Ethereum hard fork postponed on security concerns

Ethereum hard fork postponed on security concerns

Citing “potential vulnerabilities” to smart contracts on the Ethereum chain, the Constantinople hard fork for the network is postponed indefinitely.

According to the official Ethereum blog, the decision was made by “key stakeholders around the Ethereum community,” after being made aware of specific issues related to the planned upgrade, as enumerated by ChainSecurity.

About a day before the scheduled fork, the blockchain security and smart contract auditing firm published a Medium post stating, “The upcoming Constantinople Upgrade for the ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer(…) or address.send(…) in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer.”

The article demonstrated how Ethereum smart contracts could be rendered more vulnerable after the planned fork, with an attacker modifying a PaymentSharer contract so as to take funds of another party.

Such increased vulnerability comes from the nature of Constantinople, which is intended to make transactions require less gas, that is, make them cheaper. High transaction costs for ETH and other cryptocurrencies is one reason Bitcoin SV is considered a better alternative.

A similar vulnerability led to the 2016 attack on the Ethereum-powered DAO fund, where about $50 million worth of the cryptocurrency at the time was stolen. This eventually brought about a hard fork where Ethereum Classic (ETC) emerged among those who refused the consensus of undoing the DAO heist.

ChainSecurity noted that a scan of the blockchain “did not uncover vulnerable smart contracts,” and added, “[A] warning of an reentrancy attack is in many cases not exploitable, but needs careful analysis.”

The Ethereum developers said, “Because the risk is non-zero and the amount of time required to determine the risk with confidence is longer the amount of time available before the planned Constantinople upgrade, a decision was reached to postpone the fork out of an abundance of caution.” They also recommended certain actions for miners, exchanges, and node operators to undertake.

Within nine hours of ChainSecurity’s disclosure of the security risk, and about four hours after publication of the Medium post, the decision to delay the fork was made, with a public announcement on this released about an hour later.

The fork was supposed to happen at the generation of ETH’s block number 7,080,000, or sometime on January 16.

Miners welcome: bComm Association offers perks to members

Miners welcome: bComm Association offers perks to members

Ten years removed from the Bitcoin genesis block, and Bitcoin is thriving in the form of Bitcoin SV (BSV), the only coin out there that realizes the potential of cryptocurrency as first conceived by Satoshi Nakamoto.

BSV is for miners looking for long-term profitability amid next year’s halving of the block reward, and subsequent halvings in the years to come. To stay profitable, Bitcoin has to continue scaling, allowing for larger and larger blocks to be mined.

Jimmy Nguyen, founding president of the bComm Association, has put it this way: “[W]e need much bigger blocks, to fit large numbers of increasingly diverse transactions – not just simple payments, but token, smart contract and a wide array of data transactions. BSV intends to massively scale to gigabyte size and one day, terabyte size blocks. BSV will be the world’s global public ledger, processing billions of transactions a day, and earning miners revenue for years to come.”

To maximize the benefits of mining BSV, miners are encouraged to be a part of the bComm Association. As the BSV community grows, with businesses including wallet providers such as CentBee and HandCash, and content monetization apps such as Keyport TV and Yours.org, members can stay up to date on industry players and remain in the know regarding all things BSV.

As part of the bComm Association, miners can network to optimize their business, connecting with platform developers according to their particular needs.

An added benefit to membership in the bComm Association is being automatically invited to its events, such as last November’s CoinGeek Week, which included a special Miners Day, featuring all the latest developments in the industry, such as the most efficient chips and rigs coming to the market.

In the latest edition of BSV Weekly, published by the bComm Association, Nguyen said that this year “will see a dedicated focus on scaling – working on the tools and improvements to support massive on-chain scaling.”

The association is also for investors, merchants, developers, and exchanges who recognize the future of money and commerce in blockchain, specifically BSV.

Join the bComm Association today. And to stay up to date on Twitter, follow the official bComm Association account.

