Satoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’

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An intramural debate among Bitcoin Cash developers about the future of the BCH protocol is heating up, with a development group backed by nChain and Craig Wright vowing to create a new full node client that does not include the so-called “unnecessary changes” being added to Bitcoin ABC, the most popular full node BCH client.

Craig Wright-Backed nChain to Launch Competing BCH Client

Dubbed Bitcoin SV — a not-so-subtle acronym for “Satoshi Vision” — the software, in nChain’s words, is designed “to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision, over implementations that seek to make unnecessary changes to the original Bitcoin protocol.”

The company says that Bitcoin SV will double down even further on Bitcoin Cash’s commitment to on-chain scaling (as opposed to second-layer scaling through technologies such as Plasma and the Lightning Network) by raising the block size limit to 128MB from the current 32MB limit. For reference, the vast majority of recent BCH blocks mined over the past several days have been smaller than 100KB, or less than one-third-of-one percent of the current limit.

bitcoin cash blocksizeSource: CoinDance

Additionally, the first release of Bitcoin SV will restore four “Satoshi opcodes” — scripting operations that had originally been included in Bitcoin but were disabled in later software updates. These opcodes are: OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. Additionally, Bitcoin SV will remove the limit of 201 opcodes per individual script.

Jimmy Nguyen, CEO of nChain, said:

“Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.”

CoinGeek, a Bitcoin Cash mining pool founded by billionaire entrepreneur Calvin Ayre, has already announced publicly that it will mine with Bitcoin SV following the software’s release ahead of the scheduled Bitcoin Cash hard fork in November and has said that it will “continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks.” At present, CoinGeek’s mining pool accounts for approximately 22 percent of the BCH hashrate.

bitcoin cash mining chartSource: CoinDance

“Because miners should drive the roadmap in the Bitcoin space, CoinGeek and other miners asked nChain to create a professionally-driven implementation of the Bitcoin full node software (for use on BCH) that restores the original Bitcoin protocol,” Ayre said. “CoinGeek is sponsoring the project and intends to mine with Bitcoin SV. We invite other BCH miners to join us in using Bitcoin SV to voice their support for the Satoshi Vision.”

CoinGeek, nChain Spar with Bitcoin ABC over Future of Bitcoin Cash

bitcoin cash nodesCraig Wright and Calvin Ayre want to supplant Bitcoin ABC as the dominant Bitcoin Cash client. | Source: CoinDance

The decision of nChain, with CoinGeek’s backing, to launch Bitcoin SV is the culmination of heated debates within the Bitcoin Cash technical community over the future of the BCH protocol.

Bitcoin ABC, the full node implementation developed by Amaury Séchet and currently used by most miners, has announced plans to activate, among other changes, two new opcodes during the protocol’s November hard fork — OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY — as well as implement canonical transaction ordering.

These proposals have been met with strong resistance by Wright and Ayre, who have argued that, among other things, these opcodes could lead to “unlicensed gambling” since they can be used to implement “oracle” services such as those that make decentralized prediction markets possible. Ayre, incidentally, made his fortune through an online gambling empire, though it is Wright in particular who has used this as an argument against these opcodes.

According to nChain, Bitcoin SV will be based off BItcoin ABC v0.17.2, and its development will be led by BitcoinJ-Cash developer Daniel Connolly. The firm plans to have the SV codebase ready for a full security audit in mid-October.

Featured Image from Shutterstock

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The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That

The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That

The Daily

Scammers are threatening to reveal cheating husbands to their wives and asking for bitcoin ransom – check the details in this edition of The Daily. A porn streaming website now rewards its users with tokens, and hair sprays are sold for BTC and BCH. Also, find out what Brits think about blockchain and learn about the latest incarnations of the technology.

Also read: Binance Launches in Liechtenstein, ZB.com Opens Office in Malta

Scammers Threaten Cheating Husbands, Ask for Bitcoin

The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and ThatThe U.S. Federal Bureau of Investigation (FBI) has recently issued a warning about new scams involving cryptocurrency: fraudsters have been sending letters threatening to reveal cheating husbands to their wives and relatives unless they are paid thousands of dollars in bitcoin (BTC). The FBI’s Internet Crime Complaint Center (IC3) says there’s been a significant increase in the number of extortion attempts of this kind.

A variety of scenarios have been reported but the scammers usually accuse people of cheating and visiting porn sites, and claim to possess other compromising information as well. Threats like “I know about the secret you are keeping from your wife” and “I installed malware on the adult video site” are often part of the correspondence.

