BSV WEEKLY UPDATE – 17th July, 2019

Bitcoin SV (BSV) Weekly – March 27th, 2019

In this week’s edition of the BSV weekly, we look at Bitcoin SV Node news – what’s in version 0.2.1 of the BSV Node implementation released in the past week, and what’s coming for the Quasar protocol upgrade on 24 July 2019.  We also look at some great applications on Bitcoin SV, the only blockchain that can massively scale.

Jimmy Nguyen

Founding President, Bitcoin Association

and your BSV Global Advocate


Node News

Bitcoin SV Node v0.2.1 released

Last week, the Bitcoin SV Node team released version 0.2.1 of the Bitcoin SV Node implementation. This version is an optional release as it adds certain improvements, but it is not required for the Quasar protocol upgrade which is scheduled for July 24.

The main feature of version 0.2.1 is an improvement which significantly decreases the time it takes to produce blocks with numerous transactions. This enables miners to produce even larger blocks than what we normally see on the Bitcoin SV blockchain.

The BSV Node team have said that by July 25, bitcoin node operators should be running 0.2.0 or 0.2.1. It’s important to note that version 0.2.1 removes support for the bitcoin cashaddr format; if you are using this than Version 0.2.0 is recommended if you are not 0.2.1 is recommended. Furthermore, due to growing capacity the team suggests a minimum spec of 16GB RAM, but it is recommended that it is running on a machine with 32GB or higher. 

Changes of note include:

  • Optional preloading of the UTXO set into file system cache
  • Calls to TestBlockValidity() call are now configurable using -blockcandidatevaliditytest option
  • Transaction details in RPC getblock
  • Support for OP_FALSE OP_RETURN as a standard transaction
  • Remove Bitcoin ABC cashaddr address format
  • Various minor refactoring and other improvements

You can read about this version 0.2.1 release in more detail here.

Quasar protocol upgrade – 24 July 2019

On 24 July 2019, the BSV network will undergo a forking protocol upgrade.  This upgrade is focused on scaling:  the only change planned is to lift the default block size hard cap from its current 128MB to 2GB (2000 MB).  Although the default block size hard cap will be 2GB, initially, a significant portion of miner hash rate will manually set their hard cap to a lower (but still very robust) level of 512MB – far higher than any other competing Bitcoin project.

The Quasar upgrade represents a key step in Bitcoin SV’s journey to unlock the massive on-chain scaling power that was always possible with Bitcoin and enable BSV to become the global enterprise blockchain.  BSV can already handle 300+ transactions per second comfortably; this capacity is continually being expanded and is expected to cross 1000+ transactions per second in the coming months after the Quasar network upgrade. 

Note that the Quasar upgrade is different than version 0.2.1 of the Bitcoin SV Node implementation released on 12 July 2019.  Version 0.2.1 was an optional release which added certain improvements – in particular to substantially decrease the time it takes to produce blocks with many transactions, enabling miners to produce even larger blocks than are already common on the BSV blockchain. 

Version 0.2.1 adds certain improvements and is strongly recommended for miners, but it is NOT REQUIRED for the Quasar protocol upgrade.  Any mining node or blockchain listener who prefers to continue using BSV Node version 0.2.0 can still upgrade directly to Quasar for the network upgrade on 24 July 2019.

The BSV network will upgrade to Quasar on 24 July 2019 at approximately 13:00 G.M.T.  Mining nodes and blockchain listeners are encouraged to immediately update their BSV software, in advance of the network upgrade.   (Miners write to the blockchain.  In contrast, “blockchain listeners” are businesses and individuals who run an instance of Bitcoin SV – such as exchanges and wallet operators – but are not involved in mining and thus do not write to the blockchain.)

A more detailed announcement of the Quasar upgrade is available here, with specific recommendations for miners and blockchain listeners. 

Applications

AGORA updates

The team behind AGORA, the self-styled Homepage of the Metanet, have added some new features to the Alpha version while they continue work on AGORA Beta.

Already with Agora, people can create a homepage on the blockchain, add apps and list them, create and buy and sell t-shirts, invite peers to create a homepage, aggregate all your news channels including reddit, CoinGeek Twitter feeds and more.

The desktop version now allows users to add, their Weather SV channel ID, Paymail address and @twetchapp handle to their profile. Users also no longer require a password; you can just use your email and swipe MoneyButton to make log in easier.

MetaHandles

MetaHandle allows users to tag or bookmark any onchain content with any word you like. You can use it to tag similar content, use it as a password for personal files or give any file an individual name. MetaHandles also provide direct access to any transaction and adds information and accessibility.  This resolves the accessibility problem of accessing information onchain by allowing users to easily access content.

You can read more about MetaHandle in this Medium article.

Satoshi Shout-Out

Legally Chained

Legally Chained is our Satoshi Shout-Out this week for releasing an onchain identity and document management application that is powered by the Metanet. A contract can be created using either pay as you go or a by signing up to a subscription plan. A key feature is that Legally Chained can be used by any company, professional and internet user in the world without them ever having to own, buy or hold Bitcoin SV.

The creators state “to successfully build applications that are useful to end-users and in line with laws and regulations, one fundamental part needs to be digital identity and document/file ownership and management. Up until now, there was no easy way to prove ownership of certain transactions and anything associated with those transactions, like data. By using an onchain identity verification method, the privacy and digital ownership of users is ensured while service operators can comply with law”.