Vitalik Buterin doesn’t believe in proof of work

Vitalik Buterin doesn’t believe in proof of work

He’s hinted at it several times before, but Vitalik Buterin has finally declared that he does not believe in the proof-of-work (PoW) system which Ethereum, the platform he co-founded, uses.

The self-proclaimed non-giver of Ether tweeted on Christmas Day that “I don’t believe in proof of work!” When pressed for further explanation, he agreed with a commenter that PoW was a mere phase in the evolution of blockchain.

Ethereum has had to deal with issues such as vulnerability of ERC-20 smart contracts, and a continued inability to scale, making for high transaction costs.

It’s not surprising that Buterin has nothing good to say about Bitcoin SV, whose development has largely been about a continued increase in block size limits, to 128MB at present. nChain, developer of the Bitcoin SV implementation, has spoken in affirmation of PoW and its importance to the security and stability of the network.

Buterin, in a tweet, said, “I have my disagreements with the bitcoin roadmap, PoW, etc but they’re trying to do something that’s genuinely cool tech. BSV is a pure dumpster fire.”

To solve Ethereum’s scaling problem, Buterin has proposed sharding, where transactions are split among nodes as a way to accommodate more transactions at a time. On Reddit, Buterin has indicated his belief that sharding would require a more complex system than that of the present Ethereum network.

In Buterin’s view, sharding will come about when “all the existing PoW-related complexity… can be removed,” and will involve a shift to proof of stake (PoS) as a means of adding transactions to the blockchain. No definite timeframe for this has been given.

Sharding itself has been criticized by nChain Chief Scientist Dr. Craig Wright as a security risk, that “actually splits the security between multiple parties.” He added that big, non-sharded blocks themselves help to keep a blockchain more secure.

CoinGeek’s most popular videos of 2018

CoinGeek’s most popular videos of 2018

2018 saw focus turn from the previous year’s record-setting prices of cryptocurrencies, to real-world application of blockchain technology. It saw Bitcoin Cash—now Bitcoin SV—move from being the most useful medium of exchange, to one also enabling smart contracts and tokens for everything. Looking beyond the conflicts, Bitcoin’s potential as envisioned in 2008 has been set for realization.

Metanet

During CoinGeek Week at the end of November, Dr. Craig Wright of nChain unveiled an innovation that is “a replacement for the Internet.” That’s as superlative as it gets. In this ‘Metanet,’ immutable data becomes available in a global system. And all of this is set to take place on Bitcoin SV.

It’s hard to believe that just seven months ago, Wright was discussing an increase of the block size from 8MB to 32MB. Bitcoin SV already allows 128MB blocks, and 2GB blocks are not too far off a prospect either.

https://youtu.be/xIE1P8lXD7w

The benefit of Bitcoin is most palpable in developing regions such as Africa, where smart contracts can solve trade-related problems, such as transport and product quality, while reducing costs significantly. Wright foresees Bitcoin SV aiding in global trade in a huge way.

https://youtu.be/PM1J8j186UA

ICOs, regulation

The year has also been one of the rise and fall of initial coin offerings (ICOs), the value of which has been on a case-to-case basis. Many offerings have been halted by regulatory agencies, whether for simple failure to register, or outright fraud, luring in investors with dreams of high returns for little effort. Ultimately, ICOs for their sake are as untenable as any bubble market.

https://youtu.be/VJVTAxGCI_k

Worries of government intervention in blockchain markets have been present since Bitcoin started making the news. Yet John McAfee, who established himself as an expert on security software, thinks that the use of cryptocurrencies itself allows individuals to sidestep regulatory institutions, and that the technology could not be stopped if people continue to find use for it. He however appeals to “self-regulation,” given the prevalence of scams.   

