Despite the coronavirus pandemic, Bitcoin SV (BSV) strove to better its blockchain so innovations can be built on it. While other global industries suffered greatly this year with bankruptcies and layoffs here and there, Bitcoin SV, with hard work and determination, soared to new heights in 2020.
BTC and BCH
BTC maintained its position as the most expensive cryptocurrency this year. However, its technology has remained useless. Its only value is its price – you buy it, keep it, and sell it again once the price goes up, just like a wannabe digital gold.
BCH has been and still is embroiled in numerous controversies, many of which are due to its policy of enabling criminal activity through its permission-less system. And again, BCH forked later this year due to conflicts over funding. This just goes to show how unstable it really is.
The Genesis Upgrade
Bitcoin SV, on the other hand, stayed true to its name. With SV standing for Satoshi Vision, it has continuously fought to realize the original vision of Bitcoin creator Satoshi Nakamoto, known in the real world as Dr. Craig S. Wright.
In February 2020, Bitcoin SV released the Genesis Upgrade, which officially restored the original Bitcoin protocol and has it set in stone. It also enhanced Bitcoin SV’s security to one never before seen in cryptocurrency history, created an ecosystem that abides by the rule of law and is legally safe, and removed the default block cap size of its blockchain.
This stable protocol and unbounded scalability means the Bitcoin SV blockchain can now handle big data and innumerable applications can be built on it. In much the same way the Internet allowed for just about anything to be online before, the Bitcoin SV blockchain will make it possible for everything to be on-chain.
Bitcoin SV Milestones
The year 2020 marks a lot of milestones for Bitcoin SV. A new world-record was set as the biggest block so far was processed at 369MB, which has more than 1.3 million transactions. As of June 26, 2020, 428 projects were built on the Bitcoin SV blockchain as it continues to expand and get ready for global adoption. With an unlimited block cap size, it has become the most cost-effective network with nano-transactions made possible, with a very low fee of less than 1/100 of a U.S. cent.
Moreover many ingenious use cases have emerged this year. EHR Data, Inc. and its partners are developing a Global Electronic Health Record, Veridat is working on record-proofing clinical research data and Omniscape is building an Experiential Reality (XR) platform—all using the BSV blockchain. These are just a small fraction of what the Bitcoin SV blockchain is capable of. Bitcoin SV is proud that it has not let the coronavirus pandemic slow it down.