Fresh faced and eager to impress, Bitcoin SV, or Bitcoin Satoshi Vision is the latest cryptocurrency to enter the markets and has made quite the impact in the process too. Yesterday, Bitcoin SV moved into the top ten cryptocurrencies by market capitalisation after experiencing quite the surge in market cap. Today, Bitcoin SV remains well up the rankings, proving that this cryptocurrency is more than just a fad, it’s now a serious contender to Bitcoin Cash.
What is Bitcoin Satoshi Vision?
Bitcoin SV is the result of the recent Bitcoin Cash hard fork that saw a forced upgrade roll out on the Bitcoin Cash blockchain. As a result of this fork, a portion of the chain had to take a new direction, this new direction is now known as Bitcoin SV and has been months in the making.
What is Satoshi’s Vision?
For those who don’t know, Satoshi Vision refers to the original idea behind the creation of Bitcoin. This is where it gets complicated. The alleged creator of Bitcoin and cryptocurrency is a person (or group of people) by the name Satoshi Nakamoto. Now nobody knows who Satoshi Nakamoto is, however thanks to documentation that surrounded the creation of Bitcoin, we know that Satoshi had a vision for a worldwide cryptocurrency that was decentralised and gave control back to the people. Satoshi had an almost Marxist vision and saw that power could be given back to ‘the people’ if they seize the means of currency production. This eventually led to the development of Bitcoin as we know it today (it’s a little more complicated than this of course, but I hope you sort of have a basic idea now).
During Bitcoins life cycle, we saw the creation of Bitcoin Cash as a result of a Bitcoin hard fork, which in turn has now led to the creation of Bitcoin SV, a version of Bitcoin that claims to want to rediscover Satoshi’s original vision and become the world's most popular and most adopted, fully decentralised cryptocurrency, through a hard fork of Bitcoin Cash. Note that these hard forks are quite common, so this isn’t an unheard of event.
According to the Bitcoin SV website:
“Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH) and will maintain the vision of Bitcoin set out by Satoshi Nakamoto’s white paper in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System Reflecting its mission to fulfil the vision of Bitcoin, the project name represents the ‘Satoshi Vision’ or SV. Created at the request of leading BCH mining enterprise CoinGeek and other miners, Bitcoin SV is intended to provide a clear BCH implementation choice for miners and allow businesses to build applications and websites on it reliably.”
The true vision of Bitcoin SV now focuses across four key areas that aim to make Bitcoin SV better than Bitcoin Cash and Bitcoin. Firstly, Bitcoin SV wants to address stability:
“The Bitcoin SV vision is to provide assured stability with only a limited and well known set of changes planned to restore the Bitcoin protocol to its original design, and enable innovation to occur on top of a stable base protocol. Part of this is restoring the Satoshi op_codes to enable businesses and development teams around the world to create the many solutions possible on the BCH blockchain, such as smart contracts, tokenisation, atomic swaps, and many more.”
“In order for Bitcoin Cash to truly act as a global money platform, it is necessary to demonstrate that the platform is ready to process transaction volume at the required scale. The Bitcoin SV roadmap is primarily focussed on delivering capacity increases, through bigger default or miner configurable block sizes and performance improvements.”
“Bitcoin Cash will be a global currency. To enable such a future, we need to be prepared to ensure a level of security commensurate with a global money system. To do this, the Bitcoin SV project has focused on rigorous Quality Assurance for mining node software.”
“Instant transactions are key to unlocking the brick and mortar merchant market for Bitcoin Cash payments. Security improvements can be made to better secure instant transactions for the future, and the Bitcoin SV roadmap treats safe instant transactions as a key priority.”
As you can see, the Bitcoin SV team have a key focus on what they want to achieve in the future. The team will be bold in their forward movements and really do want to bring the entire ‘Bitcoin’ culture closer to the goals first set out by Satoshi Nakamoto, whoever that is. The roadmap for Bitcoin SV continues to highlight the four key areas that the team will explore and sets out a clear plan for the development of Bitcoin SV right through to Q2 of 2019. It’s a short roadmap, granted, but we expect that over time this will expand and further details will be added once the Bitcoin SV team settle down and plan for the future.
For now, we expect this cryptocurrency to remain a little unstable and thus, it probably won’t remain a top 10 cryptocurrency for the long term, that aside though, you have to admit that what we have seen from Bitcoin SV this week is quite impressive.