Cryptocurrency, as the name implies, was originally designed by Satoshi Nakamoto to be an alternative to fiat. More than just a different type of currency, though, it was an improvement over what is currently available because it puts control of money back in the hands of all consumers. Many crypto projects have lost sight of that fundamental reason for the existence of digital currency, but Bitcoin SV (BSV) and its supporters haven’t. During the recent CoinGeek Conference Seoul gathering, Steve Shadders took a few minutes to discuss what is going on to restore Bitcoin to its original purpose and what this means to the Bitcoin ecosystem, as well as the future of finance.
Shadders is the Chief Technology Officer of nChain, one of the main entities behind BSV development. He met up with CoinGeek’s Stephanie Tower to offer some brief comments on what’s happening and to explain how the Road To Genesis is going to change digital currency. He explained that the transformation is all about removing limitations and restrictions on Bitcoin, adding, “Our goal is to bring the protocol back as close as possible to the original protocol that was designed by Satoshi, implemented by Satoshi ten years ago.”
Genesis will allow Bitcoin to go to the next level. It will incorporate new scripts, new opcodes, multiple transactions into a single unit and other enhancements that make it more robust. One of the biggest changes is the removal of block size limitations, which allows for unlimited scaling and growth. It also further enables people to build even more powerful applications on the BSV blockchain.
There has been a lot of confusion regarding what the real purpose of digital currency is—some believe it’s simply a way to invest and, hopefully, see incredible returns. Others, like those helping to build BSV, understand that this isn’t the true reason Bitcoin exists. Genesis is going to create an entirely new level of development as it completely stabilizes the protocol. Shadders points out that the protocol has been warped, just like the definition of Bitcoin, and that there was “never meant to be any protocol work in the first place. The only reason there is work is because we [have] to put it back to the way it was.”
Genesis is the name for the next big upgrade coming to the BSV blockchain, currently scheduled for February 2020. Once that upgrade is in place, Bitcoin growth is going to be exponentially higher than the levels currently seen. It’s all about building the next economy.
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.