Bitcoin SV (BSV) is getting another huge upgrade, and it’s staying on target with its stated goal of massive scaling. The newest iteration of the BSV client, version 0.2.0, has been rolled out by the Bitcoin SV Node team.
On May 20th, the Scaling Test Network (STN) will see the first impacts of this upgrade. It will increase its maximum acceptable block size to an astounding 10GB, with default produced blocks set to 128MB.
Then on July 24, with the Quasar Protocol Upgrade, the mainnet and testnet will have their block size settings increase. The current maximum acceptable block size of 128MB will increase to 2GB, and the default produced block sizes will increase to 128MB.
New block sizes aren’t the only change coming. This upgrade will launch a whole new mining API, originally designed by Andrew Stone and Johan van der Hoeven, and collaboratively updated with the BSV Node team. This upgrade is designed to take the increased load of big block sizes off of miners, who will only receive the header of the block. It also provides some new setting to increase performance for nodes.
In addition to those two huge improvements, the upgrade will also formally increase the default size for OP_RETURN to 100KB, a change Steve Shadders figured out back in January for miners to change the setting; that started BSV’s momentum toward becoming the world’s future data carrier network. There will also be a litany of other changes that will help transactions propagate faster, improve underlying code and processes, and remove unnecessary code.
The new client version will also change the license for BSV software from the MIT license (historically used for Bitcoin client software) to an “Open BSV license.” This still provides free usage but limits rights to use the node implementation source code exclusively to the BSV blockchain.
All of these changes are significant, and will add even more evidence to the case that BSV is the only utility token with real world value. It’s faster, safer, and more useful than anything else available on the market.
Mostly importantly though, the BSV blockchain scales massively. It only took a few short months before BSV proved that users and developers needed 128MB block sizes for their transactions, and then the community hit that cap repeatedly. With a 2GB block cap on the way, there will be even more room for the businesses and users to grow with and prove that big blocks are more useful, and help take a big step towards 3 billion transactions per second.
It won’t end there either. As Bitcoin Association Founding President Jimmy Nguyen has noted in the past, the ultimate plan for Bitcoin SV is to realize unlimited scaling. 2GB blocks, and 10GB blocks on the STN, are important marker points towards that goal. Nguyen says: “Ultimately, we want to show that Bitcoin has no limits. With unlimited capacity and creativity available to them, developers and big enterprises across the world should be able to build whatever they want on top of the original Bitcoin, now back only in the form of Bitcoin SV.”
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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