nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

The first day of CoinGeek Seoul was dedicated to Bitcoin’s technical power, and there was a lot of talk about how Bitcoin is coming more powerful on its road to Genesis. Several developers from nChain, led by Technical Director Steve Shadders, took the stage to explain exactly what they’re doing to bring Bitcoin SV (BSV) back into alignment with Satoshi’s original vision, and allow it to scale the blockchain to an unlimited degree.

Shadders began the discussion by giving a bit of a history on Bitcoin, describing how it was held back needlessly by Bitcoin Core developers. But now that it’s following its original vision once again as BSV and being allowed to scale, it’s showing very healthy growth, with constantly increasing transaction counts, block sizes, and usage, all positive indicators that its going in the right direction.

He then teased a few big changes coming when BSV returns to its genesis. OP_RETURN, which was limited for so long, will soon have the ability to have multiple OP_RETURNs in the same transaction. Big numbers is coming to BSV, allowing it to have cryptography in script for the first time. It will also expand beyond the current three scripting options to have many more.

One point he explained at length was the deprecation of Pay-to-script-hash (P2SH), which is being done for both technical and philosophical reasons. It’s being made up for by the introducing of accumulator multisig, and dove deep into the code of how that will work.

nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

The goal of all this is to increase the security of zero confirmation transactions, or zero conf. Building confidence in zero conf is important to scaling, Shadders explained, because it builds confidence that bigger things can be done without a potential lack of security or funds.

Shadders then introduced Daniel Connolly, Lead Developer of the Bitcoin SV node project, to explain to the crowd what Terranode is. “Terranode is bitcoin server software that has been rebuilt from the ground up for enterprise and scale,” he explained simply.

What it hopes to accomplish is 50,000 transactions per second, with big blocks and big transactions. It will do this with better messaging, allowing for large data and streaming data support. It will also have more efficient data stores, keeping only what’s necessary to keep the blockchain going.

Terranode already exists in an experimental stage, working on both the Mainnet and Scaling Test Network (STN). He also noted that a P2P system is currently in development.

Next, John Murphy was welcomed to the stage. He is the Lead Developer of the Nakasendo SDK team.

What is Nakasendo? If you’ve been following Dr. Craig Wright’s writings, you’ll already be familiar with the concept. It allows for public shared secrets or functions, without individual members giving up any privacy involuntarily. “You don’t have a single private key, the private key has been split into multiple shares and these can be distributed across multiple parties or players,” he said.

Murphy conducted a live demonstration of working Nakasendo code for the audience, demonstrating that the tools to allow board members to make decisions for their enterprises on the blockchain is already within reach.

Finally, Dr. Alex Mackay, a researcher at nChain, took the stage in the afternoon to talk about how simplified payment verification (SPV) can be introduced in a low bandwidth process to increase merchant adoption.

nChain’s Road to Genesis and unlimited BSV scaling at CoinGeek Seoul

To spread crypto adoption, Mackay noted, crypto payments have to get closer to how fiat payments work, and specifically, how we traditionally pay for items at a check-out counter. The customer needs to be able to spend BSV without being online, putting the burden on the merchant to broadcast the transaction.

To do this, a low bandwidth SPV system is the solution. Customers will have wallets which can be offline the majority of the time, with only the ability to pay for transactions with contained block headers UTXOs, Input Txs and Merkle paths. Merchants, on the other hand, will have systems which can be branched throughout a location with a central hub, receiving those payments and broadcasting them to the blockchain.

It’s a system that may not be too far away from reality, as it’s been built to work with BIP270.

The folks at nChain hope that these new pieces of infrastructure will help BSV towards its goal of scaling, and every single element discussed by the team at CoinGeek Seoul does that in one way or another. Faster transactions, bigger blocks, and more possibilities are being promised to the users and enterprises who chose BSV.

Energy is the spirit of CoinGeek Seoul

CoinGeek’s conference in Seoul has barely started, but its theme is already clear. And you don’t need to understand computer code to get it. Just walk the halls in Le Meridien hotel and you can feel it.

