- Bitcoin SV (BSV) has returned to Bitcoin’s original design with a hard fork called Genesis, expected to release on 4th February 2020.
- The hard fork also enables the platform to provide the digital activity of all types on a single public blockchain.
- Genesis expected to expand Bitcoin’s inherent power by completely removing any default hard cap for block sizes.
Bitcoin SV (BSV) has returned to Bitcoin’s original design with a hard fork called Genesis, expected to release on 4th February 2020. The name comes from its close revisit to the original bitcoin protocol published in 2009 by Satoshi Nakamoto.
BSV has stated in a press release that this is more of protocol restoration than an upgrade. It also called the hard fork a necessary step in the journey of Bitcoin SV to unlock better on-chain scaling power and technical capabilities.
The hard fork also enables the platform to provide the digital activity of all types on a single public blockchain.
Speaking about its origin, BSV stated in the press release that it emerged after the world’s first Bitcoin hash war in November 2018. It restores Bitcoin’s original protocol unlike Bitcoin Core for BTC and the Bitcoin ABC for BCH who “changed Satoshi’s design and refused to massively scale”.
Claiming that only BSV is Bitcoin, the press release stated that BSV has regularly surpassed BTC and Ethereum in various parameters. It also said that BSV is the only project “that adheres to Satoshi Nakamoto’s original protocol, design and vision for Bitcoin.”
Bitcoin SV Node project leaders Daniel Connolly and Steve Shadders noted that the genesis hard fork has many technical features which accomplish 3 main goals.
First, Genesis expected to expand Bitcoin’s inherent power by completely removing any default hard cap for block sizes and thus allowing it to scale massively.
After years of debate on this regard in the Bitcoin ecosystem, BSV stated that it is up to miners and protocol developers to handle the consensus of block size and to manage transaction capacity of network based on market as it was designed to be.
The move starts the process of increasing BSV’s speed from the current 100/second to infinite potential, which will achieve after some technical improvements and further scaling.
This will also allow enterprises to build reliable large-scale applications and ensures that BSV remains profitable to miners in the future as well, the official statement said.
Genesis also inherits various changes that will abide with BSV’s vision to function as it was mentioned in the original Bitcoin whitepaper to keep the spirit of Satoshi’s design alive by restoring the original protocol as much as it can.
This includes “Removal of artificial limits imposed on protocols” like data capacity, Restoring unique functionality of Bitcoin Script – Enabling use of the programming language which used within the Bitcoin protocol and removal of all the changes made to original design like the pay-to-script-hash.
Deriving its final primary goal from Satoshi’s 2007 statement
Genesis hopes to bring in a list of technical changes to stabilize the protocol, the release said. The report further asked users to be aware of more software updates like the BSV node software.
It concluded by stating that no future software version will affect the base protocol rules of Bitcoin along with applications built on the top of BSV after Genesis.