Re: [ANN] [BSV] [Bitcoin SV] Original Satoshi Vision
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MNP report finds Bitcoin SV to be the best implementation of the original Bitcoin protocol
MNP, the fifth-largest chartered professional accountancy and business consultancy firm in Canada, has issued a report that compares the alignment of the Bitcoin SV (Satoshi’s Vision) and Bitcoin Core (BTC) protocols with the original Bitcoin protocol. The report, titled ‘The original Bitcoin protocol: what is it and why does it matter?’, found that out of these two competing implementations, Bitcoin SV is the most representative of Satoshi Nakamoto’s original intention for Bitcoin.
MNP conducted an in-depth review of both protocols and compared them with the vision of Bitcoin defined by a wealth of source material related to Satoshi Nakamoto’s development of the original Bitcoin protocol. The source material for the review included the original Bitcoin white paper, as well as publicly available emails, forum posts and original code written by the blockchain’s pseudonymous inventor.
Bitcoin SV differs from Bitcoin Core in that it aims to restore the original vision of Bitcoin through the restoration of the original protocol. This has resulted in a network with unbounded scaling, unlimited block sizes, extremely low transaction fees, diverse data functionalities and fully-fledged scripting support. This development philosophy is ratified by the findings of the MNP report, which highlights the original definition of Bitcoin as peer-to-peer digital cash enabling fast and efficient transactions.
‘Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision,’ the report states.
‘Our findings indicate that Bitcoin SV is the most representative of Satoshi Nakamoto’s original intention for Bitcoin. We used an assessment framework and resulting criteria to assess the protocols described in this paper, including opcodes, Bitcoin scripting and protocol elements.’
Why BSV is closer to Bitcoin than BTC
MNP opted to compare BTC and BSV with the original Bitcoin protocol as they contrast the key attributes in realising Satoshi’s vision and show how development decisions have affected each implementation. Both these implementations of Bitcoin were assessed according to various criteria which encompassed their capabilities, functional requirements, non-functional requirements, as well as the alignment of attributes as defined by Satoshi Nakamoto’s vision of the original Bitcoin protocol.
The original vision of Bitcoin was designed as a means to sending and receiving fast and efficient digital cash transactions that solved the problem of double spending. The report notes, however, that the protocol’s underlying design demonstrates a vision of the technology acting as more than just a payment protocol.
‘The original design was intended for Bitcoin to be used for other functions (beyond mere payments) such as vending machines, paid emails, SaaS products, website activations, etc. It is clear from the forum posts, writings, and community discussions that the Bitcoin protocol was intended to scale to allow for many forms of payments. This includes macro-payments (i.e., settling an account at the end of the day) and micropayment (i.e., sending a very small fee to access a service or send a text message),’ the report states.
After inspecting this design philosophy, contextualised with discussions by Satoshi regarding the need for Bitcoin to run on a low-fee model with sustainable economic incentives, MNP found that the BSV blockchain is more aligned with the original intent of Bitcoin that BTC. This is demonstrated by its ability to process many more transactions at a lower cost, as well as its support for scripting and on-chain data storage and applications. Conversely, BTC offers extremely low transaction throughput, high transaction fees and a lack of support for opcodes available in early versions of Bitcoin.
‘Considering these factors, BSV appears more aligned to the original intention of the payment system. With an uncapped block size which can grow with market demand, a significantly larger number of transactions can be included within each block, therefore allowing higher overall network throughput,’ the report states.
Satoshi’s vision and the future of blockchain scaling
The report’s interpretation of the white paper and Satoshi Nakamoto’s code and communication reaches the same conclusion as that of the BSV ecosystem – that Bitcoin was always designed to be more than a simple electronic payment system.
‘The original vision and long-term intentions were far beyond just an electronic cash and payment system. These elements are primarily provided by the Script language and implementation details of the stable, underlying protocol,’ the report states.