It’s all about energy. The energy in the Bitcoin SV ecosystem. The energy of entrepreneurship in China and the Far East. And the energy in prospect as Bitcoin SV continues to evolve as a technology, with its important Genesis upgrade just a few months ahead.

The energy was palpable in the line of people waiting to get into the sold-out Bitcoin Association meetup at the top of the hotel opposite the conference venue last night. And it’s obvious when you look at the crowded schedule of speakers at the two days of the conference, many of them making their first appearance on the platform that CoinGeek is offering them.

They’re not all new to the game. Some, like Stephan Nilsson, the founder of UNISOT, have spoken before. But ‘regulars’ such as Stephan have come to Seoul with even more confidence than they had at the CoinGeek Toronto conference back in May.

Since then, Stephan has acquired investors, staff and – most important – potential customers who are knocking on his door, he says. His ambition, to provide supply chain tracking using the BSV blockchain, carries conviction because of his previous experience in the industry. Last year he was working out how the salmon industry in his native Norway could benefit from the security and detail that blockchain technology offers. Now he’s working to produce an ‘off the shelf’ supply chain solution that could be used in any industry.

Newcomers were actively encouraged to take part in the Seoul conference by a new feature, Pitch Day, where 14 BSV-based startups were invited to present in front of a panel of investors. One of them, a Chinese startup, CityonChain, was another example of the energy with which the opportunities created by BSV are being taken up in China in particular.

CityonChain invites users to ‘buy’ a city with BSV payments. It offered an empty map of the world and waited for people to start bidding for cities. They did. Many cities were snapped up for one US dollar each – the starting price which CityonChain had set. But it’s what happened next that was interesting. Owners were free to resell their cities and it soon became clear that there were buyers out there. The city of Seoul, for instance (below), was resold after a couple of weeks for $2999 – with CityonChain taking a cut of the transaction. The person who bought Seoul is now asking a $2 million. That’s real optimism! The idea is for city owners to make money by taking advertising and providing other services – such as placing the CoinGeek Conference logo on the map.

energy-is-the-spirit-of-coingeek-seoul2

The point, in a wider context, is that people are coming up with business ideas, making money from day one, and expanding the BSV ecosystem. At the same time, they’re generating transactions on the BSV blockchain that will ensure the profitability, and therefore future security, of the network.

Nobody would deny there’s a degree of tribalism in the crypto world. But what feels healthy about the BSV tribe in Seoul is that there’s an outward-looking focus on developing technology and creating new products and services. It’s the users and customers that this conference is interested in, not crypto rivals, or even, how we got here. The energy is directed to building the future. And it’s in the nature of building on BSV, that success for one promotes success for all.

The Bitcoin Vision: Episode 23

Founding President of the Bitcoin Association Jimmy Nguyen brings us this week’s episode of the Bitcoin Vision from Siberia, Russia. Nguyen had the privilege of being one of the guest speakers at the recent Baikal Blockchain and Crypto Summit, where he educated the delegates about Bitcoin SV (BSV) and why it’s the only blockchain project that’s able to scale to meet enterprise needs.

The BSV community continues to prepare for the eagerly anticipated Genesis protocol upgrade set to take place in February 2020. Everyone in the BSV ecosystem will have a role to play in the upgrade — from miners, to developers, to wallets and exchanges. And to make it easier and more convenient to keep up with all the developments leading up to the upgrade, you can enable notifications directly to your email via a new feature on the Bitcoin SV website.

Nguyen also highlighted the recent developments by BSV/DEVS directory, the one-stop shop for all Bitcoin SV-related developer resources. It announced recently on Twitter that it is now supporting user accounts. Users can now claim any listing as theirs and also make any edits or updates as they deem fit. The directory also added support for file uploads, giving the users the ability to attach manuals, specifications and other related materials to their applications.

For the non-developers, there’s something for you as well. The OnChain BSV/MAPS feature is constantly being updated with new locations where BSV is accepted by merchants near you.

BSV Galaxy is a Bitcoin SV artists collective allowing members to find and collaborate with other members, as well as business development of artists projects. As the founders noted on the website, the platform seeks to “help you to use the Bitcoin SV Blockchain to create new tools, applications, and ultimately change the world into a better place using Proof of Work.”

