‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.

October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV alpha client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?

The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.

“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”

With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months.

“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.

Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the halving event is set to take place, the network needs to start scaling now.

For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”

Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.

“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.

In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.

Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post ‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV appeared first on Coingeek.

Read More

Bitcoin SV version 0.1 goes live

Leading blockchain technology research and development outfit nChain has rolled out the beta release of its Bitcoin SV alpha client on October 15—one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Available on GitHub, the Bitcoin SV 0.1 version includes support for the November upgrade, including the re-enabling of the OP_MUL, OP_INVERT, OP_LSHIFT, and OP_RSHIFT OP_Codes. The default maximum size of accept blocks has also been finally increased from the 32MB soft limit to 128MB.

Notably, this release has increased the limit on the number of opcodes from 201 to 500 per script, which will take effect after the upgrade. It has also disabled several features, such as the automatic replay feature, the activation logic for the May 2018 upgrade, and the graphic user interface (GUI). The beta version also reduced the maximum size of P2P messages to be closer to the excessive block size (EB) parameter.

Bitcoin SV, which stands for Satoshi’s Vision, is an open source software that enables the use of Bitcoin BCH. Considered one of the most promising Bitcoin BCH node implementation, Bitcoin SV is a project born out of the desire to empower miners so they’ll make informed decisions about critical protocol upgrades. Contrary to widely held belief, Bitcoin SV is not a fork—it will lock the “battle-tested” Bitcoin BCH protocol in place. In turn, miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state. That of unbounded blocks and original OP_Codes.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license.

This November, mining nodes running Bitcoin SV will enable the short list of upgrades on the BCH network, the most important of which is increasing the default maximum block size from 32MB to 128MB. But why now? The reason, according to nChain CEO Jimmy Nguyen is simple: There’s a direct economic need for miners.

At the recently held The Future of Bitcoin Summit Bangkok 2018 in Thailand, Nguyen explained why it is important for the block size to scale now—and scale fast: “In two years the block reward will be split in half again to 6.25 BCH. So anyone who’s mining now will in two years receive half of what they’re receiving today. In order to maintain even current profitability, what that means is in two years they have to make up that 6.25 coins worth of value in something else, which has to come in transaction fees and which has to come in higher transaction volume.”

Explore the features of Bitcoin SV version 0.1 here, and be part of the Miner’s Choice movement for Bitcoin BCH.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitcoin SV version 0.1 goes live appeared first on Coingeek.

Read More

比特币SV的愿景是为矿工提供一个选择

中本聪的早期著作之一中写道:“比特币的本质是,一旦0.1版本发布,其核心设计将在其今后的生命周期中保持稳定。”但这是否意味着完全不会发生任何变化?

这是最近在泰国召开的2018比特币未来曼谷峰会上,nChain的首席执行官吉米·阮(Jimmy Nguyen)提出的问题之一。在为期两天的峰会中,吉米·阮和首席科学家克雷格·怀特博士(Dr. Craig Wright)向参会的矿工和开发者发表讲话 ,提醒大家比特币现金(BCH)的目的是“恢复来自BTC的比特币原貌”,并且他们认为自己汇集在一起的目的是想要创建“我们认为将满足中本聪愿景的比特币协议”。由Yours.org用户cryptomic记录的吉米·阮和克雷格·怀特博士的讲话全文可以在此处查阅。

“我们认为现在是比特币作为一个完整世界和生态系统组织起来并实现专业化的时候了,而这正是我们所倡导的。” 吉米·阮说道,“我们这么说是什么意思呢? 我们指的是一个稳定的协议。”

最有希望的比特币现金节点实现之一是比特币SV,这个项目最初的目的是为矿工提供支持,让他们可以对关键协议升级做出明智的决策。与广泛持有的观点相反,比特币SV不是一个分叉——它将锁定“经过实战检验”的现有比特币现金协议。进而,矿工们将有选择权和发言权来推动将比特币恢复到最佳状态的进程。即无界区块(unbounded block)和原始OP_Codes的状态。