Back to the Bitcoin whitepaper

Most cryptocurrency prices have gone down since 2017, and it has been a test, to see which ones will prevail by providing value to communities. And a part of this is ability to scale, to allow sufficient transactions at a given time. Miners have to be properly incentivized to continue contributing to the system, and not be limited by software developers’ impositions. These make for a currency truly capable of serving as a decentralized global ledger.

https://youtu.be/MLRQK6k6hm8

The blockchain R&D firm nChain has played an important role the past year, and what CEO Jimmy Nguyen has said before, he continues to say now, that what makes Bitcoin what it is, is its faithfulness to the Satoshi Nakamoto whitepaper. What Nguyen said prior to the November hash war seems more true today: “I believe the Bitcoin world needs more positivity.”

https://youtu.be/iarn9RyHR10

From London

The London Bitcoin Cash Conference 2018 successfully brought together leaders of the cryptocurrency world, and showed the tremendous growth of the sector from just a few months prior. Attendees got to discuss what makes for an effective medium of exchange, and merchant adoption was stressed as an indicator of cryptocurrencies’ popularity.

https://youtu.be/Ain06JeMI84

Store of value

According to SBI Bits’ Jerry Chan, the emergence of blockchain technology is part of Fintech 2.0, coming after Fintech 1.0 where the internet and e-commerce came about. And if a digital currency is to serve as a store of value, it must be liquid, immediately exchangeable, something that could not be said about BTC or any other chains no longer focusing on scalability.

No one knows for sure what’s to happen in 2019, but if this past year is an indication, we can look to blockchain becoming more important to our way of living, regardless of the markets going down (or up).

HandCash’s POP! speeds up Bitcoin SV payments for merchants

HandCash’s POP! speeds up Bitcoin SV payments for merchants

Cryptocurrency wallet and payment solutions provider HandCash has released an app specifically for merchants to handle more transactions at a time.

The company, through its ‘POP! by HandCash’ Twitter account, said that the new app was capable of 12 to 14 Bitcoin SV transactions per minute, made possible by removing the payment request step, similar to automatic payments in Apple Pay. “With our upcoming cloud infrastructure and some other business-side improvements, we can easily handle around 20 payments per minute if needed,” it said.

During the recent CoinGeek Week conference, HandCash CEO Alex Agut introduced the app, saying, “Our goal with POP! is to create the best checkout experience in the world. Not the best Bitcoin checkout experience, but the best experience, period.”

Brenden Lee of Pay it Forward said, “POP! by Handcash is a great re-imagining of the Bitcoin retail experience. It’s fast, simple and works.” He is currently developing a hardware solution specifically for the app.

“I am in the process of delivering a volume unit to market which I hope will soon be available pre-installed on a hardware-based POS [point-of-sale] solution that includes NFC [near field communication] and a printer,” Lee said.

Lee posted a video demonstration of a prototype device on Keyport TV, in which he conducts eight transactions in one minute using a Nokia 6 phone with Android system. “We are only getting started with this, but already I’d like to show you how much of a performance leap has been created in a very short period time,” Lee said in the video description.

Agut said that HandCash was planning to deploy thousands of contactless point-of-sale machines, “with a business model only possible with Bitcoin [SV],” due to the fast, zero-confirmation transactions on the network.

HandCash is among the leading companies supporting Bitcoin SV and its adherence to what makes Bitcoin a secure, stable global ledger.

Craig Wright explains safety of zero-confirmation transactions

Craig Wright explains safety of zero-confirmation transactions

Merchants can accept payments with confidence when engaging in instant transactions, as Bitcoin SV is suited for real-world trade.

nChain chief scientist Dr. Craig Wright explained in a blog post that double spend attacks, where a payment only appears to be made but with money going elsewhere after delivery of a product, are avoided by measures already in place.

“Mining is there to ensure the creation of a competitive system to stop double spending… Miners are paid to not only verify transactions, but to find errors in the efforts of other miners, and to invalidate these,” he said.

Among items in a merchant’s invoice would be a minimum miners’ fee. “If the client hands the merchant a transaction using less than this, they will reject it,” Wright said. “It is the merchant and not the user who sets the terms used here, and the merchant can simply not allow the sale, if it is under the offer price.”

