why do we do this? Its not that transactions require such a large block, but we know that the future of the Bitcoin network will not only carry transactions, but also carry data. Jimmy said.
He explained that the blockchain will serve as a general-purpose server, allowing us to put data and content on it. BSV will provide protocols, classify data and provide prices. For example, some people are willing to put data such as air quality data records on the chain and record them. There is no doubt that some people will want to study these data. These data are valuable and can also be priced. BSV wants to become a global data record library with mobility between data.
CSW also pointed out in his speech,“For individuals, we want this system to help people control their information and data. You can publish files on this, you can choose how much you pay for it, and if the content is good and people like it, you can start making money , then you don’t need to worry about government audits. Carrying value, that’s what Bitcoin was created for, not as a digital gold.”
In order to achieve this, the transaction capacity and performance of the blockchain must not only be sufficient, but also the transaction fees should be lower.
Right now, BTC transaction fees are high and unstable. For example, on May 29, 2019, the BTC transaction fee was between $3 and $5, and on November 5, the transaction fee became about $1. The monitoring data on November 24 shows that the average transaction fee of BSV is less than 1/20 of 1 cent.
At the meeting, CSW also reiterated that peoples understanding of Satoshi Nakamotos vision is biased. For example, the rules of code is law are not perfect, and the focus of Bitcoin is to protect privacy rather than anonymity.
According to CSW, around 2003, the code is law rule gradually took shape. But in fact, I dont agree that the law is flexible and human, but the mechanical nature of smart contracts stipulates that things are either 0 or 1, such a binary world. But in the real world, we look at specific situations, we forgive others, and we allow gray areas to exist.
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What are some interesting applications on BSV?
BSVer advocates that its economic model is not the traditional Buy Hold, but Earn Use.
There must be applications on the blockchain before it can be used.
In fact, BSV does have many developers and currency holders who are already participating in Earn Use.
According to public information, BSV is developing the Metanet Protocol (metanet protocol), which is used to build the Internet protocol on the BSV chain. It stipulates that transaction information and other data adopt the same data structure and be hosted on the blockchain.
Twitter"Twitter"Twetch, Public Comments True Reviews on the chain, etc.
For example, consumers don’t earn any money when they review restaurants online, but when they write reviews through True Reviews, others need to pay for reading your reviews, and if you write reviews for restaurants and hotels, they will also pay you.
At the conference, many developers also showed their projects.
Lin Zheming, the founder of Mempool DotWallet, brought an open wallet platform. It said that the platform wants to solve the pain points of BSV developers: high product development costs, difficulties in acquiring customers, and low monetization efficiency. Through this platform, developers do not need to spend 80% of their team resources on various account systems and logical processing of collection, payment, settlement, but on the functional experience and business logic of the product itself.
The FastPayButton presented by FastPayButton ForBsv founder Qiu Weifeng wants to use decentralized payment to solve some social pain points, such as P2P running away, beauty salons/training institutions running away after receiving annual cards in advance, etc. Decentralized payment puts the payment requirements on the smart contract, and deducts the payment after each consumption, which can fully guarantee the safety of personal funds.
ShowJob, a C2C task platform brought by serial entrepreneur Feng Xinyu, emphasizes the opportunity for people to earn BSV.
Users can post reward tasks on the ShowJob platform. The reward amount is calculated based on BSV. Other users can claim it and earn corresponding rewards after completion. The platform guarantees the safety of reward tasks through functions such as uploading task details, uploading communication processes, and multi-signature distribution of funds.
According to the data released by Feng Xinyu, ShowJob has completed a total of 238 tasks in the past 4 weeks since its launch, with 1 dispute and 0 fraud rate.
Chen Mingjie, the founder of the veteran Maxthon browser, also expressed his interest in participating. It said that Maxthon Browser, which has millions of daily active users, will be the first browser to support the blockchain. It is reported that Aoyou Browser was first developed in 2000, and was renamed as Aoyou Browser in 2004. In 2007, it was downloaded more than 100 million times.
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Next major milestones
On December 6, BSV released the beta version of the Genesis hard fork.
This is a very critical point that can help us realize Satoshi Nakamotos vision. Jimmy commented.
According to the BSV 1st Anniversary Report released by BSV in November, the Genesis Protocol upgrade focuses on unlimited block capacity. Compared with the current BSV network, the upgrade will have the following changes:
Remove the artificial limit on the protocol: This means that BSV will completely remove the default block cap. The block size of the network is determined entirely by the consensus of the miners, governed by market forces, not by the protocol developers. At the same time, restrictions on transaction size and functionality will be removed.
Restore the full functionality of the original scripting language: for example: restore the ability to handle large numbers.
Remove some inappropriate modifications made by BTC over the past few years.
The picture below is the timetable for the BSV Genesis upgrade.
On December 13, BSV will release instructions for the Genesis upgrade, and then release a test version for developers to check.
By January 3, 2020, BSV released the security audit results and a stable version, and it was activated on February 4. BSV also recommends that participants in the ecosystem update and upgrade after the stable version is released, test nodes and applications in advance, and wait for the upgrade.
Currently, BSV has two public testnets, the Genesis Testnet and the Genesis Reset Network.All changes that will be activated on the mainnet on February 4, 2020, will be synced to the testnet. The Genesis reset network resets every 48 hours to repeatedly test the mainnet upgrade on February 4th in advance.
