The two proponents of Bitcoin Cash [BCH], Craig Wright and Jimmy Nguyen recently presented and discussed their Bitcoin SV approach for the betterment of the BCH ecosystem at The Future of Bitcoin Summit 2018, Bangkok.
Here, the two spoke about the ongoing issue of another hard fork of the coin scheduled for November 2018. One of the most significant claims made by the team is that the implementation will introduce miner’s choice into the ecosystem.
Soon, Bitcoin SV will be introducing a list of upgrades thought by the team for the BCH network. One of the highlighted upgrades that the community has been paying attention to is the increase in the block size from 32MB to 128MB. Regarding the scaling of the block size, Nguyen propagated that the idea is directly connected to the economic needs of the miners. He further stated:
“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. “
He then said that the current profits should be maintained. He explained:
“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.”
According to Nguyen, the idea of Bitcoin SV has to be implemented now, without waiting for another year. He believes that the work has to start now if the ecosystem aims to reach anywhere close to 4, 16 Gigabytes within two years. Nguyen also clarified that the argument of safety and scalability did not emerge from the desire to create bigger blocks. He mentioned some of the concepts that Bitcoin SV aims at integrating into the ecosystem. He said:
“We want to lock the original Bitcoin protocol so that businesses can reliably build on it. Professionalize the whole process with quality assurance and security audits. Promote zero-conf security”
Recently, CoinEx, one of the cryptocurrency exchanges with the most trading volume for BCH made a statement regarding Bitcoin SV’s incompetence in the ecosystem. This was due to the absence of replay protection mechanism in Bitcoin SV, which is meant to protect a hard fork from a specific vulnerability known as replay attacks.
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