Bitcoin Cash (BCH) is a fork of Bitcoin, the pioneer cryptocurrency, and its full-node implementation is known as Bitcoin SV (BSV). The name of the project represents the ‘Satoshi Vision’, hence the SV, which is the reflection of the mission of the original cryptocurrency. Bitcoin SV was created at the request of CoinGeek, which was the leading BCH mining enterprise, and other miners. Its aim is to provide miners a clear BCH implementation choice. In addition, it also aims to assist businesses in building websites and applications on it reliably.
Bitcoin was introduced back in 2009 and since then, there has been a great deal of progress on the blockchain network as well as the cryptocurrency itself. Democratizing the global monetary system was the primary purpose behind Bitcoin’s design. Therefore, a number of other cryptocurrencies other than Bitcoin have been introduced and these are known as altcoins. The purpose of these alternative blockchain frameworks is to upgrade on the shortcomings that Bitcoin appears to have. This is why the Bitcoin Cash (BCH) fork occurred in 2017.
The goal of this fork was to boost the transaction speed of Bitcoin, along with its overall transaction throughput. Furthermore, it also attempted to create awareness about the mass adoption and enterprise scalability of Bitcoin and other cryptocurrencies. On November 15th, 2018, Bitcoin Cash also experienced a hard fork and that’s how Bitcoin SV (BSV) came to be. This was done to ensure greater technological advancement of the original Bitcoin protocol. As mentioned above, BSV is essentially an acronym of Bitcoin Satoshi Vision. Craig Wright introduced it for executing the vision of Bitcoin’s founder, Satoshi Nakamoto.
BSV is Enterprise Friendly
Since BSV was introduced for businesses, it should be used for building all business enterprises. It works independently as a token as well as a blockchain, even though it emerged through Bitcoin Cash’s (BCH) hard fork. The aim of Bitcoin SV was to restore the original Satoshi protocol, massive scaling on-chain, and stability. A number of native Bitcoin businesses launched a campaign for drumming up support for BSV by coming up with the #WeChooseSV hashtag. There are also some BCH apps that exclusively moved to BSV, such as Keyport TV, Centbee, Money Button, and HandCash.
Original Bitcoin Vs BSV
Even though Bitcoin SV (BSV) developed from Bitcoin, there are some prominent differences between the two. Firstly, BSV has a larger block size due to which it has the lowest transaction processing fee. The large block size is helpful in improving the throughput of the BSV network because it brings down the number of transactions on the mempool. In contrast, the congestion of Bitcoin’s blockchain can have an impact on its high transaction fees.
Secondly, where speed is concerned, the BSV network has the capability of executing about 9,000 transactions per second through BSV Scaling Test Network (STN), which is its scaling platform. Apart from that, the large block size of Bitcoin SV also allows it to set a new record of combining about 16.4 million transactions in one block. As far as Bitcoin is concerned, it handles about seven transactions in a second.
Moreover, you will notice the biggest adoption of Bitcoin SV is by a banking application known as Gravity and Bitcoin SV Academy, which is an education platform. In comparison, Bitcoin has been added to the balance sheet of a number of big corporations, which include MicroStrategy Inc., Square Inc., and Tesla Inc.
Bitcoin SV does have a number of advantages to offer to a business. It promises a stable protocol as Satoshi opcodes are re-enabled and artificially imposed limits are eliminated. Furthermore, global businesses can also use BSV for reliably building robust projects, applications, and ventures. It is also a scalable network, as it wants to give miners the option of deciding what block sizes they want, which would undoubtedly be helpful for businesses that want to develop enterprise-level applications on the blockchain.