There’s another reason for celebration in the Bitcoin SV ecosystem this holiday season. On Christmas Day, Mempool mined the first 65MB block on the Bitcoin SV chain, now the world’s largest ever on a public blockchain.
The 65MB block came at block height 562257, mined at 9:34 a.m. on December 25, and accounted for 288,233 transactions, according to Bitfire data. The transactions were part of an independent testing done by the Mempool team in which they loaded transactions directly into the mining node, resulting in the big block mined.
It’s worth noting that the 65MB block came three minutes after the previous block was mined—and in that short period of time, the mining pool managed to stuff over 288,000 transactions into the mempool. The mining pool supports Bitcoin SV as it “believes in the Satoshi Vision that is described in the original Bitcoin whitepaper.”
The 65MB block broke the previous record set by CoinGeek Mining during the professional stress test of the BCH network hash war. Bitcoin SV, the only chain that follows the original Satoshi Vision for Bitcoin, continues to demonstrate its record-setting capabilities, with larger blocks mined with 38MB followed by 64MB, and now 65MB.
It may look like a small increase, but this is just the beginning for Bitcoin SV. The network is gearing up for another professional stress test, where it will show that substantially bigger blocks—up to 128MB—can be done on the blockchain. CoinGeek founder Calvin Ayre predicts the next stress test “will also be the last nail in the coffin of any belief in the self-serving and ultimately, ironically self-failing lie of on chain scaling being dangerous.”
2019 is definitely the year of massive on-chain scaling—with Bitcoin SV, the only enterprise-friendly blockchain and token with a clear and focused mission to restore the original Satoshi protocol, keep it stable, and enable it to massively scale on-chain. Be part of this exciting time and community by joining the bComm Association, a network of hundreds of bCommerce experts from around the world.
As the Founding President of bComm Association, Jimmy Nguyen, puts it, now is the time to come together and “bring to life the Satoshi Vision.” He says, “Join us on this exciting journey to make BSV the world’s new money and the global public ledger for the world’s enterprises.”
All the anti-scaling forces who were in the Bitcoin world have carved themselves away from Bitcoin and have their own altcoin (inaccurately still using the Bitcoin name unfortunately) which no longer has the original Bitcoin economic model. Now that this has happened, Bitcoin SV is clear to massively scale in 2019, while still keeping the original Bitcoin base protocol stable. Ironically…all the anti-scaling forces are now out limiting their alt coins from massive-scaling and wasting time on unnecessarily complex side chains or second layer solutions.
As painful as this was and as fraudulent as this outcome is now that the Bitcoin name is being used to sell platforms that no longer have Bitcoin’s economic model, it at least allows the market to decide without the artificial restrictions that original Bitcoin has been subjected to for the last few years.
Below is a chart of the largest on-chain blocks on different “Bitcoin” chains mined in the 10 years since Bitcoin was invented. You will note that the top 16 records are all done using the Bitcoin SV (Satoshi Vision) implementation (when it was on the Bitcoin Cash chain) or on the Bitcoin SV chain using the original Bitcoin economic model and vision. The last block record was 65 MB mined by Mempool in China on Christmas eve, December 24 of this year. It is interesting to note that this is only one MB bigger than the last world record block mined during the BCH hash war by my mining operation CoinGeek. This seems like a very small increase until you note that the largest ever Bitcoin Core block is just over 2 MB in total. The fees for these small blocks are embarrassing also…you cannot do micropayments with this platform at all.
All of the anti-scaling forces have insisted that they need side chains or bastardized changes to Bitcoin’s original protocol because on-chain scaling using Bitcoin’s original plan was somehow dangerous or impossible? We knew all along that this was a bold faced lie and we are happy to put our money where our mouth is and prove it. They all want side chains, pre-consensus, Proof of Stake or any other litany of radical changes as some kind of way to keep more control away from Miners and in the hands of protocol Developers, and to transfer value from coin owners and Miners to themselves. That has always been what they want and this is not what Bitcoin was designed to do. If you change the code that enforces the genius of the original economic model, you are changing the economic model and you are no longer Bitcoin. Bitcoin is first and foremost the genius underlying economic incentive model, not a developer’s experimental code.
