Cryptocurrency has evolved rapidly over the last decade and it continues to revolutionize the way money is transferred globally. Since Bitcoin’s launch in 2009, cryptocurrency has impacted transactions around the world, pushing financial systems to new heights of efficiency and security.
A decade later, Bitcoin SV (Bitcoin Satoshi Vision) has become a major player in the cryptocurrency market with its newest innovative technology: freeze-lock software that allows users to stop lost or stolen coins from being used by potential criminals.
In this article, we will explore how this technology works and what benefits it offers to both miners and investors who wish to keep their digital assets safe. But first, let’s get familiar with Bitcoin SV.
Bitcoin SV Overview
Bitcoin SV (BSV) is a hard fork of Bitcoin Cash, which itself is a hard fork of Bitcoin. BSV was created in November 2018 as part of the ongoing debates and scaling issues with the original Bitcoin network. It shares many features with other cryptocurrencies but has its own unique properties. It is designed to be a more reliable version of the original Bitcoin and has been built with scalability in mind.
BSV features larger block sizes than other cryptocurrencies, allowing it to process more transactions at a faster rate. This means that it can handle significantly higher transaction volumes than other blockchains, making it ideal for businesses that rely on high-volume transaction processing. Additionally, the Bitcoin SV protocol includes additional features such as smart contracts and tokenized digital assets. These features make BSV a powerful platform for developers to create innovative applications and services.
Bitcoin SV is generally considered to be a safe cryptocurrency. This is because it provides a number of safety measures and regulations that help protect users and their funds. The Bitcoin SV network is secured with an advanced PoW consensus mechanism, which helps to ensure that it remains secure and resistant to any malicious interference.
Bitcoin SV Price
Since its creation in 2018, this hard fork has grown to be one of the leading digital currencies, with the Bitcoin SV price surging significantly over the past year, reaching an all-time high of $491.64.At present, Bitcoin SV is trading at around $43 USD, representing a great return on investment for holders of the cryptocurrency.
How Will the Blacklist Manager Change the Crypto World?
Introducing Blacklist Manager: the unprecedented software that reclaims coins and brings them back to their original owners. This revolutionary tool prevents criminals from utilizing stolen coins on a coin-level basis, giving precedence over account-level enforcement, as long as an official court order is in place. Bypassing centralized exchanges, this cutting-edge technology ensures justice for those who have suffered cyber theft.
In recent times, countless digital assets have been stolen and held for ransom. Thankfully, with the Blacklist Manager and Notary Toolset, those who own a court order that authenticates them as legitimate owners of their digital assets can now employ specific Notary tools to convert this court order into an understandable machine format which can then be transmitted over the mining network.
Bitcoin SV asserts that legal institutions such as banks, custodians, and law firms must first confirm the court order with a list of stolen digital assets in a machine-readable format so that their network can comprehend it before proceeding to retrieve the asset. This is then digitally signed and conveyed to each miner’s BM tool for further processing.
Once a sufficient number of far-reaching nodes authenticate the court order, a freezing directive will be broadcast across the network. This guarantee that all efforts to spend or shift these assets are blocked at the node level. These resources can, later on, be reapportioned to their rightful owner.
Simultaneously, due to the consensus system of the software, no one is enabled to singlehandedly enforce a halt; miners will only agree upon a judicial order or any other document with equal power.
Bottom Line
The new mining software for Bitcoin SV is a promising development that could help to improve the security of the cryptocurrency. By freezing lost or stolen coins, it will become much more difficult for criminals to profit from crypto theft. This should help to increase confidence in the currency and its long-term prospects.