Wright enumerated several steps of a transaction which a double spend attacker would have to overcome, with most everyday products, such as a cup of coffee, not being worth the cost and effort involved.

With terms established between buyer and seller, either party could opt out if the other’s obligations are not fulfilled. “In the real world, a merchant or vendor gives you an invoice to pay. This does not change in the Bitcoin world. You send what is requested,” he said.

In the event that a merchant detects a double spend, through sending a request to the mempool, Wright said the payment is considered fraudulent, and that merchants have the right to detain the customer before having them taken to government authorities, “just as is the case with shop lifters right now.”

He said, “The reality is that in 2 seconds (or less) the merchant has checked the transaction, and the reality is that you do not get to send a double spend,” adding, “I will cover any loss that occurs on a REAL double-spend fraud. Oh… I do not expect to even have to spend a cent. I will also help ensure that the person who does it ends spending a long time in a small cell.”

Wright also pointed out that keys should not be reused, where an address is used for more than one transaction. “If users simply did not use the same address more than once (ever), the idea of tracking ‘spam’ payments would not exist at all,” he said.

Watch all BCH Boys CoinGeek Week podcasts here

The BCH Boys, the self-described “Bitcoin SV Evangelists” and educators on all things blockchain and Bitcoin SV, had a busy time at CoinGeek Week last November 28 to 30, holding 13 interviews with leading industry players who were at the conference.

This YouTube playlist collects all the BCH Boys CoinGeek Week interviews for your convenience.

The month of November was a big one for Bitcoin, and gave the BCH Boys and their guests much to talk about.

Hear from the various entrepreneurs implementing Bitcoin SV in all sorts of useful products hitting the market, from wallets such as Handcash and Centbee, to crypto-paid beer from the UK’s Brewdog.

While the guests all share a passion for a peer-to-peer electronic cash system, they have a wide range of ideas of what sound money means, and how mass adoption will occur. The variety of opinions on the November 15 hard fork should give a wider understanding and appreciation of what took place, and what is at stake.

Among the guests was nChain chief scientist Dr. Craig Wright, who presented his thorough understanding of Bitcoin, and what it takes to be a universally used distributed ledger, which largely has to do with going back to Satoshi Nakamoto’s original whitepaper. In a second interview, Wright shares with the BCH Boys the newly-announced Metanet he is developing to be a replacement for the Internet itself, built to run on the Bitcoin SV blockchain.

Another guest was Money Button’s Ryan X. Charles, who appears in two interviews. Among other things, Charles looks back at the cryptocurrency market in 2017, which he characterizes as largely speculative and inherently unsustainable. He also looks to the future, at what could be expected of the Bitcoin SV ecosystem.

To go through all the interviews yourself, check out the BCH Boys’ YouTube playlist.

Apart from their YouTube channel, the BCH Boys also offer their latest content on Keyport TV, where creators receive micropayments in Bitcoin SV for content they provide.

Joe Chin on why miners should join SVPool: Like Bitcoin SV, we place miners first

Joe Chin on why miners should join SVPool: Like Bitcoin SV, we place miners first

CoinGeek Mining and Hardware CEO Joe Chin, in a recent presentation, enumerated the advantages of mining with SVPool as well as running Bitcoin SV.

Even with SVPool establishing itself among Bitcoin BCH miners soon after its launch last October, Joe Chin, CEO of CoinGeek Mining and Hardware, continues to think of how to draw miners in.

At the CoinGeek-sponsored Bitcoin Miners Choice Summit held at The Grand Harbour in Hong Kong last November 2, Chin discussed the advantages of mining with SVPool as well as running the Bitcoin SV. SVPool, a personal initiative of nChain Chief Scientist Dr. Craig Wright, is managed by CoinGeek Mining and proudly runs the Bitcoin SV full node implementation.

