Bitcoin SV (BSV) Blockchain Splits After the ‘Genesis’ Hard Fork
- Hard fork code-named Genesis to increase its on-chain scaling power and technical capabilities
- BSV down 3.82% in the past 24 hours but up over 180% in 2020
On February 4, Bitcoin SV had its hard fork code-named Genesis. More of a protocol “restoration” than an upgrade, the idea is to increase its on-chain scaling power and technical capabilities so that data, transactions, and digital activity of all types can be “on-chain” on a single public blockchain.
A hard fork of Bitcoin Cash (BCH), which was the hard fork of Bitcoin Core (BTC), in Nov. 2018, BSV first came into existence.
However, for this latest upgrade, a significant number of nodes did not upgrade and have been stuck on the pre-hard fork block, states BitMEX Research.
“A split has now been detected, the old rules chain has been extended by one block,” reported BitMEX Research.
Block [000000000000000000ab6dd91fba22c92aa2c07cd26fb9d5863a37f7a6ee37db] at height 620539 was accepted as valid by Bitcoin SV 1.0.1 which was mined by an unknown pool but has been considered invalid by Bitcoin SV 0.2.1.
Going for Scaling & Technical Power
Bitcoin SV hard fork was supported by crypto exchange Bitfinex that took place at block height #620,538. The deposits and withdrawals were suspended on Feb. 3 at 11:00 pm (UTC) and will be resumed when the BSV mainnet is stable.
BSV meanwhile is trading at $270.64 down 3.82% in the past 24 hours but up over 180% in 2020.
With this latest hard fork, Bitcoin SV wants to “unleash” its inherent power to “massively scale” by removing the default hard cap for block sizes. While the Bitcoin network kept its block cap restricted to 1MB that allows for about 7 transactions per second and BCH at 32MB, BSV has a block cap at 2GB which can handle “1000 transactions per second and theoretically up to 9000 transactions per second.”
But BSV wants to further increase it so that enterprises can use it to build large -scale applications. This according to Bitcoin SV Node project leaders Daniel Connolly, Lead Developer and Technical Director Steve Shadders would enable miners to earn more transaction fees.
Apparently, the project wants to “restore as much of the original protocol as it can to enable the spirit of Satoshi's design described in the original Bitcoin whitepaper.”
And with Genesis hard fork, they will remove the limits on the blockchain block size, original functionality of Bitcoin Script, and some of the detrimental changes such as pay-to-script (P2SH) that added privacy. Jimmy Nguyen, Founding President of Bitcoin Association, the organization behind Bitcoin SV said,
“By bringing back Satoshi's design in Bitcoin SV, the Genesis hard fork is a historic moment in Bitcoin's journey to become the world's peer-to-peer electronic cash system and enterprise blockchain that can power . . . everything.”
But as for analyst at eToro Mati Greenspan, founder of Quantum Economics says,
Get rid of Craig Wright and #BitcoinSV dies.
Remove Roger Very and #BitcoinCash is worthless.
How many ppl would you need to take out to make #Bitcoin disappear?!
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) February 3, 2020