Expect ‘much bigger blocks’ for 2019, nChain’s Steve Shadders says

Steve Shadders, director of solutions and engineering at nChain, wants to make one thing clear: there will be no more split down the road for Bitcoin SV.

On the sidelines of the CoinGeek Week Conference in London, Shadders explained why the chances of a potential split down the road for Bitcoin SV “are pretty unlikely,” saying: “The reason for that is because everyone who has come along and followed the Bitcoin SV roadmap understands that part of that roadmap is locking down the protocol. And that is all we really actually had to fight about and the only reason why there was ever going to be a split.”

Sure, there will be disagreements, but people will deal with these “by building whatever it is that they want to build and compete”—and none of these will affect the base protocol, he stressed.

For nChain, the roadmap for the next couple of months will be “much bigger blocks,” with the Teranode project taking the original Satoshi Vision to the next level. Teranode is not a monolithic “one size fit all” implementation. Instead, the project separates four core functions into a modular microservices architecture approach—making a separate Business (RPC) Layer, Network (P2P) Layer, Process Layer and Storage Layer. It will also seek to solve a technical issue that arises with a massively scaled Bitcoin network with terabyte-size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins.

Shadders, however, pointed out that collusion double-spending is highly unlikely “because it’s not in the miners’ interest to undermine the value proposition of the very coin that they get paid in.” For other types of broadcast double-spends, Shadders said there simple mitigations—just make sure that the merchant knows about it.

“Right now merchants aren’t really doing that. They’re not going out and querying the miners and we don’t have an easy mechanism for them to do that but that’s one thing that we’re planning on, not just planning we’re in progress, building right now so a merchant will be able to query multiple miners and check on the status of their transaction. They will be able to check with the miners and find out what minimum fee is required to guarantee you’re going to mine this transaction,” he explained.

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Jimmy Nguyen tells BCH miners: It’s time for Bitcoin to grow up and professionalize

The CoinGeek-sponsored Bitcoin BCH Miners Choice Summit, held at The Grand Harbour in Hong Kong last November 2, wasn’t just an opportunity for Bitcoin BCH miners to network. It was also an event where they learned why Bitcoin SV stands out from other competing implementations.

Jimmy Nguyen, CEO of the nChain Group, and Steve Shadders, director of solutions and engineering as well as technical director of the Bitcoin SV project, took the stage to explain the four pillars on which Bitcoin SV sits: stability, scalability, security, and safe and instant transactions. All “S” words, according to Nguyen, in honor of Satoshi Nakamoto.

“We are asking for miners to choose and support our vision of Bitcoin Cash, and we believe miners would choose Bitcoin SV as the implementation because it will ensure them the most long term profitability. And we chose to create this implementation because of differences of opinion we had with the other Bitcoin Cash developer groups which we felt were trying too hard to change Bitcoin, and as Craig was talking about, and also we believe it’s time for the Bitcoin development to be led not by the protocol developer groups, which who had led them for so long, but to be really be led by what’s the interest of miners,” Nguyen told the audience.

The nChain CEO also talked about his belief that it’s time for Bitcoin to lock in the protocols, just as the Internet protocol was locked in, thus allowing development of the internet into what we have today. Nguyen stressed, “It’s time for Bitcoin to grow up and professionalize.”

Watch Jimmy Nguyen and Steve Shadders’ presentation, “Bitcoin SV: The BCH Implementation for Satoshi Vision,” below. Nguyen is also speaking at the CoinGeek Week Conference, happening on November 28-30 in London, with the special, invitation-only Miners Day event on November 27.

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.

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New ABC code release departs (further) from Nakamoto consensus

Bitcoin ABC has just released its Bitcoin ABC 0.18.5 that adds “deep reorg protection” which will effectively render blocks permanent once confirmed ten times.

Feedback on the update, as announced on Twitter, Reddit, and other forums, was quick and critical, with many indicating the proof-of-work (PoW) system subverted to whoever first manages to get ten confirmations. However, ABC explained the feature was a “safeguard” that “helps users, businesses, and exchanges stay secure and free from disruption.”

nChain lead developer Steve Shadders tweeted his reaction to the update, saying, “Nakamoto consensus is now dead on the ABC chain… They do not believe in bitcoin.”

Under Nakamoto consensus, the more confirmations of a block, the higher the probability of being accepted by the network. Miners are thus incentivized to devote sufficient hash power for their operations, and receive a reward for blocks mined.

Yours.org creator Money Button had earlier criticized ABC’s use of “endless checkpoints” as not being of a decentralized protocol, which leads one to question if ABC should still be considered Bitcoin at all.

