BSV: The Carrier of Satoshi’s Vision
BSV (Bitcoin Satoshi Vision) is a cryptocurrency created to realize Satoshi Nakamoto’s original vision: the large-scale on-chain expansion of Bitcoin, and to become a universal peer-to-peer transmission network of electronic cash, value, and data.
Some of you may ask, isn’t BTC born to realize Satoshi Nakamoto’s vision? How come another cryptocurrency is created to meet the same goal? Why is it called Bitcoin Satoshi Vision?
To answer this question, we have to go back to BTC and BCH, two cryptos that relate to the birth of BSV: Bitcoin Satoshi Vision was forked out of a BTC fork. More specifically, BSV is a BCH fork.
This begs another question: why bother forking so many times?
Let’s first straighten out the relations between the cryptos we mentioned, which are not at all complicated.
When introducing BTC and BCH, we mentioned that the flaw in the technical design that BTC has been criticized for is the small block size. When it comes to the scaling problem, many BTC believers and programmers have made many improvements to its original design. Apart from BCH, a series of forked coins, such as BTG, have also been created. At one point, there were as many as over 80 BTC forks. However, many forked coins were only created to chase Bitcoin’s clout. Ultimately, only a few of them, including BCH and BTG, survived and earned recognition.
BCH was forked out of BTC in 2017. One year after the fork, BCH was also split into two because the two developer teams failed to reach an agreement on how to best develop BCH and deploy the updated codes, which eventually led to a hard fork. After that, BCH was split into two camps, BCH ABC and BCH SV, and they decided to have a showdown by waging a hash war.
Therefore, the hash war in the history of cryptocurrency kicked off at 0:40 on November 16, 2018. On one side of the war were Craig Wright, who claimed to be “Satoshi Nakamoto” and the nChain developer team backed by Calvin Ayre, the gambling tycoon behind Craig, and their opponents were the Bitcoin ABC developer team and its supporters, including the founder and CEO of Bitmain Jihan Wu and “Bitcoin Jesus” Roger Ver.
The BCH hash war started on November 16 and ended on November 23 when SV conceded defeat and gave up the naming right. The entire process lasted for more than a week. After the hash war ended, BCH forked into the original BCH chain and the BSV chain, which marks the birth of BSV!
BSV offers a new all-node BCH implementation designed to fulfill the vision originally set out by Satoshi Nakamoto in his Bitcoin white paper. Unlike BCH, BSV is to restore the original Satoshi protocol, keep it stable, enable it to massively scale, and allow major businesses to confidently build on top of a solid BCH.
The birth of BSV also tells a beautiful story to its believers: BSV is named Bitcoin Satoshi Vision because BTC can no longer fulfill the vision of Satoshi Nakamoto, but that’s fine, we can simply fork BSV out of BTC to pursue the vision.
For more information about BSV (Bitcoin Satoshi Vision), please go to:
Official website: https://bitcoinsv.io
Block explorer: https://explorer.viawallet.com/bsv
Market cap ranking: https://coinmarketcap.com/currencies/bitcoin-sv