For the week’s Satoshi shoutout, Nguyen applauded the Bitcoin SV Node Team. Lead developer Daniel Connolly recently wrote a blog post about how the BSV blockchain has proven itself as a reliable method of processing enormous numbers of transactions. The post was written to correct a false narrative that had been advanced by some crypto media sites that the Bitcoin SV blockchain had undergone a three-way fork after the Quasar protocol upgrade. The post puts to bed these allegations and clarifies that the BSV network is performing reliably and is still proving itself to be the superior blockchain project.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

Steve Shadders: Bitcoin SV proving it can scale for businesses now

Bitcoin SV’s (BSV) recent Quasar upgrade is cause for much celebration, as it not only helped return Bitcoin one step closer to its original protocol, but also introduced a whole new level of blockchain scaling to BSV. CoinGeek’s Sarah Parsons caught up with nChain Technical Director Steve Shadders at a recent London BSV meetup, where they talked about the upgrade and its importance.

The London BSV gathering was a merry one, as the Quasar upgrade went as well as you could hope for. “We’re kind of giving a bit of a post-mortem of the Quasar upgrade, I think I can safely say that it was a very boring event, which is fantastic because with enterprise software changes, that’s kind of exactly what you want,” Shadders said. “I mean, we had an operations stream set up and we had contact with all of the kind of key players in the Bitcoin SV ecosystem. But we pretty much sat there and watched the upgrade activate. We fired Satoshi Shotgun and mined a block bigger than 128MB, which was necessary to lock the upgrade in. And it all went pretty smoothly, nothing unexpected. So yeah, job done.”

Parsons asked Shadders what businesses should take away from the Quasar upgrade. “I think it’s really quite critical for businesses that are looking to invest time and money in building a service on top of Bitcoin SV, Shadders replied. “Because most services, I mean, if you’re building a business, the aim is to scale. You want your business to start at whatever size it does, and it gets bigger and bigger, and bigger, and bigger. And of course, if your business is related to Bitcoin that means it’s got to be able to scale on top of Bitcoin.”

While other crypto hobby projects have promised that their blockchains will be ready at some point in the future, Shadders explained that such a thought process just won’t cut it for the real Bitcoin. “Now, I think, our philosophy at the Bitcoin SV Node team is that it’s not good enough for us to say to people, ‘Oh, by the time your business has scaled, we’ll be ready. Trust us,’” he said. “What we’re actually doing with the Quasar upgrade is demonstrating right now, that we can handle the future scale of whatever your business is. So you’ve got the confidence, not hoping that we’ll be able to pull it off some time in the future, we’re showing that it can be done right now.”

Crypto media creates fake news after Quasar upgrade

Bitcoin SV (BSV) recently underwent the Quasar protocol upgrade, lifting the block size hard cap from 128 MB to 2 GB. The upgrade enables BSV to increase the number of transactions processed per second from the current 300+ to 1,000+, making it the only Bitcoin project that unlocks the true power of Bitcoin’s original design, proving that it’s not a hobbyist project.

And as would be expected of any protocol upgrade in the Bitcoin ecosystem, there were a few minor set-backs and opportunities to improve; however, a few media outlets and research firms blew this out of proportion, reporting that there was a temporary fork of the blockchain into three chains.

According to one media outlet, over 35% of nodes failed to follow the update and this was portrayed as a monstrosity. It further claimed that this was the result of miner centralization in the BSV ecosystem, with small miners were just acting as pawns, standing no chance of making a profit.

One of the most misquoted and misunderstood events was with Money Button. The wallet went down for a few hours after its BSV node ran out of memory and crashed during a stress test. The Money Button team quickly upgraded their underpowered node to be sufficient for the largest block sizes that are currently possible.

Some media outlets quoted Money Button’s blog post in which it stated, “Since we do not earn money from transaction fees like miners, it will be too expensive for us to run a node.”