Defending the reorg-protection feature on Reddit was Olivier Janssens, Bitcoin entrepreneur, who said that in the event of a malicious miner mining blocks, full nodes will be able to not accept the blocks anyway. This is assuming ABC nodes could consistently make a distinction between honest and malicious miners.

Bitcoin SV’s developer nChain had long warned of ABC using Bitcoin BCH as a developer’s experimental playground. Reorg protection is just the latest of several code changes since the November 15 hard fork, that appear as ABC’s means of defending itself while the hash war between it and Bitcoin SV continues.

As far as CoinGeek is concerned, such changes by ABC weren’t arrived at by consultation with those in the BCH community. Miners who don’t like the changes, however, do have Bitcoin SV as an option where miners’ choice is a priority while maintaining the strength and stability of the Bitcoin protocol.

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.

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New ABC code release departs (further) from Nakamoto consensus

Bitcoin ABC has just released its Bitcoin ABC 0.18.5 that adds “deep reorg protection” which will effectively render blocks permanent once confirmed ten times.

Feedback on the update, as announced on Twitter, Reddit, and other forums, was quick and critical, with many indicating the proof-of-work (PoW) system subverted to whoever first manages to get ten confirmations. However, ABC explained the feature was a “safeguard” that “helps users, businesses, and exchanges stay secure and free from disruption.”

nChain lead developer Steve Shadders tweeted his reaction to the update, saying, “Nakamoto consensus is now dead on the ABC chain… They do not believe in bitcoin.”

Under Nakamoto consensus, the more confirmations of a block, the higher the probability of being accepted by the network. Miners are thus incentivized to devote sufficient hash power for their operations, and receive a reward for blocks mined.

Yours.org creator Money Button had earlier criticized ABC’s use of “endless checkpoints” as not being of a decentralized protocol, which leads one to question if ABC should still be considered Bitcoin at all.

Defending the reorg-protection feature on Reddit was Olivier Janssens, Bitcoin entrepreneur, who said that in the event of a malicious miner mining blocks, full nodes will be able to not accept the blocks anyway. This is assuming ABC nodes could consistently make a distinction between honest and malicious miners.

Bitcoin SV’s developer nChain had long warned of ABC using Bitcoin BCH as a developer’s experimental playground. Reorg protection is just the latest of several code changes since the November 15 hard fork, that appear as ABC’s means of defending itself while the hash war between it and Bitcoin SV continues.

As far as CoinGeek is concerned, such changes by ABC weren’t arrived at by consultation with those in the BCH community. Miners who don’t like the changes, however, do have Bitcoin SV as an option where miners’ choice is a priority while maintaining the strength and stability of the Bitcoin protocol.

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.

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Bitcoin SV devs answer community questions with The BCH Boys

The BCH Boys have released a video interview they conducted with the lead developers behind Bitcoin SV, a full-node implementation of the Bitcoin BCH network. It provides unique insight on the importance of the implementation and is a great source of data for everyone ahead of the November upgrade to the Bitcoin BCH blockchain. The entire interview is available on Keyport and provides an in-depth view of why Bitcoin SV was created and where it’s going.

Participating in the interview were nChain developers Steve Shadders and Daniel Connolly. Shadders is the company’s Director of Solutions and Engineering, as well as Bitcoin SV technical director, and Connolly is Bitcoin SV’s lead developer. The two are the major influences into the design of the project and have worked diligently to ensure that Bitcoin SV is ready for mass distribution.

Questions were offered by users on the Reddit social media platform and fielded by both professionals. They discussed a variety of details related to the testing and eventual rollout of Bitcoin SV and how they ensured that enough testing had been conducted to feel comfortable that it would be capable of performing all of the functions that the team had anticipated.

There has been a lot of discussion about the future of Bitcoin BCH as an ecosystem, as well as how it should be developed behind the scenes. Bitcoin SV is designed to help right the ship and to force developers to stop using the blockchain as a testing ground. Both Shadders and Connolly indicate that one of the major issues solved by the platform is the reduction of discussion on consensus issues, with a focus on allowing the network to evolve as a foundation for a true peer-to-peer cryptocurrency.

When asked about whether or not the November upgrade will result in a split, the answer, as previously been emphasized by CoinGeek and others, the split is virtually a non-issue. The changes being introduced will not make a difference—they’re a necessary component to create a consensus and will not lead to a split in the blockchain.

There is much more valuable data included in the interview—more than could be summarized here. Anyone who wants to better understand Bitcoin SV and how it is going to shape the future of Bitcoin BCH needs to watch the video and gain the knowledge necessary to make an educated conclusion on how Bitcoin BCH is going to progress.

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.

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