Dr. Craig S. Wright talks SVPool launch: ‘We will fight to ensure Bitcoin remains honest’

Dr. Craig S. Wright talks SVPool launch: ‘We will fight to ensure Bitcoin remains honest’

On August 29, Dr. Craig S. Wright took Twitter by storm when he announced the start of his personal initiative—the public Bitcoin BCH mining pool SVPool (Satoshi Vision Pool), which represents BCH miners who support the original Satoshi Nakamoto vision for Bitcoin.

Several weeks after Dr. Wright’s announcement, SVPool mined its first BCH block on October 10 and the public BCH mining pool has already mined over 50 blocks during its invitation-only beta period.

Now the SVPool is open to all public miners on the Bitcoin BCH network who want to generate more long-term revenue. The pool isn’t just for BCH miners; BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.

To give us a better understanding of SVPool, Dr. Wright took a break from his busy schedule to discuss the SVPool’s “miners choice, miners first” philosophy.

Q: What was your primary reason for starting SVPool?

We are again seeing developers who do not like Bitcoin or incorrectly think it needs to be fixed, and they are trying to subvert and alter it.

Bitcoin is capitalism and business. Miners are the heart and soul of Bitcoin. It is about time we are heard. That protocol developers are made to act in the interest of the system, for the miners.

We hear over and over from Bitcoin ABC and some of their supporters how they will find a way to remove miners, to at least castrate them. Well, we, the miners have power. It is we the miners who make Bitcoin strong and enable Bitcoin to exist.

SVPool allows other miners to support the goal of making Bitcoin a global money.

Q: SVPool is running nChain’s Bitcoin SV, the new full node implementation of Bitcoin BCH designed to fulfill the original Satoshi Nakamoto white paper’s vision for Bitcoin. How important was it to have Bitcoin SV running on the pool at its inception?

It is critical. Bitcoin SV is the ONLY team wanting to make Bitcoin great. All the others want a series of fractured shit coins and a quick short-term gain.

None of them care a hoot about Bitcoin or bringing sound money to the world.

Q: With SVPool and the growth of Bitcoin SV, you’ve mentioned the need to ensure miners have control. Why is there a need to give miners that control?

Skin in the game. Bitcoin is not one vote one person. That is a failed meme for any money; it is too easy to change. This is why fiat failed. It is subject to political whims. Money must be sound. Only miners with large long-term investments can achieve this.

Miners know that Bitcoin is easy to copy. Easy to alter. If a miner breaks trust, if they forgo the promise of sound money, then, another can take Bitcoin’s place.

It is not having a system alone, but a system that is incredibly difficult to change at scale.

There is the need to move away from letting the protocol developer groups drive or dictate what happens with Bitcoin BCH roadmap. Developer groups have controlled for far too long (first in BTC with Bitcoin Core, and now with BCH—with Bitcoin ABC), that’s why miners need to be empowered to drive things forward instead of letting developers dictate what needs to happen (such as what block cap size is appropriate, or what new OP_codes or other feature sets/changes are needed).

Immediate scaling bigger now is needed to make sure miners stay profitable—the network needs to support bigger blocks to support higher volume transactions and more in transactions fees for miners. That is KEY to sustain the network once the block reward halving comes in 2020, and then again 4 years later and so on.

Q: It’s always been important to you that Bitcoin is allowed to be Bitcoin by wanting a strict adherence to the Satoshi white paper. Can you explain its importance to you and why it should be as important to the rest of the people in the space?

There is only one way to make Bitcoin work. It is as an economic system designed to deliver sound, hard money. All the times of the best growth, fewest collapses come with sound money. The worst financial problems come with monetary debasement. Bitcoin solves this. It takes trust away from politicians. We do not need trust, only competition and rules. (The) Rules of law are set in stone at ver 0.1.0.

Q: Why should miners—and not just BCH miners—sign up with SVPool?

This is easy. They seek long-term growth, not quick money. A system they can steward over generations. A money their grandchildren will be proud to take stewardship over in generations to come.

To sum up, SVPool—like Bitcoin SV—miners are put first by stabilizing the BCH protocol. Put simply, Dr. Wright said: “We will fight to ensure Bitcoin remains honest. We will let nothing stop us. Bitcoin is sound money for the world.”

Be part of the Miner’s Choice movement for Bitcoin BCH. Join us at the CoinGeek Week Miners Day, taking place as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.

SVPool is open for business for Bitcoin BCH miners

SVPool正式对所有比特币矿工开放

无须再等待——公共比特币现金矿池SVPool现已正式开放

从今天起,SVPool对比特币现金(BCH)网络上的所有公共矿工开放。比特币现金(BCH)公共矿池是由nChain的首席科学家克雷格·怀特博士(Dr. Craig Wright)以个人名义发起的一项计划。SVPool,即“Satoshi Vision Pool”(中本聪愿景矿池),是为相信中本聪最初的比特币愿景及希望创造长期收益的比特币现金(BCH)矿工们而建立的。同时也邀请相信比特币最初愿景的比特币(BTC)矿工们使用SVPool共同挖掘比特币现金(BCH)。

SVPool在上线初期向矿工收取零手续费,以及提供PPLNS即“Pay-per-last-N-shares”(根据过去的N个股份來支付收益)模式。预计将在十一月份添加更多功能以及PPS+即“Pay-per-share plus”(每股付费+)选项。

截至发稿时间,数百位矿工及采矿集团已通过预注册加入了SVPool。这些预注册者来自美国、中国、英国、加拿大、澳大利亚、印度、西班牙、南非、巴西、德国、韩国、日本、马来西亚等许多国家和地区,充分展现了全球各地对SVPool的兴趣。

在10月10日,SVPool成功挖掘出首个比特币现金(BCH)区块。从那时起,在仅限受邀者参加的测试期间内,其已经开采出50多个区块。根据Coin.Dance的数据,在截至10月21日的七天内,尽管只限测试用户,SVPool就已占了比特币现金(BCH)区块开采量的大约3%。

SVPool is open for business for Bitcoin BCH miners

SVPool以运营比特币SV(Bitcoin SV)为骄傲,追求对比特币现金(BCH)的全节点实施,并将致力于实现中本聪在白皮书中所阐述的比特币最初愿景。与其他竞相对比特币作出不必要变更的竞争性比特币现金(BCH)实现方式不同,Bitcoin SV的开发规划路线图在于恢复中本聪的原始协议、保持协议稳定性、进行大规模扩容、继而允许大型企业放心地在稳固的比特币现金(BCH)基础上开发创建项目活动。是时候让比特币成长了,只有这种途径才能为矿工带来更多收益。要了解更多信息,请访问比特币SV(Bitcoin SV)网站。

克雷格·怀特博士(Dr. Craig Wright)解释到:

“如果您相信比特币的最初愿景,您就会相信比特币SV(Bitcoin SV)和SVPool。有很长一段时间,开发者们一再尝试改变比特币。原始的比特币中本聪协议不需要被修改。它拥有比特币现金(BCH)所需的一切,包括大规模扩容、支持交易标记化、智能合约及其他高级功能,并使其成为全球唯一的公共区块链。就像互联网有一个稳定的协议一样,比特币也需要一个稳定的协议,让企业可以建立起磐石般的基础,而不是像一盘散沙。这就是为什么我们在通过比特币现金(BCH)恢复中本聪愿景。我呼吁世界各地的矿工与我一同加入SVPool。“

SVPool还支持立即开始大规模扩容的比特币SV(Bitcoin SV)计划,其作为进一步扩大区块的一个步骤,将默认的最大区块增加到128MB。为创造一个竞争性的市场,比特币SV(Bitcoin SV)还允许矿工自行配置他们“接受”的最大区块规模。为了让比特币现金区块达到GB甚至更大,现在开始规模扩容是至关重要的。这将使大型企业产生更大的比特币现金(BCH)交易量,矿工的交易费用也随之增加。从而确保了矿工的长期收益,以弥补两年内区块奖励的减半损失(区块奖励将从12.5个减少到6.25个比特币现金),之后每四年一次。

