Business 15 March 2019

Jasmine Solana

The Bitcoin Vision: Episode 5

Every week is a big week for Bitcoin SV (BSV), the rebirth of the original Bitcoin. This week’s episode of The Bitcoin Vision brings us new updates in the developments of the ecosystem as BSV finally unleashes the true power of Bitcoin’s original design, protocol and Satoshi Vision. As always, there are so many rapid developments happening in the BSV ecosystem—from the Bitcoin SV Node security audit, Bitstagram, Memo SV, GOURL, and the latest with the ElectrumSV wallet.

Late last year, the Bitcoin SV implementation team engaged U.S. security firm Trail of Bits to conduct a security audit of the Bitcoin SV node software. According to the Founding President of the Bitcoin Association Jimmy Nguyen, “We believe this is the first time any Bitcoin node software has been comprehensively reviewed in a security audit.”

There were 15 issues identified, three of which were denial of service-type attacks. These are typically medium risk, but they were given a high-risk rating due to their low security barrier to exploit. It’s worth nothing that the Bitcoin SV team was not responsible for creating those vulnerabilities, but believes the vulnerabilities were inherited from the Bitcoin Core and Bitcoin ABC softwares. The Bitcoin SV team disclosed these vulnerabilities to the Bitcoin Core, Bitcoin Unlimited, Bitcoin ABC and Bitcoin XT teams in January, and patched the vulnerabilities in the February release of the node version 0.1.1. Read more about it here.

Nguyen said the professional approach to network security goes to show that Bitcoin SV is the most reliable option for enterprise adoption.

Speaking of adoption, Twitter user cryptoguzzle recently created a chart showing real world usage on the BSV chain is starting to accelerate since the OP_RETURN data size limit was raised. This is just the start, Nguyen said, as the network is expected to grow even more when enterprises adopt BSV as their new data carrier network.

The chart spiked in part because of the new BSV app, Bitstagram. The world’s first Bitcoin Native photo app, introduced by prolific developer Unwriter, lets you take a photo on your mobile phone and upload to the BSV Blockchain for a tiny fee. Check out what people have been uploading here.

And have you seen the new Memo? The blockchain powered social network and identity system, built entirely on Bitcoin SV, has found a new home at memo.sv. It still has all the same great features it’s always had, but now at an address that fits its BSV blockchain home a bit better.

Many new businesses have been adopting Bitcoin SV as part of their future. Among these is GoURL, a Bitcoin payment gateway and payment processor with over 18,000 registered companies and vendors from all over the world. With GoURL, anyone can monetize their website or sell content created using Bitcoin SV. Check them out at GoURL.io.

Meanwhile, the ElectrumSV team has offered a sneak preview of what’s to come in their future alpha code release. The build, which isn’t ready for prime time just yet, showcased the enormous amount of work being put into one of Bitcoin SV’s flagship wallet projects.

Watch The Bitcoin Vision: Episode 5:

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

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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