MNP, Canada’s fifth-largest professional services firm, has published a report examining the original vision of the Bitcoin protocol, concluding the Bitcoin SV (BSV) is the most closely aligned with Satoshi Nakamoto’s vision.
The chartered professional accountancy and business consulting firm looked at the original whitepaper, and compared the current expressions of BTC and BSV to determine which blockchain, if either, represented the true original vision for Bitcoin.
The research report from @MNP_LLP into the original Bitcoin protocol compared and contrasted two competing implementations: #BTC & #BSV.
We unpack the key differences and analyse the conclusions reached in our latest piece.
— Bitcoin Association (@BitcoinAssn) August 31, 2021
The report, titled “The Original Bitcoin Protocol: What is it and Why Does it Matter?,” found the BSV enterprise blockchain to be the truest implementation, in line with the model described by Satoshi back in 2008.
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. Our findings indicate that Bitcoin SV is most representative of Satoshi Nakamoto’s original intention for Bitcoin.
The report details how BTC has gone through numerous twists and turns, sporadically jumping from its initial focus as a system for P2P payments, into some kind of hybrid store of value or digital gold type model. Through its development cycle, the protocol has held artificially to a 1MB block size, which limits the scope for its use beyond, and even within, these core functions.
Bitcoin SV by contrast takes a big block view, with the artificial block size limit removed entirely. The report found BSV developers have already done much of the work in restoring the original concepts espoused by Satoshi Nakamoto, creating channels for scale and transaction throughput as well as sticking to low transaction fees.
The report identifies 14 fundamental areas of Satoshi’s original vision, which it then compares against the current state of both BTC and BSV.
Independent of Trusted Third Parties: Neither BTC nor BSV currently meet this threshold from the whitepaper, with both reliant on third-party exchanges to purchase tokens, beyond those mined in-house or received as payment.
Incentive Mechanism: BSV wins out in the incentive mechanism, processing free transactions, as well as providing the same levels of incentives for mining and transaction fees as with BTC, one clear edge for BSV in more
Author: Ed Drake