To some, Bitcoin Cash (BCH) is the realization of the dream that is Bitcoin – a trustless, decentralized, P2P, secure network. To its developers, BCH represents the version of what Bitcoin was meant to be. However, that version is now separating and becoming two: Bitcoin Cash (BCH) ABC and Bitcoin Cash SV (Satoshi Version).
In the impending fork set to occur on November 15th, two completely distinct and incompatible versions will emerge. And with it, the potential for competing projects and ideals. The division concentrates on technical and ideological arguments, but the reality has more to do with greed and the hubris of the leading figures. In particular Craig Wright who leads the oppostion against the proposed changes in Bitcoin Cash that may result in the upcoming fork.
Craig Steven Wright
He is an Australian computer scientist and chief scientist at Nchain. A leading figure in the crypto community, he’s recognized as being an early contributor to the development of Bitcoin. In occasions claiming to be its creator, which earned him the nickname of “Fake Satoshi.” Along with Roger Ver, he’s a driving force in the development of Bitcoin Cash. However, he oposses the recent upgrades (.0.18.0) which is leading to his separation from the project and the split of the BCH blockchain.
Regardless of identity, Wright believes that Bitcoin is a solid concept and that Bitcoin Cash should keep true to its roots with measured upgrades. Bitcoin Cash is itself a fork of the Bitcoin blockchain (Bitcoin core). He believes stability will establish BCH’s long term adoption as the ubiquitous cryptocurrency for everyday transactions.
Bitcoin Cash Satoshi Version (SV)
This version proposes the restoration of the original Satoshi op codes OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. The removal of the 201 op codes per script. And raises the maximum block size to 128MB. This version is optimized for business use by removing op_code limits, removing GUI and Windows support, and expanding the blocksize limit. Its intended market audience is exchanges and merchants.
Calvin Ayre, CEO of Coingeek (A Bitcoin Cash mining pool) announced earlier this week his company will support BCH SV. Ayre expressed his disaproval of BCH ABC’s changing the op codes and implementation of canonical block transaction ordering. The reason is that change cost money; and Coingeek invested heavily in the infrastructure to support the original code. Also, his action seeks for miners to have a voice in the direction of future projects. Finally, he stated that he is in favor of longevity due to the increase in interest towards crypto currencies.
The timing for the fork also corelates with other events. It is likely that the upgrade likely lays the ground work for Teranode.
The Teranode Protocol is a scaling solution foe Bitcoin Cash. It was developed by Craig Wright under the NChain blockchain R&D Group. It is an “entreprise-level BCH node that targets terabyte block capacity.” Its goal is to increase block size to 1TB and reach up to one milliom transactions per second.
Theres ample evidence to suggest that this is not a simple disagreement but a long term planned enterprise. On October 17, one full month ahead of the fork, NChain launched BCH SV 0.1 on Github. In addition, in their website, BCH SV eagerly seeks engagement from development teams, advises the use of an external security audit firms, and will offers a $100,000 bug bounty program.
This level of preparation couldn’t occur only a month after the announced launch of the BCH ABC .0.18.0 version. It is obvious SV was long in the making, probably concurrently developed with Teranode. And Wright, Nchain, and CoinGeek used the proposed changes as an excuse to exit the company and form their own. The Bitcoin brand name will almost guarantee a strong launch. And with unprecented scaling potential BCH SV will sure become a new powerful player in the crypro market in the near future.