It goes on to describe the potential impact of a protocol designed according to Satoshi’s vision of Bitcoin, noting that this would enable efficient, easy-to-use digital payments, high transaction throughput with full scripting support for data-intensive applications and the creation of an enterprise utility blockchain secured by robust economic incentives and capable of rivalling incumbent traditional payment and data management systems.
Bitcoin SV has already made great strides in realising this vision by continuing to restore the full capability of the original Bitcoin protocol and develop applications on top of it. Thanks to its unlimited block size and support for Turing-complete blockchain-based applications, the BSV network offers an unparalleled platform for everyone from wallet providers and merchants to enterprises and financial institutions.
The MNP report highlights the importance of a stable, secure and scalable system for realising the true potential of Satoshi’s vision, and Bitcoin SV has demonstrated its adherence to these traits through its rapid growth and adoption. Diametrically opposing BTC’s artificially limited block sizes, high transaction fees and poor throughput, Bitcoin SV has demonstrated its ability to process 50,000 transactions per second through a new implementation of its node software based on the Teranode open framework.
This impressive scalability and its commitment to maintaining its stable and reliable underlying Bitcoin protocol means that Bitcoin SV is not only the blockchain most aligned with the original vision of Bitcoin as outlined by Satoshi Nakamoto, but it is also the technology that is best positioned to realise the true potential of Satoshi’s vision.
To view the full MNP report on how Bitcoin SV and Bitcoin Core adhere to the original vision of Bitcoin, click here or https://www.mnp.ca/-/media/files/mnp/pdf/service/enterprise-risk/the-original-bitcoin-protocol-r.pdf.
Source: https://bitcoinassociation.net/mnp-report-finds-bitcoin-sv-to-be-the-best-implementation-of-the-original-bitcoin-protocol/
MNP, the fifth-largest chartered professional accountancy and business consultancy firm in Canada, has issued a report that compares the alignment of the Bitcoin SV (Satoshi’s Vision) and Bitcoin Core (BTC) protocols with the original Bitcoin protocol. The report, titled ‘The original Bitcoin protocol: what is it and why does it matter?’, found that out of these two competing implementations, Bitcoin SV is the most representative of Satoshi Nakamoto’s original intention for Bitcoin.
MNP conducted an in-depth review of both protocols and compared them with the vision of Bitcoin defined by a wealth of source material related to Satoshi Nakamoto’s development of the original Bitcoin protocol. The source material for the review included the original Bitcoin white paper, as well as publicly available emails, forum posts and original code written by the blockchain’s pseudonymous inventor.
Bitcoin SV differs from Bitcoin Core in that it aims to restore the original vision of Bitcoin through the restoration of the original protocol. This has resulted in a network with unbounded scaling, unlimited block sizes, extremely low transaction fees, diverse data functionalities and fully-fledged scripting support. This development philosophy is ratified by the findings of the MNP report, which highlights the original definition of Bitcoin as peer-to-peer digital cash enabling fast and efficient transactions.
‘Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision,’ the report states.
‘Our findings indicate that Bitcoin SV is the most representative of Satoshi Nakamoto’s original intention for Bitcoin. We used an assessment framework and resulting criteria to assess the protocols described in this paper, including opcodes, Bitcoin scripting and protocol elements.’
Why BSV is closer to Bitcoin than BTC
MNP opted to compare BTC and BSV with the original Bitcoin protocol as they contrast the key attributes in realising Satoshi’s vision and show how development decisions have affected each implementation. Both these implementations of Bitcoin were assessed according to various criteria which encompassed their capabilities, functional requirements, non-functional requirements, as well as the alignment of attributes as defined by Satoshi Nakamoto’s vision of the original Bitcoin protocol.
The original vision of Bitcoin was designed as a means to sending and receiving fast and efficient digital cash transactions that solved the problem of double spending. The report notes, however, that the protocol’s underlying design demonstrates a vision of the technology acting as more than just a payment protocol.
‘The original design was intended for Bitcoin to be used for other functions (beyond mere payments) such as vending machines, paid emails, SaaS products, website activations, etc. It is clear from the forum posts, writings, and community discussions that the Bitcoin protocol was intended to scale to allow for many forms of payments. This includes macro-payments (i.e., settling an account at the end of the day) and micropayment (i.e., sending a very small fee to access a service or send a text message),’ the report states.
