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- The BSV team stated that a stable agreement is necessary to ensure that the data executed on a block is not only valid for one or two years, but over a hundred years.
- BSV team believes that P2SH brings privacy and security issues.
- P2SH is an address type and is an acronym of Pay to the Script Hash.
Beingcrypto has mentioned that the hard fork upgrade is going to make three changes.
First of all, the Genesis will be removing the current hard cap on block size. This will, in theory, increase the transaction volumes. At present, the block size limited to 2G, but after the change, it will become unlimited.
Secondly, the second aim of the Genesis is to restore the vanilla Bitcoin protocol which is
- Eliminate the artificial restrictions imposed on the protocol, the block size restriction mentioned above is the prime example of this.
- Restoration of all the original functions of the Bitcoin script, which is the programming language of the Bitcoin protocol.
- Removal of some changes made to Bitcoins, such as P2SH addresses, would not be supported anymore.
BSV team believes that P2SH brings privacy and security issues. It also breaks the smart contract function and privacy model originally designed by Bitcoin. P2SH is an address type and is an acronym of Pay to the Script Hash.
This address begins with a “3”. It is the most commonly used Bitcoin address type. Lastly, the Genesis is also going to stabilize the agreement. The current agreement would revert to the original one.
Satoshi Nakamoto proposed the original Bitcoin vision in 2009. The BSV team stated that a stable agreement is necessary to ensure that the data executed on a block is not only valid for one or two years, but over a hundred years.
The official statement made by the BSV team states that the team considers Genesis to be more like a fix and not an upgrade.
Earlier, Jimmy Nyugen, the Chairman of the BSV foundation, mentioned that the significance of Genesis is, “A world in which all types of data, transactions and digital activities can be” chained “on a public blockchain, just like the current world Works the same online on the public internet.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