While this is true, the Money Button team went ahead to explain that wallets don’t need to run a node. Instead of entering an arms race in upgrading infrastructure, the wallets are best served by moving towards the Simplified Payment Verification (SPV) as Dr. Craig Wright envisioned when he launched Bitcoin a decade ago. This was conveniently omitted from these reports.

BSV has also been criticized for being ambitious and futuristic enough to increase the block size hard cap. According to some, these “unrealistic” block sizes will prove to be an attack vector, effectively making BSV less secure. What’s more, there have been claims that current hardware is unable to handle such volumes.

These claims have been proven false. As is publicly available on the BSV website, the recommended system requirements for BSV miners prove that mid-range hardware can sufficiently participate in BSV mining.

On July 24 when the Quasar protocol upgrade occurred, BSV functioned exactly as Satoshi Nakamoto envisioned. A majority of the miners were running one of the Quasar update compatible versions. For the miners, the upgrade was a godsend since it gave them more responsibility over Bitcoin and enabled them to earn more from transaction fees than they have previously. After the upgrade, the non-consensus chain was mined for a short time until the miners on that chain were economically incentivized to join the consensus chain. After all, this is how Satoshi intended for Bitcoin to function.

There have been calls for Bitcoin to scale for years now. Ironically, when BSV found the solution through the Quasar protocol upgrade, some media outlets were quick to criticize. The little mishaps as happened with Money Button aren’t something to criticize but rather to learn from. In any case, in the past, we’ve seen plenty of global businesses experience hitches in scaling. Amazon is the best example, with the global e-commerce giant being known to experience technical difficulties on days such as Black Friday. However, no one ever calls Amazon out and asks them to stop selling so much. Similarly, BSV will continue to scale and fulfill Satoshi’s vision of a global secure and scalable peer-to-peer payments system.

Bitcoin SV handles 2 million transactions in massive stress test

With the recent historic Quasar protocol upgrade, which saw Bitcoin SV’s (BSV) maximum block size increased to 2GB, Operation Data Blast immediately proved that the upgrade was successful, creating world record block sizes from transactions full of content data. Just recently, Chinese BSV supporter Aaron Zhou wanted to test the blockchain’s ability to handle as many transactions as possible.

As he reveals in his blog post, “Bitcoin SV main network stress test report @ 2019-08-03,” Zhou felt a stress test for a massive amount of transactions was necessary. During the test, which lasted for more than two hours, he broadcast more than 2 million transactions, creating a blocks of 808,000 transactions with a size of 210MB and another of 702,000 transactions, with size 183MB. All told, this resulted in transaction fees of over 2 BSV for each of the mentioned block.

 The BSV blockchain performed admirably, with no blocks orphaned, and no block reorganizations being needed. However, it did show that the stress of that many transactions could cause temporary outages with some blockchain and wallet services.

For example, Zhou noted that Blockchair, Money Button, WhatsOnChain, BitcoinBlocks.live and Bchsvexplorer all had temporary setbacks during the stress test. While this could be due to the same node memory issues that service providers have has experienced in the past, it’s also possible that their website and database services, totally unrelated to the blockchain or their nodes, couldn’t keep up with the speed and load of updates created by the blockchain.

Zhou made sure to commend BSV.BTC.com, Bitfire.io, Mempool, and Unwriter’s applications, which all worked perfectly during the stress test

Zhou’s conclusions were such:

Quasar is an important network upgrade, and BSV is on the road to dealing with massive transactions and continued expansion.

1. Large block propagation and verification, normal
2. Massive transaction dissemination and verification, normal

But you can do better. It is noted that the two chunks are very long-out, because it is a very time-consuming operation to verify massive transactions, which is where future improvements can be made.

The lesson to take away from this stress test is that the blockchain is ready to handle the load, but the businesses who contribute to its infrastructure will need to keep pace.

The BSV Node team has informed CoinGeek that it was able to handle the load of the stress test with only 8GB of memory in its node, but recommends having 16-32GB of RAM to be safe. At the same time, make sure the rest of your infrastructure, like web services and connecting databases, can keep up with the impressive load of transactions coming across the blockchain.

