Bitcoin SV — an attempt to preserve the ideas of Satoshi Nakamoto
28.04.2022 | asorokin
Bitcoin SV is a Bitcoin Cash Hard Fork. Thus, it is a branch of another branch of the first cryptocurrency. Why did the developers create another clone of bitcoin and what ideas does the new coin carry?
The history of Bitcoin SV
Bitcoin SV appeared on November 15, 2018 for the same reasons that the offshoot of its parent Bitcoin Cash occurred, exactly, different views on the further development of the project. If initially Cash was separated due to the position that the decisions made in the main branch of bitcoin contradict the “spirit of Satoshi”, then SV decided that there is a deviation from the set course here. Therefore, on block 556,767, there was a branching to Bitcoin SV with a block size of 128 megabytes.
The leaders of the new coin are:
- Steve Shaders as Technical director, responsible not only for the further development and ideals of the project, but also for communication with sponsors and investors.
- Kelvin Eyre and Craig Wright, who are engaged in promoting and maintaining interest in the new cryptocurrency. For this, not the most pleasant techniques are often used, in particular, direct criticism and attempts to denigrate competitors.
What is Bitcoin SV
Bitcoin SV, as already mentioned, is a regular fork, that is, a branch of a distributed registry, Bitcoin Cash. There were no fundamentally new solutions or technologies in the coin at the time of branching, and the split occurred due to the reluctance to introduce technological solutions, for example, for the direct exchange of various cryptocurrencies between blockchains.
The developers decided that the development of cryptocurrencies violates the “Satoshi vision”, and even the abbreviation SV stands for Satoshi Vision. Ideological inspirers claim that the current implementation allows you to maintain a low level of commissions and provide a high degree of security, although, as we will see in the future, their decision was not so correct, but the progenitor of Bitcoin projects continues to feel quite fine.
It doesn’t make much sense to talk about the principles of the new block chain, the whole process is built exactly the same as in the original bitcoin. Therefore, it is better to familiarize yourself with the principles in the original article.
Differences and Disadvantages of Bitcoin SV
The main difference from other projects and the main drawback is the desire of the team not to introduce any innovative solutions into the project. Scalability is planned to be achieved by simply increasing the block size. It was decided to continue the development of Bitcoin SV only as a means of payment, to exclude all possible advances in the direction of smart contracts, some signs of ecosystems and connections with other distributed registries.
It is not necessary not to take into account the personalities of the project managers, who are somewhat disliked in the community. Also, due to the rather low trust in this blockchain, large miners prefer to support the first cryptocurrency, and small enthusiasts and a number of large miners are engaged in ensuring the operation of Bitcoin SV, which, in fact, makes the cryptocurrency centralized and leads to vulnerability, which we will discuss further.
In the summer of 2021, the distributed Bitcoin SV registry was attacked by 51% five times. Most of them did not bring much results, however, each time the hashrate of the network collapsed, and the quotes went down. On average, each time there was a branching into three chains, which led to the compromise of hundreds of blocks with more than half a million transactions. Thus, apart from tokens issued on other blockchains, Bitcoin SV is one of the most attacked coins.