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Bitcoin SV: The “big block” Bitcoin targeting enterprise adoption
Bitcoin SV believes its protocol best represents the original vision for Bitcoin. Specifically, this means that Bitcoin SV does not limit its block size and believes that developers have too much power relative to miners. Today, the network is primarily used for storing metadata. BSV’s goal over the long-term is to provide usage both as a payments network and commodity data ledger (metadata storage). With its ambitious goals, Bitcoin SV is contributing to the necessary protocol design experimentation in crypto. No cryptocurrency has achieved global adoption, thus the space needs projects to continue tinkering with protocol designs to find the optimal one that can accommodate global adoption.
- Bitcoin SV believes its protocol more closely reflects the original Bitcoin design than does Bitcoin Core or Bitcoin Cash. Specifically, BSV believes BCH was wrong to add opcodes and make other changes not in the original protocol, and will soon be removing its block size limit; BTC and BCH limit block sizes to ~2MB and 32MB, respectively (though BTC now technically uses a “block weight” limit) (Slide 14). The challenge for BSV will be to prove that its protocol is not only the original Bitcoin design, but the best design for wide consumer and business adoption (Slide 9).
- Protocol design requires tradeoffs between scalability, security, and decentralization. Bitcoin SV can achieve ~700 TPS at 256MB miner-chosen block limit (slide 14), but mining is concentrated with two pools >40% of total network hash power. Vitalik Buterin famously coined this idea of the “blockchain trilemma.” For example, BSV’s hash power concentration and cost to run a full node are such that its network security is ensured through a small group of