Tech 29 August 2018Ed Drake
How Bitcoin BCH scaling can be done safely with Bitcoin SV
The introduction of the Bitcoin SV, a full node implementation designed to fulfill the original vision of Satoshi Nakamoto, has renewed debate on what is the best future for Bitcoin Cash (BCH). Bitcoin SV, which stands for Satoshi’s Vision, is currently under testing and is planned for initial release in early September.
Ahead of its release, Steve Shadders, lead developer for blockchain research and development outfit nChain, came out with an explainer summarizing the important points about the Bitcoin SV full node implementation, in an effort to dispel some misunderstandings about the Bitcoin protocol.
In a Yours.org post, Shadders noted that the Bitcoin SV team is focusing on two key pillars: scaling and 0-conf security. This is in response to the request of Bitcoin BCH miners, although the nChain lead dev maintained that “Bitcoin SV has no intention to force its users to accept a particular setting.”
“We’re not forcing anyone to 128MB blocks, we’re simply encouraging miners to configure block size limits themselves and giving them test results so they make informed choices,” Shadders wrote.
Contrary to widely held belief, Bitcoin SV is not a fork—it will lock the “battle-tested” Bitcoin BCH protocol in place. The fork is what Bitmain and Bitcoin ABC are planning with their proposal to move away from Bitcoin SV. In the Bitcoin ABC implementation, miners can choose increase the maximum accepted block size, but the obscure debug setting is poorly documented and difficult to find for miners. CoinGeek supports Bitcoin SV’s plan to move that setting to a more prominent location and document its operation and implications thoroughly whilst also adding other tools to enable miners’ choice for block size growth.
Bitcoin SV will make those values “easier to see via the RPC [remote procedure call] interface and in a later release will make them both dynamically configurable via RPC,” according to Shadders.
“We intend on each release to set the default soft cap to 240x the average block size + ~50%. The 50% is to account for growth between releases. In the first beta release, this will be set to 32mb (more precisely, 32,000,000 bytes). As for the hard cap, the default value for the hard cap in the upcoming beta release will be 128,000,000 bytes (128mb),” he explained. “Miners however will be free to change these numbers higher or lower as they see fit. If they choose to raise it higher before everyone else and accept the risk they may get an orphan block it is their choice to accept that risk.”
Read Steve Shadder’s Yours.org post, titled “Bitcoin SV and big blocks – A safe path to scaling,” 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.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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