CoinGeek Commits to a BCH Chain Without Split or Fork
CoinGeek and friends believe in the Satoshi Vision for the evolution of Bitcoin and that means all disputes should be settled by ‘Nakamoto Consensus’ and Miner hash elections. ‘Nakamoto Consensus’ dictates that at all times the longest chain (with the most Proof of Work) shall prevail and this will be respected at all times by CoinGeek Media and Mining.
Much of the following is already public knowledge, but it is worth repeating what the two options are in this election. For more in-depth background click here.
The core dispute in this election is not a technical one at all. It is a difference of opinion concerning the future of Bitcoin’s platform (and existence). Certainly, once the original Bitcoin protocol is restored, it could later evolve but any updates should be rare and only done when necessary, fully tested, and supported by clear consensus. This is the internet model where all the great companies and services are built on top of a 30-year-old base.
This will allow a vibrant Enterprise level mining industry to flourish and a Cambrian explosion of application development and innovation that will drive the adoption of Bitcoin as money globally. This will create economic freedom for everyone in the world and will especially be welcome by everyone in the developing world.
To make this easier, CoinGeek is sponsoring the bComm Association to create a new Bitcoin Implementation that will be released for open source usage in October. The link to its site is here . This implementation, named Bitcoin SV, will be vigorously tested and will be the truest to the original Satoshi Vision of any of the options out there. This is not a chain-splitting fork. This is restoring and stabilizing the original Bitcoin protocol (which already had all feature sets needed for growth). CoinGeek will cut all their hash to this Bitcoin SV implementation as soon as it’s ready. Furthermore, Bitcoin SV will be open source.
Also, a new Satoshi Vision Pool (SVPool) will be up and running in late September and SVPool will also have zero fees so will be the lowest cost service offered for miners.