和比特币SV(Bitcoin SV)一样,SVPool也以“矿工选择,矿工优先”为理念。通过稳定比特币现金协议,将矿工置于首位,而不是反复讨论开发者们所强加的功能更改。

怀特博士进一步观察到:

“我们必须停止这样一种想法——比特币是由开发团队负责支配,并且开发人员可以在对哈希算力有着很少或没有贡献的情况下就能实验性地更改协议。目前矿工们对比特币现金(BCH)投入的资金最多,并提供了全网的计算能力和安全性。是时候让矿工站起来了,利用他们哈希算力的声音,争取他们应得的地位,主导比特币现金BCH的未来。”

SVPool以矿工为中心,致力于确保矿工的最佳体验,包括提供国际一流的中、英文客服团队。SVPool还诚恳倾听客户意见,了解矿工们重视哪些额外的矿池功能。

CoinGeek Mining自豪地宣布管理运营SVPool。 CoinGeek Mining的首席执行官塔拉斯·库利克(Taras Kulyk)表示:

“CoinGeek支持克雷格·怀特、比特币SV(Bitcoin SV)以及SVPool,因为BCH是唯一能够真正实现中本聪愿景的比特币。我们以支持SVPool为骄傲,并邀请全球所有比特币矿工加入我们,帮助比特币完成它与生俱来的使命。”

无独有偶,矿工们还受邀参加CoinGeek周的矿工日,该日将作为在伦敦举行的CoinGeek周大会的一项重要活动,届时SVPool团队与CoinGeek团队将亲临现场,与参会者共同探讨如何帮助比特币现金BCH发挥全部潜能。您现在就可通过Eventbrite预订参会席位,这次为期三天的盛大会议将成为今秋最为重要的一场比特币现金BCH大会。

SVPool is open for business for Bitcoin BCH miners

SVPool is open for business for Bitcoin BCH miners

The wait is over— public Bitcoin BCH mining pool SVPool is now open for business.

SVPool is open for business for Bitcoin BCH miners

Effective today, SVPool is open to all public miners on the Bitcoin BCH network. The public BCH mining pool is a personal initiative of nChain Chief Scientist Dr. Craig S. Wright. SVPool (meaning Satoshi Vision Pool) is for BCH miners who support the original Satoshi Nakamoto vision for Bitcoin and want to generate more long-term revenue. BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.

SVPool will initially offer zero fees to miners, and launches with initial Pay-per-last-N-shares (PPLNS). It plans to add more features and Pay-per-share plus (PPS+) options in November.

At press time, hundreds of miners and mining groups have already pre-registered for SVPool. Demonstrating truly global interest, the pre-registrants come from the United States, China, United Kingdom, Canada, Australia, India, Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, and many other countries.

SVPool mined its first BCH block on October 10. Since then, during an invitation-only beta period, it has already mined over 50 blocks. On a seven-day basis ending October 21 with just beta users, SV Pool already accounts for approximately 3% of BCH blocks mined, according to Coin.dance data.

 

SVPool is open for business for Bitcoin BCH miners

SVPool proudly runs Bitcoin SV, the new full node implementation of Bitcoin BCH designed to fulfil the original Satoshi white paper’s vision for Bitcoin. Other competing BCH implementations (such as Bitcoin ABC) seek to experiment with unnecessary technical changes to the Bitcoin protocol, which will disturb the economic genius of Satoshi’s system. In contrast, Bitcoin SV’s roadmap is easy to understand: restore the original Satoshi protocol, keep it stable, enable the BCH network to massively scale, and professionalize Bitcoin. Aimed at business users, the SV implementation will allow global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol. It’s time for Bitcoin to grow up, and this path will generate more revenue for miners. To learn more, visit the Bitcoin SV website.

Dr. Craig S. Wright explains:

“If you believe in Bitcoin’s original vision, you believe in Bitcoin SV and SVPool. For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin does not need to be fixed. It has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain. Just like the Internet has a stable protocol, Bitcoin needs a stable protocol so businesses can build upon a rock solid foundation rather than constantly moving sand. That is why we are restoring the Satoshi Vision through BCH, and I ask miners of the world to join me in SVPool.”

SVPool also supports Bitcoin SV’s plan to immediately begin massive scaling, by increasing the default maximum block size to 128MB as a step to even bigger blocks. Bitcoin SV will also allow miners to configure their own maximum “accept” block size to create a competitive marketplace. Increased scaling now is critical to reach GB and bigger size blocks, which will enable higher BCH transaction volume by major enterprises and more transaction fees for miners. This will ensure long-term profit for miners to compensate for the next block reward halving in 2 years (reducing the block reward from 12.5 to 6.25 BCH) and every four years after that.

Like Bitcoin SV, SVPool has a “miners choice, miners first” philosophy. Miners are put first by stabilizing the BCH protocol, rather than repeatedly debating feature changes imposed by developer groups.

Dr. Wright further observes:

“We must end this thinking that developer groups are in charge of Bitcoin, and that developers can make experimental changes to the protocol when they have little or no investment in hashing power. Miners have by far the most money invested in BCH and provide the network’s computing power and security. It is time for miners to stand up, use their hash power voice, and take their rightful place to direct the future of Bitcoin BCH.”

With its miner focus, SVPool strives to ensure miners have a great experience. This includes providing a world-class highly responsive customer service team in both English and Chinese languages. SVPool will also listen to customers to learn what additional pool features are important to miners.

SVPool is proudly managed by CoinGeek Mining. Taras Kulyk, CEO of CoinGeek Mining, states:

“CoinGeek stands behind Craig Wright, Bitcoin SV, and SVPool in the knowledge that BCH is the only true Bitcoin that fulfills the Satoshi Vision. We are proud to support SVPool, and invite all Bitcoin miners of the world to join us, and help make Bitcoin what it was always meant to be.”

In addition, CoinGeek invites all miners to the CoinGeek Week Miners Day, which is part of the CoinGeek Week Conference in London this November. The SVPool and CoinGeek Mining team will be on-hand to discuss how you can do your part in making Bitcoin BCH realize its full potential. Secure your seat today via Eventbrite for the three-day conference that’s shaping up to be the essential Bitcoin BCH conference this fall.

Bitcoin SV: Achieving the Bitcoin Cash Agreement of Nakamoto's Vision

Bitcoin SV:秉承中本聪愿景的比特币现金协议实现

2018830日,来自nChain的吉米·阮(Jimmy Nguyen)与克雷格·怀特博士(Dr. Craig Wright)在泰国曼谷向参加“比特币未来峰会”的矿工(以及比特币现金开发组织)发表了开幕演讲。他们在演讲中阐述了矿工们为什么应当支持Bitcoin SV——旨在实现中本聪最初愿景而推出的比特币现金协议全新完整节点实施。感谢@cryptomic将峰会发言录音整理为文字。

吉米:大家好,我是吉米·阮,nChain的首席执行官。我将与怀特博士共同主持今天的会议。首先,非常感谢各位前来参加会议。我们相聚与此缘于我们对比特币的共同关注与热爱。尽管我们在理念上可能存在一些分歧,针对这些分歧,我们今天有必要展开讨论,但是我认为我仍需要提醒大家,我们今天相聚于此的初衷在于我们对这样一份势将实现中本聪愿景的比特币协议的高度关注,因为这意味着我们可以实现比特币现金(BTC)与生俱来的使命。比特币现金旨在让比特币从BTC回归原有理念,而我们今天的讨论很大程度上将在这个框架下展开。

