MNP Report Concludes BSV is Best Implementation of Original Bitcoin

MNP, a leading accounting, tax and business consulting firm in Canada, released the findings of its report titled, “The Original Bitcoin Protocol: What Is It and Why Does It Matter?” on August 25, 2021.

The in-depth independent review found that compared to Bitcoin Core (BTC), Bitcoin SV (BSV) is the best implementation of the original Bitcoin when evaluated against the Bitcoin white paper and other writings and video recordings of Satoshi Nakamoto, the creator of Bitcoin.

“Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (BSV and BTC) were compared against that original vision. Our findings indicate BSV is most representative of Satoshi’s original intention for Bitcoin,” the report stated. 

It must be remembered that the original Bitcoin community underwent several hard forks mainly due to issues of scaling and protocol changes. The Bitcoin protocol should be fixed and should only be altered if there is an important upgrade—much like how the Internet protocol is. Scaling, on the other hand, is central to the original intention of Bitcoin to operate as more than just a payment system.

The first Bitcoin hard fork resulted in the creation of Bitcoin Cash (BCH), while BTC retained the original ticker symbol. BSV is a product of the second network split that separated it from BCH due to the same issues. While BCH scaled at first, proponents refused to scale further, engendering the creation of BSV. BCH was faced with another hard fork earlier this year, resulting in the formation of Bitcoin ABC (BCHA). 

However, other Bitcoin implementations were excluded from the MNP report because they were deemed immaterial when analyzing each protocol’s alignment with the original Bitcoin vision and design. The fact that BTC is being recognized by many as the original Bitcoin and with the “SV” in BSV standing for Satoshi Vision may also be clear indications as to why the two implementations were chosen by MNP. 

Key considerations for the finding that BSV is the best implementation of the original Bitcoin can be summed up in three aspects: scalability, utility and sustainability. 

“Bitcoin never really hits a scale ceiling.” Satoshi wrote this statement in 2009, and continued to reiterate it in interviews and conferences. However, BTC ignored it and maintained its 1MB block size cap and throughput of seven transactions per second (tps) up to this day, choosing instead to scale off chain and develop second-layer solutions to counteract its blockchain’s inability to scale. 

In stark contrast to BTC’s stagnant state, BSV uncapped its blockchain’s block size and continues to scale. Evidence of this is the most recent 2GB block mined on the BSV network, breaking world records for the largest block mined on a blockchain and earning an additional 10 BSV coins, surpassing the fixed subsidy a miner earns for every block added on the blockchain, which is currently at 6.25 coins. 

BSV also puts in effort in increasing the network’s throughput, which averages over 5,000 transactions per second. It has also been announced that the Teranode project, which will effectively bring up throughput to over 50,000 tps, will be released before the year ends. This will enable BSV to be at par with the VISA network. BSV is already the world’s largest public blockchain by all major utility metrics such as data storage and daily transaction volume, scaling ability and average block size.

“Until we have Bitcoin tokens used as commodity exchange assets, it won’t have any value other than speculation.” Satoshi eloquently stated his intention for Bitcoin, which is to become plumbing for the world’s financial system, because ultimately, Bitcoin’s real value lies in its utility. But with BTC’s small blocks, extremely low throughput, protocol changes and price volatility, it presents no other utility aside from being speculative investment that wealthy businessmen dabble in.

On the other hand, BSV’s restoration of the original Bitcoin protocol on February 4, 2020, through the release of the Genesis Upgrade made for a rock-solid foundation that developers can build applications and platforms on—much like how the Internet protocol created the online world. And with BSV’s commitment to scaling and increasing its throughput, it is not a far cry to say that it can become the global plumbing that businesses from different industries will utilize to usher in an on-chain world. BSV’s utility has the possibility of becoming endless.

“Scaling is vital, and Bitcoin SV is capable of massive on-chain scaling at the base layer or using less than 1% of the energy of the current BTC ecosystem.” This is Satoshi’s reply to Tesla CEO Elon Musk’s recent statement about temporarily discontinuing BTC payments for its vehicle purchases due to Bitcoin mining’s energy inefficiency. Mining uses up a huge amount of energy, and it is certainly wasted on BTC, which boils down to its failure to scale and almost nonexistent utility.

Again, due to BSV’s capacity to scale infinitely, its energy consumption is significantly lowered. According to the MNP report, “[BSV’s] required amount of energy per transaction should be significantly lower as the block size increases and more transactions can be processed by the network with each block.” 

While many may still argue that BTC is the original Bitcoin, it cannot be denied that the MNP report stating that BSV is the implementation most representative of the original Bitcoin vision has merit based on these three important criteria.