Bitcoin SV
Crypto Overview
Project Overview
Bitcoin SV (BSV) emerged from a hard fork of Bitcoin Cash in November 2018, with SV standing for 'Satoshi Vision'. The project claims to fulfill the original vision of Bitcoin's creator, Satoshi Nakamoto, by focusing on massive on-chain scaling, stability, and secure instant transactions.
Intended Utility
BSV aims to serve as a global payment system and data network, capable of handling thousands of transactions per second while maintaining low fees. The protocol enables various data applications beyond just financial transactions, including the ability to store and transmit large amounts of data on-chain.
Actual Utility and Development
The network is actively used for both payments and data applications. Notable BSV applications include MetaID (digital identity), WeatherSV (weather data recording), and various social media platforms. The development team regularly updates the protocol, with a focus on increasing block size limits and improving transaction processing capabilities.
Token Distribution and Governance
As a fork of Bitcoin Cash (which itself forked from Bitcoin), BSV inherited Bitcoin's distribution model. There was no pre-mine or ICO, and new coins are only created through mining rewards. The maximum supply is capped at 21 million coins, following Bitcoin's original design.
Technical Architecture
BSV maintains the proof-of-work consensus mechanism but has significantly increased the block size limit to allow for more transactions and data storage. The protocol emphasizes on-chain scaling rather than layer-2 solutions, believing this approach better aligns with Bitcoin's original design.
Crypto Impact
To assign a comfort level investing in Bitcoin SV from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bitcoin SV.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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