我希望利用今天上午的时间来谈一谈几个事关全局的议题。我认为,这些议题能说明我们对于这种新兴比特币协议的前景持有何种观点和态度。今天,我还想讲一讲我们为什么坚信这种比特币协议的稳定性好、扩展性强、安全性高、并且所有人均可从中获益。让我来具体说明我们如何得出这一结论。这样讲是因为,最新发布的Bitcoin SV所倡导的理念旨在回归中本聪最初的愿景。

我知道许多人一直想要看代码,为此我们连夜在GitHub存储库中发布了代码的Alpha预览版。大家可以访问GitHub存储库查看代码,但是这个版本尚未经测试。测试会在大约一周后开始。稍后史蒂夫(Steve)将会为大家详细介绍代码测试相关的问题,现在我们继续刚才的话题。此外,在克雷格的主持下,我们还连夜推出了一个矿池“SVpool”,让感兴趣的矿工们可以参加节点部署工作,以实现我们将要介绍的愿景。目前这一项目的预注册已经开始,许多矿工已经完成了预注册,通过这种方式,我们为矿工提供了一个选择的机会,因为我们认为,就规划比特币的路线图来说,让矿工表达自己的见解、拥有选择的权利是非常重要的。

我们认为现在是时候发展壮大以比特币为主题的完整世界和生态系统并实现专业化,这正是我们目前倡导的理念。为什么这样说呢? 我们想说的是构建一份稳定的协议。中本聪在其早期的一些著作中写道:“比特币的本质是,一旦0.1版本发布,其核心设计即得以固定,并且在今后的整个生命周期中均不会发生改变。”这句话的意思是不是说不能做任何修改? 当然不是,如果那样就太荒唐了。但是我们的确相信比特币与互联网一样,互联网所依赖的协议从诞生之初至今几乎没有什么变化,在这样的条件下还能让公司在互联网上可靠地开发各种应用程序和网站,因此比特币现金区块链技术也需要发展到同等水平。一份稳定可靠的协议不会每隔3到6个月就会引发开发者之间针对应当开发何种功能产生分歧,这种分歧对于任何人来说都没有好处。这也是为什么我们提倡并且正在采取必要的措施逐步回归到原本的比特币协议,回归之后我们便可将这种协议固定下来,仅在人们提出至关重要的变化时对协议进行修订。但是我们必须为世界各大公司建立稳定的框架,然后在此基础之上发扬壮大。

克雷格:一项提议并不仅仅是指提出一个想法。而是在提出想法的同时,列举出用例、数据、测试结果。此外,这并不是简单的工作,而需付出大量努力。你们还要说服大多数矿工,要实现这个目标,我们需要采用与过去完全不同的方式。

吉米:因此,大家所能想到的最佳方式就是: 我们希望世界各国的公司能在这种区块链技术的基础之上向前发展。大家希望这种区块链技术基础如流沙一般一推即倒,还是如岩石一般坚不可摧? 大家要牢记这一点的重要原因是,虽然今天到场的许多听众并非国际大型公司的运营者,但是这些大公司在考虑使用比特币现金时,向我们提出的第一个问题便是“比特币现金是否具有强大的扩展性,是否足以支撑我们的大项目?”、“我们什么时候能真正地开始实施?”或者“如果我们不确定区块链是否具有充分的扩展性或者不确定所采用的协议在未来一两年中会发生什么样的变化,我们是否应该投入数百万美元来开始执行这个具体的项目?”。

大公司在做出项目执行决定前会进行此类非常务实的探讨。这就是为什么我们提倡建立一种坚若磐石的稳定协议,让国际大公司对协议可靠性感到放心,而这才是比特币网络未来的发展壮大之道。因此,我们所提倡理念的种种益处均无需对比特币现金协议进行不必要的实验和变更。试想,如果我们将协议固定下来、在此基础上发展壮大,未来会怎样呢?

过去几个月中出现的诸多分歧令人感到遗憾,但是这些分歧是去中心化开发领域必然会出现的结果。就其本身来说,这些分歧无可厚非,但是却影响了比特币网络的发展。我们认为,如果能将这种协议固定下来并让世界各国的商业开发者在固定的协议基础上开发各种应用程序、执行各种项目,势必会产生更好的效果。此外,开发者团队之间也无需每隔半年就要针对具体特性进行没有实质意义的争论。这样的环境实际上可以为大家营造一个更加稳定的生态系统,提供更多确定性,并最终促进比特币网络的发展。身处这样的环境,矿工的收入会有所增加,而在比特币网络上运营的各家公司亦可获得更高的收入。稳定性对于任何商业生态系统的发展均大有益处。

我们还需要开发协议的可扩展性。我知道,在比特币现金开发领域,对于如何实现扩展性仍存在一些争议,而存在不同的观点意见也实属正常,但是我认为,我们必须牢记,在中本聪的早期著作中最初提到比特币时就已经预测这种数字货币具有扩展性——这就是比特币网络能以这种方式在当时的硬件基础上以极低的成本进行扩展并在规模上超越VISA网络的原因。扩展性方面的愿景始终如一。

克雷格:比特币网络的设计初衷自始至终均非家庭用户网络。我不关心人们是否喜欢比特币网络。我也不在乎人们是怎么看待比特币网络的。比特币网络面向的是数据中心。它被设计开发为一种货币。如果仅仅用作一种出于个人爱好而运营的节点,那么永远也不会拥有50亿用户。如果你仅仅出于个人爱好来运营节点,那就自己去制造一种垃圾币,不要阻挡比特币的发展壮大。

吉米:当然,这几点也来自中本聪早期发布的帖子,也就是说设计基础能够维持用户,当节点数量变少时,运行一个节点的压力会变得更大,这种情形会催生出规模巨大的服务器农场。有些人抵制这种想法,认为这本身并没有什么问题。然而,这种设计支撑比特币继续发展、走向专业化。那么从经济学角度来讲这意味着什么? 在过去一周中,我们在nChain用一些业务分析建立了一些模型,对于现在快速扩展区块大小为何如此重要进行了评估。重要性在于快速扩展会直接影响矿工的经济需求。在两年内,区块奖励将再次分裂成两半,降到6.25个比特币现金(BCH)。因此如今正在挖矿的矿工们在两年后能够拿到的奖励只有今天的一半。要保持目前的盈利能力,就意味着他们必须在两年内以其它方式弥补6.25个币值,这势必通过交易手续费用及更高的交易量方可完成。

克雷格:但是这并不能实现,因为大家手里的比特币数量在减少。像比特币(BTC)这样愚蠢的想法往往会说“币量减少后,价格会翻番”。胡扯! 实际上并不是币量减少,而是被挖出来的比特币少了。仔细想想,就能发现这种想法是拉高出货的旁氏骗局。投机行为将不复存在。两年后,我们将面临的是币量减半但价格不变的局面。

吉米:我们必须从现在起让比特币网络做好准备迎接即将到来的大规模扩展,这样才能确保矿工在相同的经济利益驱使下继续挖矿,继续保护和发展比特币网络。那么这对于未来意味着什么? 这意味着矿工们将更加依赖交易手续费和交易量。他们的收入将来自多个渠道,不仅仅来自支付交易(支付交易需要的数据量最少,因此其费用也将最低),而是来自于代币应用,智能合约应用,嵌入数据、文件和op-return指令的应用程序,以及如今与我们接触的各公司所开展的大量相关项目。

我们会将个人交易手续费保持在较低水平,以便人们可以继续使用比特币网络,特别是便于实现比特币作为电子现金的初衷。但是,这意味着交易量必须提高,也就是说我们必须从现在开始着手大幅提高区块规模。

接下来,让我来介绍我们所建立的一些模型 —— 这些模型尚未经过精雕细琢,因此我并不希望大家把它们当做是精确的科学成果。大家可以按照自己的方式来操作我们插入的一些变量。在今天的会议结束时,大家一定会得出明确的结论。我们也建立了模型来分析交易手续费应该保持在什么水平才能弥补未来两年将要失去6.25个比特币现金的区块奖励。我们分析了两年内的三个不同的比特币现金价位。假设比特币的单价为1,000美元,那么你要弥补的区块奖励损失将为6,250美元,当比特币的单价达到5,000美元时,需要弥补的损失将会达到31,250美元,而当币值达到10,000美元时,需要弥补的损失将会达到62,500美元。

