At the end of November, CoinGeek Mining, the entity that has been backing the Bitcoin Cash SV version, which is now commonly referred to as Bitcoin SV, announced that the hash war was over and that it would support a permanent split from the original Bitcoin Cash network. The same thing was voiced by Craig Wright, the mastermind of the hard fork. Let’s see what has changed since the end of the direct conflict between the two parties:
- The price of Bitcoin SV, with the ticker BSV, has increased right after the November 26 announcement of the hash war end and has moved in a sideways since then. As of December 5, BSV is trading at $90.5.
- BSV entered the top 10 cryptocurrencies by market cap according to Coinmarketcap data. Today, Bitcoin SV is in the ninth position with $1.57 billion market cap. Thus, we have three versions of Bitcoin in the top 10 largest coins – Bitcoin itself, Bitcoin Cash, and Bitcoin SV. However, Craig Wright, nicknamed “fake Satoshi” as he claims to be the real creator of the original Bitcoin, argues that BSV is, in fact, the true Bitcoin and that what we consider as the oldest coin has been actually changed by the Core team through the first SegWit network update.
- Multiple cryptocurrency exchanges, including Kraken, Binance, Upbit, and Bithumb, are currently supporting BSV trading. Nonetheless, several exchange operators announced their support for the SV version before the hash war ended.
Despite being at its nascent stage, Bitcoin SV is already targeted by various projects. Thus, nChain, a Blockchain research and development firm, announced that it would develop its “Metanet” project to support and integrate the Internet via Bitcoin Blockchain. Metanet will be exclusively built on Bitcoin SV.
However, it’s still a closed circle as nChain was created by Craig Wright himself. He announced the project during the CoinGeek Week event in London, UK. Wright commented:
“What we are going to actually create is a secure alternative to the Internet, built on the Blockchain. The Internet becomes a sidechain to the Bitcoin Blockchain. The Metanet is a value network—the entire global system of online activity and data connected commercially.”
Metanet aims to integrate the Internet with the distributed ledger technology (DLT) so that digital content and data could be stored and shared securely through Blockchain transactions. The system will allow entities to adopt new methods to share web content and implement innovative e-commerce business models via BSV micro-transactions. Thus, companies would be able to generate almost real-time micro-payments for clicks and data.
Metanet aims to become the Internet 2.0 and revolutionize the global network we know as the Internet. Some of the network features will permit the following:
- Authorization of access to data, Internet content, social media profiles in real-time while keeping the identity private.
- Search, data, and content solutions that rely on micropayments by users instead of advertising models that we have today.
- Integrate wallets for smooth user integration.
- Supply chain management solutions.
Jimmy Nguyen, CEO of nChain Group, explained:
“The Metanet will initially enhance, then eventually drive the Internet, making Bitcoin SV the global public ledger that underpins all Internet activity. It is a mind-blowing concept with limitless possibilities based on the additional security, efficiency, and data integrity of the Blockchain, and is another part of Craig Wright's vision for unleashing Bitcoin's true power.”
It seems that BSV is doing great and has big ambitions. However, on the other side of the line, Roger Ver, one of the key figures backing the original Bitcoin Cash, has great hopes for the future of BCH and BTC despite the current bearish sentiment. He told Bloomberg that “long-term, the future is brighter than ever” for cryptocurrencies.
Dan Burgin
Alex Dovbnya