BSV WEEKLY UPDATE – 24th July, 2019

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

Quasar protocol upgrade – 24 July 2019

In this week’s edition of the BSV weekly, we look at more Bitcoin SV Node news as today is the day that the BSV network undergoes a forking protocol upgrade. We also cover what’s currently happening in the BSV community with updates from RelayX, the London BSV Meetup and CodeonChain.






Quasar protocol upgrade – 24 July 2019

On 24 July 2019, the BSV network undergoes a forking protocol upgrade and significant moment on its journey to restore Bitcoin’s original vision.  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.

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 –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.  If they have not already done so, mining nodes and blockchain listeners are encouraged to immediately update their BSV software, in advance of the network upgrade.

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

RelayX

RelayX now allows users to save money when spending BSV. In a recent Medium post, they explained “in the latest RelayX update, users can set a saving percentage rate when withdrawing funds to a linked fiat wallet or scanning a fiat wallet QR code”. RelayX offer these savings by purchasing BSV from end users at a mark-up, and then converting it to fiat to make the purchase.

To get started, users simply load BSV into their RelayX wallet, scan a fiat wallet QR code they wish to make a payment to, and confirm when the payment has been made. Doing this can save users anywhere between 0.5% and 5% on their purchase.

Currently, RelayX supports sending fiat to six wallets:

  • Alipay
  • WeChat Pay
  • Kakao Pay
  • PayMe
  • Paytm
  • PromptPay

BSV Meetups

London BSV Meetup

This week, on July 25, Bitcoin Association will be sponsoring the London BSV Meetup which will focus on business and networking and this week’s Quasar protocol upgrade.. It is aptly titled Quasar: Enabling More Businesses to Build OnChain.

Topics covered will include:

  • BSV’s Quasar Upgrade
  • Building Businesses OnChain,
  • MinerID
  • Shifting Paradigms in Social Media
  • Beer Tasting

The agenda will include presentations from key players at nChain, Bitcoin Association, , and  a panel discussion on the paradigm shift in incentive structures with on chain Social Media platforms.  And BrewDog will offer a beer tasting session!  Speakers include:

  • Steve Shadders, nChain
  • Joel Dalais, Metanet.id
  • Rob (Cambridge Metanet Society)
  • Brewdog: Equity for Punks presentation & beer tasting

A Panel will include the following speakers, Maria Eugenia Lopez, a UX Designer at Moneybutton, and the CTO of Twetch.

The event details can be found at the meetup page

Satoshi Shout-Out

CodeOnChain – “GitHub” on the BSV blockchain

CodeOnChain, created by twitter user @jolon, is a great new BSV service for developers, and gets this week’s Satoshi Shout-Out.  CodeOnChain acts like the GitHub code repository on the BSV blockchain.

Developers use the bsvpush command line (also published by @Jolon) to upload a directory tree of files to the BSV blockchain using Metanet nodes. Bsvpush can also be used to clone repositories off the blockchain. Other users can easily browse when visiting the CodeOnChain site using the featured apps tab, recent apps tab and transaction ID search making each uploaded folder easy found.

As respected developer Unwriter said in a tweet about CodeOnChain, “Currently there’s a tipping option with @money_button but you could easily imagine all kinds of ways open source dev can monetise their work, since it’s Bitcoin-native”.  Not only does this this application provide some of the central components of github to the BSV Network, but by using bsvpush files are on the blockchain permanently.