TAAL.com Mines Historic Block to Lock in “Genesis” Protocol Update of Bitcoin SV Network
06 February 2020 - 3:10AM
TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ
| OTCQB:SQRMF) (“
TAAL”) is pleased to announce
that it has successfully completed the upgrade to its Bitcoin SV
Node mining software to support the “Genesis” network upgrade
code-named “Genesis” that activated on February 4, 2020. In
addition, TAAL mined the historic block
(https://whatsonchain.com/block-height/620539) considered to
lock-in activation of the new Genesis rules on the Bitcoin SV
network.
At 1:35 am GMT on February 4, block 620,538 was
mined and Bitcoin SV nodes using v1.0.0 or greater (the software
versions supporting Genesis) began accepting transactions under the
restored Genesis protocol. At 1:55 am GMT at block height
620,539, the first block containing a Genesis-only transaction was
mined by TAAL, locking in the change.
This transaction was prepared in advance by the
Bitcoin SV Node team and broadcasted with the following message:
“On February 4th, 2020, the Return to Genesis was activated to
restore the Satoshi Vision for Bitcoin. It is locked in irrevocably
by this transaction. Bitcoin can finally be Bitcoin again and the
miners can continue to write the Chronicle of everything. Thank you
and goodnight from team SV.”
Background and Benefits
The Bitcoin SV network successfully completed
the Genesis hard-fork protocol updated on February 4, 2020. This
update is code-named Genesis because it includes a set of protocol
restoration changes that represent an almost complete return to the
original Bitcoin protocol, as documented in the white paper by
Bitcoin’s pseudonymous creator Satoshi Nakamoto.
In TAAL’s opinion, the major changes addressed
within this upgrade on the BSV network are expected to
significantly and positively impact the blockchain industry and all
participants for the long term.
With the industry focused on supporting
transaction generating applications and solutions for enterprise
users looking to build upon the blockchain the number of
transactions (payment and data type transactions) being written to
the blockchain is increasing rapidly.
In TAAL’s opinion, a key beneficial change
within this update for miners is the elimination of any default
block cap set by protocol developers in the node software. On
the BSV network, miners, like TAAL, can now control the consensus
of the block caps and thus transaction capacity of the blockchain
network depending on market and contractual conditions. This change
is expected to be advantageous for TAAL as it opens the door for
unbounded transaction growth, without needing approval of protocol
developers, and enables a steady and increasing revenue channel
based on mining transaction fees.
A summary of changes made in the Genesis update,
authored by the Bitcoin SV Node team at nChain Ltd, is available
here:
https://bitcoinsv.io/2020/01/15/changes-for-the-genesis-upgrade/.
In short, Genesis unlocks many technical capabilities that were
always possible in Bitcoin making it easier for engineers and
developers to build innovative applications on the Bitcoin
blockchain that leverage micropayments, data interchange,
on-chain data storage.
“Now that full capabilities of Bitcoin script
have been unlocked we look forward very much to seeing what
application developers will begin to do with that capability.
This is the beginning of Bitcoin becoming what it was always meant
to be.” Steve Shadders, CTO of nChain and Technical Director
of the BSV Node Team.
About TAAL Distributed Information
Technologies Inc.
TAAL is a Canadian based technology company
engaged, through its subsidiaries, in the business of operating,
managing and developing cloud computing data infrastructure and
system technology to support global blockchain applications related
to Bitcoin SV, Bitcoin Core and other SHA-256 based digital
assets.
For further information contact:
Angela HolowaychukPresident and Chief Executive
OfficerTelephone: +1 800-371-2809
The CSE accepts no responsibility for the
adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes "forward-looking
information" as defined under applicable Canadian securities
legislation. Forward‐looking information and statements include,
but are not limited to, disclosure regarding possible events, that
are based on assumptions about future economic conditions and
courses of action, statements with respect to the anticipated
benefits, if any, effects, performance, capabilities or importance
to TAAL or otherwise of TAAL’s upgrade to the Bitcoin SV Node
mining software to support the Genesis hard-fork protocol network
upgrade (including with respect to the effects on the Bitcoin SV
blockchain and the blockchain industry), statements with respect to
a transaction-based economy for Bitcoin miners and the statements
of the CTO of nChain and Technical Director of the BSV Node Team,
and, in certain cases, can be identified by the use of words such
as "expects", or variations of such words and phrases or statements
that certain actions, events or results "may" or "will", or the
negative forms of any of these words and other similar
expressions.
Forward-looking information is necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties, uncertain and volatile equity and capital
markets, lack of available capital, future demand for Bitcoin SV,
Bitcoin Core and other digital assets and risks related to the
mining thereof, integration issues, personnel and staffing
requirements and technological change and obsolescence. Actual
results and future events and actions could differ materially from
those anticipated in such forward looking information. Accordingly,
readers should not place undue reliance on forward looking
information. All forward looking information in this news release
is made as of the date hereof and qualified by these cautionary
statements and those in our continuous disclosure filings available
on SEDAR at www.sedar.com. TAAL disclaims any intention or
obligation to update or revise such forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
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