Following the recent Bitcoin SV (BSV) hard fork, the network dug up a large block of 210 MB, followed by a split of three chains in a short period of time.
On August 3, BitMEX Research revealed that the BSV node was temporarily split into three on Saturday, breaking the network into three separate chains. According to the report, 65% of the nodes are in the current state, 17% of the nodes stay in the 210 MB block stage, and 19% of the nodes are not even upgraded, located on the old unfurnished chain.
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According to Coin Dance, the 210 MB block was dug up by CoinGeek miners on August 3 and included 808,633 transactions.
The BSV is a fork of Bitcoin Cash (BCH), which was hard-forked as scheduled on July 24, increasing its original 128 MB block capacity to 2 GB.
Before the split, Ryan X. Charles, the BSV supporter and CEO of the BSV payment system MoneyButton, published an article about the problems he encountered when running BSV nodes. Charles said Money Button crashed for three hours because their BSV node was out of memory and crashed during a stress test.
“Running nodes are very expensive. Our monthly operating expenses will be thousands of dollars. As the block capacity increases, we have to upgrade multiple times and the cost will expand. Since we are not as tradeable as miners Making money in the cost, so the cost of running the node is too high."
According to TrustNodes, the data platform Coin Dance focuses on the new BSV chain, and the old chain may be discarded. This may mean that miners who stay in the old chain will suffer financial losses because the excavated blocks are ineffective. The report pointed out that although the recent blockchain split seems to be the first, GB-level blocks may produce more than three split splits.
The main feature of BSV is its ultra-high block capacity. However, it turns out to be more of an attack vector than a function. For example, this split alone caused nearly 300 PH/s of computing power in the network to be dropped.
Bitcoin SV has encountered some problems before, and it seems to be caused by blockchain capacity. In April of this year, the BSV blockchain experienced a series of block reorganizations – two miners found the same block in the blockchain at the same time, which led to temporary network forks. In general, block reorganization occurs when the network is too slow to propagate blocks efficiently.
In the future, normal hardware is likely to be able to carry 210 MB+ blocks of nodes. Block propagation techniques such as Graphene can reduce block propagation capacity by approximately 99.6%. Developers such as Johnathon Toomim have successfully tested 3,000 transactions per second on Bitcoin ABC. At the same time, you need to set a reasonable upper limit on the block size limit to avoid potential attack vectors. Otherwise, the perpetrators are easily sneaked in.
In contrast, Bitcoin and BCH take a different approach to expansion than BSV. Bitcoin's research focuses on the underlying solution; BCH is more inclined to "the middle of the road", based on software optimization and hardware improvements, to increase the block size in a safe situation.