• Tue. Jan 11th, 2022

    True peer-to-peer functionality on Bitcoin network restored and improved with latest Bitcoin SV Node software update

    ByHazel R. Lang

    Nov 17, 2020

    ZUG, Switzerland – November 17, 2020 –Bitcoin Association, the Swiss-based global industry organization that works to advance business with the Bitcoin SV blockchain, today announces the release of three software packages designed to restore and enhance true peer-to-peer functionality on the Bitcoin network.

    All three versions, Bitcoin SV Node v1.0.6, mAPI v1.2.0 and SPV Channels CE v1.0.0 software collectively provide all the tools needed to implement peer-to-peer and payment verification workflows. simplified (SPV) on the client side. . These allow participants in the Bitcoin network to transact directly with each other, as Satoshi Nakamoto envisioned when he called Bitcoin a “peer-to-peer electronic payment system” in the title of his famous white paper. With new versions of the software, recipients are able to prove the veracity of funds sent without the need to scan the entire blockchain using the properties of Merkle evidence – only miners running the full node implementations used to form the settlement layer, facilitating full peer-to-peer functionality while maintaining the safety and security that Bitcoin offers.

    The versions also have the effect of dramatically reducing the technical requirements to participate in the Bitcoin network, with users or devices able to implement a client model and only interact with blockchain transactions applicable to them, rather than to have to review the entire Bitcoin transaction history. By reducing the requirements to participate in the Bitcoin network, today’s releases introduce a range of new use cases for Bitcoin, with thin clients for devices such as those used on the Internet of Things (IoT) now. achievable.

    You can find full details on all three releases today in the release notes on bitcoinsv.io.

    Speaking on today’s posts, Steve Shadders, CTO of the Bitcoin SV infrastructure team, commented:

    “Today’s set of releases is an extremely important step in restoring Satoshi Nakamoto’s vision for Bitcoin, as they finally allow users to interact with Bitcoin in the simplified payment verification way described in the original Bitcoin white paper. Prior to today’s releases, the full suite of tools needed to enable a true SPV did not exist, which encouraged users to run unnecessarily cumbersome client implementations. Starting today, users will be able to run thin clients to interact with the Bitcoin blockchain, while benefiting from all of the built-in security guarantees provided by Bitcoin.

    Also commenting, Jimmy Nguyen, founding president of the Bitcoin Association, said:

    “The advent of true peer-to-peer transactions in today’s version further strengthens Bitcoin’s ability to serve as a large-scale global distributed data and payment network. With the range of new use cases unlocked through SPV payment channels, I’m excited to see how developers and innovators are putting these features into practice, and the new business models that will follow.

    Media contact

    Alex Speir

    Head of communications

    [email protected]

    About the Bitcoin association

    Bitcoin Association is the global industry organization based in Switzerland that works to advance business on the Bitcoin SV blockchain. It brings together essential components of the Bitcoin SV ecosystem – companies, start-ups, developers, traders, exchanges, service providers, blockchain transaction processors (miners) and others – working alongside them, as well as in a representative capacity, to drive the use of the Bitcoin SV blockchain and the adoption of the BSV digital currency.

    The Association strives to create a regulatory-abiding ecosystem that promotes legal conduct while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and a blockchain, Bitcoin is also a network protocol; Like the Internet Protocol, it is the basic set of rules for an entire data network. The Association supports the use of the original Bitcoin protocol to mine the globally unique blockchain on Bitcoin SV.

    New to Bitcoin? Discover CoinGeek Bitcoin for beginners section, the ultimate resource guide to learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.

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