Chin told the audience, “Just because we launched [in October] doesn’t mean the work stops there. Almost on a weekly basis, every sprint, we’re adding new features. We’re also thinking of ways to incentivize miners who mine with us. We’re working on plans perhaps to give them access to the new miner hardware that we will release shortly.”

Chin also believes it’s important to remain receptive to miners’ needs regarding costs and payments. “[W]e also have feedback from miners, that many of them desire the steady income of PPS+ [pay per share plus], so we will be introducing that shortly. But I still believe that with zero fees, and if you have enough hash rate, you can actually do very well with the [current] PPLNS [pay per last N share]. And we’re also working on promotions and loyalty programs. So those will be announced in the very near future. So I encourage you guys to go to svpool.com/, and sign up. It’s very, very easy, so please do.”

Although coming to the mining pool scene rather recently, SVPool brings much experience in competing with other pools. “[W]e started a beta launch for invitation, customer only, in September, and that helped us debug the system… SVPool has a global infrastructure, but more importantly for a lot of you, it’s optimized for Chinese miners. So we have a node right inside China, so as to make sure you have the best, the most optimized performance. And of course, the whole purpose of SVPool is to run and support Bitcoin SV protocol. And also, we provide world-class bilingual customer service in Chinese and English, so it is very much, from your perspective, built for Chinese miners,” according to Chin.

He noted that SVPool supported the Bitcoin SV implementation, designed to maintain the principle of ‘longest chain wins’ as decided by users on their computers. SVPool, he said, “supports stable, scalable, and secure protocol, and it’s a professional Bitcoin platform, and it supports big blocks that are miner-configurable, and in the future, it will increase your revenue as miners.”

Chin said when the block reward halves in 2020, miners will want to make sure their earnings don’t take a hit. “[W]e will help you increase your earnings, even when we’re looking at the halving in 2020,” he said.

If you’re interested in learning more about Bitcoin SV and all the new developments in nChain, join the CoinGeek conference in London from November 28 to 30, with the special, invitation-only Miners Day event on November 27. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Also, join the (free) bComm Association and be part of the crypto revolution.

Support for Bitcoin SV growing

Support for Bitcoin SV growing

Firms in the blockchain and cryptocurrency space have come out in support of Bitcoin SV, in light of the recent Bitcoin Cash hard fork.

Money Button, which runs Yours.org allowing users to monetize content in Bitcoin Cash, said in a blog post that “Bitcoin SV is the closest blockchain to the original Bitcoin protocol,” which the company said “fully and completely solved the problem of sound money for the entire world.”

Unlike with the ABC implementation that maintains a maximum block size of 32MB, Bitcoin SV has increased this to 128MB. Money Button supported this update, saying, “We need to raise the limits to the edge of the abilities of the software, and identify and fix all scaling limitations.”

Money Button CEO Ryan X. Charles, in a YouTube video, made similar points as in the blog post, noting that Bitcoin ABC and its supporters seemed to lack a clear mission statement. “In my opinion, the way this looks, is that you guys didn’t actually rally around the idea of sound digital money for the entire world. No one actually really cared about CTOR, and CDS, and the clean-stack rule. What you guys actually rallied around was booting Craig Wright from the community. You actually decided to agree to these unusual changes that not really everyone agreed to, but you agreed to them anyway because you realized this was a way to actually extract Craig,” he said.

Charles said that while it was unclear what the forked coins’ ticker symbols will be, “I personally don’t care about the name… What we’re really trying to do here is create Bitcoin at scale… We’re trying to solve problems for real people here. They don’t care what the name is.”

Blockchain-powered social media platform Matter.cash tweeted that it was running Bitcoin SV, but added, “We are still open on how to support both ABC and SV, and for now we needed to make a decision to move forward.”

