Bitcoin SV Network Genesis Protocol Upgrade – The Bitcoin SV network is preparing for a hard fork protocol upgrade on Feb. 4, 2020, which is code-named the Genesis upgrade.
This significant upgrade is planned to include a set of protocol restoration changes that represent an almost complete return to the original Bitcoin protocol documented in the white paper in August 2009
This upgrade will restore the original Bitcoin protocol, keep it stable, and allow it to massively scale by removing the limits that can be set in a block. And its going to completely change the way that Bitcoin is used on the blockchain. The Bitcoin Association believes that Bitcoin SV is Bitcoin.
By removing the limits on a block and enabling scaling up to 2Gb per block, Bitcoin SV blockchain will be able to support significantly higher transaction volumes and more transaction fees for miners.
Fees for transactions across the blockchain will change too. For two parties without trust, the fee rate should remain at 1 satoshi/byte until after the Genesis hard fork of the Bitcoin SV network.
After Feb. 4, 2020, blockchain service provider TAAL predicts that there will be a change to the default fee rate to 0.5 satoshis/byte and a change of relay fee to 0.25 satoshis/byte. A satoshi is the smallest divisible unit of a Bitcoin charged per byte of data.
These tiny, insignificant transaction fees are predicted to entice enterprises to utilize the technology. It is far cheaper and more efficient to store data and transactions on the ledger than it is to store it in a data center – or the cloud.
Due to this upgrade Bitcoin usage is predicted to explode in late February as most network-wide limits are removed from the scripting language and network propagation rules.
There has been a push for several years to remove the limits due to the block subsidy “halving” event that happens in May.
Then, the reward that miners receive will be cut from 12.5 Bitcoin BTC to 6.25. Miners are in this to profit, and without the subsidy, mining BTC is not profitable and could reduce the chances of Bitcoin BTC success.
However, all are not happy with Bitcoin SV Genesis upgrade plans. Miners of other Bitcoin protocols such as Bitcoin BTC, seem to feel threatened by Craig Wright, who I think is indeed Satoshi Nakamoto, the creator of Bitcoin.
Bitcoin BTC has completely changed, mainly due to the software soft fork Segwit (Segregated Witness), implemented on Bitcoin BTC in August 2017.
Anonymous tweeter and supporter of Bitcoin SV @Street5Wall reckons that these changes have fundamentally changed BTC — so much that it is no longer considered Bitcoin anymore.
Many other changes were made to the original Bitcoin protocol that essentially made BTC unusable except as a “collectible,” which is totally not what its creator Satoshi had in mind.
The Genesis upgrade to Bitcoin BSV completely restores the Bitcoin protocol to its original version on Feb. 4, 2020, and removes all block size caps (currently at 2GB on BSV compared to 1MB on BTC).