BSV upgrades again to witness the return of original Bitcoin - DotWallet

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BSV upgrades again to witness the return of original Bitcoin
2020.02.03

 

Since the creation of the Bitcoin Genesis Block in January 2009, it has maintained a single block limit of 1 MB. But with the increase in the number of addresses, miner fees, and slow transaction confirmations in the Bitcoin network, developers and miners have to start looking for possible expansion methods.

 

Later, the Bitcoin Core team put forward plans such as Segregated Witness and Lightning Network. Some miners led by Wu Jihan even supported the expansion of large blocks. Although the two parties in the middle also reached some consensus, they all broke down and eventually led On August 1, 2017, the hard fork of Bitcoin generated Bitcoin Cash (BCH) with a block limit of 8 MB. BCH subsequently upgraded the system in May 2018 and raised the block limit to 32 MB.

 

By the end of 2018, the Bitcoin SV team, represented by Craig Wright, stated that to restore some of the opcodes set by Satoshi Nakamoto, and carried out a hard fork on November 15, BSV was born, and the block cap was set It is 128 M. Then on July 24, 2019, BSV carried out the first upgrade called "Quasar ". The focus of this upgrade was still on the main expansion.

 

The "Quasar" upgrade is a crucial step for Bitcoin SV. At the protocol level, the only change to this upgrade plan is to increase the default block size ceiling. After the "Quasar" upgrade, each block of BSV will be increased from the previous 128MB to 2GB. The 2GB block will enable thousands of transactions per second and challenge traditional payment systems; it has support for advanced enterprise applications on BSV. To serve global business, capacity expansion is for the blockchain, and BSV is currently the only regional blockchain project that can expand capacity.

 

The second and more important upgrade of BSV took place on February 4 this year, and the upgrade was named "Genesis". This BSV Genesis upgrade involves a series of adjustments to the recovery protocol, which means that the network will almost completely return to Satoshi's Bitcoin protocol. The block size on the BSV network will be cancelled. There are no restrictions, and miners can customize it. Block size, which will greatly improve the practical application of Bitcoin in real life, enabling it to carry large-scale micro-transactions and be capable of global enterprise applications of any size.

 

The "Genesis" upgrade can be said to be one of the most significant upgrades in the history of Bitcoin, witnessing the return of the original Bitcoin.