Bitcoin Cash SV (BSV) has a priority, and that’s scaling. It could be argued that such was the reason behind the Bitcoin Cash fork that led to the creation of the new cryptocurrency. Faithful to that goal, the blockchain project is undergoing yet another massive upgrade. It’s now online, deployed by the Bitcoin Cash SV node team, and it’s BSV version 0.2.0
The initial impact of the upgrade should be seen today in the Scaling Test Network. The new protocol’s specifications will allow block sizes 10GB in size, which is positively massive. However, the upgrade will start “small” by issuing new blocks of 128MB.
Roughly a month later, on July 24, the network’s Main Net and Test Net will increase their block sizes as the Quasar Protocol Upgrade becomes available. It will go from 128MB to 2GB, and the default block size will settle at 128MB.
Block sizes are not the only innovation in the upgrade. A new mining API will become available too. It’s designed by Andrew Stone and Johan van der Hoeven and developed and updated in close collaboration with the BSV Node team. The idea is to make things easier for miners.
Larger blocks will require more computing power to solve the collision that enables the creation of a new block for the chain (hence, of new tokens too). The new API will give the miners only the block’s header. It will also include a new setting that can improve the performance of the existing nodes in the network.
Those two improvements are enormous, but there’s more. There will also be a formal increase to the default size of OP_RETURN to 100KB. Steve Shadders figured this change out back in January; then the miners were encouraged to change the setting. It’s supposed to be the first step in BSV’s path towards becoming the planet’s future data carrier network. Many other changes will also take place. Transactions will have faster propagation speeds, some underlying code will improve as well as some processes, and some redundant code will go away.
Leaving the MIT license behind
Another significant change is in the software’s license. BSV used to be under the MIT license (which is the license under which Bitcoin went online originally). It will now be under a new licensing scheme, native to BSV, called “Open BSV license.” Under the new license provisions, usage remains free, but node implementation and the project’s source must remain exclusive to BSV. That’s quite restrictive as open source licenses usually go, even if it looks too technical on the surface.
These changes are meaningful for those who believe that BSV is the only cryptocurrency with real-world value, and those who hold such belief will see the upgrade as evidence to that effect. For sure, it will make BSV faster, safer, and more useful than it is right now.
Scalability is the essential thing in the update, though. BSV users claim that 128MB blocks are just not enough anymore for their transactions, which is why the new block size will be of 2GB. The new, bigger blocks, should be more useful at every level and could take the network’s performance up to 3 billion transactions per second.
Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
