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The original Bitcoin has gone through 2 significant forks and has now become 3 coins. Type one is Bitcoin (BTC) which has now continued most of Bitcoin’s legacy. Type two is Bitcoin Cash (BCH). Type three is Bitcoin SV (BSV). Are the supporters of these 3 coins stupid? So what’s the point of stupidity?
Status and purpose of Bitcoin
Bitcoin has now inherited much of Bitcoin’s legacy, including naming rights and the entire ecosystem. As Bitcoin with the largest consensus today, BTC has successfully maintained 1M blocks and implemented SegWit.
The purpose of BTC is to be the main chain building a store of value network through the Lightning Network to deploy the payment network. BTC is currently actively developing Lightning Network and Side chain to realize its ideal.
The purpose of BTC can be considered from two aspects:
- The first purpose is that any ordinary user can operate a complete node. BTC supporters take this to prove themselves as decentralized. To be able to do this, BTC developers have spent a lot of time and effort in optimizing the code. The quality of the Bitcoin Core code is the best in all of crypto.
- The second purpose is a main chain settlement network and a store of value network, combined with Lightning Network to implement a general payment network to expand the range of users, plus a Side chain to perform transactions. more complex blockchain functions. BTC Main Chain + Lightning Network want to build a cryptocurrency system. The main function of Side chain is to develop blockchain applications with a wider scope, such as smart contracts.
Status and purpose of Bitcoin Cash
Bitcoin Cash inherits part of the legacy of Bitcoin, the name of BCH (Bitcoin Cash) is also quite good, the logo image is similar to a part of Bitcoin. At the same time, the BCH ecosystem is also quite good.
The purpose of BCH is to be a global cryptocurrency and an on-chain application platform. BCH is actively expanding the main chain and developing a multi-level network (Bi-level Network) to realize its ideal.
The entire ecosystem mainly has two main development directions. The first direction is to expand the main chain, payment experience and complete features. Scaling the main chain is to ensure that the transaction costs of cryptocurrencies are extremely low. Enhancing the payment experience including pre-consensus and shortening block times etc all aim for a better payment experience. Complete key chain functions including extending OP_Return, sending tokens, and adding new opcodes.
As for the extension of BCH main chain function, based on BCH applications, it is possible to develop on a larger scale. The most famous are decentralized micro-blogs like memo, download apps like JoyStream, decentralized cryptographic communication tools like keyport etc.
The second direction is to develop Bi-level Network. Relying on the BCH network to create new blockchains like worm-holes and Kenoken are both Ethereum-like networks based on BCH. BCH takes over more complex features of blockchain through Bi-level Network such as contract announcements. The competitive direction of Bi-level Network BCH is to compete with BTC’s Side chain.
Status and purpose of BSV
Bitcoin SV has just forked, not much can be observed about its current state. What can be seen is based on the value assessments issued by CSW and the roadmap released by BSV. There is not much left to observe in the actual development.
In terms of inheriting Bitcoin’s legacy, BSV is the coin with the least characteristics of Bitcoin, currently the nodes in the ecosystem are still “waiting in line to be selected”. BSV’s current problem is about Logo. The logo actually has a huge cognitive role to the public, choosing a dragon image essentially proves to BSV newcomers that BSV has nothing to do with Bitcoin. However, the BSV ecosystem does not seem to have taken this seriously.
The ideal of BSV is also to be a global cryptocurrency, an on-chain application base. The development idea of BSV is to further extend the main chain, restore the protocol of the original Bitcoin version, completely eliminate the code restrictions on the main chain, and extend the Bi-level Network.
In terms of scalability, there is nothing more to discuss because it is the same as BCH.
BSV advocates a stable protocol and wants to revert to the protocol of the original version of Bitcoin. This is the development idea of BSV main chain function improvement. The main reason is because CSW thinks the protocol of Bitcoin version 0.1 is mature enough which means anything can be done. But not many people can understand this right now and most people think this is impossible.
A very clear development idea of BSV is to remove code restrictions in non-market economies, such as restrictions on the number of opcodes, restrictions on block sizes, Dust-proof transaction restrictions, OP_Return volume and space restrictions and possibly even a 1M transaction size limit etc. BSV believes that simply using the free market mechanism can be eliminated restrictions imposed by the code.
The removal of restrictions on the code is the biggest difference between BSV and BTC, BCH. BTC advocates restricting the entire system through code settings. For example, the block size should be limited to 1M to prevent the blockchain from over-scaling resulting in users not being able to operate complete nodes; for example, restrict all manner of transactions to standard transactions.
BCH is in the middle, on the one hand removing a lot of limitations like gradually removing the block size limit and gradually increasing the Op_Return capacity, on the other hand strengthening some limitations like anti-gravity (Anti gravity) 10 blocks .
Regarding the direction of Bi-level Network development, BSV and BCH are the same.
Compare Bitcoin, Bitcoin Cash and Bitcoin SV
BTC depends on the main chain and Lightning Network for cryptographic storage of value and payment functionality. Both BCH and BSV have to implement all the features of the main chain cryptocurrency.
BTC depends on the Side chain to complete the building of blockchain applications. Whereas BCH and BSV depend on their main chain and Bi-level Network.
The main difference between BCH and BSV is the different degree of trust in Bitcoin’s original protocol. In fact, the two have a lot in common.
In terms of man-made design and the rise of the market, BTC is the most trusted design, BCH belongs to the “neutral faction”, BSV is the “radical” and also the most arrogant.
These three concepts and ideas develop, I dare not say which is right and which is wrong. We can only continue to observe to know the results.
The three “forces” above are not friends, they are enemies, rationalists are turned into neutrals.
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