Alex Agut of HandCash said his company will be following the Bitcoin SV ruleset “exclusively,” because of the “honest hash” used for mining operations, that is, hash power not borrowed from other networks. Agut pointed out that, contrary to what many are now saying, the hash war “is not over yet… It could take weeks or months, but based on hashpower and economic incentives, the SV ruleset is most probably going to be the imposed ruleset for BCH in the end, and we do not wish to change chains again. There is no technical indicator that points to another possible result.”

James Belding of Tokenized, the company that was recently awarded £5 million for its Bitcoin Cash tokenization solution, tweeted, “The Tokenized team will be supporting Bitcoin SV (BSV) exclusively. We firmly believe in the original vision of Bitcoin, as described in the WP and Satoshi’s early writings, and are proud to keep working to bring sound money to the world.” He said of ABC supporters, “We hope to join forces again in the future. We know how much you all care about the mission.”

Video streaming platform Keyport.tv tweeted, “We stand in support of Bitcoin SV because we believe that @nChainGlobal and @RealCoinGeek have the right plan to scale Bitcoin to global money.”

Bitcoin Cash wallet Centbee said in a tweet that it was supporting “the original #Bitcoin Protocol as described in the Satoshi Nakamoto white paper. @BitcoinSVNode is the only implementation that follows this protocol and that is why we support it.”

As hash war continues, Craig Wright takes care of business

As hash war continues, Craig Wright takes care of business

With the November 15 Bitcoin BCH network upgrade, where the Bitcoin SV and ABC implementations are being voted on, it might seem that everything is riding on the outcome. Yet Dr. Craig Wright, nChain chief scientist, is more intent on presenting the possibilities unlocked by adhering to Satoshi Nakamoto’s vision for Bitcoin as a decentralized ledger.

“[E]ven with a dispute as we see today between ABC and SV no loss of transactions would have occurred on the SV chain. Our solutions and businesses deploying these would not even have to concern themselves with the ongoing ‘hash war.’ The system is that resilient,” Wright said in a post on Medium.

The Bitcoin SV upgrade allows for a maximum block size of 128MB, which Wright says will eventually be replaced by a removal of the block cap. This will allow for the handling of “as many transactions as people are willing to send us,” according to him.

Wright noted that there are already numerous applications of Bitcoin BCH, hundreds of them even, “that we will provide to developers seeking to extend the Bitcoin protocol on SV — not as a means to take down the state or anything along those lines, but simple and boring uses such as technological data plumbing.”

Among the inventions he cites are tax invoices and a contract exchange platform, available on the BCH blockchain at a fraction of the cost anywhere else. “The reality is that an exchange would be able to occur for a cost lower than existing paper-based invoice and receipt systems… Most importantly, as the cost is paid as it is used, the system is not subject to volatility. Merchants would pay in their local currency and not care if the transaction was more or less expensive in bitcoin to USD terms. The number of bitcoins required will fluctuate, but the costs to the merchant would be able to be stable,” he said.

With such a market not confined to a niche crypto community, but rather expanded to the entire world, Wright says that the systems being developed “will have billions of people using Bitcoin in the coming years, without even knowing that they are using Bitcoin. Basically, we seek to create a system that proves the ends which reflect how any good system should be — not one based on ideology and religious drive, but simple efficiency and value.”

If you’re interested in learning more about Bitcoin SV and all the new developments in nChain, join the CoinGeek conference in London from November 28 to 30, with the special, invitation-only Miners Day event on November 27. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the crypto revolution.

SVPool nears 20% of global BCH hash power

SVPool nears 20% of global BCH hash power

Bitcoin BCH mining pool SVPool holds 19.44% of global Bitcoin BCH hash power as of November 12, second only to the CoinGeek pool holding 29.17%.

Trailing behind are BMG Pool (11.81%), AntPool (6.94%), Bitcoin.com (6.25%), ViaBTC (4.86%), Mempool.com (4.86%), BTC.com (4.86%), okminer (3.47%), Waterhole (2.78%), F2Pool (0.69%), and P2Pool (0.69%). Other pools account for the remaining 4.17% of BCH hash power.

