Difference between revisions of "Bitcoin Satoshi Vision"
| Line 6: | Line 6: | ||
* Elevating miners into their role as service provider | * Elevating miners into their role as service provider | ||
* Generating on-chain economic activity sufficient to allow transaction fees to supplant block subsidies as the funding mechanism | * Generating on-chain economic activity sufficient to allow transaction fees to supplant block subsidies as the funding mechanism | ||
| − | * To drive a culture of using transaction fees to price | + | * To drive a culture of using transaction fees to price transactions as a service |
* Using economic incentives to build network security | * Using economic incentives to build network security | ||
* Allowing the Bitcoin network to become a global infrastructure platform for financial and informatic exchange processes | * Allowing the Bitcoin network to become a global infrastructure platform for financial and informatic exchange processes | ||
==Past Ledger Duplications== | ==Past Ledger Duplications== | ||
| − | The Bitcoin ledger has twice been duplicated by | + | The Bitcoin ledger has twice been duplicated by miners to implement features that modify the functionality of the node clients used to build the ledger. |
| − | + | ===Segregated Witness Fork=== | |
| + | The first duplication took place on August 1st, 2017 when miners opted to create a new version of the protocol including Segregated Witness (SegWit), that modified the usage of digital signatures in transactions on the network. | ||
| − | + | From block height [[https://whatsonchain.com/block-height/478559 478559]] miners renamed the network to Bitcoin Cash (BCH). | |
| − | The Bitcoin network is | + | Miners who elected to support the addition of SegWit duplicated the ledger giving all BTC users an airdrop of new coins, creating the BTC network. Shortly after, the BTC protocol was modified using a soft-fork to allow users to create and submit transactions using [https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki SegWit] style scripts to the network for addition to the ledger. |
| + | |||
| + | ===Canonical Transaction Ordering (CTOR)=== | ||
| + | In the second half of 2018, nChain released a new mining client called BitcoinSV node with the goal of scaling the network and locking down protocol rules. Developers of the BitcoinABC node client which was predominantly used by miners on the Bitcoin network released a roadmap that included a modification to the structure of blocks called Canonical Transaction Ordering ([https://medium.com/@Bitcoin_ABC/benefits-of-canonical-transaction-order-ec30ae62d955 CTOR]) which enforced a rule that required transactions inserted into the Merkle tree to be ordered by [[TXID]] and the addition of new opcodes, [https://github.com/bitcoincashorg/bitcoincash.org/blob/master/spec/op_checkdatasig.md OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY]. The miners who funded the development of BitcoinSV did not support the addition of these changes, and they were not implemented in the node client. | ||
| + | |||
| + | On November 15th 2018, the CTOR update was enabled in all Bitcoin Cash node clients. At block [https://whatsonchain.com/block-height/609136 609136] Bitcoin miners who followed the BitcoinABC roadmap duplicated the ledger and began mining transactions that included the new opcodes into blocks with CTOR into the new blockchain. | ||
| + | |||
| + | ==Mining on the Bitcoin network with BitcoinSV== | ||
| + | |||
| + | Development of the BitcoinSV node client is funded by miners who understand that the future of Bitcoin is through massive global scaling and who have begun works to build new infrastructure and software to improve the transactional capacity of the network. BitcoinSV is currently the predominant mining client used by miners on the Bitcoin network to mine blocks that extend the original Bitcoin ledger. | ||
==Bitcoin V1.0 and the return to Genesis== | ==Bitcoin V1.0 and the return to Genesis== | ||
| − | Since the release of the | + | Since the release of the BitcoinSV node client, Bitcoin has undergone a series of upgrades which have removed limits that have impact the network's throughput and re-enabled features that had been disabled or removed. |