We know another Professional Stress Test is being planned soon, and we hope it show that substantially bigger blocks, hopefully up to 128 MB, can be done. I predict this test will also be the last nail in the coffin of any belief in the self-serving and ultimately, ironically self-failing lie of on chain scaling being dangerous.
But this is only the start…now that anti-scaling forces are off tripping themselves on their alt coin chains, there is now only blue sky ahead for Bitcoin scaling and all of this without tweaking the platform so anyone who needs massive scaling and micropayments can code once to BSV and then just focus all of their creativity to their unique business model.
Now market forces can again be the determinant of adoption and not dictatorial protocol developer teams. Miners also need BSV as the next halving of the block reward amount is less than 2 years out, and for mining to be profitable, miners need massive scaling and huge volumes of transaction fee micropayments to create the revenue to sustain Proof Work. We expect all miners to be fully supporting Bitcoin SV and its scaling road map in 2019. Likewise, all hardware developers for mining also have their fate tied to the success of Bitcoin SV and will also be fully supporting Bitcoin SV in 2019.
That is not all. There is one other group that needs Bitcoin SV and its scaling: exchanges. As the other platforms that don’t scale disappear, exchanges will need business models that enable security and utility token exchange. With its incredible scaling and its open source token and smart contract platform called Tokenized, Bitcoin SV is the only platform that works today for massively scaling token creation and exchange.
But it does not stop there. Bitcoin SV also has a clear future vision and it is alone in articulating one publicly as far as I know. nChain’s Dr Craig Wright, has announced Metanet…that way to transform the Internet by powering it through the blockchain and connecting the blockchain to the value of everything. This also, not surprisingly, needs massive scaling. This will power the Internet of things and so much more. It will also allow for the valuation of data itself and hopefully can help sort out the FUD from the Facts.
The place to join to be a part of this exciting time and community is the bComm Association. And the place to be to mix with thought leaders in this space are the CoinGeek conferences – which will happen 3 times a year. The next one is in Toronto, Canada in Spring 2019; after that, we expect to move to Seoul in fall 2019, before returning to London in early 2020 to celebrate the 11 year anniversary of Bitcoin.
I know I am super pumped about what we have coming in 2019 and that is all because of massive on chain scaling. 2019 is all about scaling.
Happy New Year everyone and remember, original Bitcoin is open for everyone so come join us and see the power of massive on-chain scaling for yourself.
CoinGeek’s Becky Liggero spoke to Bitstocks CEO Michael Hudson on the launch of the company’s Gravity banking ecosystem, powered by Bitcoin SV.
Michael Hudson, founder and CEO of London-based Bitstocks, is looking to revolutionize the banking system, by simplifying it for anybody to use.
Their new product, Gravity, is aptly named, as Hudson explained: “Gravity is really a design philosophy at Bitstocks, because Gravity is everything, but you can’t see it. So it’s delivered like it’s nothing. So the philosophy behind the Gravity system at Bitstocks is how do we provide holistic experience? How do we plug all the holes that we can see in cryptocurrency and deliver it in such a user interface that makes it seamless? How do you provide everything but deliver it like it’s nothing?”
Developing the product, Hudson said, required “moving away from the nerdy, geeky narrative around cryptocurrencies,” and to actual everyday application. “Let’s just use it. Let’s make this useful, let’s make this accessible,” he said.
And all of this innovative banking for current, joint, and business accounts, will be done on Bitcoin SV. Hudson said, “You now have the ability of a very similar simulated banking experience that we’re all familiar with, and you could then spend your capital, your SV, at any point in the world that accepts Visa or Mastercard just as you would a traditional bank. You could even freeze your values as well so you’re not subject to the volatility on the market. There’s just no excuse now.”
The product is designed to be used even by those who are unbanked due to lack of requirements demanded by traditional banking systems. “They now have access to a banking-like experience that isn’t just like the past and what we’re used to. It’s better. So this is I would say the thing I am most excited about. This would be… what I use on a day-to-day basis. So we’re very excited,” Hudson said.
Bitstocks has been accepting investments, which Hudson stressed was “not an ICO [initial coin offering],” but rather for securities. He said, “This is to be done on the Bitcoin SV blockchain, so Bitcoin SV network, and we’re looking for investors who don’t just have capital. If we were doing that, we would have done that years ago. We’re looking for individuals or companies who share a very similar perspective as to what Bitstocks is really trying to achieve.”