Bitcoin SV: Achieving the Bitcoin Cash Agreement of Nakamoto's Vision

我们对各种交易类型分别进行了分析,鉴于一个区块中不可能仅使用支付交易,因此我们的分析是基于一个区块中出现多种交易类型的假设条件。我们最初评估的交易类型是支付交易,支付交易的字节非常简短,只有225个字节,相比之下,智能合约交易大约为1,000个字节,而代币则为1,500个字节。未来我们还会进行更多分析,而这仅仅是我们评估工作的开端。

我们分析了三种可能出现的交易手续费费率。在此,我们均采用每字节的美元价格(而非聪)作为计量单位。按照这种想法,比特币网络的发展演变决定了交易手续费处于低、中、高哪一水平。在这个基础上进行建模分析时,交易手续费会发生什么样的变化? 当然,费用的多少取决于交易的规模。

Bitcoin SV: Achieving the Bitcoin Cash Agreement of Nakamoto's Vision

我们在交易手续费为0.00009美元(即每字节只需要一美分的一小部分)的低费率水平基础上建立了模型,分析结果显示,支付交易的手续费用处于低费率时(仅为本模型分析之目的,实际上我们认为费率水平仍然居高,交易手续费应该更低),可能为2美分,智能合约交易可能为9美分,而代币交易可能为13美分。

我们对中等和高费率也进行了建模分析。此外,我们认为任何给定区块均会保存这些交易类型的不同部分——因此,我们没有办法作出准确预测,只能对平均水平作出评估。实际上,通过这种方式得出的费率会比我们认为的理想费率要高,但是这也意味着,即便我们提高了个人交易手续费,仍需扩大区块规模。接下来,我们针对“要填充一个区块,收取足够的交易手续费来弥补区块奖励的损失,需要的总交易量是多少?”这一问题做了分析评估。

Bitcoin SV: Achieving the Bitcoin Cash Agreement of Nakamoto's Vision

如果区块容量完全由支付交易(字节数最少的交易类型)填充,那么你需要完成大量的支付交易。你大约需要完成160万笔个人交易才能使手续费达到5,000美元的中等币值水平。如果我们将各种交易类型组合起来,假设其中40%为支付交易、30%为智能合约交易、30%为代币交易,所需要完成交易量则会大幅减少,这是因为有些交易类型的字节数较多。每个区块的总交易量大约为80万笔。这一情况最终会对区块规模产生什么影响呢? 这就解释了为何我们认为现在亟需开始着手扩展区块规模。

在低交易费场景下,我们计算了“完成这些交易并产生6.25个比特币现金(BCH)价值所需要的最小区块容量是多少?”就最小容量来说,在比特币现金单价为1,000美元时(假设费率保持在较低水平),你需要67.1MB的容量,在单价达到5,000美元时,需要335MB的容量,而在单价达到10,000美元时,则需要670.6MB的容量。但是这一分析是基于整个区块均被填满的假设条件下做出的,而在实际情况下,没人会取用区块100%填满的比特币网络。

Bitcoin SV: Achieving the Bitcoin Cash Agreement of Nakamoto's Vision

这仅仅是通过这些交易弥补区块奖励所需要的最低容量。在克雷格看来,理想情况下网络的区块上限应当(至少)为每日平均交易量的50倍,这样一来才能确保达吞吐量达到实现增长的水平。接下来,我们计算了“在2%的区块容量利用率下,最大区块容量是多少?”然而,如果大家希望采用不同的分析方法,可以选择10%的区块容量利用率,但是实际上我们并不想做这样的分析。如果大家想要进行较为保守的分析,可以采用10%的利用率来分析。在低手续费场景下,分析结果显示我们需要的最大区块容量在两年后将达到3.3GB、16GB、甚至32GB。如果交易手续费持续上涨,场景则会发生变化——我们并不需要大容量区块,因为这会导致交易手续费的进一步上涨。

克雷格:当然还存在一些其他问题。如果交易手续费用较高,那么我们在与其他行业以及类似技术的竞争过程中就失去了明显优势,也就无法实现足够多的交易量。因此除非交易手续费保持在较低水平,也就是说提供容量更大的区块,否则我们就会面临失败。

吉米:但即使在较高交易手续费的场景下,我们仍然需要讨论如何提供容量相对较大的区块。在这种场景下,最大容量可达1.3GB、6.5GB或13 GB,甚至连最低容量也将达到894MB、4GB或8GB。而这是两年之后的情形。

如果我们已经面临或者将要面临这种情形——大家可以按我的变量设置来查看结果,或者使用你们认为更加合理的数字来进行分析,但是会得出同样的分析结论。我们需要容量更大的区块来支持必要的交易量和规模,从而确保矿工们继续获得相同的收入,用以弥补区块回报减半的损失。而这在两年之内将会实现。

如果在未来两年内我们就必需要支持接近4GB或16GB的容量,我们需要立即采取行动,而不能在一年之后再开始行动。我们必须现在就要开始,因为这项工作的开展将起到至关重要的作用,如果没有开展,那么两年后,在挖矿利润下降的情况下,矿工无法达到所需交易量与手续费,进而无法产生实际收入,而这最终会威胁到整个比特币网络的生存与安全。

克雷格:除此之外,人们已经开始展望未来、未雨绸缪。现在还有一些其他选择。他们可以转而投入比特币现金的怀抱,但在此之前,他们需要确定两年后比特币现金的发展水平能让他们切实地开始进行相关交易,而在这一点上问题确实存在: 正规组织实际上需要两到三年的时间来开发应用程序。若你只用三周时间就快速开发出了一个应用程序,大家都会认为那是一堆垃圾。因此大家不会这么做。正规组织的程序开发要投入多年时间。我在澳大利亚股票交易所工作时,NIPA网络的开发工作就耗时五年之久。工作人员用了五年的时间来规划这一网络。那就是一家真正规范的股票交易所。SBI(印度国家银行)熟悉这一领域,但即便在熟悉的领域,他们也花了两年的时间来规划。你们不可能在投入了几百万美元之后,才开始考虑“这没什么,再过两年协议应该没问题了。” 你们需要确保这个协议会贯彻始终、保持不变,在未来6年、8年、甚至10年以后仍然不会有任何变化,否则你们一定不会轻易作出投资。

吉米:因此我们呼吁提高协议的扩展性并不是武断之举。那并不是因为克雷格和我,或者nChain团队,无所事事之余瞎捉摸着说到“我们就是需要128MB”或者“不管你能想到多大的容量,我们都要。”我们发起倡议是出于最根本的需求,因为当前从经济角度上来看,挖矿网络以及矿工们的收入必须现在就开始不断扩展。我们发起倡议的另一个原因是,我们与大公司之间的交流推动了这项工作,他们向我们询问“嗨,你们能帮我们想一想如何在比特币现金区块链上部署‘空白区块’吗?”它可以是一项不动产物权登记服务、一种订立智能合约的新方法、或者一家去中心化股票交易所。这些公司和我们讨论过各类形形色色的项目,但是他们却始终不愿开始进行开发,而原因就在于网络容量不够发达,这需要(就像克雷格所说)有些公司花费至少一年、有时两年时间来搭建一个复杂的项目,而这还仅仅是在稳定的互联网环境下运行的项目。相比之下,他们不愿开始着手在比特币现金网络上进行开发,因此,我们需要作为一个整体来说服他们,告诉他们这种协议具有稳定性并且能够进行大规模扩展,否则,相关的开发根本不可能发生。

