Bitcoin-SV

Bitcoin Satoshi Vision (SV) is a cryptocurrency launched in late 2018. Bitcoin SV stems from one of the forks of the original Bitcoin blockchain. The main cryptocurrency Bitcoin has a fork called Bitcoin Cash (BCH), whereas BCH has a fork called Bitcoin SV. Letters SV stands for Satoshi Nakomoto’s Vision, as the developers claim that Bitcoin SV has a strict adherence to the original idea of Bitcoin described in the Bitcoin Whitepaper by the anonymous inventor. The BSV community increased the block size in Bitcoin SV to 128 megabytes. The developers of Bitcoin SV pay more attention to their coin as a means of accumulation and payment. Although the BSV blockchain supports op-codes, there is almost no development of decentralized applications, smart contracts and other additions, second-level solutions such as Plasma and Lighting Network.

Similar to the original Bitcoin, the new Bitcoin SV units come with mining, whose total number is limited to 21 million. Additionally, the cryptocurrency’s net is based upon the Proof of Work algorithm, and it has the same protocol as the original Bitcoin. This proved to be a reliable and stable blockchain consensus protocol employing the BSV node. Public crypto nodes of Bitcoin SV are divided into two main types of nodes - light and full. Every computer or mobile device, where the Bitcoin SV client program is installed, becomes the lightweight BSV node, which merely checks whether the transaction format is correct and passes the transaction on to the network for distribution. However, when the transaction reaches the full public Bitcoin SV node, a more detailed validation of data takes place.

The full Bitcoin SV node is permanently connected to the network, and the entire Bitcoin SV blockchain is downloaded and synchronized with the network. Once the transaction has reached the full public Bitcoin SV node, it gets verified for security and correctness. Furthermore, the full Bitcoin SV node examines how many BSV units are created by the new block and checks for the double-spending of the same digital funds. One and the same BSV transaction goes through several full crypto nodes which conduct a check independently of each other. This Bitcoin fork is decentralized and therefore, its resistance to hacker attacks is ensured. Also, super crypto nodes of Bitcoin SV exist in the blockchain network, and they have higher computational power and bandwidth in comparison with ordinary full nodes. As in Bitcoin networks, owners of crypto nodes of Bitcoin SV do not yield any financial rewards.

The major advantage and a crucial difference of the Bitcoin SV over the original Bitcoin is the high bandwidth attained by increasing the transaction block size. The test showed that the network successfully reached the speed of 1500 transactions per second. Although it is technically feasible to further increase the block size from 128 megabytes to 1 gigabyte, that increase in the size is not required at the moment. Besides, Bitcoin SV provides zero-confirmation transactions that allow for almost instantaneous spending of funds. Referring to the original, the Bitcoin system has simplified the program code and made it more credible. Bitcoin SV is supported by a wide range of desktop cryptocurrency and mobile wallets. Nevertheless, there are real disadvantages of Bitcoin SV. Due to the fact that large size blocks spread slowly between public crypto nodes of the cryptocurrency, the number of its existent public crypto nodes is considered to be insufficient. In addition, the mining process of Bitcoin SV focuses on several large pools: 34% of the mining power is concentrated on one pool and the remaining hashing power is distributed among a number of large pools. That is why this cryptocurrency cannot be regarded as truly decentralized. Technical problems tend to arise from time to time. For instance, free public nodes of Bitcoin SV were connected to nodes of another network, Bitcoin Cash when the double-spending occurred. One of the users detected and reported the spending of the digital token more than once. Moreover, Bitcoin SV cannot be purchased on all cryptocurrency exchanges.