Bitcoin SV Year 1: summarising the Quasar update, and the upcoming Genesis update

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Bitcoin, when it was originally designed, was ready to be developed without the need for much tweaking. While some blockchain projects have taken a detour and created solutions that are nowhere near as robust or versatile as Bitcoin had been envisioned, Bitcoin SV (BSV) has been able to keep the original design going. Now, after only a year of independence, BSV is well ahead of the rest of the pack and is able to offer a viable alternative that no other blockchain is capable of providing.

THE QUASAR UPDATE

Soon after BSV was segregated and stable, developers introduced the Quasar upgrade, which facilitated an increase of the hard cap on the default block size seen on the network. Whereas BTC and Bitcoin Cash (BCH) have suppressed larger blocks since their implementations, BSV saw a jump from 128MB to 2GB as the capable size. This enables a substantial amount of building on the blockchain for both individual and enterprise solutions.

BIGGER BLOCKS

Quasar was rolled out in July and, on July 28, two blocks of 256MB were successfully mined on the mainnet during a stress test. These two blocks still stand as world records for the largest blocks ever mined on a public blockchain, and no other network has been able to come close to reaching these levels.

Only about a week later, on August 3, another public stress test revealed the successful mining of large blocks that contained two million transactions. All of the transactions were processed in just one hour and were contained in two blocks—one containing 808,633 transactions and measuring 210MB, and the other containing 702,909 transactions and measuring 150MB.

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For now, most mining pools have established a block cap of 256MB as a means of allowing the entire network to grow at the same rate. This enables a smooth transition that keeps the ecosystem growing evenly as the pools introduce a systematic approach to growth, allowing the entire infrastructure to retain its composition and integrity.

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Bitcoin SV is far from done. The Genesis upgrade is scheduled to take place in February 2020, and this will completely remove the default upper limit to block sizes—miners will determine the necessary size, based on market forces and not on developers’ whims.

Genesis is also designed to restore original protocol language and coding that had been stripped by other blockchains. Much of this language facilitates enhanced functionality and was originally included in Bitcoin, and BSV will be the only blockchain capable of processing large numbers. It will also include development flexibility that hasn’t been seen since Bitcoin’s original design.

Once the Genesis rollout is complete, Bitcoin will have been restored to its original form and the blockchain will be locked down—there won’t be continued changes like what is seen with BTC and others as they play around with coding. It will be a truly stable protocol that is designed for long-term use and which will offer enterprises the reliable solution they’ve been waiting for.

The road to Genesis has almost reached its conclusion. When it does, Bitcoin will live on and become the ideal platform for business development well into the future.


Want to learn more about what’s happened in the BSV ecosystem in the past year?