Tech 19 November 2018

Paul How

As hash war continues, Craig Wright takes care of business

With the November 15 Bitcoin BCH network upgrade, where the Bitcoin SV and ABC implementations are being voted on, it might seem that everything is riding on the outcome. Yet Dr. Craig Wright, nChain chief scientist, is more intent on presenting the possibilities unlocked by adhering to Satoshi Nakamoto’s vision for Bitcoin as a decentralized ledger.

“[E]ven with a dispute as we see today between ABC and SV no loss of transactions would have occurred on the SV chain. Our solutions and businesses deploying these would not even have to concern themselves with the ongoing ‘hash war.’ The system is that resilient,” Wright said in a post on Medium.

The Bitcoin SV upgrade allows for a maximum block size of 128MB, which Wright says will eventually be replaced by a removal of the block cap. This will allow for the handling of “as many transactions as people are willing to send us,” according to him.

Wright noted that there are already numerous applications of Bitcoin BCH, hundreds of them even, “that we will provide to developers seeking to extend the Bitcoin protocol on SV — not as a means to take down the state or anything along those lines, but simple and boring uses such as technological data plumbing.”

Among the inventions he cites are tax invoices and a contract exchange platform, available on the BCH blockchain at a fraction of the cost anywhere else. “The reality is that an exchange would be able to occur for a cost lower than existing paper-based invoice and receipt systems… Most importantly, as the cost is paid as it is used, the system is not subject to volatility. Merchants would pay in their local currency and not care if the transaction was more or less expensive in bitcoin to USD terms. The number of bitcoins required will fluctuate, but the costs to the merchant would be able to be stable,” he said.

With such a market not confined to a niche crypto community, but rather expanded to the entire world, Wright says that the systems being developed “will have billions of people using Bitcoin in the coming years, without even knowing that they are using Bitcoin. Basically, we seek to create a system that proves the ends which reflect how any good system should be — not one based on ideology and religious drive, but simple efficiency and value.”

If you’re interested in learning more about Bitcoin SV and all the new developments in nChain, join the CoinGeek conference in London from November 28 to 30, with the special, invitation-only Miners Day event on November 27. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the crypto revolution.

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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