Chronicle BSV Blockchain Latest Update

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Jul 01, 2024, 06:04 ET

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.

SOURCE BSV Blockchain