Craig Wright's new fork is ready to compete with the wider Bitcoin Cash community.
Bitcoin Satoshi Vision, a budding fork of Bitcoin Cash, is almost ready for launch - it has released its 'release candidate,' according to an nChain statement.
"It's Time for Bitcoin to Professionalize."
A release candidate is the final, or close to final, version of the trial version (beta) of a software product.
In this case, Bitcoin SV has been in public beta for five weeks and is ready to launch with a few technical changes. Notably, support for Windows has been removed. SV Project Technical Director Steve Shadders explained: "It's time for Bitcoin to professionalize. Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base".
For context, the block size of the original Bitcoin is one megabyte. The relatively small block is what has caused the network to run so slowly; validations need to happen too often. Bitcoin Cash was designed as a solution to this problem, with its larger blocks negating this problem.
So how much of these big blocks are actually used?
As you can see from the chart, Bitcoin Cash blocks rarely exceed one megabyte. The highest amount of data registered was not even five megabytes, and that was an anomaly.
So Why Make the Blocks Even Larger?
nChain CEO Jimmy Nguyen explained at the Future of Bitcoin Summit Bangkok 2018 in Thailand that as mining rewards shrink, there is an economic need for larger block sizes. "We want to lock the original Bitcoin protocol so that businesses can reliably build on it...We want to create a pathway to rapid adoption globally, and not just for Payments but by the big enterprises which will lead to the miner revenue which is critical," he said.
However, the main reason is that they oppose an upcoming upgrade of Bitcoin Cash which would give it smart contract writing abilities. Proponents of Bitcoin SV consider this to be a betrayal of Satoshi Nakamoto's vision.
Bitcoin SV is supported by nChain, a Bitcoin Cash-advocating research centre owned by Australian programmer Craig "Satoshi Nakamoto" (or) "Faketoshi" Wright, who last year unconvincingly claimed to be the real Satoshi Nakamoto, and CoinGeek, a major Bitcoin Cash mining pool owned by Canadian billionaire Calvin Ayre. Opponents include Bitmain, the Chinese Bitcoin mining goliath, and friends.
I am with Jihan. he is my friend and the smartest man I know. the money will follow him.
At a Bangkok Bitcoin Cash summit in September, Wright was supposed to take part in a debate between the two sides, but walked off, calling the meeting "bullshit".
What about Roger Ver?
Roger Ver, CEO of Bitcoin.com and hard-working salesman for Bitcoin Cash, said in an interview at the same event: "Which side of the chain is Bitcoin.com going to mine? Don't know."
Expressing his disappointment at Wright's behaviour, he seemed to be rather on the fence, spending most of the time calling for intelligent debate and supporting the ability to fork if the majority calls for it. However, he did note: "I can tell you that from everybody that was in attendance today, all but two of them were on the ABC path..."
He told Bloomberg in September: "I don’t think the differences are big enough currently to warrant a split." However, according to Bloomberg, both versions of Bitcoin Cash intend to list themselves as such on cryptocurrency exchanges. Should be interesting.
Bitcoin Satoshi Vision, a budding fork of Bitcoin Cash, is almost ready for launch - it has released its 'release candidate,' according to an nChain statement.
"It's Time for Bitcoin to Professionalize."
A release candidate is the final, or close to final, version of the trial version (beta) of a software product.
In this case, Bitcoin SV has been in public beta for five weeks and is ready to launch with a few technical changes. Notably, support for Windows has been removed. SV Project Technical Director Steve Shadders explained: "It's time for Bitcoin to professionalize. Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base".
For context, the block size of the original Bitcoin is one megabyte. The relatively small block is what has caused the network to run so slowly; validations need to happen too often. Bitcoin Cash was designed as a solution to this problem, with its larger blocks negating this problem.
So how much of these big blocks are actually used?
As you can see from the chart, Bitcoin Cash blocks rarely exceed one megabyte. The highest amount of data registered was not even five megabytes, and that was an anomaly.
So Why Make the Blocks Even Larger?
nChain CEO Jimmy Nguyen explained at the Future of Bitcoin Summit Bangkok 2018 in Thailand that as mining rewards shrink, there is an economic need for larger block sizes. "We want to lock the original Bitcoin protocol so that businesses can reliably build on it...We want to create a pathway to rapid adoption globally, and not just for Payments but by the big enterprises which will lead to the miner revenue which is critical," he said.
However, the main reason is that they oppose an upcoming upgrade of Bitcoin Cash which would give it smart contract writing abilities. Proponents of Bitcoin SV consider this to be a betrayal of Satoshi Nakamoto's vision.
Bitcoin SV is supported by nChain, a Bitcoin Cash-advocating research centre owned by Australian programmer Craig "Satoshi Nakamoto" (or) "Faketoshi" Wright, who last year unconvincingly claimed to be the real Satoshi Nakamoto, and CoinGeek, a major Bitcoin Cash mining pool owned by Canadian billionaire Calvin Ayre. Opponents include Bitmain, the Chinese Bitcoin mining goliath, and friends.
I am with Jihan. he is my friend and the smartest man I know. the money will follow him.
At a Bangkok Bitcoin Cash summit in September, Wright was supposed to take part in a debate between the two sides, but walked off, calling the meeting "bullshit".
What about Roger Ver?
Roger Ver, CEO of Bitcoin.com and hard-working salesman for Bitcoin Cash, said in an interview at the same event: "Which side of the chain is Bitcoin.com going to mine? Don't know."
Expressing his disappointment at Wright's behaviour, he seemed to be rather on the fence, spending most of the time calling for intelligent debate and supporting the ability to fork if the majority calls for it. However, he did note: "I can tell you that from everybody that was in attendance today, all but two of them were on the ABC path..."
He told Bloomberg in September: "I don’t think the differences are big enough currently to warrant a split." However, according to Bloomberg, both versions of Bitcoin Cash intend to list themselves as such on cryptocurrency exchanges. Should be interesting.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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