Bitcoin SV [BSV] emerged in November 2018 after a messy hardfork with Bitcoin Cash [BCH], with supporters of the coin claiming that it is the only, “project that follows the original Satoshi Nakamoto whitepaper.” Now, spearheads of the project are gunning for mass adoption with their new “No Limits” approach.
Jimmy Nguyen, the CEO of nChain, founding president of the bComm association and a major proponent of Bitcoin SV stated that the BSV camp has been pushing several boundaries, primarily on the data size limit, applicability and scalability front.
In an interview with Coingeek, Nguyen stated:
“It’s real validation for us that the path we chose to follow with Bitcoin SV, the Satoshi Vision, lifting the limits, letting it scale as big as possible, was right, and developers would think of amazing new usages of Bitcoin if you just give them the potential unlimited power to do so.”
He stated that one of the biggest changes for the blockchain was the expansion of OP_RETURN, which would allow the network to carry larger data, without splitting the coin. This was done through a consensus among the miners. Nguyen added that this would make BSV the “world’s new data carrier network,” so that the blockchain can store and transmit data.
Bitcoin SV was in the news last week when an illegal picture was floated on the coin’s network. This was an unfortunate event which was addressed by top members of the BSV camp, including Nguyen and nChain’s Chief Scientist Craig Wright, who stated that the issue was not limited to just BSV but, is true for Bitcoin and Ethereum as well.
This change in protocol, Nguyen believes, will allow Bitcoin SV to be a Dropbox of sorts, where variable data, in terms of type and size can be stored and transmitted. He added that this would open a host of opportunities for the larger market,
“If I’m a big enterprise, one of the things I’d be thinking about are, what kinds of data could I store on the Bitcoin SV blockchain that I’d want to be able to pair with the ability to access, or give access to that data to other people, in exchange for micropayments. Instead of having large volume fees, you could individualize the access to data. And I think that opens up a whole new world of business models.”
Quite ironically, the nChain executive believes that hardforks are redundant for the future of cryptocurrencies, as this takes away stability. The emergence of Bitcoin SV was quite contentious as it led to a hashwar between the two feuding camps, each backed by heavyweights of the cryptocurrency industry.
In light of this, Nguyen added,
“Restore the original Satoshi protocol, keep it stable, leave it alone. Lift the limits and let developers build on top of the chain and that will unleash creativity with no bounds.”
Scaling is no doubt a prime focus for the coin with their new 0.1.1 version focused on “massive scaling,” as confirmed by the node team. The goal is to achieve consistent 64MB blocks, with the aim for 2019 to push for 512MB blocks and 1-2GB blocks in the coming years. Eventually, the goal will be to not have any block size cap, with the size configured by miners.
“The plan is, on Bitcoin SV, to raise the default block cap to 512MB as another step towards getting to 1GB to 2GB in size. And one day, much like Op Return, no limits. I think that’s our message. We believe in Bitcoin, #NoLimits.”