The last decade has seen the emergence, rapid growth, and wide implementation of blockchain and digital currencies. The concept started as an interesting idea among small online communities and – over a few years – it has been embraced by some of the world’s largest organizations. As blockchains and cryptocurrencies continue to expand their reach, MNP, a leading national, accounting, tax, and consulting firm in Canada, has published an extensive report in search of the Bitcoin implementation that best fits the original vision by Satoshi Nakamoto, the man behind the concept of Bitcoin.
MNP’s analysis was based on Satoshi Nakamoto’s whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System”, emails, forum posts, and original source code, which defined the protocol and key elements that make Bitcoin a functional technology. MNP tried to define the original purpose of Bitcoin, as imagined by Satoshi. Using these sources, MNP developed an assessment framework.
The findings concluded that Bitcoin SV is the most representative of Satoshi’s original intention and design out of the current implementations – Bitcoin SV (BSV) and Bitcoin Core (BTC). The key factor behind the findings is that the BSV blockchain is scalable to support significant volumes of transactions in a timely manner for both macro-payments and micropayments, resulting from BSV’s “Genesis” hard fork (more about that here).
Jimmy Nguyen, Founding President of Bitcoin Association, added – “The Bitcoin protocol has the power to transform the world’s use of data, just like Internet protocol did, but its true power has been underappreciated and misunderstood for too long. The original design for Bitcoin provided by Satoshi Nakamoto was crippled by Bitcoin Core protocol developers, turning BTC into a heavily restricted and largely unusable version of the massive peer-to-peer network envisioned by the technology’s creator. In reality, Bitcoin’s system has the technical capabilities and scaling capacity to support the world’s most efficient digital payments and distributed data network. The release of today’s report from MNP illustrates this in a clear and objective manner, demonstrating how capabilities of the Bitcoin protocol were limited in line with the restricted ambition of BTC developers. As the report shows, the Bitcoin SV network is the closest implementation of the original Bitcoin protocol provided by Satoshi Nakamoto – offering a blockchain that scales unbounded in response to market forces, maintaining high transaction throughput, super low transaction costs, and unparalleled data functionality to support the needs of enterprises, governments, and most importantly, everyday users. BSV is not just a digital investment asset for wealthy people and institutional investors; it is Bitcoin for everyone, everywhere and everything.”
A general outline of report is as follows:
- The Bitcoin Whitepaper
- Satoshi’s known Forum Posts, Emails
- The Original Bitcoin Protocol
- Critical components
- Non-functional requirements
- Implementation attributes
- Comparison of current Bitcoin implementations to Satoshi’s original Vision
- Impact of Satoshi’s Vision once fully realized.