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We are all familiar with Bitcoin right? and ofcourse the Bitcoin Cash for being part of the most popular cryptocurrencies. Did you know that these two has branch? We all know that Bitcoin cash was created from Bitcoin's fork. And did you know that Bitcoin Cash's fork created new cryptocurrency? amazing is'nt it? continue to read and you will find what I am talking about.
November 15 when Bitcoin Cash was forked and the genesis of Bitcoin SV was born.The Bitcoin SV is stands for Bitcoin Satoshi's Vision(BSV). The cryptocurrency that represents the Bitcoin Cash fork and the most popular Bitcoin that created the Bitcoin Cash.
According to coindesk, Bitcoin Satoshi Vision (SV) is a cryptocurrency created in late 2018 by forking the Bitcoin Cash blockchain and adjusting the protocol with larger block sizes to reduce transaction fees. The name comes from its supporters belief that cheaper fees aligns with Satoshi Nakamoto’s vision for Bitcoin. Bitcoin SV is development is led by nChain, and the new cryptocurrency was supported by early Bitcoin Cash supporters like Craig Wright and Calvin Ayre.
Bitcoin SV is started when Bitcoin Scalability faced problems. The reason of scalability issue was the block size limit of one mb which capped the transactions process maximum size of one block.
This limited scaling capabilities causes the increased of network congestion risks that can impair the cyrptocurrency blockchain that causes the rising of transaction fees and the confirmation time.
The Bitcoin developers were processing to resolve the issue. The community was split into two groups. The other side was assigned to solve the problem on blockchain in way of increasing its block size limits, the half are focusing on an off-chain resolution.
The two parties could not agreed on the generated common solutions. This disagreement causes the split of Bitcoin's Blockchain in August 2017.
The off-chain party was stayed in Bitcoin Blockchain, the half workd and created Bitcoin Cash using hard fork.They increased the blockchain limit from 8mb to 32mb.
The newly created cryptocurrency was gained supportive and productive community to promote Bitcoin Cash in everyday transactions uses.
Later on, the Bitcoin ABC developers proposed major update to add more features and functionality to cryptocurrency. Again, this proposal was rejected by Blockchain Mining and Research Firm nChain. This would caused arguments between teams.The main reason was , the adding of new functionality could be againts to Satoshi Nakamoto Vision. The nChain goal is to restore the old pieces of Bitcoin Code and to increase the limit to 32mb to 128mb.
On November 15, 2018, the Bitcoin SV was born. Its existence was created from the Bitcoin Scaling debate of Bitcoin team and the disagreement of Bitcoin Cash Community.
Smart developers can or accidentally created worth it cryptocurrency. In form of plans and scratch and some are in disagreements. That's how minds create amazing things. After Bitcoin SV, what will be the next after it? well! let's wait. Lets expect the unxpected!