According to Hudson, it’s not just a matter of creating a successful business. In addition, “We want to help do our role in harmonizing what we call the tools of humanity, the internet, and the internet of money now, how we share knowledge, and how we communicate and establish value. And we want investors who can help us facilitate our immediate, short, medium, and long-term goals in this mission. Help make the world an amazing place for amazing products,” he said.
After the November 15 hard fork, Bitstocks declared its support for Bitcoin SV. As Hudson explained, his company’s decision was based on “logic.”
“It’s as simple as that. There’s so much distortion out there in the market. I don’t really go on Twitter. I don’t really solicit anyone else but my own discernment. So all of the decision-making processes at Bitstocks is we sit, we look at things, we see what our position is, and we solicit our own discernment,” Hudson said.
He added, “It doesn’t matter how controversial a statement is. It doesn’t matter how it might rally the masses up. The truth will always remain the truth irrespective of the light that’s shone upon it. So it’s just a question of time. In time, people will realize, this is like the Highlander: there’s only really going to be one. There’s going to be… a plethora of different tokens, but it all needs to denominate and derive from the one internet of money, and that’s Bitcoin SV.”
He’s hinted at it several times before, but Vitalik Buterin has finally declared that he does not believe in the proof-of-work (PoW) system which Ethereum, the platform he co-founded, uses.
The self-proclaimed non-giver of Ether tweeted on Christmas Day that “I don’t believe in proof of work!” When pressed for further explanation, he agreed with a commenter that PoW was a mere phase in the evolution of blockchain.
It’s not surprising that Buterin has nothing good to say about Bitcoin SV, whose development has largely been about a continued increase in block size limits, to 128MB at present. nChain, developer of the Bitcoin SV implementation, has spoken in affirmation of PoW and its importance to the security and stability of the network.
Buterin, in a tweet, said, “I have my disagreements with the bitcoin roadmap, PoW, etc but they’re trying to do something that’s genuinely cool tech. BSV is a pure dumpster fire.”
To solve Ethereum’s scaling problem, Buterin has proposed sharding, where transactions are split among nodes as a way to accommodate more transactions at a time. On Reddit, Buterin has indicated his belief that sharding would require a more complex system than that of the present Ethereum network.
In Buterin’s view, sharding will come about when “all the existing PoW-related complexity… can be removed,” and will involve a shift to proof of stake (PoS) as a means of adding transactions to the blockchain. No definite timeframe for this has been given.
Sharding itself has been criticized by nChain Chief Scientist Dr. Craig Wright as a security risk, that “actually splits the security between multiple parties.” He added that big, non-sharded blocks themselves help to keep a blockchain more secure.
成为历史上第一个完全经过安全审计的比特币节点实现。在CoinGeek的财务支持下，BSV节点团队聘请了一流的安全审计公司Trail of Bits来审查BSV代码并加强质量保证实践。在区块链领域，Trail of Bits之前曾为Sai、RSKj和Livepeer开展过项目。安全审计工作的成本相当高，这可能是之前在比特币历史上从未如此操作的原因。但借力于CoinGeek，BSV将从专业安全审计测试中受益匪浅。
Jimmy Nguyen, from nChain and bComm Association’s Founding President, has a holiday message for the Bitcoin community: after the contentious hard fork of the Bitcoin Cash (BCH) network, let’s all turn the page and move forward. And Bitcoin SV (BSV) is open for business; BSV is open for everyone to join its mission to fulfill the Satoshi Vision.
It’s been a month since Bitcoin SV (BSV) emerged from the contentious hard fork of the Bitcoin Cash (BCH) network on November 15, and in those four weeks, we’ve seen how the ecosystem of the only cryptocurrency designed to fulfil the original Satoshi Vision for Bitcoin is quickly growing.
BSV now stands as its own chain and token, with a clear and focused mission to restore the original Satoshi protocol, keep it stable, and enable it to massively scale on-chain. And as it continues to evolve, a growing number of entities are making the smart move to provide support for BSV.
Already, there are more than 50 exchanges that have listed the cryptocurrency, while several wallets including Hivr and BitProton.com have announced exclusive support for BSV. Before that, many of the top Bitcoin and Bitcoin Cash applications like CentBee, HandCash, Pixel Wallet, Atomic Wallet, and Guarda have also started allowing users to store and send their BSV.