今年11月,运行比特币SV的采矿节点将在比特币现金网络上进行有限的几项升级,其中最重要的是将默认最大区块大小从32MB增加到128MB。

但是为什么现在扩展并且在区块大小方面快速扩展很重要?在与业务分析师进行一些建模后,吉米·阮说原因很简单:矿工有直接的经济需求。

“在两年内,区块奖励将再次分成两半,降到6.25比特币现金。因此,开采的人在两年后获得的报酬将是现在的一半。要保持目前的盈利能力,意味着在两年内他们必须以其它方式弥补6.25个币值,这必须来自交易费用而且必须有更高的交易量”,吉米·阮解释说。

他补充说:“如果我们想在两年内接近4.16GB,我们就不能等一年再行动。我们必须现在开始这个过程。这至关重要,因为如果不这么做,当矿工们无法通过交易量和交易费弥补他们所需的实际收入,则两年之后挖矿就将变得无利可图,进而会威胁到整个网络的可行性和安全性。”

吉米·阮表示,倡导快速安全地扩展并不是出于对更大区块的需求。

“系统中必须这样做,并且立即开始,这有着迫在眉睫的经济原因。我们希望
锁定原始的比特币协议,以便可以在其上可靠地构建业务。通过质量保证和安全审计使整个过程专业化。促进零配置安全性。”他说,“我们希望创造一条通向全球快速采用的途径,不仅仅用于支付,而是被大企业采用,这会增加矿工的收入,这点是至关重要的。除非挖矿有利可图并且能挣钱,否则两年之后就不会有矿工继续挖矿了。而我们所倡导的方法也将为他们带来优质服务,例如数据,例如这种财产登记类型的风险投资,考虑到所需的数据容量,他们会以此挣到更多的钱。”

可以在这里查阅吉米·阮和克雷格·怀特博士的讲话全文。本次为期两天的泰国会议的录音可以在这里获取。

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post 比特币SV的愿景是为矿工提供一个选择 appeared first on Coingeek.

Read More

The Bitcoin SV vision is to give miners a choice

In one of Satoshi Nakamoto’s early writings, it was noted that “the nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.” But does that mean that not a single change can ever happen?

That was the one of the questions posed by nChain CEO Jimmy Nguyen at the recently held The Future of Bitcoin Summit Bangkok 2018 in Thailand. During the two-day summit, Nguyen, along with Chief Scientist Dr. Craig Wright, addressed an audience of miners and developers to remind everyone that the Bitcoin Cash (BCH) was birthed “to restore what Bitcoin was from BTC,” and that they pooled together because they want to create “a Bitcoin protocol that we believe will fulfil Satoshi’s vision.” The full transcription of Jimmy Nguyen and Dr. Craig Wright’s speech by Yours.org user cryptomic can be read here.

“We believe it’s time for Bitcoin as an entire world and ecosystem to group up and professionalize, and that’s what we’re advocating,” Nguyen said. “And what do we mean by that? What we mean by that is a protocol that is stable.”

One of the most promising Bitcoin BCH node implementation is Bitcoin SV, a project born out of the desire to empower miners so they’ll make informed decisions about critical protocol upgrades. Contrary to widely held belief, Bitcoin SV is not a fork—it will lock the “battle-tested” Bitcoin BCH protocol in place. In turn, miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state. That of unbounded blocks and original OP_Codes.

This November, mining nodes running Bitcoin SV will enable a short list of upgrades on the BCH network, the most important of which is increasing the default maximum block size from 32MB to 128MB.

But why is it important to scale now, and scale fast in terms of block size? After some modelling with business analysts, Nguyen said the reason is simple: There’s a direct economic need for miners.

“In two years the block reward will be split in half again to 6.25 BCH. So anyone who’s mining now will in two years receive half of what they’re receiving today. In order to maintain even current profitability, what that means is in two years they have to make up that 6.25 coins worth of value in something else, which has to come in transaction fees and which has to come in higher transaction volume,” Nguyen explained.

