ZUG, Switzerland, July 1, 2024 /PRNewswire/ -- BSV Blockchain is
pleased to announce its new Chronicle update which will officially
launch later in 2024. The update will further align the BSV
blockchain with the original Bitcoin white paper and allow it to
dynamically scale at an exponential rate so it's ready to meet the
growing demand for trusted data.
The Chronicle update is a direct follow-up of the Genesis
upgrade in 2020 which restored many aspects of the Bitcoin
protocol that had been modified in previous software updates
including the removal of most limit-based consensus rules,
replacing them with miner configurable settings that give node
operators the autonomy needed to set their limits as they determine
are practical.
Connor Murray, Director of
Stewardship said: "A main driving milestone of the BSV
blockchain is to restore the protocol as close to the original
protocol as possible, so with the Genesis update in 2020, we
restored most of the original scripting functionalities of the
script that were in the original Bitcoin protocol.
But there are still a few opcodes remaining that haven't been
restored yet. And, some limitations on ways you can add data into a
transaction that needs to be removed. With the upcoming Chronicle
update, due out later this year, we will restore some of the
remaining opcodes that need restoration."
These opcodes include:
- OP_VER
- OP_VERIF
- OP_VERNOTIF
- OP_SUBSTR
- OP_LEFT
- OP_RIGHT
- OP_2MUL
- OP_2DIV
This will enable several new use cases as well as the removal of
unnecessary restrictions and limits placed on the node,
including:
- Lifting restrictions on the length of numbers used in
scripts
- No longer insisting that the script stack must be left "clean"
after execution
- Low S requirement for signatures
- Allowing opcodes in the unlocking script
- No longer insisting on minimal encoding
However, the update will also add benefits for developers in
several ways ahead of the upcoming Mandala upgrade.
Connor went on to say: "One of the opcodes is a versioning
opcode which will allow developers to build overlay-type networks
and transactions. it provides a way to version transactions, and
build overlay networks, on top of the blockchain which we think is
a really interesting use case."
The Chronicle update will also provide the network topology that
will scale as much as possible going forward, said Murray. He noted
that an important function of the ongoing Teranode project is to
take out some of the external services that the node currently
handles and make the node software just do the core mining
functions inherent to building blocks.
The Chronicle update is set to launch in Q3 2024 with further
details available closer to the time. This will include more
information on developer benefits and when miners should upgrade to
the new version.
You can read more about Teranode and the Mandala upgrade
here.
About BSV Blockchain:
One Blockchain for Everyone.
The BSV Blockchain leads the BSV blockchain for Enterprise and
Blockchain for Government initiatives. This Switzerland-based
global non-profit industry organisation supports the use of the BSV
blockchain. The BSV Blockchain oversees the creation of
technical standards and educates enterprises, government agencies,
start-up ventures, developers, and users on creating a global
blockchain ecosystem.
The original Bitcoin protocol and its scripting
language provide powerful technical capabilities that BSV has
restored.
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