What Is Bitcoin SV? (BSV) 

Per its website, Bitcoin SV (BSV) is a scalable chain parallelized to meet the demands of commercial infrastructure. The platform is powered by Bitcoin Scripting; thus, every transaction can be a smart contract, a cryptographically secure token, or an NFT. Bitcoin SV can support more than 50,000 transactions per second and is one of the fastest public ledgers, according to its website. 

The platform aims to advance the Bitcoin protocol while respecting the token’s founder’s original whitepaper. The network is maintained under the governance of the Bitcoin Association. The association develops technical standards and educates enterprises, users, and developers on building a global blockchain ecosystem.

The network claims to have distilled Bitcoin back to its purest form and locked its protocol, keeping the main economic systems and functionality described in Bitcoin’s whitepaper and integrating it with state-of-the-art technology, enabling several enterprises and developers to build upon it safely.

Some of the important features of the platform include:

• On-chain scaling: To lower the complexity.

• Supports various token protocols

• The block size limit has been extended to 4 gigabytes

• Transactions are carried out in less than 2 seconds

• Supports next-generation NFTs, charging low fees with over 1 GB of on-chain file support

• It could be used as a stable and decentralized data storage

• Native transaction tracking, compliantly on-chain, etc.

The BSV blockchain focuses on environmental sustainability and keeps energy utilization in check.

Further, some of the projects that are currently being developed on the platform are:

• BITBOSS (for gaming/casinos): A transactional system that allows streamlining financial management, both for casinos and players.

• BITPOST: A platform for publishing Bitcoin-related content.

• BSV Tokens: An NFT project that allows one to create their BSV tokens and publish them for everyone else to see.

• CANONIC: A marketplace for NFT books, etc.

History of Bitcoin SV (BSV)

On November 15, 2018, Bitcoin SV became the new ticker symbol for the original protocol of Bitcoin. It was decided to divert from Bitcoin’s whitepaper and bring non-Bitcoin-compliant features, such as anonymity that hinders government and financial regulation.

The association that maintains the governance of Bitcoin is based out of Zug, Switzerland.

How Are New BSV Tokens Created?

The platform supports mining, as per the official document. As a bare minimum, a miner would need to set up their Bitcoin node by running Bitcoin. Further, a miner ID is an optional addition to running Bitcoin, allowing miners to build a reputation in the Bitcoin SV ecosystem. The Miner ID also gives miners a verifiable opportunity to list their contact, services, and other relevant information to their customer base.

Besides the above, miners can also use mAPI, an interface via which miners can offer personalised fee pricing and service guarantees to partners and/or the general public on the platform. mAPI is also referred to as a reputationally backed promise that miners would attempt to mine a client’s transaction and won’t accept a double-spend unless they see it in a block.

Moreover, GMC (GetMiningCandidate) is an improved API that miners can use, ensuring that they can use the Bitcoin network by mining large blocks without the limitations