However, the new logo was promptly joked about through many of social media, who called it a “cheap imitation knock off” of the original (and the only one) Bitcoin.
Bravo, but has hints of cheap imitation knock off to it. I wonder why. pic.twitter.com/FsvNSurAQo
— KingOfAllShitcoins (@JinglesBTC) January 3, 2019
According to the press release, this new logo reflects Bitcoin SV’s roots while “updating” (or imitating?) Bitcoin’s classic logo. This is expected to allow BSV to be more professional in a very competitive market. It remains to be seen if these ambitious plans will eventually be translated into reality.
Bitcoin SV was born after a hard fork from the Bitcoin Cash (BCH) network. The network update started back on November 15, 2018, with the intention to preserve Satoshi Nakamoto’s vision of Bitcoin. Bitcoin SV wants to restore the original Bitcoin protocol, keep it stable, and allow it to scale.
There are two dominating proposals for the implementation of the BCH network in the form of Bitcoin ABC and Bitcoin SV (Satoshi’s Vision). Bitcoin ABC stands for “Adjustable Blocksize Cap”, and its proponents argue that the basic structure of BCH is “sound,” and “does not need any radical change”. Proposed changes include “removing software bottlenecks” and enabling node operators to change their block size limit.
The other implementation, Bitcoin “Satoshi’s Vision” or Bitcoin SV, rejects these changes to instead restore retired code from the original bitcoin protocol and increases the block size from 32 MB to 128 MB.
The team behind Bitcoin SV wants to reach billions of people and allow companies to build on top of it. There are some important changes to the logo, including a cleaner B symbol, the addition of the SV characters at the end and a “new” dragon gold color.
nChain’s Jimmy Nguyen and Founding President of the bComm Association commented:
“Today marks 10 years since the birth of the Bitcoin blockchain, and this date has more importance now than ever. After too many years of wasteful diversions from the Satoshi Vision, we can now finally celebrate Bitcoin’s rebirth – unchained from experimental whims of developer teams who veered away from Satoshi’s original plan.”
He also added that the Bitcoin SV Node is now referencing implementation for the BSV protocol. To differentiate the full node implementation from the BSV cryptocurrency, the Bitcoin SV Node team at nChain intends to keep its dragon logo for the time being. Occupying the 5th position in the Chinese zodiac, the dragon is the mightiest of the signs.
“It symbolizes leadership, ambition, good fortune, energy, and independence – perfect qualities for a reference implementation to lead Bitcoin to its destined world-changing future.”
Worth noting, that in just over one month since emerging as a separate chain and token, the Bitcoin SV ecosystem has quickly grown. More than 50 exchanges now list BSV. Numerous wallets have announced exclusive support for BSV – including the user-friendly and popular CashPay, Centbee, HandCash, hivr, and Pixel Wallet.
In the future, the bComm Association will be supporting a massive on-chain scaling of the Bitcoin SV blockchain. Bitcoin SV offers already the largest blocks, 65 and 64 MB. These are the largest blocks ever mined on a public blockchain. They will also be working with the BCH Professional Stress Test team and other firms to test and improve its capacity.
We at CoinSpeaker are pretty much standing beneath recent Vitalik Buterin announcement where he called Bitcoin SV a pure dumpster fire and said that he seriously does not believe in the Proof of Work consensus. The tweet was made a few days back using his official Twitter account:
Yeah no, I have my disagreements with the bitcoin roadmap, PoW, etc but they’re trying to do something that’s genuinely cool tech. BSV is a pure dumpster fire.
— Vitalik Non-giver of Ether (@VitalikButerin) December 25, 2018
Bitcoin SV proponents, Calvin Ayre, and Craig Wright have been propagating scaling of blocks for a long time and haven’t left any stone unturned in doing so. The community is aiming to make the coin a new currency used by people and make it a global public blockchain upon which major enterprises can build on.
Bitcoin SV is currently trading around $87.85 (at the time of writing) and has been on a downfall since its inception. The BSV hard fork has not been adopted by some of the major exchanges such as Coinbase and Gemini yet, which have already adopted the other hard fork or Bitcoin ABC just after the hard fork.