After inspecting this design philosophy, contextualised with discussions by Satoshi regarding the need for Bitcoin to run on a low-fee model with sustainable economic incentives, MNP found that the BSV blockchain is more aligned with the original intent of Bitcoin that BTC. This is demonstrated by its ability to process many more transactions at a lower cost, as well as its support for scripting and on-chain data storage and applications. Conversely, BTC offers extremely low transaction throughput, high transaction fees and a lack of support for opcodes available in early versions of Bitcoin.
‘Considering these factors, BSV appears more aligned to the original intention of the payment system. With an uncapped block size which can grow with market demand, a significantly larger number of transactions can be included within each block, therefore allowing higher overall network throughput,’ the report states.
Satoshi’s vision and the future of blockchain scaling
The report’s interpretation of the white paper and Satoshi Nakamoto’s code and communication reaches the same conclusion as that of the BSV ecosystem – that Bitcoin was always designed to be more than a simple electronic payment system.
‘The original vision and long-term intentions were far beyond just an electronic cash and payment system. These elements are primarily provided by the Script language and implementation details of the stable, underlying protocol,’ the report states.
It goes on to describe the potential impact of a protocol designed according to Satoshi’s vision of Bitcoin, noting that this would enable efficient, easy-to-use digital payments, high transaction throughput with full scripting support for data-intensive applications and the creation of an enterprise utility blockchain secured by robust economic incentives and capable of rivalling incumbent traditional payment and data management systems.
Bitcoin SV has already made great strides in realising this vision by continuing to restore the full capability of the original Bitcoin protocol and develop applications on top of it. Thanks to its unlimited block size and support for Turing-complete blockchain-based applications, the BSV network offers an unparalleled platform for everyone from wallet providers and merchants to enterprises and financial institutions.
The MNP report highlights the importance of a stable, secure and scalable system for realising the true potential of Satoshi’s vision, and Bitcoin SV has demonstrated its adherence to these traits through its rapid growth and adoption. Diametrically opposing BTC’s artificially limited block sizes, high transaction fees and poor throughput, Bitcoin SV has demonstrated its ability to process 50,000 transactions per second through a new implementation of its node software based on the Teranode open framework.
This impressive scalability and its commitment to maintaining its stable and reliable underlying Bitcoin protocol means that Bitcoin SV is not only the blockchain most aligned with the original vision of Bitcoin as outlined by Satoshi Nakamoto, but it is also the technology that is best positioned to realise the true potential of Satoshi’s vision.
To view the full MNP report on how Bitcoin SV and Bitcoin Core adhere to the original vision of Bitcoin, click here or https://www.mnp.ca/-/media/files/mnp/pdf/service/enterprise-risk/the-original-bitcoin-protocol-r.pdf.
Source: https://bitcoinassociation.net/mnp-report-finds-bitcoin-sv-to-be-the-best-implementation-of-the-original-bitcoin-protocol/
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MNP Report demonstrates why BSV is the real Bitcoin
MNP, the fifth largest chartered professional accountancy and business consulting firm in Canada, has released a report that investigates the alignment of Bitcoin SV (BSV) and Bitcoin Core (BTC) with the original vision of the Bitcoin protocol described in Satoshi Nakamoto’s 2008 white paper.
The report is titled ‘The Original Bitcoin Protocol: What is it and Why Does it Matter?’ and finds that Bitcoin SV is the blockchain implementation which stays truest to the original vision of Bitcoin.
‘Based on our review Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system,’ the report states.
‘Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision. Our findings indicate that Bitcoin SV is most representative of Satoshi Nakamoto’s original intention for Bitcoin.’
The report looks at various aspects of the original Bitcoin protocol based on communications and code written by Satoshi Nakamoto during the time he created and was actively involved in the development of the technology. Creating a framework from this material, it then compares the capabilities, design and performance of Bitcoin SV and Bitcoin Core against it.
