Developer: Bitcoin SV(Satoshi Vision) Aims For 5 Billion Users

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Bitcoin SV’s enhanced Capacity means it will in future be capable of hosting billions of people on a daily basis according to project’s lead engineer Daniel Connolly.

As a member of the SV development team, Daniel told Cryptocoinjunky that billions of people will be able to use the payments protocol. As the block size slowly increases, hopefully to 2 GB by Q4 2019, more people will be able to use Bitcoin SV without putting too much strain on the network.

“We aim to have 5 billion people [using BSV] on a daily basis”, said Connolly, at a CoinGeek conference in London. “We still have a long way to go, but it will become possible so far as we scale.”He added.

Bitcoin SV (‘Satoshi Vision’) was a proposed protocol implementation for the Bitcoin Cash (BCH)network upgrade, which took place Mid –last Month. BSV doubled the block size from 64 MB to 128 MB. Supporters of the  Upgrade included Calvin Ayre, the founder of CoinGeek, and Craig Wright from nChain.

Initially a proposal for BCH(Bitcoin Cash), not everyone agreed with Satoshi Vision. Most notably, Roger Ver(Bitcoin.com) and Jihan Wu (Bitmain) who proposed their own implementation, known as Bitcoin ABC.

Within a week, a majority of the Crypto exchanges and data aggregators had accepted ABC as Bitcoin Cash. But followers of Satoshi Vision stayed on their own network. Bitcoin SV  blockchain network is currently valued at over $1.7bn.

Will there be Bitcoin SV users?

The main priority for Bitcoin SV is scalability. Connolly says that the plan is currently for the block size to increase to 512 MB in May and then to 2 GB by next November. Within 18 months they want to remove a limit on block sizes and allow miners to decide for themselves the size of blocks they wish to mine.

Scalability is the main aim.  Satoshi Vision was able to handle  1.6million  transactions during a four-hour stress test, conducted in early November. But as the name – Satoshi Vision – implies, the project wants to remain truthful to what they see as the only fully decentralized and viable blockchain. This is encapsulated by Satoshi Nakamoto’s Bitcoin whitepaper according to them.

Simit Naik, nChain’s Director of Business Services, explained that SV was a way to restore Bitcoin back to what was originally imagined. Bitcoin SV  wants to be a decentralized alternative to Visa or Mastercard but it needs to convince its target market according to Simit Naik.

He further stated that enhancing the network capacity, one with smaller transaction fees and faster payments is the answer. Also Targeting parts of the world that still lack access to modern financial services will improve mass-adoption.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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