The BCH Boys, Bitcoin BCH enthusiasts who are on a mission to introduce the cryptocurrency to the world, sat down with nChain’s Jimmy Nguyen for an interview on Wednesday. They talked about projects being worked on at nChain, as well as what is in store for the future. A significant amount of time was utilized to cover the upcoming network upgrade in November and the role Bitcoin SV plays in Bitcoin BCH’s future. The interview is available on YouTube and is an invaluable tool for understanding what’s really going on with the Bitcoin BCH blockchain.
Nguyen leads in by providing some background behind why Bitcoin BCH was necessary. Many in the early cryptocurrency community recognized that Bitcoin Core (BTC) developers were not adhering to the digital currency guidelines that were presented by Satoshi Nakamoto, opting instead to develop their own crypto playground. These individuals pulled together to ensure that the true digital currency envisioned by Satoshi could live on and it does—only through Bitcoin BCH.
He points out that developers have a tendency to want to change things up every few months and are making network alterations that are neither requested by the community nor warranted. These developers are trying to take control of the blockchain when, in reality, the entire community rightfully needs to be in control—hence, a decentralized network. As Nguyen poignantly stated, “[The blockchain] is not a place for experimentation.”
Miners have the most at stake with a blockchain. They’re the one that drive the network’s success. Without miners, there is no blockchain. In order to ensure that mining will be able to continue as the network continues to become more popular and halves every few years—a process that is built into the system—it is important to offer them an incentive that allows for mining to remain economically viable.
This is where Bitcoin SV comes in. Bitcoin SV is a full node implementation of the Bitcoin BCH protocol and is being developed in order to give miners a choice. It will provide stability, scalability and security—key factors in a blockchain’s long-term success.
The other benefit to Bitcoin SV, and probably the more important benefit, is what it will mean to big business. Businesses won’t accept any platform— blockchain or otherwise—that is constantly being tweaked and manipulated based on the whimsical desires of developers. Business owners want to know that they can rely on the platform to carry them five or ten years into the future. This won’t be possible with the current makeup of any blockchain.
Says Nguyen, “Scalability is the pillar of Bitcoin SV.” He explains that nChain, along with industry experts, conducted numerous tests to determine what is necessary now in order to be prepared for the future. All of the models— pricing, transaction composition and different economic factors—show that the minimum block size needed in two years will be at least 200MB, if not more. In order to reach that level, scalability has to begin today.
In order to ensure that Bitcoin SV is viable as a secure and stable system—requirements for both miners and businesses—nChain has brought in teams of independent auditors to review and test the code, it is offering bug bounty programs and participating in a gigabit testnet. All of these activities will help ensure the strength and integrity of the Bitcoin BCH blockchain.
Wrapping up, Nguyen touched upon the upcoming CoinGeek Week Conference on Nov. 28-30. He mentioned that there would be some exciting announcements made during the event from nChain and other Bitcoin BCH companies that are sure to make enthusiasts happy. Tickets to the three-day conference are still available via Eventbrite.
Bitcoin BCH has the ability to change the world. There are many in the ecosystem that are working hard to bring about positive change, but it can only happen if everyone understands what cryptocurrency is to be used for—a decentralized, peer-to-peer digital currency.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.