Bitcoin SV undergoes non-consensual chain split days before its hard fork

  • Bitcoin SV underwent a non-consensual chain split on January 20 from 14:36 UTC to 14:51 UTC.
  • The split occurred days before the Bitcoin SV’s Hard Fork “Genesis” and does not record any malicious activity.

Bitcoin Satoshi’s vision (BSV) has undergone a non-consensual chain split into two, according to data collected by BitMex Research. The split took place on January 20, 2020 from 14:36 UTC to 14:51 UTC. At the time of publication, the split did not record any malicious activity, no duplicate transactions or lost transactions were reported. Although BitMex Research stated that it will not conduct a detailed review of the event.

Impact of the non-consensual chain split in Bitcoin SV (BSV)

Almost a day after the event, the price of Bitcoin SV has not been affected and continues to record strong gains. Its price stands at 318 USD and has recorded an upward trend of 15.7% in the last 24 hours. On the weekly and monthly charts the gains have been 82.70% and 273.40% respectively. The cryptocurrency has seen a resurgence in its price, on January 14th it registered a sharp rise from $174 to $457.

BitMEX research also did not provide details on the reason for the non-consensual chain split. However, the Bitcoin SV community stated that the event is contemplated in the Bitcoin Whitepaper. Therefore, the activity would be evidence that Bitcoin SV is “working according to its design,” according to one community member. Calvin Ayre, founder of the Ayre Group and CoinGeek, said the following about the event and the BitMEX report:

That’s how Satoshi (Craig) designed Bitcoin to work. You guys don’t understand this industry. It’s not all money laundering using non-scalable zero coins for real utilitarian crimes.

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The cryptocurrency promoted by Craig Wright (also known as “Faketoshi” in the community) has seen a rally motivated by the legal events in the Wright vs. Kleiman case. In recent days the case was expected to provide definitive evidence as to whether Wright is the real Satoshi, but the case has only been dragged on and there is still no sign of the bonded courier or the keys to the Tulip Trust.

Details on the “Genesis” hard fork of Bitcoin SV

The event recorded by BitMEX Research occurred only a few days away from the Hard Fork “Genesis” of the Bitcoin SV. In a press release, the team behind the update offered more details about the fork scheduled for February 4 of this year. According to the developer team, it is inaccurate to call the next hard fork an update. Instead, they prefer to use the term “restoration” of protocol because it will bring the Bitcoin SV back to its “original design”:

The hard fork is code-named “Genesis” because it returns the Bitcoin protocol as closely as possible to the original released in 2009 by Bitcoin’s creator Satoshi Nakamoto (aka Dr. Craig S. Wright)

In addition, the release states that the upgrade or “restoration” will unleash the full scalability potential of the Bitcoin SV blockchain and all its technical capabilities. Jimmy Nguyen, President of the Bitcoin Association, stated that the “Genesis” hard fork is a “historic moment” for Bitcoin as a peer-to-peer exchange system (the release states that Bitcoin SV is the real Bitcoin).

The technical leaders of the Bitcoin SV project, Daniel Connolly and Steve Shadders, made a summary of the achievements and technical features that the “Genesis” hard fork will have. First, the update will remove the standard block size in the blockchain. Currently, according to the release, Bitcoin SV blocks can occupy 2GB and handle 1,000 to 9,000 TPS:

Bitcoin SV now completely removes any default cap on the block size (or more accurately, the default cap and thus transaction capacity will be infinite).

Secondly, Genesis will restore the original Bitcoin protocol as per its Whitepaper to make it easier to adopt. Finally, “Genesis” will stabilize the Bitcoin SV protocol and set up a set of rules that establish a locked protocol that does not need to be modified for future activities.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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