我们上周就曾经与一家公司讨论过它旗下一家借助区块链技术提供不动产物权注册服务的合资公司。他们喜欢用比特币现金区块链技术,但是他们想要记录的信息不仅仅包括所有权,还包括建筑物或土地的3D图像信息,而这会产生巨量数据(他们愿意为此支付高额奖励与交易手续费),然而他们在现有的网络环境下根本不会考虑用比特币现金来实现这一需求。也许大家认为这并不重要,但这是未来交易量、交易手续费和矿工奖金的来源。

克雷格:光是那家集团愿意投入的资金就已经足够进行这项工作,而且在数据成本上还可以收取年金。所谓的年金是指终身付费。可以说前期付款额能买下人类出现以来生产的所有硬盘。他们愿意支付前期费用加上溢价,来建立一个分布式网络,支持1,000个不同的矿工,这超出了我们现在的规模。我是指在矿池中的矿工。人们愿意支付如此巨款来打造这样一个网络

吉米:因此,我们鼓励向这个方向发展,这个方向可以确保网络的生存与成长。而且,我们不能单纯地把比特币现金局限在原有的(在我们看来也是最主要的)目标,仅作为一种电子现金。挖矿区块奖励即将腰斩的趋势并不足以支持整个网络的发展,而且这样一来,更不会吸引到大公司来将它打造成我们想要的样子——未来的全球公共账本。就像我们都在同一个公共互联网上生活、工作一样,我们真的相信并且要尝试开始着手向加密与区块链的世界发展,并且在比特币现金区块链这个唯一的公共账本上进行运营。

克雷格:在与世界黄金协会等组织展开的讨论中,他们的清算数据——不是交易数据——将会超过GB级区块。而且这仅仅指每日清算数据。

吉米:那么现在的问题在于“毫无疑问,各个开发组织之间存在理念上的分歧,那么我们在区块规模方面应该采取何种举措?”当我们宣布发起Bitcoin SV项目时,我们相信默认的区块规模应当是128 MB。现在也许你能明白为什么这并不是一个武断的决定。这是我们认为两年后取得发展进步需要要经历的道路。

然而,我们可以完全接受不设任何上限的、由矿工自行设置的想法,因为我们认为最终矿工应当负责指引比特币开发的未来道路,而不仅仅是依靠开发组织。毫无疑问——他们是维持网络的首要用户,并且这种做法可以让他们根据市场需求、市场用量、以及自身对交易类型与挖矿能力的需求进行配置。

因此我们完全可以接受这两种截然不同的方式,我认为很多人会愿意采用矿工自行设置的方式。Bitcoin ABC在调试设置环境下允许自行配置最大区块规模,但是也许很多矿工并没有注意到这一点。我们通过Bitcoin SV想要实现的目标实际上就是对这种功能进行迁移并让其变得更加明显。

这实际上类似于Bitcoin Unlimited最新提出的共识方式。因此,我认为矿工自行设置的方式实际上与不同开发组织普遍采取的方式具有一致性。所以,在SV中,史蒂夫会将这种设置排列在明显位置,以方便大家使用。他稍后会对此进行详细介绍。

最后,让我们来谈一谈安全。大家都认为,比特币现金网络应尽可能变得更加安全,这一点非常重要——我想对此谁都不会有所异议。我们也同意,不能武断地开始扩展,让区块越来越大,我们在扩展的同时需要保证安全。史蒂夫和安迪会向大家详细介绍这方面的内容,我们正在启动我们自己的两个千兆区块测试网络——实际上一共三个,两个自有网络,一个由外部运营,从而来继续进行Bitcoin Unlimited等公司已经启动的测试。随着工作的不断推进,我们将会发布相关数据。

史蒂夫将负责改进代码,我们在硬件加速方面还可以进行一些开发,这将有助于加强安全性。我们刚与外部安全公司商定进行Bitcoin SV代码的审计工作,我们会继续与这家公司合作并使用公共代码漏洞报告奖励程序来执行主要软件开发公司所做的工作,正如微软和谷歌会在软件上采取的步骤。他们会逐步推动这一过程的专业化。这并没有什么问题。这样做不仅没有什么问题,而且正是开发领域需要进步的方向。

史蒂夫正计划着和我们的团队进行安全升级:我们将使用Gigablock Testnet来进行压力测试。随后,我们会向挖矿领域提供数据,使矿工们能自行决定区块规模是否安全。我们不想每隔6个月就告诉他们“目前来看区块应该这么大”。毫无疑问,我们可以提供数据,给出建议,然后由矿工来决定怎么做,权衡风险与回报,做出合理的决定,因为我们想要赋予他们自行决定的权利。

克雷格:这些事项不应当由开发者来决定。这应当是一次竞争性选择。矿工应当力争取得最好的结果。关键在于,我们不愿意支持落后的矿工。我们想让最出色的矿工来运营这个网络并实现盈利。如果这意味着淘汰掉表现最差的20%矿工,那也同样意味着表现出色的矿工能挣到更多的利润。如果能够挣得更多利润,就能吸引行业中更加出色的人才加入。这就是资本主义的运作方式。这也是自由市场的运作方式,没有任何技术统治论者能左右自由市场的发展。

吉米:我们原本打算花些时间来介绍协议修改带来的一些问题,但是我会把这个时间留到稍后的技术特性讨论来回答大家的问题。最后,我想对我们所提倡的这种方式所具备的种种优势进行一个总结。我们认为,这种方式并非与其他团队的方式完全不相容。

我想明确一点,我们并不希望比特币现金出现分裂。

我们不想分裂今天在座各位长久以来的工作成果,因为在座许多人付出了辛勤劳动并创造了比特币现金的今天,我们对此万分感激。我们认为,过去几个月中进行的讨论所揭示的理念分歧在于,我们应当向哪个方向发展以及谁应当主导路线图。我们认为应当快速进行扩展——大幅扩展,但是前提是要保证稳定并且锁定协议,在这一基础上,未来开发组织之间才不会产生无谓的分歧。我们相信矿工应当推动相关的决定,我们应当给予他们做出决策的权利。

克雷格:比特币并不是要让每个人运行自己的结点。这并非去中心化长久以来的宗旨。它还是稳定的资金。这就回到了最初的内容,比特币与生俱来最为重要的就是能提供稳定的资金。它拥有分布式系统,任何只有一个参与者的系统都有可能被关闭、修改,这样的系统是不稳定的。只有在优秀矿工之间进行充分竞争,我们才能获得最稳定的资金来源。

吉米:最后,让我来总结一下我们所提倡的方式所具有的种种优势——我们想要快速、安全地扩展,为什么提出这样的需求:这并不是因为克雷格早晨醒来后,突然想到“哦,我们想要规模更大的区块。”而是因为系统中与生俱来的经济因素促使着我们朝着这个方向去发展,而且需要立即开始着手开展。我们希望锁定原始的比特币协议,以便让企业可以通过可靠的方式在稳定的基础上构建业务。通过质量保证和安全审计使整个过程专业化。推动零配置安全机制。

我们希望可以打造出一种可以实现全球快速导入的渠道,这不仅仅是为了支付交易,而且还为了便于大公司参与进行,只有这样才能带来对矿工至关重要的收入。矿工只有在保持盈利、挣钱的基础上,才会在两年后继续挖矿,而我们提倡的方式会为他们带来高溢价服务,例如数据、不动产物权注册服务等机会,由于需要的数据容量越来越多,他们的收入也会随之增加。

最后,我们希望矿工拥有选择和表达看法的权利,让他们来推动这项事业向前发展,让开发组织实现他们最初的目标——回归到比特币的最初愿景。但是,我们要以前所未有的方式给比特币更多的空间来发展、来呼吸,然后了解未来的发展趋势。如果在几年后,人们提出希望做出任何变化,我们可以对此进行仔细考量,但并非目前的每六个月就做一次这样的尝试。

