Bitcoin SV Independence Day – Year 2 Report

By Alex Speirs Published: November 15, 2020

November 15, 2020, marks the two-year anniversary of the emergence of Bitcoin SV. To commemorate the occasion, Bitcoin Association has produced the second Bitcoin SV Independence Day Report, looking back at the highlights from the past year.

The report heavily emphasises Bitcoin SV’s readiness for wide-scale enterprise adoption: a stable protocol that scales, is secure, and has safe, instant transactions.

The report also reviews some of the key achievements of the Bitcoin SV network in the past year: Bitcoin SV is the most transacted on network – above both Bitcoin Core and Bitcoin Cash; a new world-record block of 369MB was processed, containing 1.3 million transactions; and it retained its status as the most cost-efficient network to transact on, with median fees consistently less than 1/100 of a U.S. cent.

A number of the technical milestones achieved are also showcased, including the introduction economically viable nano-payments of just a single Satoshi, the removal of the default block cap size – introducing truly unbounded scaling, as well as the (presently in beta) Simplified Payment Verification (SPV) payment channels, which allow users to conduct secure peer-to-peer transactions directly between devices while still broadcasting them to the network.

The report also looks at the ecosystem developing around Bitcoin SV, which has now surpassed 400 known projects. This includes a review of some of the most exciting use-cases to emerge in the past year. Examples range from the highly-specialised – the likes of EHR Data, the company building a global electronic health record on the blockchain using the Bitcoin SV data network to facilitate patient-directed data access and control – to the more general infrastructure projects such as Metastreme, a high-throughput wallet and API which can handle high volumes of transactions and has announced partnerships with a variety of different businesses.