The BTC implementation of the Bitcoin protocol has undergone numerous hard forks throughout its tumultuous development, and it has migrated from a system designed to facilitate fast and efficient peer-to-peer transactions with double spend protection to a classification as a ‘store of value’ or ‘digital gold’. Throughout its development, it has disabled several of the original opcode, or scripting, functionalities of the original Bitcoin protocol and has retained an artificial 1MB limit on the size of blocks processed by the network.
Bitcoin SV (Bitcoin Satoshi’s Vision) was created by a community which aims to restore the original functionality of Bitcoin, including its support for smart contracts and fast, cheap, data-heavy transactions. To this end, BSV developers have restored much of the original scripting functionality of the Bitcoin protocol and have removed the artificial limit on block sizes, allowing the network to scale with adoption and gain substantial transaction throughput while keeping transaction fees low.
The MNP report defines several criteria based on the original protocol’s design and examines how both BTC and BSV fulfil these requirements by examining each blockchain’s protocol implementation as of March 31, 2021. The speculative valuation of each blockchain’s token, its reputation and other forks were excluded from the scope of the study due to their irrelevance when considering each protocol’s alignment with the original Bitcoin design.
The key differences
The report’s assessment encompasses a range of categories, ranging from each protocol implementation’s adherence to the security design of the original Bitcoin to their success in meeting the scaling and functional requirements posited by vision behind the original protocol.
Many of the most significant differences between Bitcoin SV and BTC when comparing them against Satoshi’s Vision arise from Bitcoin SV’s theoretically unbounded block size and BTC’s antithetical artificial block size limit – as BTC is limited to a maximum block size of 1MB, this significantly impedes its ability to scale and to offer the high transaction throughput needed to realise many aspects of Satoshi’s vision for the Bitcoin protocol.
A few of the key criteria in the report where differences were found to be most apparent are as follows:
‘The network and block size should scale dependent on network utilization’ – BTC’s artificial block size limit of 1MB imposes a maximum number of transactions that can be processed by the network daily – making it impossible to support higher transaction volumes as adoption increases. Conversely, Bitcoin SV has no default block size limit and can easily scale as transaction volume increases by increasing block sizes in relation to network market forces.
‘The network should always be available and process all valid transactions including free ones as there is still Bitcoin to be mined’ – On BTC, free transactions can be ignored by miners and may remain starved in the mempool, never being processed. On Bitcoin SV, free transactions can and do occur within blocks due to its superior scalability. There is no downtime recorded for either network.
‘The overall energy requirements will vary depending on the scale of the network’ – BTC’s overall energy consumption per transaction will increase with difficulty as the size of blocks is limited to 1MB on the network. On the Bitcoin SV network, the required amount of energy per transaction will decline significantly as block sizes increase and more transactions can be processed per block.
‘The scripting language and opcodes allow developers to create contracts’ – BTC has disabled many opcodes throughout its development, which has greatly inhibited or prevented developers from creating detailed and complex smart contracts. Bitcoin SV has re-enabled historic opcodes which enable complex scripting and the creation of stateful smart contracts.
‘The network should be able to scale meet any demand in transactions and how users adopt the network’ – BTC is unable to scale with adoption of the network due to its limited block size, which restricts usage of the network – especially as adoption increases. Bitcoin SV offers a theoretical unbounded number of transactions per block, restricted only by hardware and software limitations that are reduced as technology improves. This allows for mass adoption of payment processing and for the facilitation of micropayments on the network.
The points above, which outline Satoshi’s original ideas and the adherence of each protocol to them, are among the most salient differences between the Bitcoin Core and Bitcoin SV protocols, but there are many other areas in which they differ. It is important to note that under all the categories examined in the report, there is never an instance of Bitcoin SV failing to meet a criterion to at least the same extent that BTC does. However, there are many instances where BTC fails to meet an assessment criterion while Bitcoin SV succeeds.