Now that Bitcoin is professionalizing, it’s important that everyone involved professionalize as well. BSV is not a hobby project; it’s the future data ledger and digital currency of the world, and it requires the infrastructure to support it for those ambitions. As great as this test could have gone, the real transactions will be coming soon, and all partners involved will need to be ready for it to prove that BSV is the blockchain for enterprise usage.

Operation Data Blast shows Bitcoin SV’s power

On Sunday, thanks to the recent Quasar upgrade on Bitcoin SV (BSV) that raised the block cap to 2 gigabytes (GB), BSV enthusiasts conducted a large initiative to upload data to the blockchain. Not only was it successful, but it reiterated the fact that on-chain scaling of an order of magnitude larger than anyone thought possible on a blockchain is possible and sustainable.

Operation Data Blast, as the event was called, brought “hundreds of Bitcoin Society members” together to “upload meaningful media onto Bitcoin’s public blockchain.” The activity is still underway, as of this writing, and is expected to last through “Monday lunchtime in Asia Pacific.” By providing a large window, BSV and crypto enthusiasts from around the world have an opportunity to participate.

According to Dr. Roy Murphy, who helped organize the event, “Bitcoin isn’t where it should be after a decade. Being usurped by various entities with nefarious intent has created forks of the original protocol and the carefully orchestrated manipulation by these bad actors have destroyed many of the key tenets of Bitcoin, whilst coercing bucket-shop crypto exchanges to capture the trading Tickers of Bitcoin (XBT and BTC) by centrally governed entities whose objective is to command and hobble the Bitcoin protocol via the hostile takeover of protocol development.”

He adds, “With this in mind, ‘Operation Data Blast’ is the swan song, a last hurrah to those who spent so much time and effort into diminishing the integrity and genius of Satoshi Nakamoto’s creation. It’s giving ‘the bird’ to those who restricted Bitcoin to 1MB [megabyte] blocks, servicing a paltry 7 transactions per second to line the pockets of those interests whose only wish was corruption, anonymity, control, destruction and power.”

If anyone expected the large data upload to be a burden for the BSV blockchain (and there were definitely some BTC shills counting on it), they were greatly disappointed it. On the evening of July 28, as pointed out by Derek Moore on Twitter, “Bitcoin SV produced 4 ~250 MB blocks and a plethora of big blocks today during a User-Activated Stress Test (UAST) during which valuable data was archived on-chain, totaling about 2.5 GB of multimedia & hypermedia content.”

The Quasar upgrade on BSV was nothing short of a huge success. When the Large Hadron Collider was preparing to slam two particles together in September 2008, many people thought the world was going to come to an end. When BSV announced it would be raising the block cap to 2GB, many people that the crypto world was going to come to an end. Just like CERN proved them wrong in 2008, BSV has proved everyone wrong in 2019.

2GB blocks achieved: BSV Quasar upgrade proves to be more than successful

Bitcoin SV (BSV) successfully rolled out the Quasar update on July 24 in an effort to push the block size cap up to 2 gigabytes (GB). Despite assertions by anti-BSV shills that the sky would come crashing down after the upgrade was complete, just the opposite has happened. Not only was the update successful, but several 2GB blocks have already been seen — six in a row, as a matter of fact. 

The blockchain hasn’t crashed, the Bitcoin ecosystem hasn’t come to a grinding halt, and it hasn’t started raining fishes. What has happened, though, is that WhatsOnChain shows consecutive 2GB blocks being mined on the BSV Scaling Test Network (STN). The STN is a live network that is available for businesses to use to test limits for their applications before launching them on the mainnet.   

Shortly after the Quasar update was live, the first 148MB block was seen. This effectively cemented Quasar as the new software for the BSV blockchain. Knowing that 2GB blocks are easily achieved, there is a considerable more amount of development that can take place on the BSV network. 

According to the Bitcoin Association, “The Quasar upgrade represents a key step in BSV’s journey to unlock the massive on-chain scaling power that was always possible with Bitcoin, and enable BSV to become the global enterprise blockchain. BSV can already handle 300+ transactions per second comfortably; this capacity is continually being expanded and is expected to cross 1000+ transactions per second in the coming months after the Quasar network upgrade. This level of capacity can compete with VISA payment network capacity and also supports enterprise applications.”

