One of the most controversial cryptocurrencies to date, Craig Wright’s Bitcoin SV, underwent a blockchain upgrade, dubbed as “Genesis.” It seems Bitcoin SV developers aim to get their blockchain as close to the original Bitcoin blockchain as possible.
Some of the new features the Bitcoin SV blockchain now has include removed block size limits, as well as “full original functionality” of the core Bitcoin script. The hard fork also utilized the Pay to Script hash, imbued into Bitcoin Improvement Protocol 16, or BIP 16. The upgrade, which under normal circumstances creates a different currency did not result in a new coin, rather than two co-existing blockchains.
The “dual blockchain” phenomenon occurs when the majority of users are still using the old version of the protocol. In the case of Bitcoin SV, only a small number of clients upgraded to version 1.0.0, leaving the rest with a fully-functional “old” blockchain.
Daniel Connolly and Steve Shadders, a part of the core development team at Bitcoin SV, commented that the primary goal of the upgrade is to restore the original identity of Bitcoin, scalability improvements, as well as boosting protocol stability.
Removing the block size limit, however, isn’t done entirely, as the total removing of block sizes would come in a later upgrade. The developers also noted that Bitcoin SV mines would decide block size limits, according to network activity. The loss of block size limits will transform miners into network throughput watchdogs, increasing or decreasing block sizes as necessary.
The block size limit removal actually means Bitcoin SV aims at diversifying the use of its coin for purposes other than storing value. Bitcoin SV can be used as a medium for data transactions, smart contract platform, content delivery networks, IoT, and many other purposes.
On the financial side, Bitcoin SV recorded a four percent loss in the past 24 hours, which correlates with the market move for the entire crypto sector. The protocol upgrade didn’t cause the expected price volatility, as Bitcoin SV continued to trade sideways at around $269.86, as of press time.
However, bullish indications suggest the price per one BSV may jump over the $300 barrier. If Bitcoin SV manages to breach the strong $300 resistance, experts believe BSV’s price would reach the $350 mark. On the downside, the low trading volumes and the wash trading considerations among some crypto traders form a downward tendency for Bitcoin SV’s price. If the support at $270 cracks, Bitcoin SV could fall down to $236, which is the Jan 19 low. A price slip under $236 could resolve into a cascading sell-off beneath $200.