Bitcoin SV best represents the original Bitcoin
The MNP report notes that Bitcoin SV stays far truer to the original design of the Bitcoin protocol than BTC, as shown by its ability to scale and process transactions on the level of modern digital payment networks, as well as its support for complex scripting functionality.
‘After examining Bitcoin Core and Bitcoin Satoshi’s Vision compared to the original vision set forth in the whitepaper, forum posts, emails, and other writings by Satoshi, it is our opinion that Bitcoin Satoshi’s Vision is the implementation that currently best represents what Satoshi originally intended,’ the report states.
‘BSV has a theoretically unbound block size – this allows for payments to scale to the size of a Visa-like network without requiring an increase in fees to meet the economic requirements of the node operators. BSV also provides more functionality in terms of what developers can do to utilize the network for building their own transaction systems on top of the Bitcoin protocol.’
The report goes on to highlight the countless ways in which blockchain technology can have a positive impact on the future, and a blockchain that aligns with Satoshi’s original vision can enable unprecedented new industries and services, from micropayments and autonomous contracting to distributed data storage and identity management.
The infographic below shows how Bitcoin SV and Bitcoin Core each comply with MNP’s criteria based on the original vision of the Bitcoin protocol as described by Satoshi Nakamoto.
Source: https://bitcoinassociation.net/mnp-report-demonstrates-why-bsv-is-the-real-bitcoin
To view the full MNP report on how Bitcoin SV and Bitcoin Core adhere to the original vision of Bitcoin: https://www.mnp.ca/-/media/files/mnp/pdf/service/enterprise-risk/the-original-bitcoin-protocol-r.pdf
MNP, the fifth largest chartered professional accountancy and business consulting firm in Canada, has released a report that investigates the alignment of Bitcoin SV (BSV) and Bitcoin Core (BTC) with the original vision of the Bitcoin protocol described in Satoshi Nakamoto’s 2008 white paper.
The report is titled ‘The Original Bitcoin Protocol: What is it and Why Does it Matter?’ and finds that Bitcoin SV is the blockchain implementation which stays truest to the original vision of Bitcoin.
‘Based on our review Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system,’ the report states.
‘Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision. Our findings indicate that Bitcoin SV is most representative of Satoshi Nakamoto’s original intention for Bitcoin.’
The report looks at various aspects of the original Bitcoin protocol based on communications and code written by Satoshi Nakamoto during the time he created and was actively involved in the development of the technology. Creating a framework from this material, it then compares the capabilities, design and performance of Bitcoin SV and Bitcoin Core against it.
The BTC implementation of the Bitcoin protocol has undergone numerous hard forks throughout its tumultuous development, and it has migrated from a system designed to facilitate fast and efficient peer-to-peer transactions with double spend protection to a classification as a ‘store of value’ or ‘digital gold’. Throughout its development, it has disabled several of the original opcode, or scripting, functionalities of the original Bitcoin protocol and has retained an artificial 1MB limit on the size of blocks processed by the network.
Bitcoin SV (Bitcoin Satoshi’s Vision) was created by a community which aims to restore the original functionality of Bitcoin, including its support for smart contracts and fast, cheap, data-heavy transactions. To this end, BSV developers have restored much of the original scripting functionality of the Bitcoin protocol and have removed the artificial limit on block sizes, allowing the network to scale with adoption and gain substantial transaction throughput while keeping transaction fees low.
The MNP report defines several criteria based on the original protocol’s design and examines how both BTC and BSV fulfil these requirements by examining each blockchain’s protocol implementation as of March 31, 2021. The speculative valuation of each blockchain’s token, its reputation and other forks were excluded from the scope of the study due to their irrelevance when considering each protocol’s alignment with the original Bitcoin design.
The key differences
The report’s assessment encompasses a range of categories, ranging from each protocol implementation’s adherence to the security design of the original Bitcoin to their success in meeting the scaling and functional requirements posited by vision behind the original protocol.
