Last week, we announced that Maxthon6 is the first Bitcoin-powered browser. Many users wonder why choose BSV as the underlying blockchain. Today we will talk about the thinking behind this.
Bitcoin was invented in 2008 by Satoshi Nakamoto and started in January 2009. Its source code was released as open-source software. In June 2017, developers led by hardware manufacturer Bitmain made the first hard fork to increase the block size limit to eight megabbytes. As a result, the bitcoin ledger split in two, and the new one is named Bitcoin Cash. On November 15th, 2018, Bitcoin Cash got another fork, result in two independent blockchains. The one is Bitcoin ABC (short for Adjustable Blocksize Cap), it would maintain the block size at 32MB. The other is Bitcoin SV (short for “Bitcoin Satoshi Vision), it would increase the block size limit to 128MB.
BSV claims that it would restore Satoshi Nakamoto’s original vision. Maxthon believes in the original power of Bitcoin.
- BSV will help in building an honest society
BSV leader, Dr. Craig S. Wright, believes that Bitcoin was never intended to allow anonymous cryptocurrency transactions. It was designed to protect privacy. Privacy and anonymity are two totally different concepts. Privacy means that your identity will not be exposed, but an audit trail can be conducted if someone wants or needs to investigate misconduct. Bitcoin is a transparent system that can track the flow of the coin. In BSV chain, your privacy will be protected better. But if an economic system operates in an anonymous form, corruption and crime will surely grow.
We agree with this concept, and we will work with the community to build an honest and reliable society.
(The technological metrics of the three Bitcoin blockchains)
The BTC developer group kept blocks on BTC restricted to a tiny 1MB size. 1MB blocks only allow an average of 3 transactions per second. With tiny 1MB blocks, the BTC network often runs into congestion. This led BTC transaction fees to skyrocket. Compared with BTC, BSV now completely removes any default cap on the block size, and BSV team claims BSV now rivals VISA for transactions per second, and offers BSV miners “better returns” than BTC.
Uncapped scaling is critical to attracting enterprises. Enterprises can develop applications on a blockchain that is scalable to support their high volume needs.
- BSV is the Bitcoin you can earn and use
Unless you are a miner earning newly mined coins, BTC is a digital currency that you must buy from an exchange; and then most buyers just hold, hoping for investment gain.
BSV ushers in a new paradigm. BSV is electronic cash that everyone can easily earn and use. Innovative entrepreneurs are creating new applications which allow users to earn small amounts BSV through micropayments, and then actually use the digital currency.
(Excerpt from BSV Ecosystem)
There are more than 300 projects on the BSV chain, such as UptimeSV, TonicPow, Twetch, FiveBucks and services like them, more “BSV earning” applications are coming. BSV projects also encompass diverse industry sectors, involving entertainment, social media, online games, supply chain, digital advertising, data marketplaces, distributed network intelligence, Internet of Things, banking and, of course, payments.
To summarize, BSV builds a blockchain designed for business: to meet real enterprise needs, to be used by real people, and to comply with real laws. It means BSV allows for massive scaling, and adds a professionalized approach to security. Working on BSV, we believe Maxthon will provide better services and make the world a better place.