HomeNewsCryptocurrencyForks and Copycats: Bitcoin SV (BSV)

Forks and Copycats: Bitcoin SV (BSV)

Open source code can be used by anyone to add their own flavor to a project. In the cryptocurrency world, this can sometimes lead to existing currencies being forked. Bitcoin sv is a very interesting example in this regard. 

Bitcoin Cash Community Splits

Unlike what the name may suggest, bitcoin sv is not a direct fork of bitcoin itself. Instead, it was a bitcoin cash community split which allowed for this currency to exist.  The 2018 split occurred as a hard fork, creating two separate blockchains. It is somewhat similar to how bitcoin and bitcoin cash ended up being two separate ecosystems.

Reasons for this sudden dismay among community members remain difficult to come by. Some see it was a clash of vision between different major supporters. While Roger Ver remains a firm backer of bitcoin cash, Craig Steven Wright and Calvin Ayre went their way through bitcoin sv. 

Bitcoin Satoshi Vision

The name bitcoin sv refers to Bitcoin Satoshi’s Vision. Craig Wright , who claims to be Satoshi Nakamoto, wants to restore the “original vision for bitcoin”. Wright firmly believes that the real bitcoin is an abomination, and he has no love lost for bitcoin cash either. 

Similar to BCH, BSV aims to address scalability. Bitcoin is often criticized for its small block size and lack of transaction throughput. For bitcoin sv, raising the block size limit to 128MB is the only viable course of action.  Assuming the network will ever propagate properly, such a block limit may offer advantages. 

No Lack of Serious Ambition

By calling the project bitcoin Satoshi’s Vision, high expectations are created. The developers and community behind this fork has big ambitions. The goal is to make BSV a solution capable of replacing every payment system in the world. This is done by focusing on convenience, lower fees, and security.

Ultimately, BSV wants to provide something bitcoin itself cannot. The focus has shifted to safe and instant transactions. Bitcoin sv wants to allow for this to happen without sacrificing security. This functionality is currently on the developers’ internal roadmap.

There is also the growing focus on scalability. Through capacity increases and configurable block sizes, a lot of potential can be unlocked. Massive scaling will only prove useful if people start to use BSV on a larger basis. So far, that has not happened yet. Instead, it appears as if most enthusiasts prefer to ignore this fork altogether. 

The Team Behind the Vision

Most people associate bitcoin sv with Craig Wright and Calvin Ayre. both individuals are public figures, albeit they do not necessarily provide code to keep the project up-to-date. Instead, that task is taken care of by lead Developer Daniel Connolly. 

He has experience in enterprise systems, contributed to bitcoin and Electrum, and is now a member of nChain. Supporting him is Steve Shadders, the Technical Director of the project. There are also several full time developers, QA engineers, and nChain’s team providing support wherever necessary.

Many people wonder if this “corporate’ structure is beneficial to the project. Bitcoin is designed to be decentralized and leaderless. It appears that bitcoin sv has very different ideas regarding these matters.  A clearly outlined team is not bad, but it doesn’t stroke with what Satoshi Nakamoto truly had in mind. 

The Future of Bitcoin SV

On the website, the roadmap has not been updated to reflect ongoing developments at this time. That can partially be explained by the upcoming Genesis hard fork. The BSV team will introduce a core change in February of 2020.

As part of the fork, bitcoin sv will remove the pay-to-script-hash (P2SH) feature from its code. For the developers, this code poses a potential threat. It could be exploited to steal unclaimed BSV funds from BTC users. As such, removing P2SH is – in their opinion – the best course of action.

More information regarding the Genesis hard fork will become available in the weeks to come. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.
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