At the end of June, BSV Blockchain announced its new SV Node release, ‘Chronicle’ which will be released later in 2024.
1. What is the Chronicle Release?
The Chronicle Release is a mandatory SV Node update aimed at further restoring original Bitcoin functionalities to BSV and removing developer restrictions. This release provides developers with increased flexibility to foster innovation and aligns the network with the goal of restoring and locking the BSV blockchain to the original Bitcoin protocol.
2. Why is the Chronicle Release important?
The update restores several original Bitcoin opcodes, including OP_VER, and eliminates restrictive rules, making the BSV blockchain more powerful and flexible. This enables developers to create more sophisticated applications and enhances the overall functionality of the blockchain.
3. What functionality is being restored? Key changes include:
- Restoration of original Bitcoin opcodes such as OP_VER.
- Removal of restrictions like the “clean stack rule” and the PUSHDATAONLY rule for unlocking scripts.
4. What is OP_VER, and why is it significant?
OP_VER is an opcode that allows scripts to reference the transaction version used in the first bytes of the serialised data. This opcode further enables overlay networks where applications can enforce their own business logic to identify relevant transactions, opening up new use cases and enhancing the flexibility of the blockchain.
5. Is the Chronicle Update mandatory?
Yes, the Chronicle Update is mandatory. Nodes will be given a grace period to update. Once the first transaction using a restored opcode like OP_VER is included in a block, the update becomes live. Communication will be provided well in advance, following a schedule like the Genesis update.
6. What is the timeline for the Chronicle Release?
The release schedule will follow a similar timeline to the Genesis update, with a structured approach to ensure smooth adoption:
- Announcement and beta releases.
- Technical specifications and stable release announcements.
- Optional upgrade periods leading to the final activation. Months of lead-up communication will ensure all stakeholders are prepared.
7. How will this update be communicated?
We will use a comprehensive communication strategy, including:
- An informational broadcast to all miners using the Alert System.
- Web updates on the BSV Node news page.
- Detailed technical specifications and documentation.
- Social media announcements and reminders.
- Video interviews and PR campaigns.
- Editorial coverage and email blasts to stakeholders. This structured approach ensures all stakeholders are informed and prepared for the update.
8. How can developers prepare for the Chronicle Release?
Developers should review the technical specifications and integrate the restored opcodes into any libraries used by their projects. All libraries maintained by the BSV Blockchain will be updated. Detailed guidelines and examples will be provided to facilitate this process. Staying informed through official channels and participating in optional upgrade periods will ensure a smooth transition.
9. What are the strategic implications of the Chronicle Release?
The Chronicle Update enhances the BSV blockchain’s capability to support advanced applications, improves operational efficiency, ensures scalability, and fosters a vibrant developer ecosystem. It positions the BSV blockchain as a leading platform for innovation and growth.
10. Why are some things not in scope, like restoring the original difficulty adjustment algorithm?
The BSV Blockchain is anchored on the principles of stability and security. We aimed to make the Chronicle Update as minimally disruptive as possible and ensure that no spendable transaction outputs are impacted. Opcodes added by developer groups in the past, such as OP_SPLIT, OP_BIN2NUM, and OP_NUM2BIN will remain to ensure that existing businesses do not experience any disruption. The modified Difficulty Adjustment Algorithm remains a “needed rule” as a measure against possible attacks that can arise from the sharing of specialised SHA256 hashing equipment with other blockchain systems. Prior development groups also made the decision to change the Transaction Digest Algorithm in 2018. In the interest of stability and to not disrupt existing businesses and applications, this change will remain.
11. Will there be more hard forks?
The Chronicle Release is the last major step in restoring the original Bitcoin protocol to BSV. Room in the protocol is reserved for major security fixes that may be needed in the future, but developers and businesses can be certain that this release cements the BSV protocol in stone. The future of the node software will focus on massive scalability with the release of Teranode.
12. Where can I find more information about the Chronicle Release?
For more information, visit the BSV Node news page, follow official social media channels, and participate in upcoming webinars and discussions. Detailed technical documents and FAQs will be available to guide you through the update process.