Many of the most significant differences between Bitcoin SV and BTC when comparing them against Satoshi’s Vision arise from Bitcoin SV’s theoretically unbounded block size and BTC’s antithetical artificial block size limit – as BTC is limited to a maximum block size of 1MB, this significantly impedes its ability to scale and to offer the high transaction throughput needed to realise many aspects of Satoshi’s vision for the Bitcoin protocol.
A few of the key criteria in the report where differences were found to be most apparent are as follows:
‘The network and block size should scale dependent on network utilization’ – BTC’s artificial block size limit of 1MB imposes a maximum number of transactions that can be processed by the network daily – making it impossible to support higher transaction volumes as adoption increases. Conversely, Bitcoin SV has no default block size limit and can easily scale as transaction volume increases by increasing block sizes in relation to network market forces.
‘The network should always be available and process all valid transactions including free ones as there is still Bitcoin to be mined’ – On BTC, free transactions can be ignored by miners and may remain starved in the mempool, never being processed. On Bitcoin SV, free transactions can and do occur within blocks due to its superior scalability. There is no downtime recorded for either network.
‘The overall energy requirements will vary depending on the scale of the network’ – BTC’s overall energy consumption per transaction will increase with difficulty as the size of blocks is limited to 1MB on the network. On the Bitcoin SV network, the required amount of energy per transaction will decline significantly as block sizes increase and more transactions can be processed per block.
‘The scripting language and opcodes allow developers to create contracts’ – BTC has disabled many opcodes throughout its development, which has greatly inhibited or prevented developers from creating detailed and complex smart contracts. Bitcoin SV has re-enabled historic opcodes which enable complex scripting and the creation of stateful smart contracts.
‘The network should be able to scale meet any demand in transactions and how users adopt the network’ – BTC is unable to scale with adoption of the network due to its limited block size, which restricts usage of the network – especially as adoption increases. Bitcoin SV offers a theoretical unbounded number of transactions per block, restricted only by hardware and software limitations that are reduced as technology improves. This allows for mass adoption of payment processing and for the facilitation of micropayments on the network.
The points above, which outline Satoshi’s original ideas and the adherence of each protocol to them, are among the most salient differences between the Bitcoin Core and Bitcoin SV protocols, but there are many other areas in which they differ. It is important to note that under all the categories examined in the report, there is never an instance of Bitcoin SV failing to meet a criterion to at least the same extent that BTC does. However, there are many instances where BTC fails to meet an assessment criterion while Bitcoin SV succeeds.
Bitcoin SV best represents the original Bitcoin
The MNP report notes that Bitcoin SV stays far truer to the original design of the Bitcoin protocol than BTC, as shown by its ability to scale and process transactions on the level of modern digital payment networks, as well as its support for complex scripting functionality.
‘After examining Bitcoin Core and Bitcoin Satoshi’s Vision compared to the original vision set forth in the whitepaper, forum posts, emails, and other writings by Satoshi, it is our opinion that Bitcoin Satoshi’s Vision is the implementation that currently best represents what Satoshi originally intended,’ the report states.
‘BSV has a theoretically unbound block size – this allows for payments to scale to the size of a Visa-like network without requiring an increase in fees to meet the economic requirements of the node operators. BSV also provides more functionality in terms of what developers can do to utilize the network for building their own transaction systems on top of the Bitcoin protocol.’
The report goes on to highlight the countless ways in which blockchain technology can have a positive impact on the future, and a blockchain that aligns with Satoshi’s original vision can enable unprecedented new industries and services, from micropayments and autonomous contracting to distributed data storage and identity management.
The infographic below shows how Bitcoin SV and Bitcoin Core each comply with MNP’s criteria based on the original vision of the Bitcoin protocol as described by Satoshi Nakamoto.
Source: https://bitcoinassociation.net/mnp-report-demonstrates-why-bsv-is-the-real-bitcoin
To view the full MNP report on how Bitcoin SV and Bitcoin Core adhere to the original vision of Bitcoin: https://www.mnp.ca/-/media/files/mnp/pdf/service/enterprise-risk/the-original-bitcoin-protocol-r.pdf