nChain’s Bitcoin SV Rolls Out Version 0.1 Ahead of the Bitcoin Cash November Hard Fork
New Bitcoin Alpha Client Officially Live
Part of the appeal of the blockchain and of the Bitcoin network is the universality of the developmental process. Across the world, developers of all backgrounds are able to work towards the creation of a better Bitcoin and a better blockchain.
Though this has undoubtably led to controversy, disagreement, and even dangerous forks on the overall Bitcoin blockchain, the decentralized nature of the development process has been largely hailed as an integral part of the evolution of the world’s most famous blockchain network.
nChain has always been at the forefront of the development of blockchain clients and technologies. The company made its latest wave in the world of developers when it came out with version 0.1 of the long-awaited Bitcoin SV client. The roll-out seems to have coincidentally coincided nicely with the Bitcoin Cash scheduled network upgrade, which was scheduled to happen next month, in November.
The new client is available currently on GitHub, and it already includes support for the update scheduled to happen in November. Notable attributes of the update include re-enablement of OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT codes on the backend side of the network. Additionally, some developers are excited that the maximum acceptable block size has finally been upped to 128MB from its former soft limit of 32MB.
Bitcoin SV is short for Bitcoin Satoshi’s Vision, a name given by the creators of the software, many of whom felt that what Bitcoin had become was a divergence from the original vision of Satoshi Nakamoto, the mysterious and enigmatic creator of Bitcoin.
The SV client allows users to use Bitcoin Cash and create nodes on the BCH blockchain. The main goal of the original client was reportedly to give more power to the miners. After all, the founders of the tech believed that miners were the informed decision makers upon which the entire network rested.
As the BCH network undergoes important updates in November, it only made sense that the team behind Satoshi’s Vision would first release the protocol for miners to peruse and—if need be—change at their leisure.
The entire protocol, according to the founder of the technology, is based on the idea that miners should be able to make informed decisions about the updates and backend structures which determine the type of process behind the creation and maintenance of the nodes that they run.
The Future Of Mining
According to Jimmy Nguyen, CEO of nChain, the future of blockchain is entirely reliant on miners. In a speech at a Thailand blockchain event, he outlined that the block reward for mining on the blockchain will split in half in just two years.
In order to keep block miners interested, he firmly believes that the market needs to account for this loss of profit. Without miners to constantly verify transactions and run nodes, there can be no dream of the decentralized blockchain.
Satoshi’s Vision protocol is just one way that companies like nChain are trying to keep blockchain friendly for the miners who it so desperately needs.