In February 2020, the Bitcoin network underwent the [[Genesis upgrade]], which removed all remaining limitations on the Bitcoin protocol in favour of miner-configurable setting allowing boundaries to be determined by economics and technical capability. Removed consensus rules included limits on transaction size, script size, multi-signature usage, block size and more. The full list of changes is available [https://bitcoinsv.io/2020/01/15/changes-for-the-genesis-upgrade/ here]. | In February 2020, the Bitcoin network underwent the [[Genesis upgrade]], which removed all remaining limitations on the Bitcoin protocol in favour of miner-configurable setting allowing boundaries to be determined by economics and technical capability. Removed consensus rules included limits on transaction size, script size, multi-signature usage, block size and more. The full list of changes is available [https://bitcoinsv.io/2020/01/15/changes-for-the-genesis-upgrade/ here]. | ||
The Bitcoin network is the [[Capacity Metrics|highest performing public ledger network in the world]]. | The Bitcoin network is the [[Capacity Metrics|highest performing public ledger network in the world]]. | ||
Revision as of 15:39, 18 February 2020
Bitcoin Satoshi Vision (BitcoinSV) was created to maintain the integrity of the Bitcoin public ledger by reverting back to the original Bitcoin protocol with a view to keeping it stable and secure, and allowing it to scale massively 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 to accomodate global demand through network architecture and software allowing for big blocks to be mined
- 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 the funding mechanism
- To drive a culture of using transaction fees to price transactions as a service
- Using economic incentives to build network security
- Allowing the Bitcoin network to become a global infrastructure platform for financial and informatic exchange processes
Past Ledger Duplications
The Bitcoin ledger has twice been duplicated by miners to implement features that modify the functionality of the node clients used to build the ledger.
Segregated Witness Fork
The first duplication took place on August 1st, 2017 when miners opted to create a new version of the protocol including Segregated Witness (SegWit), that modified the usage of digital signatures in transactions on the network.
From block height [478559] miners renamed the network to Bitcoin Cash (BCH).
Miners who elected to support the addition of SegWit duplicated the ledger giving all BTC users an airdrop of new coins, creating the BTC network. Shortly after, the BTC protocol was modified using a soft-fork to allow users to create and submit transactions using SegWit style scripts to the network for addition to the ledger.
Canonical Transaction Ordering (CTOR)
In the second half of 2018, nChain released a new mining client called BitcoinSV node with the goal of scaling the network and locking down protocol rules. Developers of the BitcoinABC node client which was predominantly used by miners on the Bitcoin network released a roadmap that included a modification to the structure of blocks called Canonical Transaction Ordering (CTOR) which enforced a rule that required transactions inserted into the Merkle tree to be ordered by TXID and the addition of new opcodes, OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY. The miners who funded the development of BitcoinSV did not support the addition of these changes, and they were not implemented in the node client.
On November 15th 2018, the CTOR update was enabled in all Bitcoin Cash node clients. At block 609136 Bitcoin miners who followed the BitcoinABC roadmap duplicated the ledger and began mining transactions that included the new opcodes into blocks with CTOR into the new blockchain.
Mining on the Bitcoin network with BitcoinSV
Development of the BitcoinSV node client is funded by miners who understand that the future of Bitcoin is through massive global scaling and who have begun works to build new infrastructure and software to improve the transactional capacity of the network. BitcoinSV is currently the predominant mining client used by miners on the Bitcoin network to mine blocks that extend the original Bitcoin ledger.
Bitcoin V1.0 and the return to Genesis
Since the release of the BitcoinSV node client, Bitcoin has undergone a series of upgrades which have removed limits that have impact the network's throughput and re-enabled features that had been disabled or removed.
In February 2020, the Bitcoin network underwent the Genesis upgrade, which removed all remaining limitations on the Bitcoin protocol in favour of miner-configurable setting allowing boundaries to be determined by economics and technical capability. Removed consensus rules included limits on transaction size, script size, multi-signature usage, block size and more. The full list of changes is available here.
The Bitcoin network is the highest performing public ledger network in the world.