Events 29 August 2018

Ed Drake

CoinGeek-sponsored Bitcoin Miners meeting unanimously supports Satoshi Vision

The CoinGeek-sponsored miners meetings at the W Hotel in Bangkok, Thailand have wrapped up and the Bitcoin BCH miners in attendance are unanimously supporting Satoshi Vision and Miners’ Choice. Their philosophy is that Bitcoin, as originally invented, has not yet been given a chance to show its true power and so developers should stop treating it like a science experiment and, instead, lock it down to facilitate an explosion of innovation around it, like that witnessed during the early days of the internet. Bitcoin SV, the full node implementation for Bitcoin BCH, is being rolled out and it is the purest implementation of this philosophy.

The attending miners account for well over 50% of the Bitcoin BCH hash over the past seven days. The meetings, held under the Chatham House Rule, were conducted to engage the BCH miners and encourage their participation in driving the BCH roadmap together through such initiatives as choosing the block size for themselves.

Bitcoin SV, designed to fulfill the original vision of Satoshi Nakamoto, is created by blockchain research and development outfit nChain pursuant to a special request by CoinGeek and other Bitcoin BCH miners. It seeks to restore the original Bitcoin protocol and to lock it down so as to avoid unnecessary changes that do not enhance the network. Bitcoin SV is owned by the Antigua-based bComm association on behalf of all Bitcoin BCH miners globally and is an open source project.

One of the most contentious changes the miners were looking to avoid is the proposal by Bitmain and their fully funded dev team Bitcoin ABC to include Canonical Transaction Ordering (CTO), in which transactions are sorted based on their block identifiers, resulting in a change to the underlying protocols. Also, CTO doesn’t solve the issue of future network scaling, which is needed if Bitcoin BCH wants to reach the level of a global currency and payment system such as VISA or MasterCard.

It’s worth noting that Bitmain had the hash power to stop Blockstream and Bitcoin Core from forking BTC to SegWit. Bitmain’s failure to prevent this fork resulted in billions in lost value and years of retardation to Bitcoin’s development as a currency. Now that Bitcoin is back, in the form of Bitcoin Cash, the same group — but with Bitcoin ABC instead of Core — had wanted to fork again in a non-Bitcoin direction.

Bitmain CEO Jihan Wu has been pushing for another hard fork. His possible motivation is that pre-consensus and CTO will benefit Project Wormhole, a layer-2 technology that allows for the creation of smart contracts. Wu is a strong proponent of both CTO and Wormhole and stands to profit personally if both succeed. CoinGeek, meanwhile, has seen no less than four different white papers for on-chain smart contract and token payment platforms that layer on top of Bitcoin (BCH) in connection with the five-million sterling contest it’s running for exactly this kind of solution. We know that you do not need to do risky untested protocol changes to get these features working on Bitcoin.

Although history is often said to repeat itself, this time, thankfully, the rest of the Bitcoin BCH miners are having none of it.

Eli Afram explained it best in his recent piece, dubbed the “Bitcoin Satoshi Vision Policy Document”, where he explained: “The community has barely had enough time to digest the idea and notion of pre-consensus. Perhaps it may have been a better draw card from Bitmain and ABC if they decided to have this out for a year on testnet, and show the advantages of the change. Instead, the push to have this out in November has had the opposite effect, raising alarm bells.”

CoinGeek founder Calvin Ayre, who is firm on restoring the Bitcoin protocol to its original design and then locking it to allow businesses and developers to reliably build on top of the protocol, said in a statement: “I will never ever follow anyone that is suggesting anything new that is contentious and possibly dangerous and that has not been rigorously tested.”

However, hope isn’t lost as word came to the CoinGeek meeting that Jihan has reconsidered and would in fact support Satoshi Vision and Miners Choice and enable the growth of the world’s one fully functioning digital currency Bitcoin BCH.

There will be another meeting taking place in Bangkok today., nChain, CoinGeek and other miners will work with Bitmain’s Jihan Wu and many other miners to plan how we can all work together to ensure the success of Satoshi Vision, which will ultimately pave the way for Bitcoin to reach its true potential. A meeting of the minds, after all, was the only way to avoid a destructive hash war. Let’s continue to hope business thinking rules the evolution of Bitcoin.

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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