As reported by BlockPublisher, the all-crucial Bitcoin Cash meetup that consisted of prominent personalities from the crypto space such as Bitmain CEO Jihan Wu, ‘Bitcoin Jesus’ Roger Ver and self proclaimed Satoshi Nakamoto, Dr. Craig Wright participated, wrapped up in Thailand on August 29.
The meeting in Bangkok’s W Hotel took center stage consisting of BCH miners and developers who looked to find common ground ahead of the much disputed hard fork scheduled in November. The two main stakeholders in this regard, have been Bitcoin ABC and Dr. Craig Wright’s nChain powered Bitcoin SV.
The meeting, that took place under the Chatham House Rule, was conducted to engage the BCH miners and encourage their participation in developing the roadmap for BCH, including initiatives such as choosing the block size for themselves.
Outcome from Thailand
Thailand meet has ended in unanimous support from attendees for the Bitcoin SV, which is proclaimed as the ‘Satoshi Version’.
Their argument is that the Bitcoin, as originally invented, has not yet been given a chance to show its true power and so, developers should stop treating it like a science experiment. Instead, they should lock it down to facilitate an explosion of innovation around it, much like in the early days of invention of the internet.
They believe that the Bitcoin SV, the full node implementation for Bitcoin BCH, is being rolled out and it is the purest implementation of this philosophy.
What Bitcoin SV proposes
Bitcoin SV seeks to restore the original Bitcoin protocol and bring block size upto the maximum of 128 MB blocks. They further propose to lock it down so as to avoid unnecessary changes to enhance the network. Their prime purpose is to reach scalability levels of the global currency and payment systems, such as of VISA or MasterCard.
One of their main contention with ABC and their Bitmain funded dev team was at the inclusion of Canonical Transation Ordering (CTO), in which transactions are sorted on the basis of their block identifiers. Bitcoin SV rejects this idea and proposes a scaling idea for the BCH, by virtue of which, it hopes to resolve all kinds of future transaction issues.
It is worth noting that Bitmain CEO Jihan Wu, also a proponent for the ABC model, had been pushing for a BCH fork in a non-bitcoin direction. Their motivation is that pre-consensus and CTO will benefit the Project Wormhole. Wu is a strong proponent of both CTO and Wormhole and stands to profit personally if both succeed.
However, the rest of the Bitcoin Cash miners were having none of it, and have proposed against the forking.
Upon being asked by BlockPublisher about the future prospects of BCH, Dr. Craig Wright remained tight-lipped but did seem adamant about his version being implemented. He told that “scaling” is the only future for BCH.
Bitcoin ABC’s unsupported vision
It seems as if the ABC’s version of CTO had just not enough familiarity involved with it, to convince miners and other potential stakeholders for BCH. The community barely had enough time to digest the notion of pre-consensus and it may have been a better draw from ABC and Bitmain to have it out for a year on testnet and show advantages of the change.
Founder of the Calvin Ayre Group and its Foundation also expressed his concern and dissatisfaction regarding their model:
Bitmain’s attempted fork away from Bitcoin is untested, contentious and unnecessary and will be rejected by all Miners unless proper testing is done. We need the internet model of a solid base to innovate on. #Bitcoin #BCH
— Calvin Ayre (@CalvinAyre) August 29, 2018
There will be other meetings taking place in Bangkok in the coming days. Word is that Bitcoin.com, nChain, CoinGeek and other miners will work with Bitmain’s Jihan Wu and many other miners to plan how they can all work together to ensure the success of Satoshi Vision, which will ultimately pave the way for Bitcoin to reach its true potential.