BSV Blockchain is excited to announce the upcoming Chronicle update, scheduled for release later in 2024. This update aims to align BSV more closely with the original Bitcoin white paper. It will allow the blockchain to scale dynamically and meet the growing demand for trusted data.
Key Takeaways
Feature | Description |
Genesis Upgrade (2020) | Restored original Bitcoin protocol functionalities. |
Chronicle Update (2024) | Restores remaining opcodes and removes node restrictions. |
Key Opcodes | OP_VER, OP_VERIF, OP_VERNOTIF, OP_SUBSTR, OP_LEFT, OP_RIGHT, OP_2MUL, OP_2DIV. |
Developer Benefits | New versioning opcode for overlay networks and transactions. |
Network Scaling | Improved topology and simplified node software via Teranode project. |
Launch Date | Q3 2024. |
Organization | BSV Blockchain, supporting enterprise and government blockchain initiatives. |
Background
The Chronicle update follows the Genesis upgrade in 2020. The Genesis upgrade restored many aspects of the Bitcoin protocol altered in previous updates. It removed most limit-based consensus rules, replacing them with miner-configurable settings. This gave node operators the autonomy to set their limits based on practical needs.
Opcodes to be Restored
The Chronicle update will restore several important opcodes:
- OP_VER
- OP_VERIF
- OP_VERNOTIF
- OP_SUBSTR
- OP_LEFT
- OP_RIGHT
- OP_2MUL
- OP_2DIV
These opcodes will enable new use cases and remove unnecessary restrictions on the node. The changes include:
- Removing limitations on scripts’ usage of long numbers.
- No longer requiring the script stack to be “clean” after execution.
- Removing the low S requirement for signatures.
- Allowing opcodes in the unlocking script.
- Eliminating the minimal encoding requirement.
Developer Benefits
The update also brings several benefits for developers. Murray outlined a brand-new versioning opcode that will let programmers create networks and transactions akin to overlays. This opcode provides a way to version transactions and build overlay networks on top of the blockchain, opening up interesting new use cases.
Future Scaling
Murray emphasized that the Chronicle update will help the network topology to scale as much as possible. This is part of the ongoing Teranode project, which aims to simplify the node software by removing some external services. The focus will be on the core mining functions inherent to building blocks.
Timeline
Q3 2024 is when the Chronicle upgrade is scheduled to debut. More details will be provided closer to the release date, including information on developer benefits and miner upgrade schedules.
About BSV Blockchain
Initiatives for BSV Blockchain for Enterprise and Blockchain for Government were initiated by BSV Blockchain. This Switzerland-based global non-profit organization supports the use of the BSV blockchain.
It oversees the creation of technical standards and educates enterprises, government agencies, start-ups, developers, and users on creating a global blockchain ecosystem. BSV has restored the powerful technical capabilities of the original Bitcoin protocol and its scripting language.
The Chronicle update represents a significant step forward for the BSV blockchain. It promises to enhance scalability, restore original functionalities, and provide new tools for developers.
Disclaimer
FAQ
Blockchain is a distributed ledger technology ensuring secure and tamper-proof transactions, shared across a network.
Yes, blockchain enhances cybersecurity by making data difficult to hack or alter through it's decentralized structure.
Blockchains record cryptocurrency transactions like Bitcoin securely and transparently.