SVPool nears 20% of global BCH hash power

On a seven-day basis, SVPool holds 13.8% of BCH hash power.

SVPool nears 20% of global BCH hash power

SVPool, a personal initiative of nChain chief scientist Dr. Craig Wright, allows miners of BCH who believe in the original Satoshi Nakamoto vision for Bitcoin, to generate greater revenue for the long term. It initially offers zero fees to miners, and has launched with a Pay-per-last-N shares (PPLNS) reward system, with Pay-per-share plus (PPS+) options to come in the next few weeks.

As Dr. Wright puts it, “Miners need to be empowered to drive things forward,” rather than be subject to developers’ dictates.

SVPool is for miners who believe in allowing immediately for massive scaling, as part of ensuring they remain profitable, where bigger blocks also mean higher-volume transactions and more transaction fees to collect for miners. Increasing the default maximum block size to 128MB is a step to larger blocks later on. This is crucial for when the block reward halves in two years and every four years afterwards. SVPool also boasts of having a world-class, highly responsive customer service team in both English and Chinese, to ensure miners have the best experience.

The pool runs Bitcoin SV (Satoshi Vision), the full node implementation that maintains the original Satoshi protocol, keeping it stable, while enabling the BCH network to scale and become truly professionalized. The Bitcoin SV implementation allows global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.

Interested in learning more about Satoshi Vision, Bitcoin SV and SVPool? Join the gathering of miners at the upcoming Miners Day, happening as part of the CoinGeek Week Conference in London on Nov. 27-30. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the revolution.

SVPool hash power up to over 13%

SVPool hash power touches 13%

Bitcoin BCH mining pool SVPool continues its impressive, rapid growth, holding 13.89% of global hash power for the currency as of November 7, according to data from Coin Dance.

Trailing behind are BTC.com (9.03%), ViaBTC (7.64%), okminer (5.56%), Bitcoin.com (4.86%), BMG Pool (3.47%), AntPool (2.78%), GMO IG (2.78%), Huobi (1.39%), P2Pool (0.69%), and Prohashing (0.69%). BTC.top and CoinGeek hold the largest share among pools, at 21.53% and 15.28%, respectively. Other pools account for 10.42% of hash power for Bitcoin BCH.

SVPool hash power up to over 13%

On a seven-day basis, SVPool holds 9.1% of BCH hash power.

SVPool hash power up to over 13%

SVPool, a personal initiative of nChain chief scientist Dr. Craig Wright, allows miners of BCH who believe in the original Satoshi Nakamoto vision for Bitcoin, to generate greater revenue for the long term. It initially offers zero fees to miners, and has launched with a Pay-per-last-N shares (PPLNS) reward system, with Pay-per-share plus (PPS+) options to come in the next few weeks.

As Dr. Wright puts it, “Miners need to be empowered to drive things forward,” rather than be subject to developers’ dictates.

The pool runs Bitcoin SV (Satoshi Vision), the new full node implementation that maintains the original Satoshi protocol, keeping it stable, while enabling the BCH network to massively scale and become truly professionalized. The Bitcoin SV implementation allows global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.

CoinGeek recently awarded £5 million to Tokenized, an on-chain token system designed exclusively for the BCH network and proudly uses the original Satoshi Vision design of Bitcoin. CoinGeek’s tokenization contest is still open, with a secondary award of £1 million up for grabs.

nChain earlier this week affirmed Bitcoin SV’s increasing dominance and appeal to miners. As of the time of nChain’s statement, Bitcoin SV was already supported by over 40% of the BCH hash total. “The Bitcoin SV consensus rules stand a very strong chance of becoming the dominant implementation on the BCH blockchain,” the statement read.

Interested in learning more about Satoshi Vision, Bitcoin SV and SVPool? Join the gathering of miners at the upcoming Miners Day, happening as part of the CoinGeek Week Conference in London on Nov. 27-30. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the revolution.