Bitcoin SV (BSV) To Stay Intact For Life, Bigger Blockchain Blocks Coming: nChain’s Steve Shadders
Bitcoin Cash witnessed a major development at a time when the cryptocurrency market was tumbling: it split down to two independent chains. This resulted in a battle between miners from both chains, but the dust has since settled.
Now, Steve Shadders, the Director of Solutions and Engineering at nChain, assures everyone on the Bitcoin SV that there will be no more splits in the future.
Locking Down the Protocol
Mr Shadders was speaking at the sidelines of the recent CoinGeek Week Conference that was held in London. He was of the opinion that the recent competition between BCH’s split chains was caused by disagreement on whether or not to lock down the protocol. He is also convinced that this is the main reason the split occurred in the first place.
As such, Mr Shadders is working with other developers on the Bitcoin SV chain to lock down the protocol and prevent further splits in the future. Asked what will happen when disagreements arise over this decision in the future, Mr Shadders said that miners and developers would cope by building whatever platforms will be needed to compete and expand optimally.
Bigger Blocks, Much Bigger Blocks
Bitcoin has repeatedly come under criticism for its small block sizes – one block is capable of storing only about 1MB of data. This causes a lot of complications including slow transactions. It is also one of the factors that led to the recent BCH split.
Mr. Shadders plans to overcome this constraint by adjusting block sizes to be “much bigger”. He will do that by taking Satoshi Nakamoto’s Teranode vision one step further. Teranode technology works by separating processes into four core functions and hence taking on a faster and much more effective micro-services architecture approach.
These core functions are Storage Layer, Process Layer, Business RPC Layer, and Network P2P Layer.
The Question of Double-Spending
Implementing the Teranode technology and expanding block sizes is expected to create problems related to scalability. Mr Shadders plans to address this by building terabyte-sized blocks – this will help optimize and account for unspent transactions output database and hence prevent double-spending and other fraud.
Mr Steve Shadders is also optimistic that miners will do everything in their power to prevent double-spending and other cases of fraud as it is in their best interest.
“It is not in the best interest of miners to compromise the value and integrity of the very coin that they are paid in,” said Mr Shadders.
However, it is not only miners who are capable of double-spending, as Mr Shadders noted. He said that other types of broadcast double-spends will be prevented by existing mitigations that notify merchants about it.
It should be noted that these mitigations are not optimal and many merchants may even have a hard time implementing them – however, Mr Shadders said that developers are currently working on refining them.
Bitcoin SV is performing relatively well considering the recent BTH split as well as the ongoing bear market. Nevertheless, Steve Shadders and other developers are currently working on plans to prevent any further splits in the future.