New business use cases emerge with Dynastic update to Bitcoin SV Node software

ZUG, Switzerland, Feb. 10, 2021 /PRNewswire/ -- Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces the release of the Bitcoin SV Node software v1.0.7 (Dynastic). Today's release, which is now available for download from bitcoinsv.io, is the finalised version of January's v1.0.7 public beta.

Headlining the Dynastic update to the Bitcoin SV Node software is substantially improved support for long chains of unconfirmed transactions, with the default limit for ancestor and child-pays-for-parent (CPFP) transactions extended from 25 to 1,000. As a result, enterprises using the Bitcoin SV blockchain to power applications and services will be able to accommodate far more expansive applications of on-chain scaling for linked transactions, including support for complex logic-based gaming applications like with BitBoss or high-volume nano-payment services with HandCash.

The Dynastic release also completes the process of replacing the legacy block assembler implemented in later versions of the Bitcoin Core software with a new journaling block assembler for the Bitcoin SV network. This major change has facilitated the support for long chains of unconfirmed transactions and introduced simplified transaction selection logic, including the removal of the ability to prioritise transactions based on the associated fee – a feature no longer necessary on the Bitcoin SV network, which scales unbounded to meet demand, ensuring safe-instant transactions at predictable low fees, at all times.

Full details on the release of the Bitcoin SV Node software v1.0.7 (Dynastic) can be found in the release notes available on bitcoinsv.io.

Speaking on today's release, Steve Shadders, Technical Director of the Bitcoin SV Infrastructure Team, commented:

'The removal of the CPFP and ancestor limits from the Bitcoin SV network has been one of the most requested improvements we've received from businesses and end-users alike. With today's release, that limit has been effectively removed – and will be removed entirely after sufficient public testing of the new 1,000 transaction limit. I look forward to seeing the next wave of innovation in this space enabled by today's update, as enterprises develop new use cases for the only blockchain that can scale to meet their requirements.'

Also commenting, Jimmy Nguyen, Founding President of Bitcoin Association, said:

'The full release of today's Dynastic update to the Bitcoin SV Node software marks a major milestone for the growing ecosystem of businesses and enterprises that rely on the Bitcoin SV network. Last month's beta release gave us an insight into the types of innovation which we can expect to see from companies as a result of these changes – including the emergence of entirely new use cases for the technology – setting in motion the makings of a strong 2021 for the world's most powerful distributed data monetisation platform, Bitcoin SV.'

About Bitcoin Association

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

The Association works to build a regulation-friendly ecosystem that fosters lawful conduct while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and blockchain, Bitcoin is also a network protocol; just like Internet protocol, it is the foundational rule set for an entire data network.  The Association supports use of the original Bitcoin protocol to operate the world's single blockchain on Bitcoin SV.

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SOURCE Bitcoin Association