What is it and why is it important?

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Independent report, by MNP, aims to provide insight to Canadians navigating the blockchain landscape

CALGARY, AB, Aug.30, 2021 / PRNewswire / – Over the past 10 years, concepts like blockchain and digital currencies have grown from small online communities to being supported and used by some of the largest organizations in the world. world. With the rise in popularity and the many different digital offerings, MNP, one of the leading national, accounting, tax and consulting firms in Canada, undertook a comprehensive report [insert link to report], examining which Bitcoin implementation best fits the original vision presented by Satoshi Nakamoto’s white paper who created the concept of Bitcoin.

Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” sets the stage for MNP analysis. Satoshi’s white paper, emails, forum posts, and original source code define the protocol (the set of rules for Bitcoin as a data network) and the key elements that make Bitcoin a working technology. Along with the white paper, MNP reviewed publicly available emails, forum posts, and original code left by Satoshi. MNP used these sources to examine Satoshi’s original goal for Bitcoin was a global electronic money system (which operates on a peer-to-peer basis), while also laying the groundwork for a network that could support e-money applications. more advanced data.

Using the sources mentioned above, MNP has developed an evaluation framework and associated criteria evaluating the suitability of the Bitcoin scripting language (including the OpCodes incorporated into it), the protocol elements and the capabilities of current implementations. Bitcoin SV (BSV) and Bitcoin Core (BTC) versus Satoshi’s Original Vision.

BSV Blockchain is the world’s largest public blockchain based on all major utility metrics, data storage and daily transaction volume, capacity to scale, and average block size.

MNP’s findings indicate that Bitcoin SV is most representative of Satoshi Nakamoto’s original intent and design for Bitcoin. A key factor is that the BSV blockchain demonstrates the ability to scale to support large volumes of timely transactions for macro-payments and even micro-payments, resulting from BSV’s “Genesis” hard fork (in February 2020) which removed any arbitrary cap on block size and allows the BSV blockchain and transaction capacity to grow without limit, also removed limits on state restrictions and improved the code base, allowing for an upgrade unlimited scale. Additionally, the Genesis hard fork restored key aspects of the original functionality of the Bitcoin script, the programming language used in the Bitcoin protocol.

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In the report produced by MNP, he also identifies technological capabilities that can be activated once Satoshi’s vision for Bitcoin has been fully realized. “MNP is proud to be part of the independent analysis of Bitcoin SV. We hope our report will help provide more clarity and insight to Canadians navigating the blockchain landscape, ”said Hash Qureshi, MNP Enterprise Risk Services partner.

Jimmy Nguyen, Founding President of the Bitcoin Association, added: “The Bitcoin protocol has the power to transform the use of data around the world, just like the Internet Protocol, but its true power has been underestimated and misunderstood for. too long. The original design of Bitcoin provided by Satoshi Nakamoto was crippled by the developers of the Bitcoin Core protocol, turning BTC into a heavily restricted and largely unusable version of the massive peer-to-peer network envisioned by the creator of the technology. Bitcoin’s system has the technical capabilities and scalability to support the world’s most efficient digital payments and distributed data networks. The release of today’s MNP report illustrates this in a clear and objective manner, demonstrating how the capabilities of the Bitcoin protocol were limited in accordance 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 offers a blockchain that scales without limits in response to market forces, maintaining high transaction throughput, very high transaction costs. low and unmatched data functionality to meet the needs of businesses, governments, and most importantly, everyday users. BSV is not just a digital investment asset for high net worth individuals and institutional investors; it’s Bitcoin for everyone, everywhere and everything. “

Here is a general overview of the report:

The Bitcoin White Paper

Forum posts known to Satoshi, emails

The original Bitcoin protocol

Capabilities

Critical components

Non-functional prerogatives

Implementation attributes

Comparison of current Bitcoin implementations with Satoshi’s original vision

Impact of Satoshi’s vision when fully realized.

To learn more about the BSV blockchain and the range of companies using its network, visit bsvblockchain.org.

You can also watch past and future CoinGeek conferences, the main global events that inform about BSV blockchain technology. The most recent was held in Zurich, the heart of the European banking world; reruns available. Next up is CoinGeek New York (Sheraton New York Times Square Hotel, October 5-7, 2021). Please join us in person or virtually to find out how the unlimited BSV blockchain scaling can support business, consumer and government uses with data applications and low cost micropayments.

About MNP

MNP is one of the largest accounting and consulting firms in Canada, providing client-focused accounting, tax and consulting advice. National in scope and locally oriented, MNP has been proud to serve individuals and public and private companies for over 60 years. Through developing strong relationships, MNP provides personalized strategies and a local perspective to help them succeed. For more information, visit www.mnp.ca.

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SOURCE MNP

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