克雷格:10年前曾有这样一句话。“再过20年,我们要么拥有巨大无比的交易量,要么一无所有。”我们已经走过了20年的一半。如果我们在接下来几年中不去扩展,那么我们已然接近终点。事情就是这么简单。你们所有的投资都会打水漂。我们要么扩展,要么还不如什么也不做等待终点的到来。

吉米:最后,让我再次强调这一点。我们需要为国际企业创造坚实的、可大幅扩展的基础,便于他们随后在此基础之上继续添砖加瓦。否则,他们是不会在一推即倒的流沙上创建任何东西的。所以在接下来的几个小时、几天的讨论中,请将这一点牢记在心。感谢各位对比特币的热情与支持。我们拥有共同的目标,我想我们一定不能忘记这一点。

Bitcoin SV version 0.1 goes live

Bitcoin SV 第0.1版正式上线

领先区块链技术研发机构nChain将于11月对比特币现金(BCH)网络进行升级,在升级前一个月,nChain于本月15日推出了Bitcoin SV客户端的最终测试版本。最终测试版本推出后,nChain鼓励比特币现金(BCH)矿工和矿池开始尝试使用Bitcoin SV。

Bitcoin SV中的“SV”是Satoshi Vision(中本聪愿景)的缩写。Bitcoin SV提供了一种全新的全节点比特币现金(BCH)实现方式,旨在实现中本聪(Satoshi Nakamoto)最初在其比特币白皮书中所设定的愿景。与其他竞相对比特币作出不必要变更的竞争性比特币现金(BCH)实现方式不同,Bitcoin SV的开发规划路线图在于恢复中本聪的初始协议、保持协议稳定性、进行大规模扩容、继而允许大型企业放心地在稳固的比特币现金(BCH)基础上开发创建项目活动。

Bitcoin SV 第0.1版发布在 GitHub,上,其中重新启用了OP_MUL、OP_INVERT、OP_LSHIFT和OP_RSHIFT这些中本聪操作码,为11月份即将进行的比特币现金(BCH)升级提供了前期支持。接受区块的默认最大规模软限制也从32MB提升至128MB。

在为期5周的公开测试结束后,本最终测试版本仅对公测版作出了一项重要变更,即将每个脚本的操作码数量限制提升至500,这一变更并未完全解除操作码限制。Bitcoin SV团队计划在完成其严格质量保证框架下的进一步测试流程后完全解除操作码限制。

本最终测试版通过禁用家庭用户的特色功能(如图形用户界面(GUI)和Windows支持),对用户进行了简化整理,重点关注企业用户核心受众。SV项目的技术总监史蒂夫•施德斯(Steve Shadders)提出:“现在,是时候带领比特币走上精准的专业化发展道路了。因此,Bitcoin SV将企业用户设定为其目标用户群体,用户主要包括矿工及一些加密货币交易所和商家。通过移除不必要的功能,我们可以集中精力开发核心用户群真正关心需要的功能。”

此外,本次最终测试版本还移除了2018年5月升级的自动重播功能和激活逻辑,同时还引入了针对恶意同行行为,特别是所谓的“无限块攻击”的保护功能。

展望未来,Bitcoin SV将更加注重比特币现金(BCH)的可扩展性。SV项目的首席开发员丹尼尔·康诺利(Daniel Connolly)解释到:“对于本次的最终测试版本,我们的开发重点在于,通过变更集最小化来实现协议的稳定性。在后续版本中,我们计划进行更新升级,以实现比特币现金(BCH)网络的大规模扩容,为全球大型企业的使用提供足够的容量支持。”

Bitcoin SV被评选为几大最有前景的比特币现金(BCH)节点实现方式之一,Bitcoin SV的开发目的旨在赋予矿工权利,让矿工来指导比特币的未来发展,并确保比特币现金(BCH)矿工保持盈利能力。矿工将拥有选择权和发言权,借此推动比特币恢复至最佳状态 — 即采用无限容量区块、初始操作码以及在协议上未强加任何人为限制的状态。

但为何现在即需开始扩容?根据nChain集团首席执行官吉米·阮(Jimmy Nguyen)解释,原因非常简单:矿工有直接的经济需求。

近期在泰国召开的2018曼谷比特币未来峰会上,阮解释了从现在开始急需对区块规模进行快速扩容的原因:“在未来两年内,区块奖励将再次减半,预将减至6.25个比特币现金(BCH)。在区块奖励减半的情况下,现在采矿的矿工两年后的收入将减至现在的一半。为了保持矿工目前的盈利能力,矿工需要在两年内通过其他方式补足6.25个比特币现金价值,这也就意味着交易费用必须增加并且交易量必须有所提高。”   事实上,为了保持矿工的盈利能力,到2020年,比特币现金(BCH)网络需要达到千兆字节区块规模,因此,必须从现在开始进行大规模扩容。

点击此处了解Bitcoin SV第0.1版的详细功能,并加入比特币现金(BCH)旷工选择运动。

Bitcoin SV项目是应安提瓜岛的CoinGeek Mining要求在其赞助下创建的,项目开发工作由nChain完成。Bitcoin SV项目由安提瓜岛的bComm协会代表全球比特币现金(BCH)社区所有,Bitcoin SV代码根据开源MIT许可证进行提供。

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NCHAIN简介:nChain是区块链技术研发领域的一家全球领先企业。nChain的使命在于,以比特币现金(BCH)作为真正比特币的基础上,实现比特币网络的大规模增长及全球广泛采用。

Dr. Craig Wright leads seminar on where cryptocurrency is heading

Dr. Craig Wright leads seminar on where cryptocurrency is heading

On a recent trip to Wales with nChain’s CEO, Jimmy Nguyen, Dr. Craig Wright took the stage to provide the audience with the science behind the importance of blockchains and, in particular, how Bitcoin BCH is positioned to be a leader in the adaptive world of global economics. His presentation delivers an invaluable lesson on why now, not three years into the future, is the time to push the industry forward.

As the cryptocurrency expert and chief scientist for nChain explained, “[Bitcoin BCH] is not just money…it is the foundation for everything that we see. [Bitcoin BCH] was always the future—some want to stop this; it cannot be stopped. It’s a better technology—we’re going to stop it where it is and let businesses grow.”

He pointed out what Bitcoin BCH enthusiasts, and a growing number of merchants, have already come to realize. Bitcoin BCH is the leading blockchain for new commerce and technology. It is the only blockchain that continues development following the original design of cryptocurrency and this has facilitated greater acceptance of the Bitcoin BCH cryptocurrency as a legitimate alternative to fiat by merchants.

Of course, as Wright mentions in the seminar, cryptocurrency isn’t the solution to all of the world’s problems. However, it can certainly solve a big one—the need to rely on intermediaries to manage and administer monetary transactions, giving control back to the currency holder to manage their funds. Ultimately, Bitcoin BCH is a viable and convertible virtual currency.

Wright indicates the importance of commercialization to see blockchains succeed. Just like with the Internet, blockchains can only thrive if they’re commercialized. To accomplish this, they must provide something businesses and entrepreneurs can use. They must be stable so that business owners can have the confidence to know that any product or service they implement on the blockchain will still be valid five or ten years into the future.

This stability won’t come automatically. It has to be forced by the blockchain. This means that the changing policies and protocols every few months, as attempted by some developers, only leads to degradation of confidence and doesn’t serve the ultimate goal of Bitcoin BCH. Only through stability will greater acceptance be achieved, which will lead to even more security and adoption.

Some blockchain developers only want to develop—it’s in their nature to want to tweak and change. However, this approach is counterproductive to the future of the blockchain. This is one of the main reasons that nChain has worked to help produce the Bitcoin SV full-node implementation of Bitcoin BCH. It will help to ensure that change can’t occur “for change’s sake” and lead to better stability and reliability.

Bitcoin SV will also ensure that there is more of a focus on consensus approval for innovation of the blockchain, and less control by those that would have the network developed based on their whims. As Wright aptly puts it, “[Bitcoin BCH] is not a social network.”