More are expected to follow, and so to track this progress, the bComm Association has launched “BSV Weekly,” a weekly blog post that summarizes all BSV-related developments—from wallets and services declaring #WeChooseSV to new tools being rolled out for BSV, and so much more. The bComm Association is a global network that brings merchants, miners, developers, and exchanges together to help grow the new BSV ecosystem.
For the first post, Founding President of the bComm Association Jimmy Nguyen invites everyone to come together and “bring to life the Satoshi Vision.” He writes, “Join us on this exciting journey to make BSV the world’s new money and the global public ledger for the world’s enterprises.”
Check out bComm Association’s first BSV Weekly post here.
Voltaire.Cash, the London crypto exchange, has maintained for a long time now that they appreciate Satoshi’s original vision, and wanted to stick to the “closest thing to the vision of peer-to-peer electronic cash.” In a recent tweet, the Voltaire team confirmed they still believe in that vision, and will open up a Bitcoin SV (BSV) pair soon.
After the November hard fork that saw Bitcoin reborn in the form of BSV, Voltaire was forced, by their adherence to the Nakamoto Consensus to support the longest proof of work, to give the ABC team the Bitcoin Cash (BCH) ticker, and as a result, the exchange became a Bitcoin Core (BTC) to BCH exchange exclusively. With the same announcement, they declared they were working to roll out BSV trading before the end of the year.
Voltaire may have felt pressure from their user base and business partners to get BSV added sooner than later. More and more people are recognizing that BSV is not only the original vision of Satoshi, but has the scalability, stability, safety and speed necessary to be a revolution for currency. Furthermore, one of Voltaire’s key business partners, Handcash, has already launched BSV support, so the exchange had little choice but to adopt the reborn Bitcoin, or risk an unbalanced relationship with the wallet.
In their latest blog post, Voltaire made clear they have more planned for the near future. They wrote they are working on “adding 0-conf deposits, advanced trading tools, margin trading and a loaning product.”
This news further confirms that the business friendly attitude of the developers behind BSV is a key ingredient to Bitcoin’s future success. More businesses are supporting the coin, and more users are asking for it to be supported. This loop is expected to continue, as BSV becomes the future of digital currency, exactly as Satoshi intended.
Cheating is defined as acting dishonestly to gain an advantage. It’s also an accusation being thrown at cryptocurrency exchange Bittrex over its alleged failure to credit one of its customers his Bitcoin SV (BSV) coins—57 of them to be exact.
First, some background. In November, the crypto exchange suspended withdrawals and deposits of Bitcoin Cash prior to the November 15 network upgrade, which led to a hard fork from which Bitcoin SV emerged. At the time, Bittrex assured its customers that it would “take all reasonable steps to ensure that customer funds can be preserved on both chains.”
“Bittrex will make all reasonable attempts to credit our users BSV chain split tokens,” Bittrex stated, although the exchange stressed that it “will not recover incorrectly made cross chain deposits under any circumstance due to the lack of replay protection.” It’s worth noting that the BSV chain has applied replay protection, effectively bringing the hash war to a close.
For one user, however, the battle has just begun.
Twitter user @nomadiklyfe recently filed a complaint before Bittrex, claiming he lost 57 BSV worth almost $6,000 that are “stuck in an address” on the exchange’s Remote Procedure Calls (RPC) server.
CoinGeek reached out to nomadiklyfe, who explained to us the incident, saying, “So supposedly they have a policy on BSV that any coins which were deposited incorrectly, i.e. if you sent BCH to your BCH wallet and that transaction as replayed over BSV network, they will not recover your funds. I have moved the corresponding BCH out and there would be no replay issue if they were to recover my funds. Their policy is not to do.”
Bittrex is based in the United States, where cryptocurrencies are defined as commodities. This means the U.S. Commodity Futures Trading Commission (CFTC) has the authority to prosecute cases of fraud and manipulation in the crypto space.
For nomadiklyfe, however, there is a simple fix: “Ultimately, I would like for Bittrex to fix their policy and return their users’ money, including my own.”
In a statement to CoinGeek, Pixel Wallet has announced that as of December 17, their app now fully supports Bitcoin SV (BSV).
