Decentralization and BSV Blockchain
ZUG, Switzerland, July 7, 2022 / PRNewswire / – BSV Blockchain Association says that decentralization is not the purpose of Bitcoin. “Decentralization”, or rather, “node distribution” is simply a means of achieving a goal, which is to provide some of Bitcoin’s security against achieving the main purpose of the technology. This main purpose is to provide the world with a frictionless electronic cash system using a distributed network of nodes that validate and record transactions made directly between individuals. To that end, the BSV Blockchain Association welcomes the investigation into allegations of blockchain technology’s alleged decentralization using nodes and distributed management, as shown in the recent Trail of Bits report, “Are Blockchain Decentralized?”
BSV remains true to the White Paper written by Satoshi Nakamoto. What makes Bitcoin secure is a cautious mix of financial incentives and the knowledge that Satoshi Nakamoto defined Bitcoin’s “decentralization” as little more than the lack of a single “server or trusted parties.” Bitcoin is also more obviously secured by contract law, property rights and the fact that the protocol is set in stone with clearly defined copyright and license. Therefore, it can not be changed by anyone, and nodes do little more than enforce these principles.
That said, with BSV’s embedded protocol remaining true to the White Paper’s original vision, the BSV blockchain can provide scalability, security and sufficient network decentralization to fulfill bitcoin’s true purpose of real-world functionality as digital cash. BSV is not centralized, but allows for direct person-to-person (P2P) transactions using IP to IP based on the end-to-end model restored by the new Internet Protocol version 6 (IPv6).
BSV Blockchain Association CEO Patrick Prinz said: “Blockchain technology was designed to equip businesses to integrate with the computer economy through a distributed, secure, scalable and stable infrastructure. Unfortunately, most implementations of the technology have taken us further away from this goal by building countless separate blockchain infrastructures that lead to lost cost-effectiveness, scalability and security for an interoperable system.Private blockchains have recreated centralized private company accounts with no more than a hint of the blockchain’s core security model.The BSV blockchain remains true to how blockchain and digital assets were planned by operating a truly stable protocol. “
About Bitcoin’s decentralization
To find out more about the often misunderstood concept of decentralization, see the links below:
About BSV Blockchain Association
BSV is the ideal blockchain for corporate and government projects. With unlimited chain scaling, the BSV Blockchain Association meets the needs of large-scale technology applications: high transaction volumes, high speed, predictable low fees, micropayment options and greater data capacity. The powerful technical features enable smart contracts, tokenization, IoT device administration, computing and more. As a public ledger, BSV also enables openness, audibility and more honesty for authorities, citizens and companies. Applications at BSV now span a wide range of industry sectors – media and entertainment, social media, online gaming, Metaverse / AR / VR, digital advertising, data integrity, ID administration, public services, supply chain, accounting, RegTech, distributed network intelligence, the Internet of Things and financial services. BSV also supports an environmentally friendly and regulatory-compatible blockchain ecosystem that companies and authorities want.
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally proposed by Satoshi Nakamoto – and blockchain.
