Craig Wright-Led Bitcoin SV (BSV) Plans To Accommodate Billions Of Users To Fulfill Satoshi’s Vision
Bitcoin SV To May Accommodate Billions Of Users In The Near Future
The fallout from the split between Craig Wright’s Bitcoin Cash Network (BCH), and nChain’s Bitcoin Satoshi Vision (Bitcoin SV) has taken a new dimension, with the latter declaring its ambitious goal to build a platform that will be used by billions of people daily.
More specifically, with its projection of hosting as many as 5 billion users per day due to its scalability, Bitcoin SV hopes to be a big dog someday, ending Bitcoin Cash’s reign in the process.
To that effect, Bitcoin SV lead engineers have started working on the network’s capability to comfortably handle about 5 billion subscribers within a very short period. But the hash war continues between the two main networks.
Recently, Bitmain planned to deploy about 90,000 new miners, a strategy to cause an increase in their miner count, growing from the existing 120,000 to close to 200,000 miner count.
It would be recalled that Bitcoin SV (‘Satoshi Vision’) was a proposed protocol implementation for the upgrade on a Bitcoin Cash (BCH) network. The upgrade took place earlier in November, leading to serious hash war and a BSV size increase from 64 MB to 128 MB.
In a recent interview, Daniel Connolly, developer on the Bitcoin SV network opened up that billions of people should be able to utilize the payments protocol with the gradual increase in the power of the network.
The increase is expected to hit as high as 2 GB by the end of next year, resulting in more people and users being able to use Bitcoin SV and yet no pressure is will be put on the network. He said,
“We aim to have 5 billion people using BSV daily… It is no cakewalk yet for Bitcoin SV as rivalries remain a major obstacle to the network. It’s still a long way away, but it will become possible so far as we scale.”
What the strategists behind the network are currently looking at is increasing its scalability to as high as 2GB from the current 128Mb. Meanwhile, they’re also working to ensure that the block size goes up to 512 MB before the start of the second quarter of 2019.
It is projected that by November 2019, the network would have grown to the desired 2GB. Thus, in the next 10 months or so, efforts will be deployed to lift the restriction on block sizes in a bid to permit miners to choose the size of blocks they wish to mine.
Interestingly, Bitcoin SV has been able to prove its worth thanks to it effectively handling around 1.6m transactions during a four hour stress test carried out on it in the week before the fork.
That alone lent credence to the confidence and projections of the engineers that the project would become the only completely decentralized and viable blockchain that every miner wants to utilize.
Simit Naik, nChain’s Director of Business Services believes the 5 billion user target is a realistic goal for SV engineers, while also sticking to his optimism that the project had a brilliant future with its proposal to restore Bitcoin to its original place. He said,
“Satoshi outlined a perfectly usable peer-to-peer transaction system from day one… But the whole point of Bitcoin is it’s an economic model, why does it need to change?”
So, for Naik, generating a scalable network that will guarantee high speed payments, increase transaction volume, and lower fees on smaller transactions, is the way to go. Naik also thinks SV’s split from Jihan’s Bitcoin Cash ABC is the right move.
Bitcoin SV as an independent blockchain network is currently valued at $1.7bn. But its team needs to tread softly, and keep its infighting in check to stay on the path of professionalism and growth.