Genesis hard fork took place in the Bitcoin SV network

by in Cryptocurrency News

Bitcoin SV Genesis

On January 4 in the morning, the planned Genesis hard fork on the Bitcoin SV network took place. The update was activated on block 620 538.

According to the observations of BitMEX researchers, the following block, found after an update, 620 538, was found invalid because the client version 0.2.1 followed the old rules.

Referring to the data from the Blockchair browser, analysts noted that a significant number of nodes were not updated in anticipation of a hard fork.

Related: Arcane Research: Craig Wright provoked a Bitcoin SV pump?

“However, we have not detected a chainsplit,” BitMEX emphasized.

According to the Coin Dance service, at the time of writing, 59 blocks were mined following the new consensus rules. The network has stabilized.

Leading developers of the project, Daniel Connolly and Steve Shadders, outlined three main goals for the upgrade: restoring the original protocol, improving scalability, and stabilizing the system.

Of the more specific changes, we can note the removal of the limit on the default block size - miners will make this decision. The OP_RETURN function has also been restored, which allows storing various data on the blockchain.

Earlier, Arcane Research analysts expressed the opinion that the January BSV pump was provoked by statements of "self-proclaimed Satoshi" Craig Wright and low coin liquidity. Its cost grew by almost 200% in 7 days.

Trending: Hacked Altsbit bitcoin exchange announces its closure

Recall that on January 8, before the hard fork, the Canadian crypto-mining giant TAAL announced that it intends to reduce mining fees for the BSV network to support corporate blockchain applications that generate large volumes of transactions. In response, CoinGeek Mining decided to follow this example and agree on the following discounts:

  • А decrease in transaction acceptance fee (-blockmintxfee) from 1 satoshi/byte to 0.5 satoshi/byte.
  • Reducing the fee for relaying (-minrelaytxfee, which is the minimum fee required to double protect costs and relaying a transaction) from 1 satoshi/byte to 0.25 satoshi/byte.