We’re from the International Monetary Fund, and we’re here to help

In late 2018, it’s strange to me so many adults require, crave minders. In financial matters especially, aren’t you sick and tired of having a government nanny at every interval of life? I’ve seriously had an ass full. And when it comes to money, the ticket by which we measure success, wealth, time, and access to the good life, every attempt at bureaucratic intervention grates, gnaws at me to my core.

We’re from the International Monetary Fund, and we're here to help

To that end, the International Monetary Fund (IMF) has had a more hate-than-love relationship with cryptocurrency, at once pretending (early on) to embrace the tech while at the same time ramping up warnings. Christine Lagarde and her outfit for a solid calendar year, going back to this very month in 2017, have been hammering away at cryptocurrency.

In its recent and very typical over-titled report, World Economic and Financial Surveys: World Economic Outlook, Challenges to Steady Growth 2018, on page 41, of a 215 page tome, rests its lone reference to cryptocurrencies and their promise. Chapter 1, “Global Prospects and Policies,” under the subheading “Financial Tensions,” at the section’s very end, is a rather dire warning.

New vulnerabilities

“Cybersecurity breaches and cyberattacks on critical financial infrastructure,” the sudden phrasing turns, “represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

Without any hyperbole, this literally is a Keynesian outfit—as in it was the brainchild of Lord Keynes. The father of modern quantitative easing and short run thinking gave birth to the IMF. It’s comprised of over 180 nations, founded in the wake of Bretton Woods following World War II. Carrying the day was infusing economies with cash, lots of paper, to jump start rebuilding places like an utterly gutted and defeated Germany.

We’re from the International Monetary Fund, and we're here to help

The IMF has since morphed into a fixer, facilitating bailouts through special drawing rights (SDR), a kind of forex reserve. Its unit of account is the XDR, a pseudo currency in lieu of dollars or gold. At any one time, the IMF holds over half a trillion worth of SDR in XDR from which member countries can pull during a crisis. Uncontroversial would be to write a 73-year-old legacy, internationally connected reserve banking organization, designed to bail out the world’s worst economies, might have something to say about the increasing popularity of cryptocurrencies. And less shocking still is how that body wouldn’t be too pleased economies it demands seek its help could have other options in the near future.

Consistent pattern

Indeed, it was around this time last year Lagarde began to make overtures only someone in her position could: it’s getting close to having to care about crypto in general and Bitcoin in particular. Then, as now, she warned at an annual meeting how the IMF is “about to see massive disruptions,” and they should adjust “to the impact of the combined breakthrough technologies that will impact markets,” which she had pinned as blockchain and cryptocurrency both.

The run-up of late 2017 surely fueled IMF fears, as by mid December Bitcoin Core (BTC) had hit as high as $18,000, sending its market capitalization beyond that of the legacy agency’s own reserves. BTC was then valued at some $300 billion, while SDR/XDRs were roughly 10 billion less. That a technology in fewer than 9 years could leapfrog a better than 7 decades-old institution must’ve sent shockwaves through its Washington, DC hallways.

By spring of the present year, the gloves were off. Addressing the Dark Side of the Crypto World  were Lagarde’s pointed comments at crypto. She insisted, “The same reason crypto-assets like Bitcoin are so appealing is also what makes them dangerous.” Her tone set how future takes on crypto would be framed. “The rapid growth of crypto-assets,” she continued later, “the extreme volatility in their traded prices, and their ill-defined connections to the traditional financial world could easily create new vulnerabilities.” Clearly a pattern is developing.

Schizophrenia

A tad later, Lagarde offered a more measured approach to crypto, issuing a pair of blog posts aimed at coming to grips with money’s future. She intended to “examine the promise they offer. A judicious look at crypto-assets should lead us to neither crypto-condemnation nor crypto-euphoria.”

Of the then blooming ecosystem, where the space had grown to thousands of digital variations on the BTC theme, she stated flatly how “it seems inevitable that many will not survive the process of creative destruction. The crypto-assets that survive could have a significant impact on how we save, invest and pay our bills. That is why policymakers should keep an open mind and work toward ¬¬an even-handed regulatory framework that minimizes risks while allowing the creative process to bear fruit.”

We’re from the International Monetary Fund, and we're here to help

Her agency’s main talking point when speaking on crypto made its way into a post, however. “Our preliminary assessment is that, given their still-small footprint and limited links to the rest of the financial system, crypto-assets do not pose an immediate danger.” Still, regulators should keep close watch of the potential for crypto “to magnify the risks of highly leveraged trading, and to increase the transmission of economic shocks should they become more integrated into mainstream financial products.”

Return to form

By September of this year she and the agency returned to doing what they do best, bullying. In nearly 60 pages, the IMF addressed the Marshall Islands and their interest in mounting a state-backed version of crypto. “The potential benefits from revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks. In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender,” the agency scolded.

For a smaller country, IMF chastisement is the kiss of death. Banks particularly in the United States were told to stay clear of the Marshalls, effectively. The Marshall Islands had planned to launch about $30 million worth of crypto through an airdrop and initial coin offering. A philosophically secure regulatory body would’ve issued pros and cons, and left it at that. Allowing countries, especially smaller economies, to sandbox crypto is probably the best of all worlds if the IMF is truly worried about vulnerabilities and the like. They could’ve allowed the plan to fail naturally and sat back, watching the chaos knowingly.

We’re from the International Monetary Fund, and we're here to help

And that’s the truth of the matter, ultimately. The body only pretends at help, and is much rather inclined to dictate terms in favor of existing economic arrangements. This is why their calls to stabilization ring so hollow to modest income countries. That only means propping up the well-connected, dictators, banksters, those who benefit most by state graft and corruption. In the name of vulnerabilities and stabilizing, anything is game, possible with the IMF so long as nothing substantive changes.

Cryptocurrencies such as Bitcoin (BCH) are very real threats. They’re officially dismissed now, but the chatter in recent years and months from legacy bodies such as the IMF is telling. In the streets of Turkey and Venezuela, no sentence means less than “We’re from the IMF, and we’re here to help.” Turks and Venezuelans are already ditching fiat and plowing their wealth into crypto, and the trend worldwide is only growing.

C. Edward Kelso is a financial technology journalist based in Southern California. Follow him on Twitter.

Jimmy Nguyen of nChain is busy working his magic to promote Bitcoin BCH

Jimmy Nguyen of nChain is busy working his magic to promote Bitcoin BCH

Jimmy Nguyen, the affable CEO of nChain, has been making his rounds to promote Bitcoin BCH and how the blockchain is changing the scope of cryptocurrency. He recently completed a couple of discussions in front of cryptocurrency enthusiasts where he went into great detail about how Bitcoin BCH is poised to be the ultimate blockchain and how it will revolutionize how the cryptocurrency ecosystem is viewed.

One of the conversations led by Nguyen was to a group of individuals in Wales. The seminar was uploaded to YouTube only a few days ago and, as usual, his effervescent personality and in-depth knowledge captivated the audience. He provided a significant amount of support for why cryptocurrency and blockchains are so crucial to a changing world and additionally needs to happen for this evolutionary cycle to continue.

Providing an overview of what a blockchain is, Nguyen broke down the fundamentals of the blockchain, pointing out that the technology can completely alter how records are kept and how it can ultimately eliminate the need to rely on intermediaries. This is an important feature, as the intermediaries, such as banks or information processing houses, slow down transactions and result in higher costs.

Nguyen also touched upon the need to create a network that is much more scalable than what is seen now. This will not only lead to faster transaction times but a blockchain with a greater foundation, such as the proposed 128MB block size for Bitcoin BCH, will give businesses the confidence they need to want to innovate on that particular blockchain. This leads to greater stability and usability of the particular blockchain.

