BTC Wires

Craig Wright and nChain to Create New Full Node BCH Client

BTC Wires: With a heated debate among industry insiders, mostly developers of Bitcoin Cash, serving as the backdrop, Craig Wright has promised to come up with a brand new full node client devoid of the additional changes being made to Bitcoin ABC. The developers have been mulling over the future prospects of the BCH protocol for a while now and the changes being introduced to Bitcoin ABC have been at the centre of the storm, with many developers calling the alterations absolutely “unnecessary”. Now nChain and Wright have pledged to create a full-node client to serve as an alternative to the most popular full node client of Bitcoin Cash, minus the frills.

Satoshi Nakamoto, the mysterious man behind Bitcoin itself, finds an allusion in the name given to the proposed software, Bitcoin SV. SV clearly stands for “Satoshi Vision” and as nChain puts it, the client, bearing a hint of Satoshi’s name, is being designed to give a clear choice to miners who are on board with the original vision of Bitcoin. The goal is to rise above the “unnecessary” changes being introduced in the original outline of the Bitcoin protocol

The firm has stated that the Bitcoin SV will build on Bitcoin Cash’s efforts at attaining on-chain scaling. These attempts will rival second-layer scaling using Plasma, Lightning Network and Similar Technologies. The client will also increase the block size limit from 32 MB to 128 MB although of late, most BCH block mined have been of a rather small size, often less than even 100 KB.

Besides, the first launch will see the Bitcoin SV restore the 4 original scripting operations rejected in later updates of Bitcoin. In addition, it will also do away with the existing limit of 201 opcodes in each individual script.

The nChain CEO Jimmy Nguyen commented that they are excited to provide the technical backing to a client that will satisfy miners and put their grievances to rest. He is convinced that once the work is completed in developing this platform, businesses worldwide can use to create secure applications, and other initiatives upon it, much in the same manner as they do so on the pre-existing Internet protocols. He termed big blocks and big business the “future of Bitcoin” and said that they were excited to be a part of the process to develop something that would facilitate that “big growth”.

Bitcoin SV has already received a bit of support from CoinGeek. Billionaire Calvin Ayre’s BCH mining pool has already gone on record to say that it will mine with the new client once it releases soon after the November Bitcoin Cash hard fork. Right now, the mining pool of CoinGeek makes up roughly 22% of BCH hashrate. It has also pledged its continued support for consensus changes that would bring back the original protocol of Bitcoin as well as the absolutely required changes.

CoinGeek and other miners have asked nChain to make sure the miners retain control of how the Bitcoin space should progress, by creating a professionally-driven execution of the full node software. CoinGeek has even taken up the responsibility of sponsoring the initiative and called upon other miners to do the same.