Pixel Wallet had previously made their intentions clear to support BSV, the only coin that follows Satoshi’s original vision for Bitcoin. This update to their app solidifies that support and provides another option for BSV supporters to transact with the cryptocurrency.
Pixel Wallet allows users to send BSV to other users by taking pictures with their phone camera, of objects, locations, or even selfies, and then encrypting them with an amount of BSV to send. Once received, the payee uses Pixel Wallet to decrypt the image to receive the funds.
In addition, Pixel Wallet has revealed they are working on a new website “which will allow users to claim their image … by simply uploading the picture, enter a password and entering their legacy address or Handcash handle, and it will fund the wallet if the image is valid.”
You can check out the website now, but expect more developments in the coming weeks. Pixel Wallet intends to make the site a little more fun for users by the end of the year.
Jimmy Nguyen, founding president of the bComm Association, recently wrote that BSV is “the blockchain all enterprises should build upon.” Due to the massive scalability, stability, speed and safety of BSV, businesses like Pixel Wallet are easy to convince that it is the clear choice for their needs. With more teams choosing BSV due to its attractive features, adoption from end users will follow. And since BSV is already set up to scale, it’s ready to take on those new users and provide them with a flawless experience consistently.
With Pixel Wallet already being on board, they’ll already have some neat ways to interact with BSV.
After his presentation at the recently held CoinGeek Week Conference in London, nChain’s Dr. Craig Wright talked to CoinGeek’s Becky Liggero about Metanet and how it will revolutionize how people do business.
It’s hard to overstate the potential of nChain Chief Scientist Dr. Craig Wright’s Metanet project, which he describes as “redoing the internet in a way.”
He explained, “We’re going to use the internet as just one of any ramp people can get to create a full commercial capitalist peer-to-peer network so that anyone can route any packet, get any data, watch any video, stream anything, create any data, create any game, any application, whatever else, and get paid for it.”
While it takes its cue from the internet as we know it, the Metanet, running on the Bitcoin SV chain, ensures that the data transmitted is more reliable and of greater utility.
“Bitcoin is an immutable ledger, and to get value out of anything, to be able to sell, to buy, to trade, you need to have some way of knowing that your contract is safe, and Bitcoin allows that. It allows you to actually value all the data. Now the internet is this big source of data, many of it, much of it is actually wrong and there’s a lot of errors, but information is what really is important, and sourcing information from data, that’s the difficult part,” Wright said.
Wright sees people interacting on the Metanet as incentivized to provide valuable knowledge. “Now if we can put value on information, and we can have data actually valued, then the actual value of the internet starts to fulfill the promise of actually helping all of us, of increasing our knowledge, not getting the errors, but having people paid to fix them, and have the truth,” he said.
He sees the initial applications for it coming around January or February 2019. “I’m not going to promise anything before Christmas. We’ve got to scale,” he said.
Meanwhile, Wright also corrected the misconception that it is mining nodes that made for a decentralized peer-to-peer network. “‘Peer’ is because two people exchange, not because it’s settled by a miner. Miners are paid to ensure the security of the peer-to-peer network, but the peer-to-peer network in Bitcoin used to exist. It was there in 2009, but it got dropped,” he said.
According to Wright, it is only with Bitcoin SV that Bitcoin remains a peer-to-peer network as envisioned when the cryptocurrency was first created. “Bitcoin, with routing protocols we’re introducing, with changes to the system that were there from 2009 and got dropped, the fixed version of those will allow us to actually recreate that peer network that should have existed back then,” he said.
Broadly, Wright believes the Metanet is the perfect avenue for people to create and cooperate with each other. He said, “I want to actually see a network where every person on Earth can connect, can earn money, can send data, can work anywhere in the world, and not only that, but a system that can open up to a machine, human to machine, and all types of things, enabling trillions of devices to seamlessly connect and share data securely.”
For an industry like, say, gambling, the Metanet will provide for optimal transparency. “It will change the gambling industry as we’ll have records that are completely honest and open. It will allow regulation to be enforced, and people looking at different areas can then start shopping for an honest version of the truth,” Wright said, adding, “They can see regulator A versus regulator B, which one’s more honest? Which one’s easier to work with? Which one has better fees, allows more profitability, allows them to have their business model in a more effective manner? And then they can sell that to their clients, and get people in because they can make more money by having an honest, open gaming system.”
