What is Bitcoin SV?
Bitcoin SV (Satoshi's Vision) is a hard fork of Bitcoin Cash (BCH), itself a fork of the widely used decentralized cryptocurrency Bitcoin (BTC). BSV aims to restore what it describes as the original Bitcoin protocol as envisioned by Bitcoin's founder Satoshi Nakamoto, scaling on-chain with unbounded block size cap to enable +2.8K transactions per second, as compared to 3-7 transactions per second using BTC (1MB block size cap) or 150-160 transactions per second using BCH (32MB block size cap). Unbounded block size supports Bitcoin SV ecosystem growth using the Transaction Fee revenue model, to offset the decline in mining revenue due to diminishing block rewards of the original Bitcoin framework, with block rewards halving roughly every four years.
BSV is comprised of a network layer, representing the base peer-to-peer network where blocks are filled with transaction data and relayed to other participants. The Metanet protocol is built on top of the network layer and defines the standard for how data and transactions are to be related to each other, providing a stable runtime environment for applications and smart contracts written in Bitcoin Script or the stateful high level smart contract language sCrypt. The application layer is comprised of applications and services leveraging Bitcoin SV in a variety of ways including for payments and the transfer of non-financial data.