People’s personal data like names, usernames, or passwords is included to intimidate the targeted individuals. In most cases, the recipient is instructed to pay a ransom in bitcoin. The Bureau asks victims to reach out to the local FBI office and file a complaint with the IC3 at www.ic3.gov, providing any relevant information including the extortion email and the BTC address.

Porn Site Rewards Viewers with Tokens

Speaking about earthly temptations, a leading adult website now wants to reward its users with cryptocurrency. Tube8, a subsidiary of Pornhub, one of the largest platforms in the genre which boasts over 150 million page visits a month, is now moving onto the blockchain. The porn streaming service told Hard Fork it is tokenizing itself through a partnership with Vice Industry Token (VIT). According to the report, the deal will allow users to earn VIT tokens while enjoying the Tube8 videos.

The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That

The transformation is scheduled to take place by the end of the year, promising to turn Tube8 into the very first major adult platform to pay its users for their activity in cryptos. By doing so, Pornhub, which is already accepting payments in verge, tron and zencash, is truly spearheading crypto adoption and blockchain implementation in the adult industry, taking advantage of the anonymity provided by cryptocurrencies, which is important for its customers.

Something for the Ladies: Buy Hairspray with Bitcoin

The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and ThatThinking about finding new intersections between beauty and technology, beyond formula or packaging, R+Co, the beauty collective founded by stylists Howard McLaren, Thom Priano, and Garren, is now incorporating bitcoin core (BTC) and bitcoin cash (BCH) payments into its business, The Cut reports. The team thinks it’s a logical next step.

Once you decide to pay for your hairspray with any of these leading cryptocurrencies, “The Culture of Hairdressing” promises a simple online checkout experience. After providing billing and shipping information, ladies will be prompted to choose a payment method and they can opt to spend cryptocurrency instead of reaching for the credit card. Selecting the bitcoin option will transfer them to Bitpay where they need to complete the purchase within 15 minutes. Excited about the new service, R+Co’s president Dan Langer said:

Blockchain technology is going to be one of the future disruptors in the beauty industry. It will allow consumers the ability to leverage their data and purchase behavior in all kinds of new shopping ways… from reviews to rewards to product benefits. In order to stay at the forefront of this emerging thinking we wanted to integrate components of it while still in its early stages – like paying with Bitcoin – and learn with it as it evolves.

Blockchain This, Blockchain That

Bitcoin payments – that’s fine, but “blockchain” is not something everyone accepts without prejudice. Almost half of Brits, for example, wouldn’t trust an organization using it, new research from IP EXPO Europe has discovered. The authors have found that over a third of British people (35%) would not trust a company employing the technology to keep their information secure. The main reason for their mistrust is not knowing what blockchain really is.

Another 11% of the respondents in the poll conducted by One Pulse, who believe they know what blockchain is, would also not trust an organization that’s using it. Both figures represent almost half of UK citizens. Add to that the 28% who say they wouldn’t trust a firm using any technology they don’t understand and you’ll realize how important it is for businesses to ensure they don’t confuse their customers while trying to improve their technical capabilities or simply riding the wave of the crypto craze.

The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That

Nevertheless, the blockchain mania goes on and this week produced a number of examples. We learned that Italian insurance companies are testing a blockchain-based solution to resolve disputes involving car-liability claims, Wyoming farmers want to use the distributed ledger technology to track what their cattle eats and then brand their beef as superior, blockchain-proof probably, and the China Aerospace Science and Industry Corporation has developed a blockchain platform to improve electronic invoicing… What? Oh, and “China’s first blockchain social network is the brainchild of a 24-year-old female poker player,” mainstream media informed us.

Realizing the importance of blockchain education, Hong Kong authorities have granted $20 million USD to several local universities that are expected to use the funds to finance the research and development of blockchain-based payments systems. And in the Philippines, one of the oldest universities, Ateneo de Manila, is partnering with a healthcare service provider to set up a research laboratory powered by blockchain. All this is happening after Turkey’s Bahçeşehir University inaugurated the country’s first blockchain innovation center. Yes, a lot of education is needed when it comes to blockchain.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


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November BCH Upgrade Discussion Heats Up After Bitcoin SV Full Node Announcement

November BCH Upgrade Discussion Heats Up After Bitcoin SV Announcement

Technology & Security

Blockchain development firm Nchain has announced the company’s plans to launch a new Bitcoin Cash full node client called ‘Bitcoin SV.’ Lead developer Daniel Connolly has published the specifications for re-enabling old opcodes for the November 2018 BCH upgrade. So far the unpublished codebase has seen vocal support from the mining pool Coingeek, but right now some members of the BCH community are concerned that if no other miners switch to Bitcoin SV, the proposed upgrade could cause incompatibilities.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

Will Bitcoin SV’s Proposal be Compatible With Bitcoin ABC?