He added, “If we have to get anywhere near 4, 16 gigabytes in two years, we can’t wait a year from now. We have to start that process now. That’s critical because otherwise in two years mining is going to become less profitable and that threatens the whole viability and security of the network if the miners cannot make up the actual revenue they need to make up in transaction volume and fees.”

Nguyen said the advocacy to scale quickly and safely was not born out of a desire for bigger blocks.

“There is an imperative economically built into the system to do this and do it now. We want to lock the original Bitcoin protocol so that businesses can reliably build on it. Professionalize the whole process with quality assurance and security audits. Promote zero-conf security,” he said. “We want to create a pathway to rapid adoption globally, and not just for payments but by the big enterprises which will lead to the miner revenue which is critical. Unless they are being profitable and making money, miners will not continue doing this after two years, and the approach we’re advocating will also lead to premium services for them, such as data, such as this property registry type venture for which they’ll get paid more money given the data capacity needed.”

Read the full transcription of Jimmy Nguyen and Dr. Craig Wright’s speech here. Audio recordings of the two-day proceedings in Thailand are available here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post The Bitcoin SV vision is to give miners a choice appeared first on Coingeek.

Read More

CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork

Yesterday morning, CoinEx, a company whose CEO, Haipo Yang of ViaBTC, supports Bitmain on the ABC stance, issued the following statement concerning the Bitcoin Cash hard fork in November:

The statement has caused confusion among investors, who were otherwise led to believe by Bitcoin SV supporting teams that the competing client would not produce a split.

nChain and CoinGeek, two of the biggest mining backers of the Bitcoin SV client, categorically deny any willingness or attempt to create an alternate fork chain, and will instead be competing over Bitcoin BCH directly, by the very definition of ‘Nakamoto consensus’. That is, the consensus mechanism inherently built into Bitcoin, as referenced in the founding whitepaper.

CoinGeek has noted a number of factually incorrect statements and issues the following responses:

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols.”

This point is blatantly false. CoinGeek would like to request from CoinEx, a definition of ‘Bitcoin Cash protocols’. By implying that Bitcoin SV introduces an altered set of protocols, then by definition, so does ABC with their November hard-fork. Any upgrade would be effectively doing this.

Interestingly, ABC lead dev also made a remark in similar vain, stating the following:

We are therefore led to believe the only possible explanation to this statement is that CoinEx believes that ABC holds literal ownership of the Bitcoin Cash (BCH) brand.

This is not too dissimilar to a time in 2015, when Bitcoin XT, a competing client to the ‘BitcoinCore’ client was incorrectly labelled an alt-coin. Despite being an optional fork of the client with slightly different network protocols, Bitcoin XT was misleadingly branded an alt-coin on all BitcoinCore backed websites and forums. We fear the implication here is similar.

The next point on CoinEx’s statement follows on:

“BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset – Bitcoin-SV (Token: BSV)”

If Nakamoto consensus rules that Bitcoin SV is the dominant client, then there is no “incompatibility”. In fact in such a scenario, the only incompatibility will come from non Bitcoin SV compliant nodes in that case, which would mean ABC in this case.

Fundamentally it is premature to specify which client is “incompatible” and which client will be majority or minority. Nakamoto consensus determines this, not exchanges. Bitcoin is not democratic. The vote isn’t 1 vote per person, but 1 vote per CPU (hash).

In response to the statement, CEO of nChain Group, Jimmy Nguyen makes the key point that “Bitcoin SV is not intending nor trying to fork off from Bitcoin Cash, and Bitcoin SV is not intending to create a new coin or token. Instead, as stated in its announcement, Bitcoin SV is a professionally-driven implementation of the Bitcoin full node software for use on BCH, and is intended to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision. Bitcoin SV intends to compete for miners’ votes (under Nakamoto consensus) to be the winning BCH chain”.

It is worth also noting, that recently, yet another team announced a new BCH implementation, like Bitcoin SV, it intends to fulfill the original Satoshi vision. This is called “Protocol Client” and its github repository can be found here:

CoinEx has made no mention of “Protocol Client” however, despite this being another client with different rules.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork appeared first on Coingeek.

Read More
Top
You have not selected any currencies to display