The term “Genesis Upgrade” has been mentioned widely to signal the rebirth of Bitcoin since its release in February 2020. However, non-techies out there who are looking to invest in Bitcoin and are just starting to learn about it may be confused as to what it actually is and why stability, security and scalability are always attached to its mention. This article will explain what the Genesis Upgrade is and what it means for the Bitcoin ecosystem.
The Bitcoin Wars
In order to fully grasp what the Genesis Upgrade is, it is better to understand first what happened in Bitcoin history that necessitated its release. The Bitcoin community has been divided into three factions since it was released into the market in 2009. To put it briefly, Bitcoin Core (BTC) wanted to keep its block size to the original 1MB and instead record transactions off-chain, changing the original Bitcoin Protocol that is supposed to be set in stone. In essence, this means veering away from creator Satoshi Nakamoto’s original design.
Those who disagreed with BTC proponents separated themselves and put up Bitcoin Cash (BCH), which was the product of this initial divide. BCH scaled and increased its block size cap to 32MB. However, in 2018, about a year after the initial divide, the BCH community was then again split into the issues of further scaling and introducing codes to the Bitcoin Protocol to allow for an untraceable system that can evade authorities. BCH maintained its 32MB block size and proceeded to alter the Bitcoin Protocol every so often to suit their needs. Those who wanted to stay true to the original design and realize Bitcoin’s full potential as an industry giant that can change the world—in much the same way the Internet has—created Bitcoin SV (BSV).
SV stands for Satoshi Vision and Bitcoin SV continues to live up to its name. In less than a year since its creation, Bitcoin SV has released the Quasar Upgrade, which has increased its block size cap from 128MB to 2GB. The bigger and more important one is the Genesis Upgrade, which from its name alone signifies the beginning and birth of a global Bitcoin that is more than just a peer-to-peer electronic payment system.
The Genesis Upgrade is a restoration of the original Bitcoin design. The Bitcoin SV Protocol is now truly forever set in stone. This gives Bitcoin SV a stable foundation upon which an unlimited number of applications can be built upon. BSV developers have also upgraded Bitcoin SV’s security to something that has not been seen in cryptocurrency history. Along with this, the BSV community has worked to create a Bitcoin that works within the law, making all transactions legal and traceable wherever they are made. Furthermore, the Genesis Upgrade has unleashed the BSV blockchain’s capacity for unbounded scalability. This means that the block size will only continue to increase in the future—there is no limit to how big it can get.
The Future: From Online to On-chain
With a stable protocol, a high-end security system and massive scaling, the Genesis Upgrade has provided Bitcoin SV with unlimited potential. Global industries, such as healthcare, real estate, social media and online gaming to name a few, can build various applications on the BSV blockchain. Having real-time access to global data leads to better decision-making and improved products and services. For instance, consolidated data on global research and statistics will only serve to help cancer researchers develop better treatment and even find a cure.
In the same way the Internet has changed the course of history and made everything online, Bitcoin SV reinvents the Internet and is striving to make everything on-chain.