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementOn Thursday, August 16 the firm Nchain revealed they are releasing a new BCH full node client that’s claimed to be based on Bitcoin ABC v0.17.2, but with a few different upgrade changes added. Bitcoin SV will include restoring more Satoshi opcodes, removing the opcode per script limit, and raising the block size to 128MB. Further, the leading BCH mining pool Coingeek have stated they will be backing the new client. However, since this announcement, some BCH supporters are concerned about the upgrade coming this November. Issues could occur if groups of miners choose Bitcoin SV’s finalized consensus change proposals, which could be entirely different than the finalized Bitcoin ABC 0.18.0 version. Moreover, depending on the upgrade releases stemming from Bitcoin Unlimited, and other implementations, the Bitcoin SV client could be incompatible with any one of them.

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementSo far the Bitcoin ABC team hasn’t responded to the latest Nchain announcement, and the ABC client release for testing hasn’t arrived. According to the ABC roadmap, after they announced the client’s upgrade changes the codebase was supposed to be delivered by August 15. Instead, the team published an article on the benefits of canonical transaction ordering with help from articles written by the Bitcoin Cash miner Jonathan Toomim, and Joannes Vermorel’s study on the process. So at the time of writing the latest 0.18.0 Bitcoin ABC version is two days late. Furthermore, if v0.18.0 contains canonical transaction ordering, the enforcement of minimum transaction size, and the activation of OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY, it will not be compatible with SV’s framework for November.

Bitcoin SV’s Lead Developer Publishes Re-Enabling Old Opcode Specs

The Bitcoin SV client’s lead developer, Daniel Connolly, has published a document of specifications concerning the SV clients’ re-enabling old opcodes. The Bitcoin SV version 1.0 document details that in May of 2018 a few disabled opcodes were re-added to the Bitcoin Cash scripting engine, and this November SV will introduce four more opcodes.       

“The scope of that change was limited in order to focus developer attention rather than attempting to reintroduce all of the disabled opcodes at once,” explains the Bitcoin SV spec sheet published on August 17.

This specification expands upon that change by reintroducing additional opcodes — The specifications describe the opcodes that will be added in the November 2018 protocol upgrade.

The re-enabled opcodes will include:

  • OP_MUL — Multiplies two numbers
  • OP_RSHIFT — Right shift b by n bits
  • OP_LSHIFT — Left shift b by n bits
  • OP_INVERT Bitwise NOT  

The Ultimate Decision Will Be Made With Hashpower

Essentially the ultimate decision making will be in the hands of the miners if they want to upgrade the block space to 128MB, or follow through with ABC’s plans. At the moment there are many different takes on this situation from a wide variety of BCH supporters. Some agree with Coingeek and Nchain and want to raise the space available in blocks, while others believe there isn’t a need for the increase, because current 32MB blocks are not yet being filled. Discussions concerning the matter have increased exponentially on BCH-centric Slack and Telegram channels, Twitter, and Reddit forums.

A lot of BCH supporters believe that ultimately those who have hash power will have the final say in this debate and miners will choose which client they plan to use. Some BCH proponents are not too concerned with the possibility of incompatible clients just yet, because as far as ABC v0.18.0 and SV 1.0 are concerned, neither client has finalized plans for November’s upgrade. As mentioned above the ABC code is not ready yet and the SV 1.0 codebase plans to launch this September.

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementA lot of BCH supporters believe ultimately it will be the decision of the miners on whether or not they support changes like canonical transaction ordering and OP_CHECKDATASIGVERIFY, or re-enabled opcodes and a 128MB block size increase.

News.Bitcoin.com briefly spoke with Bitcoin XT developer Tom Harding about the recent Nchain announcement and he explained the XT client will follow the majority hashrate.

“XT hasn’t been a driving force behind any of the forking change proposals this time around —  We’ve been focusing on non-consensus 0-conf work,” Harding explains.

Regarding consensus changes, our intention is to support what the majority of hashpower wants to do — We’re also thinking about how best to know what BCH miners actually want.

What do you think about the Bitcoin SV client and the possibility of it being incompatible with Bitcoin ABC’s November upgrade? Which upgrade proposals would you like to see finalized? Let us know your opinion on this subject in the comment section below.  


Images via Shutterstock, Coindance, the Nchain Bitcoin SV announcement, and Bitcoin ABC logo. 


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