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Bitcoin SV [BSV] reveals new logo; calls it “rebirth of original Bitcoin”

Namrata Shukla

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Bitcoin SV [BSV] reveals new logo; calls it "rebirth of original Bitcoin"
Source: Pixabay

As Bitcoin celebrates the tenth anniversary of the Bitcoin genesis block, bComm [Bitcoin Commerce] Association revealed an updated logo for Bitcoin SV [BSV]. This new logo according to CoinGeek, was to mark Bitcoin SV, as a rebirth of Bitcoin. The Bitcoin commerce association undertook three rounds of Twitter polls to design the new logo that reflects the coin’s roots.

Source: bComm Association

Source: bComm Association

BSV, which was the result of a hard fork of Bitcoin Cash [BCH], has been claiming to be the true Bitcoin ever since. The proponents believe that Bitcoin SV works on the route of Satoshi’s Vision, a pseudonym used to identify the founder of Bitcoin. The publication talked about the vision of BSV, which is to restore the original Bitcoin protocol while keeping the coin stable and allowing it to scale.

Bitcoin SV proponents, Calvin Ayre, and Craig Wright have been propagating scaling of blocks for a long time and haven’t left any stone unturned in doing so. The community is aiming to make the coin a new currency used by people and make it a global public blockchain upon which major enterprises can build on.

The publication mentioned the following message conveyed by the new logo of BSV.



“• The B symbol is cleaner and stands upright rather than tilted forward or backward.
• “Bitcoin SV” characters also stand upright.
• “Bitcoin” begins with a capital B, rather than lower case.
• “SV” appears in superscript – reflecting Satoshi Vision as the way forward, while keeping emphasis on the name Bitcoin.
• The design color uses “dragon gold”, honouring the dragon logo of the Bitcoin SV full node implementation which birthed BSV.”

The bComm Association is a dedicated association for Bitcoin SV that brings developer, merchants, exchanges, miners, and others together. It supports SV “as the only stable, scalable blockchain”. The founding President of bComm Association and a part of nChain, Jimmy Nguyen said:

“Today marks 10 years since the birth of the Bitcoin blockchain, and this date has more importance now than ever. After too many years of wasteful diversions from the Satoshi Vision, we can now finally celebrate Bitcoin’s rebirth – unchained from experimental whims of developer teams who veered away from Satoshi’s original plan.”

“The new BSV logo represents this pivotal moment for Bitcoin to grow up. In the spirit of Satoshi Vision, we are especially thrilled that BSV supporters around the world chose this logo after multiple rounds of online polling in a new paradigm of decentralized marketing.”

The association urged the global Bitcoin ecosystem to adopt the new BSV logo, even though it is a decentralized cryptocurrency system. The founding President added:

“The Bitcoin SV Node is now the reference implementation for the BSV protocol. To differentiate the full node implementation from the BSV cryptocurrency, the Bitcoin SV Node team at nChain intends to keep its dragon logo for the time being.”

“Occupying the 5th position in the Chinese zodiac, the dragon is the mightiest of the signs. It symbolizes leadership, ambition, good fortune, energy, and independence – perfect qualities for a reference implementation to lead Bitcoin to its destined world-changing future.”





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Bitcoin Cash

Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool

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Bitcoin Cash's hashrate comes dangerously close to being controlled by one mining pool
Source: Unsplash

Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.

Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.

Source: Coin Dance

The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.

At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.

Source: Coin Dance

This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.

Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.

A Reddit user commented:



“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “

Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:

“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”

In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.

Source: Coin Dance

 

 





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