November 15 is Bitcoin Independence Day, marking the date in 2019 that BSV builders drew a line within the sand and declared there can be no additional interference with Bitcoin’s fundamental guidelines. Within the three years since then, BSV has restored these guidelines as initially outlined by Satoshi Nakamoto, and proved that Bitcoin has capabilities far past easy funds—whereas having the ability to scale on-chain and unbounded.
It has performed so below the steering of Satoshi Nakamoto himself. Bitcoin’s creator Dr. Craig S. Wright was unmasked by way of being doxed as Satoshi in 2015 and has confronted numerous challenges and assaults to show his identification ever since. That battle could also be about to succeed in its climax this month, because the definitive Kleiman vs. Wright trial set to uncover extra proof of Dr. Wright’s key position in Bitcoin’s historical past.
3 years in the past, the #BSV ecosystem fought for Satoshi’s Imaginative and prescient of Bitcoin. Now we have since restored the unique design of #SatoshiNakamoto unlocking microtransactions & limitless knowledge storage on-chain. Bitcoin survives due to that battle. Let’s not neglect #BitcoinIndependenceDay pic.twitter.com/Zzfm9l64jS
— CoinGeek (@RealCoinGeek) November 16, 2021
It’s not a “birthday,” as such. BSV has existed as Bitcoin since Satoshi Nakamoto created the first block in January 2009, and launched the Bitcoin protocol software program on SourceForge for anybody to start out mining. BSV’s transaction historical past goes all the best way again to that date and it’s the solely blockchain carrying the “Bitcoin” identify that also adheres to the unique guidelines.
Why was it vital for Bitcoin to scale on-chain?
Bitcoin’s capability to scale has been a problem for debate for the reason that second Satoshi Nakamoto introduced his invention (months earlier than the primary Bitcoin cash even appeared). Some stated it may scale immediately on the blockchain, steadily rising its capability over time as know-how itself superior. Others argued this was unattainable, saying capability needs to be restricted and the blockchain used solely as a “settlement layer” for exercise on different networks.
Satoshi himself argued for on-chain scaling. Certainly, it’s the solely approach Bitcoin’s economic incentives can nonetheless work, securing everybody’s knowledge whereas conserving the community quick and low-cost sufficient for everybody to make use of.
Independence got here after a number of battles and at a value, because it usually does. When BTC forked off from the unique Bitcoin protocol in August 2017, formally separating the “huge blocker” on-chain scalers and the “small blockers” who stated blockchain transactions needs to be restricted, unique, and costly.
They engaged in a controversial “hash conflict” to find out who had essentially the most assist by way of processing energy. That created BTC and BCH, which nonetheless exist to today. Nonetheless, that wasn’t the tip of it—in November 2018, a bunch of BCH builders opposed much more deviations to Satoshi’s unique guidelines. That group included Dr. Wright/Satoshi and his supporters. Following one other hash conflict the community cut up once more and BCH forked off, with Bitcoin taking up its fourth (earlier tickers embody XBT, BTC, BCH) and everlasting ticker image BSV.
BSV eliminated the alterations made to Bitcoin after Satoshi’s disappearance from the mission, alterations that had damaged Bitcoin’s economics and made the community much less safe. It restored the unique Bitcoin protocol in full at first of 2020, most notably by eradicating BTC’s “momentary” block dimension limits.
Since then, BSV has continued to show the “huge block” argument appropriate. Bitcoin can scale on the blockchain. It might probably stay safe whereas nonetheless delivering quick and low-cost transactions at any quantity. It has proved Bitcoin is a practical funds community and rather more, with the power to run complicated contracts and tokenized property, retailer timestamped knowledge in volumes that rival the present web, and reward its processors (“miners”) without having to artificially pump digital asset costs.
It does all this whereas conserving charges to a fraction of a cent per transaction, whether or not a consumer is a world enterprise processing hundreds of transactions per day or a person making a single fee. On some days, BSV processes extra knowledge than all different blockchains mixed—and all on-chain.
The “SV” in BSV stands for “Satoshi Imaginative and prescient” and BSV has proven why sustaining Satoshi’s imaginative and prescient is vital. Regardless of what some have claimed, Satoshi Nakamoto and his plan for Bitcoin stays vital because it goes far past what most understood. With Satoshi’s identification presently the basis of a multi-billion-dollar court trial, Bitcoin Independence Day is maybe extra vital this yr than ever earlier than.
New to Bitcoin? Try CoinGeek’s Bitcoin for Beginners part, the final word useful resource information to be taught extra about Bitcoin—as initially envisioned by Satoshi Nakamoto—and blockchain.