CoinGeek Week 2018, the second conference organized by CoinGeek.com, succeeded in gathering the brightest minds and pioneers in the Bitcoin SV (BSV) space and educating those who wish to learn more. Taking place at a pivotal moment in Bitcoin history, the conference kicked off a message for Bitcoin to “Grow Up” before mass adoption can follow.
“We have a pure version of Bitcoin right now and everybody that’s here supports this and wants the same thing which is a stable platform that massively scales. And that will allow this platform to grow up and be able to be used by adults which means businesses”, said CoinGeek’s Founder Calvin Ayre.
Business owners made up a large percentage of the delegates populating the busy CoinGeek conference floor, alongside merchants, media, developers and other Bitcoin enthusiasts. The event’s impressive line-up of speakers covered all corners of the Bitcoin SV industry, in an effort to provide relevant insights for every attendee from expert to noobie.
The first of CoinGeek Week’s three days focused on Application Development and James Blending of Tokenized, the winner of CoinGeek’s 5 million pound contest, delivered a presentation on his innovative platform and how it will enable businesses, governments, the legal industry and more to take advantage of the BSV chain.
“I see the Bitcoin SV ledger as a huge opportunity to standardize a lot of the business communication that goes on throughout the world. So with EDI [electronic data interchange] for example, you’ve got purchase orders, invoices, shipping notices, things like that. But also contracts, agreements and that extends to smart contracts which is something that’s new and innovative, I think”, shared Belding.
Prominent Bitcoin figure Ryan X Charles of Money Button, a firm believer in building applications on the BSV chain because Bitcoin SV is Bitcoin, revealed his reasoning to the audience.
“Bitcoin is sound money that scales to the entire world. I will also say that given the recent events, within the SV world, people deeply appreciate stability. They deeply appreciate that we need to keep the protocol the same. So that gives me confidence, the fact that it is the original Bitcoin, as well as the fact that the values of people in the SV world are aligned with stability and growth”, Charles said.
Day two of the conference was dedicated to Merchant Adoption and the importance of educating merchants on how they can use Bitcoin SV right now, the only path to growing the Bitcoin ecosystem. Elizabeth White of The White Company is a first-mover in this space and revealed some of the high-end items available for purchase in BSV via her online shop.
“Through our white market luxury store we source everything from PAMP Suisse Gold to Lamborghinis, to trips around the world, so anything your heart desires that you would like to spend your crypto currency on we can facilitate”, she revealed.
“We also need real businesses which are not in Bitcoin to start using Bitcoin, using the global ledger in ways which helps their existing businesses which have no revenue streams tied to crypto currency price appreciation at all and I think that’s the way to build a healthy economy”, added speaker Jerry Chan of SBI Holdings.
The final day of the conference focused on the future of Bitcoin and featured a selection of innovative, forward-thinking speakers, including Dominic Frisbee, British comedian and author of “Bitcoin, The Future of Money”.
“What people don’t realize about Bitcoin is the sheer scalability of the thing – its more scalable than fiat money- there’s still two million unbanked people in the world who will be able to be accepting crypto currencies as a means of payment or they’ll never get a bank account. Fiat money is limited by borders, crypto currency is borderless and it just makes it so much more scalable”, Frisbee explained.
“We’re redoing the internet in a way, we’re going to use the internet as just one of any ramp people can get to create a full commercial capitalist peer-to-peer network so that anyone can route any packet, get any data, watch any video, stream anything, create any data, create any game, any application, whatever else, and get paid for it”, Dr. Wright revealed.
After three fruitful days of presentations, networking and fun, the Bitcoin SV community left feeling positive and enlightened, with clarity on the bright future that lies ahead.
“Bitcoin SV’s journey has just begun”, shared the ever-inspiring nChain CEO and CoinGeek Week emcee Jimmy Nguyen.
“This [conference] came at a critical time. It brought people together. I think it made people feel very confident in the future of Bitcoin SV…It just happened to come after the network upgrade, and the hash war period decided to be ended by CoinGeek. But I think it gave people a sense of hope, inspiration, a rededication to the belief in what Bitcoin’s core principles and designs are”, Nguyen added.