The Bitcoin SV (BSV) Technical Standards Committee (TSC) is set to conduct its first public review exercise for a proposed upgrade to the blockchain network. The planned protocol improvement is geared towards improving payment efficiency on the Bitcoin fork.
TSC Green Lights Public Review of Bitcoin SV SPV-focused Upgrade
According to a press release on Nov. 25, Switzerland-based Bitcoin Association, a body that pushes for the advancement and adoption of Bitcoin SV blockchain announced that Bitcoin SV Technical Standards Committee’s first proposal is open for public review. The proposal in question is reportedly a protocol upgrade for implementing a standard data format for Merkle inclusion proofs.
Merkle proofs are essential to processes involved in the Simplified Payment Verification (SPV) process. Indeed, SPV is a vital aspect of Bitcoin scalability as it allows light wallet clients to operate without needing to maintain a full network node.
In section 8 of the Bitcoin white paper, Satoshi Nakamoto — the anonymous BTC creator — introduced the workings of SPV as it allows payment verification capability without needing to host the full blockchain ledger.
According to the press statement, the Merkle inclusion proofs proposal was first introduced back in mid-2020. After the conclusion of the public review phase, a special TSC working group will review the feedback received to determine whether to proceed with the upgrade.
Commenting on the latest development, BSV proponent Jimmy Nguyen remarked:
“The Bitcoin SV Technical Standards Committee represents an important effort by [the] Bitcoin Association to professionalize the Bitcoin industry. The development of industry-wide standards will ignite faster growth of important aspects of the Bitcoin SV ecosystem, fostering compatibility and interoperability between businesses, as the network grows to support a world where all business and online activity can take place on-chain.”
Since emerging from the 2018 hash wars and the resultant chain split from Bitcoin Cash (BCH), BSV has struggled to maintain relevance among the Bitcoin variants. Back in April 2019, Binance CEO Changpeng Zhao threatened to delisit BSV from the cryptocurrency exchange amid a legal tussle between Bitcoin SV proponent and self-proclaimed Bitcoin creator Craig Wright and crypto commentator Hodlonaut.
As previously reported by BTCManager the Bitcoin SV team in March 2019 discovered multiple vulnerabilities in the BSV protocol. At the time, the team alleged the issues were a remnant of code fragments inherited from the Bitcoin Core and Bitcoin Cash chains.
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