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Hard Fork Support From Bitfinex on Bitcoin SV Following Its Upgrade

Hard Fork Support From Bitfinex on Bitcoin SV Following Its Upgrade
  • Bitcoin SV recently completed a hard fork upgrade on its network earlier this week.
  • According to a post, this upgrade claims to “return the Bitcoin protocol as closely as possible to the original released in 2009 by Bitcoin’s creator Satoshi Nakamoto.”

The controversial yet - somewhat exciting cryptocurrency - Bitcoin SV recently completed a hard fork upgrade on its network earlier this week. This upgrade was dubbed Genesis. 

According to a post previously released by the ecosystem of Bitcoin SV, this upgrade claims to “return the Bitcoin protocol as closely as possible to the original released in 2009 by Bitcoin’s creator Satoshi Nakamoto.”

The primary focus of this upgrade is to show off bitcoins potential in terms of scaling. It will restore the original protocol and stabilise the current way of things. The team at Bitcoin SV have previously said:

“This is a key step in Bitcoin SV’s journey to finally unlock the massive on-chain scaling power and greater technical capabilities that were always possible with Bitcoin’s technology platform. Bitcoin SV can now enable a world where data, transactions and digital activity of all types can be “on-chain” on a single public blockchain, just like the world operates online on a single public Internet”

Despite this, according to information shared by the British entrepreneur and investor Alistair Milne, there is a handful of notes that didn’t make the upgrade. The Node team released the 1.0.0 version of the Bitcoin SV implementation, early last month on the 15th of January. In an official blog post in regards to the same, he stated that an important feature of the launch would include manual configurations of the two parameters.

With the current development underway, this comes just after the announcement from the Bitfinex platform in supporting the latest hard fork from the cryptocurrency. It was stated in the official release by the platform earlier this month on the 2nd of February:

“Bitfinex will support the Bitcoin SV [BSV] hard fork. Deposits and withdrawals will be suspended on February 3 at 11:00 pm [UTC]. Services will be resumed when the BSV mainnet is stable. Please refer to our further announcements on the resumption time. During this period, the BSV held in your Bitfinex account will not be affected.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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