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An introduction to BSV blockchain and the Bitcoin protocol

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An introduction to BSV blockchain and the Bitcoin protocol

BSV Blockchain recently held a technical meetup in Mallorca, Spain to discuss some of its upcoming projects and ongoing developments.

BSV Blockchain recently held a technical meetup in Mallorca, Spain to discuss some of its upcoming projects and ongoing developments. The technical meetup was organised by the team at Gate2Chain to introduce developers to the technology and teams working on ARC and SPV Wallet.

As part of the technical meetup, Thomas Giacomo (Director of Utilisation at the BSV Blockchain) gave a presentation on BSV Blockchain and its main goals as an organisation. This includes the adoption of the BSV blockchain by enterprises and governments to transition the world from web2 to web3 and support a faster, cheaper and more inclusive international payment system.

He also discussed BSV Blockchain’s strategic goals for 2024, the organisation’s upcoming roadmap, and how ARC and Teranode will be game-changers for the blockchain world.

A history of the Bitcoin protocol

On 8 January 2009, the vision for what Bitcoin is, was outlined by its inventor Satoshi Nakamoto, in the white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Four months later, the first open source Bitcoin client software was released.

In 2017, ‘Segregated Witness’ or SegWit, was designed to remove the tracing capabilities of Bitcoin allowing the introduction of off-chain, opaque exchange solutions such as the Lightning Network. The introduction of this broke Bitcoin’s original protocol and rendered BTC non-Bitcoin compliant and intentionally ineffective.

In response to this split, in 2018 BSV became the new ticker symbol for the original Bitcoin Protocol when BCH decided to divert from Bitcoin’s white paper and introduce non-Bitcoin compliant features which included introducing anonymity that hinders government and financial regulation. This is why it’s considered Bitcoin’s Independence Day.

In 2020, the Genesis upgrade restored the original Bitcoin Protocol as closely as possible to Satoshi’s original design, locking it down to create stability for developers and enterprises to build upon. Unbounded scaling returned, as did the original Bitcoin script language that allows developers to build on-chain applications more easily. Numerous world records have now been set on Bitcoin’s original protocol including regularly surpassing millions of transactions a day.

In 2023, the Bitcoin SV brands were unified under the BSV Blockchain umbrella, streamlining their approach and providing a clear, cohesive identity for the project.

BSV Blockchain promotes the original Bitcoin protocol

BSV blockchain best embodies Satoshi Nakamoto’s initial vision and design for Bitcoin. A crucial aspect contributing to this representation is the BSV blockchain’s capacity to efficiently handle substantial transaction volumes for both macro and micropayments.

This capability was realised through the Genesis hard fork in February 2020, which eliminated any arbitrary block size cap, enabling the BSV blockchain to expand limitlessly in both transaction capacity and block size.

Furthermore, the hard fork removed state restrictions and enhanced the code base, facilitating unrestricted scaling. Additionally, the Genesis hard fork successfully reinstated key features of the original Bitcoin script, the programming language integral to the Bitcoin protocol.

Learn more with the BSV Academy

Those interested in learning more about the fundamentals of Bitcoin and its history are encouraged to sign up for the BSV Academy’s courses.

The BSV Academy is an online education platform which offers academia-quality, university-style courses and learning materials categorised under Bitcoin Theory, Bitcoin Development, Bitcoin Infrastructure and Bitcoin Enterprise, in addition to several short courses covering specific concepts and content in more detail.

Developed and run by the BSV Blockchain, the BSV Academy has been created to make learning about the Bitcoin protocol – the way creator Satoshi Nakamoto designed it – accessible, accurate, and understandable.

About Gate2Chain

Gate2Chain is a software development company, specialising in blockchain technology, dedicated to driving innovation across multiple industries. Gate2Chain is working across multiple projects with international companies like IBM.

Ryan Brothwell

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