Bitcoin Satoshi Vision
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 services
- 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 malicious miners to implement features that destroy the integrity of the ledger. The first duplication took place on August 1st, 2017 when miners hostile to the vision of Bitcoin chose to create a new version of the node client software that would allow the SegWit modification, breaking the ledger's chain of digital signatures.
From block height [478559] the Bitcoin network began operating under the name of Bitcoin Cash (BCH). In the duplication, the whole history of the ledger until block height was duplicated giving all BTC users an airdrop of coins on the BTC network. Subsequently, the BTC protocol was modified using a soft-fork to insert the irreversible Segregated Witness (SegWit) change across the network.
On November 15th 2018, malicious miners again released an update to the Bitcoin Cash node client causing a second duplication of the ledger. After block 609136 Bitcoin's mining client was renamed to Bitcoin Satoshi Vision, and the coin used by the ledger became known as BitcoinSV or BSV. Miners, who engineered a social campaign to have the name Bitcoin Cash transferred to the new ledger, implemented a series of changes including the addition of opcodes that would potentially anonymise illegal activity (OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY) and enforced canonical transaction ordering in blocks (CTOR).
The Bitcoin network is operated 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. Bitcoin Satoshi Vision is the mining client used by the majority of miners on the Bitcoin network to mine blocks that extend the Bitcoin ledger.
Bitcoin V1.0 and the return to Genesis
Since the release of the Bitcoin Satoshi Vision node client, Bitcoin has undergone a series of upgrades which have each removed selected limits that have impact the network's throughput or re-enable features that had previously been disabled or even 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.