BSV has now become the first — and only — blockchain to process 2GB blocks on-chain. While virtually everyone else said it couldn’t be done, BSV has proven that Satoshi was correct when he asserted in his early writing that large block sizes were not only possible, but were expected on Bitcoin’s blockchain. Bitcoin Core (BTC) pundits have asserted since the beginning of time that anything larger than 128 megabytes (MB) would cause the blockchain to implode.

With Quasar in place, the next step is the Genesis upgrade. This is planned for next February and is designed to completely remove all block-size caps. If building business solutions on the blockchain is feasible with a 2GB limit, imagine the possibilities with no limit. 

Bitcoin SV increases default block size hard cap to 2GB with Quasar upgrade

Bitcoin has taken another big step in returning to its original protocol and pursuing its path of massive scaling. The Bitcoin SV Node team are planning a July 24 upgrade of the Bitcoin SV (BSV) network, nicknamed the “Quasar” protocol upgrade. With the upgrade, the BSV network will have a significantly higher default block size “hard cap” of 2GB.

Previously outlined by the Bitcoin SV Node team’s July 13 blog post, “Quasar upgrade 24th July recommendations – roadmap to Genesis part 2,” the only change of the update is to increase the hard cap on block sizes; however that is a significant change indeed. The previous hard cap of 128MB has already been hit by the BSV community, with real world usage reaching that limit several times in the past four months.

In testing on the BSV Scaling Test Network, BSV has already proven to be capable of mining much larger blocks, with 1.4GB blocks mined in testing. Now that larger limits are rolling out to the mainnet, the whole world can experience the benefits of massive blockchain scaling made possible on BSV. The greater block capacity will enable 1,000+ transactions per second on the BSV network, and even higher with more technical improvements.

As the BSV Node team has noted, the 2GB block size limit is a default “hard cap.” Miners are free to set their hard cap to a lower level. In fact, miners representing a significant portion of the BSV network mining hash have signaled that they will set their hard cap to 512MB, which would form a different form of hard cap—the “consensus” hard cap. For the BSV Node team’s recommendations and instructions for mining nodes and anyone else who runs an instance of Bitcoin SV software (“blockchain listeners” who do not write to the blockchain, such as exchanges and wallet operators), refer to their blog post here

The Quasar upgrade is a key step toward the ultimate goal. When the Genesis protocol upgrade comes on February 4, 2020, Bitcoin will be returned to its original protocol as closely as possible while removing entirely the default hard cap. Going forward, protocol developers will not determine a default hard cap setting. Instead, scaling will be truly unlimited, and miners will have the freedom to set block size limits to numbers they are comfortable with, and market forces will determine how much Bitcoin can and will scale, as Satoshi Nakamoto originally intended.

Only with the scaling on the BSV blockchain—through the Quasar upgrade and then what Genesis will unleash in 2020—can the world’s enterprises build to the level they require. As limits are removed from the Bitcoin blockchain, more transactions can be handled per block and transaction fees will remain very low; thus big businesses can begin transferring their business models to a blockchain that can handle the countless of payments and data transactions—including at a micro-level—they require in a new digital economy powered by Bitcoin.

And unlike other attempted blockchain platforms, which either can’t or are unwilling to scale massively, BSV is proving that by scaling block sizes massively, transaction fees are kept low enough to enable new business uses, while greater volumes of transaction fees possible with bigger blocks create an incentive for miners to keep the blockchain secure.

The Quasar update is already an important leap forward in Bitcoin’s history, allowing it to handle significantly more volume than any other public blockchain. It is just a step along the road to Genesis though, when Bitcoin will return to its original protocol and Satoshi Vision of unlimited scaling.

