Bitcoin SV Wallets Collaborate to Bring Peer-to-peer Transactions Back to Bitcoin
LONDON, March 30, 2020 /PRNewswire/ — HandCash and Money Button – two leading wallets in the Bitcoin SV ecosystem – are collaborating to bring back true “peer-to-peer” transactions for Bitcoin, the way Bitcoin’s creator Satoshi Nakamoto intended. The original Bitcoin white paper announced Bitcoin as a “peer-to-peer electronic cash system”, but BTC protocol developers deviated from the “peer-to-peer” design nearly a decade ago. HandCash and Money Button will now send signed BSV transactions to each other directly, without third parties involved, restoring the true Satoshi Vision for Bitcoin.
The original Bitcoin software provided an option for users to “send to IP”. This method would allow a sender (Alice) to deliver a transaction directly to the recipient. (Bob), with no third parties involved. But the implementation for “send to IP” was not finished, so early BTC protocol developers removed the IP-to-IP functionality, removing the peer-to-peer nature of Bitcoin’s protocol.
Bitcoin SV’s mission has been to restore Satoshi’s original Bitcoin protocol and allow it to massively scale. HandCash and Money Button seek to lead the Bitcoin SV ecosystem back to the peer-to-peer design that Satoshi intended. The Paymail protocol (announced for Bitcoin SV in May 2019) brings back true peer-to-peer transactions. Paymail allows users to send Bitcoin transactions to an email address, providing for secure, end-to-end, encrypted communications and authentication via HTTPS.
Using the Paymail protocol, both the HandCash and Money Button wallets will now send all signed Bitcoin SV transactions to each other directly, without third parties acting as an intermediary. The receiving end will check if the transaction is valid instantly and broadcast it to miners directly, allowing both services to scale far beyond the limits imposed by status-quo. A peer-to-peer transaction system, as Satoshi intended, is much more scalable than how Bitcoin has worked for the past decade.
A call to the Bitcoin SV ecosystem: HandCash and Money Button have agreed to launch this change on their wallets in order to quickly demonstrate the original peer-to-peer design of Bitcoin. Both companies invite the rest of the Bitcoin SV ecosystem to follow suit and help the industry smoothly transition back to peer-to-peer transactions for the benefit of all.
After all, this is what Bitcoin was born to be, and it’s the only way Bitcoin can scale in an efficient way.
If you are a Bitcoin app developer and would like to get some help in order to transition your system to a peer-to-peer transaction system, join this open conversation in Telegram: https://t.me/joinchat/GMX7LRbEdOXcrj7GYnbDig
SOURCE Bitcoin SV