In his second seminar, which is also available on YouTube, Nguyen targeted Bitcoin SV, a new full-node implementation of the Bitcoin BCH protocol for miners. The idea behind the implementation, as Nguyen points out, is to create a network that is more stable, more secure and more scalable. It’s an opportunity to return to the original vision of cryptocurrency offered by Satoshi Nakamoto, and to stop viewing the blockchain as a playground for developers.

As Nguyen so eloquently puts it, “It’s time for Bitcoin to grow up.” It’s time to introduce a network that is more solid and gives the world a chance to see what cryptocurrency was really designed to be—a valuable peer-to-peer digital currency.

Following Satoshi’s original design for the cryptocurrency, Bitcoin Core (BTC) developers never gave cryptocurrency a chance to mature as it had originally been intended. This was the impetus for Bitcoin BCH, to continue along the same path and definition of cryptocurrency.

Nguyen rightfully asserts that cryptocurrency needs to be constructed on solid block, not on moving sand. When developers want to introduce changes (most of which do not enhance the network) every few months, the blockchain can never evolve appropriately and cannot build the foundation that it needs. Only through projects such as Bitcoin SV can provide the necessary stability to take Bitcoin BCH into the future be achieved.

‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.

October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?

The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.

“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”

With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months. For BCH, some developers groups want to experiment by continually introducing new op_codes, changes and feature sets not found in the original Bitcoin protocol, which would lead to a continually shifting platform. In contrast, Bitcoin SV seeks to restore the original Satoshi client release 0.1 and then keep it stable and business-friendly.

“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.

Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the next block reward halving (from 12.5 to 6.25 coins) event is set to take place and even further halving after that, the network needs to start scaling now so miners earn more in transaction fees.

For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”

Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.

“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.

In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.

Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.

Bitcoin SV version 0.1 goes live

Bitcoin SV version 0.1 goes live

Leading blockchain technology research and development outfit nChain has rolled out the release candidate of the Bitcoin SV client on October 15—one month ahead of the November Bitcoin Cash (BCH) network upgrade. BCH miners and mining pools are encouraged to begin using Bitcoin SV.

Bitcoin SV, which stands for Satoshi Vision, is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Unlike other competing BCH implementations which seek to make unnecessary changes to Bitcoin, Bitcoin SV’s roadmap is to restore the original Satoshi protocol, keep it stable, enable it to massively scale, and allow major businesses to confidently build on top of BCH.

Available on GitHub, the Bitcoin SV 0.1 version includes support for the November upgrade, including the re-enabling of these Satoshi op_codes: OP_MUL, OP_INVERT, OP_LSHIFT, and OP_RSHIFT. The default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB.

After spending five weeks in public beta, this release candidate makes only one significant change from the beta version: raising the limit on the number of op_ codes per script to 500 rather than removing it altogether. The Bitcoin SV team intends to remove the op_code limit entirely at a later time, after further testing as part of its rigorous QA framework.

This release has streamlined to focus on its core audience of business users by disabling featured meant for home users such as GUI and Windows support. Steve Shadders, Technical Director of the SV Project, said: “It’s time for Bitcoin to professionalize.  Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base.”

Additionally, the automatic replay feature and the activation logic for the May 2018 upgrade, have been removed. The release version also introduced protections against malicious peer behavior, notably the so-called “infinite block attack.”

Going forward, Bitcoin SV will focus more on scalability of BCH. Daniel Connolly, lead developer for the SV project, explains: “For this initial release candidate, we focused on stability for the protocol by minimizing the change set. For future releases, we plan updates to enable massive scaling of the BCH network so that it can support major enterprise usage globally.”

Considered one of the most promising Bitcoin BCH node implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

But why now? The reason, according to nChain CEO Jimmy Nguyen is simple: There’s a direct economic need for miners.

At the recently held The Future of Bitcoin Summit Bangkok 2018 in Thailand, Nguyen explained why it is important for the block size to scale now—and scale fast: “In two years the block reward will be split in half again to 6.25 BCH. So anyone who’s mining now will in two years receive half of what they’re receiving today. In order to maintain even current profitability, what that means is in two years they have to make up that 6.25 coins worth of value in something else, which has to come in transaction fees and which has to come in higher transaction volume.”

Explore the features of Bitcoin SV version 0.1 here, and be part of the Miner’s Choice movement for Bitcoin BCH.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license.

SVPool mines first Bitcoin BCH block

SVPool成功挖掘出首个比特币现金区块

點擊這裡閱讀英文

比特币现金(BCH)公共矿池——SVPool于本周三正式挖掘出其首个比特币现金(BCH)区块,因此本周成为SVPool里程碑的一个重要节点。

10月10日下午2点12分(UTC时间),一个大小为7.15MB、高度为55185的区块被挖出,该区块包含25笔交易。根据Coin DanceBitfire公布的数据,尚无法正式确定SVPool是该笔交易的执行矿工,但是Coinbase上显示的付款地址为SVPool.com 

SVPool mines first Bitcoin BCH block

SVPool是由nChain的首席科学家克雷格·怀特博士(Dr. Craig Wright)以个人名义发起的一项计划,截至10月底,本计划尚处于上市测试阶段,仅限受邀人士参与。从11月份开始,SVPool将对公众完全开放。您可以点击本处注册报名加入矿池。

截至发稿时间,全球各地的数百位矿工已注册加入SVPool——人数远远超出9月份预注册的233位。这些报名加入SVPool的矿工大多来自美国、中国、英国、加拿大、澳大利亚与印度。矿池中还有一些矿工来自其他国家和地区,包括西班牙、南非、巴西、德国、韩国、日本、马来西亚、瑞典、委内瑞拉、俄罗斯、瑞士以及荷兰。

SVPool提供PPLNS(根据过去的N个股份來支付收益)作为初始模式,目前,正在努力开发更多功能以及PPS+(Pay-per-share plus)选项,预计将在十一月份正式推出。

CoinGeek Mining将负责SVPool的运营管理,为大大小小的矿工提供帮助并支付报酬,从而确保比特币现金真正实现去信任、去中心化系统属性。这一公共矿池与CoinGeek团结一心,坚信比特币现金是唯一一种可以实现中本聪愿景的、真正的比特币。

无独有偶,矿工们还受邀于2018年11月28日参加CoinGeek周的矿工日,该日将作为在伦敦举行的CoinGeek周大会的一项重要活动,届时SVPool团队与CoinGeek团队将亲临现场并与参会者共同探讨如何能帮助比特币现金发挥全部潜能。您可以通过Eventbrite预订参会席位,这次为期三天的盛大会议将成为今秋最为重要的一场比特币现金大会。

SVPool mines first Bitcoin BCH block

SVPool mines first Bitcoin BCH block

This week marks a milestone for public Bitcoin Cash (BCH) mining pool SVPool, which officially mined its first Bitcoin BCH block on Wednesday.

At 2:12 p.m. UTC on Oct. 10, a 7.15KB block was mined at block height 55185, which accounts for 25 transactions. Data available on Coin Dance and Bitfire have yet to officially identify SVPool as the miner behind the transaction, but the Coinbase pay-to address is that of SVPool.com.

SVPool mines first Bitcoin BCH block

A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is currently on a by-invitation only beta launch until late October. After that, SVPool will open up to the public. You can still sign up here for the mining pool.

At press time, hundreds of mining registrants around the world have already signed up for SVPool—a huge jump from the 233 miners that pre-registered in September. Majority of these miners are from the United States, China, United Kingdom, Canada, Australia, and India. The mining pool also has miners from Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, Sweden, Venezuela, Russia, Switzerland, and the Netherlands, among others.

SVPool offers an initial Pay-per-last-N-Shares (PPLNS), but it is already working towards adding more features and Pay-per-share plus (PPS+) options by November.

SVPool is managed by CoinGeek Mining, and will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system. The public mining pool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills that Satoshi Vision.

Incidentally, miners are also invited to the CoinGeek Week Miners Day, taking place on 28 November 2018 as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.