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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The hash war between Bitcoin SV and Bitcoin ABC is far from over. Bitcoin SV (BSV) is continuing to develop the blockchain in accordance with what cryptocurrency was meant to be—a peer-to-peer electronic cash—in an effort to ensure that crypto fulfills its reason for existence. To that end, preparations are being made that will allow the network to handle more transactions than any other cryptocurrency.
Dr. Craig Wright stated in a Medium post two days ago that BSV will be able to process as much as 1 terabyte (TB) of transactions within three years. This volume is imperative to allow a blockchain to handle the number of transactions that can rival other types of payments, including PayPal and credit card processors.
Wright also asserts that miners will be able to make substantial returns within six months because of the scaling endeavors. He explained, “Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a Bitcoin on exchanges, and we have not factored in the gambling price of Bitcoin, just what miners will earn as a service.”
Miners should get behind BSV now to take advantage of the mining capabilities. As Wright points out, “With the Teranode project nChain will be scaling Bitcoin SV to handle over 1.0 TB within the next 3 years (aiming for 2) and growing sizes from there. At that level, miners will earn over $600,000 for each Terabyte block, and this is every 10 minutes on average.”
The crypto pioneer and chief scientist for nChain added that, within two to three years, BSV will be processing 6.5 million transactions a second. This is “Visa, MasterCard, banking in SWIFT, and ALL global currencies (not just crypto) in under 15% of a block.”
BCHSV, the cryptocurrency that was created to support the hard fork of Bitcoin Cash, has seen substantial gains over the past week. After reaching a low of around $38 on November 22, it is now trading at $103.79, according to CoinMarketCap, at the time of this writing. On the other hand, BCHABC, which represented the other half of the hash war, continues to fall. According to the latest data from CoinMarketCap, its value has dropped over 20% and continues to decline.
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CoinGeek announces it will partner with nChain, the blockchain research & development firm, on the Teranode project to create an enterprise-class full node implementation for Bitcoin (BCH-SV). nChain announced Teranode at the May 2018 CoinGeek conference in Hong Kong, and CoinGeek will now provide additional funding and business support for the project. Teranode takes the original Satoshi Vision to the next level. It will enable the true Bitcoin, now represented by BCH-SV (Bitcoin SV), to massively scale to terabyte (1 million megabyte) size blocks, 7 million transactions per second, and global enterprise usage.
CoinGeek and nChain believe terabyte-size blocks are viable and necessary for the Bitcoin BCH-SV blockchain to become the global public ledger of the future. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second. The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but token, smart contract, enterprise application, and machine-to-machine data transactions of many types.
Teranode is the next evolution of Bitcoin SV, the new full node implementation for Bitcoin Cash (BCH). Bitcoin SV is currently competing with Bitcoin ABC in a miners hash vote to become the ruleset for BCH. Developed by nChain at CoinGeek Mining’s request and owned by the Antigua-based bComm Association, Bitcoin SV seeks to fulfil the original Satoshi Vision for Bitcoin. It will restore the original Bitcoin protocol, keep it stable and allow it to massively scale. This path is critical to give major enterprises confidence to build their projects on top of the Bitcoin BCH-SV blockchain. Having Teranode planned for the future is another reason why miners and businesses should now choose Bitcoin SV.
Teranode is unique because it will not be a monolithic “one size fits 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. This microservices architecture allows a business to customize for its needs, and provides several advantages:
• Each component may have multiple implementations that can be easily swapped out for a particular company and its industry needs.
• Components can be written using different computing languages, tools and hardware that are best suited to their particular purpose, rather than having to make a single choice for the entire node.
• It enables massive on-chain scaling capability. A network aware interface like zeroMQ means components can, but do not necessarily need to run on the same machines. As scaling requirements grow, the components can be further broken down and clusterized to match any foreseeable load requirement.
In addition, the Teranode project will seek to solve a technical issue that arises with a massively scaled Bitcoin network with TB size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins. Determining the correct amount of coins associated with each output is an essential set in the validation of a new block. With massive transaction volume possible in 1TB blocks, the UTXO database would also grow immensely. Teranode will seek to deliver a microservice API and software implementations that can support the throughput required for gigabyte (1000 MB) and then TB size blocks.
nChain’s Director of Solutions & Engineering Steve Shadders comments:
“Teranode is my baby. The first prototypical iteration of Teranode was just born after the November 15 hard fork of BCH. As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode. It’s time for Bitcoin to grow up and professionalize. We appreciate CoinGeek’s support in that journey make Bitcoin useable for the world’s major enterprises.”
CoinGeek founder Calvin Ayre adds:
“I was thrilled to see Bitcoin SV recently mine the world’s first 64 MB block on Bitcoin, and I know we can achieve even bigger blocks. As a mining group, CoinGeek wants to see massive on-chain scaling to unleash the blockchain’s true power and so miners can earn more transaction fees. We believe Teranode provides that path to fulfil the true Satoshi Vision, which is now represented by Bitcoin BCH-SV.”
To learn more about Teranode and Bitcoin SV, come to the CoinGeek Week conference in London, UK, November 28-30 (with an advance Miners Day on November 27). Get information and tickets at https://coingeekweek.com/
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.
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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.”
Bitcoin ABC 0.18.5 has been released!
This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption. https://t.co/wubd7LQYIz
— Bitcoin ABC (@Bitcoin_ABC) November 21, 2018
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.”
Nakamoto consensus is now dead on the ABC chain… They do not believe in bitcoin. https://t.co/2YVGxRNqX8
— Shadders (@shadders333) November 21, 2018
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.
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