Here we aim to provide a correct and up-to date set of information on the Bitcoin network and its features and functionality.
What is Bitcoin?
Bitcoin is a peer to peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto. It was first detailed in the Bitcoin Whitepaper in October 2008, and the source code was released in January 2009. The Bitcoin ledger and Block chain were established with the generation of the Genesis block on the 3rd of January 2009 and the mining of Block 1 six days later on the 9th of January 2009.
Bitcoin allows electronic payments to be sent directly from one party to another, without requiring a central institution or server to process transactions and/or store funds.
The leaderless structure of the network is viewed as a resolution to The Byzantine Generals Problem allowing disconnected entities to follow a common direction without centralised instruction. This solves several issues previously seen as unsolvable in distributed networks, including the problem of preventing Double-spending of coins.
Bitcoin Satoshi Vision (Bitcoin SV) was created to maintain the integrity of the Bitcoin public ledger by reverting back to the original Bitcoin protocol with the intention of keeping it stable and secure, and allowing it to scale massively in order to accommodate global demand for open public ledger technology.
BitcoinSV will maintain the vision set out by Satoshi Nakamoto’s visionary 2008 white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System which includes:
- Scaling network systems and developing robust mining client software in order to accommodate global demand for ledger space.
- Allowing a distributed small world network to form at the center of a Mandala network connecting billions of people through their devices.
- Elevating Miners into their role as service provider.
- Generating on-chain economic activity sufficient to allow transaction fees to supplant block subsidies as their primary funding mechanism.
- Driving a culture of using transaction fees to price transactions as a service.
- Leveraging economic incentives to build network security.
- Allowing the Bitcoin network to become a global infrastructure platform for financial and information exchange processes.