Bitcoin SV and the roadmap to Genesis

Bitcoin SV and the roadmap to Genesis

The Bitcoin SV (BSV) project continues to do what no other blockchain thought possible—scale on chain in a massive way that puts it in line with what is seen by the world’s major credit card companies. The project has been steadily working on different aspects of the “Roadmap to Genesis” and Steve Shadders has issued an update on the progress. To say that BSV is capable of doing what no other blockchain can do would be an understatement of epic proportion.

According to the latest information, the roadmap from last August until the second quarter of this year has seen all of the items fulfilled, or close to being completed, except for one, parallel block validation. This was put on the back burner in favor of other network improvements that were expected to provide a greater return on investment.

Coming soon will be a network upgrade called Quasar. It is currently scheduled for July 24 and centers on increased scaling capabilities. According to Shadders, “We have previously signalled an intent to raise the cap to 512MB however after consultation with the Bitcoin Association (the owner of the Bitcoin SV project) and miners representing a significant majority of hash rate it has been decided that the Bitcoin SV software will implement a default of 2GB in July.“

The logic behind the increased default is simple. By raising the cap, and allowing miners to set a limit of 512MB, the network will be able to see more scaling as it becomes necessary without having to introduce additional upgrades or forks.

The next big upgrade following Quasar is scheduled for February 4, 2020. It will provide a number of protocol restoration changes designed to return the network to the original Bitcoin protocol. It is aptly called Genesis and is scheduled for “11 years, 1 month and 1 day after the original Genesis block.”

The announcement continues, “The Genesis upgrade will also address scaling. We believe that by late in 2019 the Bitcoin SV node software will have implemented all of the safety mechanisms required to allow us to eliminate the block size cap altogether and let miners manage it without intervention from developers. So long as those changes are completed we intend to bring the planned date for allowing unlimited block size forward by almost a year and lift the cap completely in the Genesis upgrade.”

Unlike blockchains such as Bitcoin Cash that allowed developers to make all the decisions, BSV is publishing data in order to receive community feedback before moving forward. This creates a completely transparent network that is truly decentralized and built by the community, not by a few individuals who want to control the entire ecosystem.

On the heels of his Genesis node, unwriter introduces Babel

On the heels of his Genesis node, Unwriter introduces Babel

Bitcoin developer Unwriter has quickly become one of the most proficient coders for the Bitcoin SV (BSV) blockchain. Just after announcing his new Genesis BitDB node project, he’s at it again, this time introducing another BitDB node. The latest endeavor is called Babel.

In a new Medium post by the developer, Unwriter reveals the new BitDB node, explaining that it is designed for data-only Bitcoin applications. Instead of being used for money transfers, the platform is able to query those apps that use the OP_RETURN code to store data.

As Unwriter states in the post, “Most Bitcoin applications that use the blockchain as a database DO NOT need all the transaction details, because they only need to query OP_RETURN outputs and a couple of other attributes.” He adds that many of the features offered in a full node query, such as script database or graph database, are useful for many Bitcoin apps, but not all of them need to be able to access all of the data at the same time.

Babel was designed to provide a streamlined mechanism that will query OP_RETURN outputs, as well as only a few other useful attributes. It is “a subset of the Genesis.Bitdb designed specifically for data intensive Bitcoin applications.”

As with Genesis, Babel relies on the original address format of Bitcoin. Because it is streamlined, it is faster and more efficient than a full BitDB node and doesn’t use as much memory. Since it is a subtree of a full node, it incorporates the same Bitquery format as do the other nodes.

Babel only stores OP_RETURN output – the rest is stored as “null;” any transactions that don’t include an OP_RETURN output are ignored. Inputs are reduced to only store the input addresses, not the hash and index of previous transaction. In addition, the output produced by queries on Babel only contain push data – b0, h0, s0, b1, h1, s1, b2, h2, s2, etc.

According to Unwriter’s post, “Because the transactions are stored in BitDB according to the same schema as the full node, you can easily switch between a Genesis node and a Babel node.

“Because it stores much less than a full node, the Babel node can stay lean, which means more people will be able to afford to run the node in the future, not to mention higher performance that comes from specialization.”

Babel, like Genesis, is currently in beta. Once it is tweaked, Unwriter will make it open sourced and he welcomes all data builders to begin using it as it transforms.