He revealed this in a tweet posted on his handle, where he stated that he has filed a patent for the technology. This is coming in the wake of his announcement to educate developers on how to it build the same system. The tweet stated,
“So, I hinted a LONG time on how SPV was supposed to work. Without it, there’s no real solution to Bitcoin (any blockchain). It is being patented. I am more than happy to do this now”
With this Simplified Payment Verification system, users would supposedly be able to validate and confirm their transactions without waiting on other transactions carried out by anyone else.
It will also add that transaction to a specified block, while it provides a proof of the transaction being successfully executed through a confirmation. And for every new block that’s added to the blockchain, there’s confirmation of its transactions too.
Wright, who has often claimed that he’s the original Satoshi –bitcoin’s founder- has had his claims debunked by the crypto community, thus earning him the nickname “Faketoshi”. He has also been actively reminding his community about the original Satoshi’s mention of the SPV in bitcoin’s whitepaper. His posts states,
“In January 2019, we will start showing people how Bitcoin (any blockchain) scales. It requires SPV & SPV does not use servers (so, Electrum is not SPV). I gave 10 years, hints… much more… And, nobody bothered to learn, so it will be patented and licensed to SV exclusively”.
He continues, “In 2019 we will start to teach people how to build real SPV systems. No fraud proofs, secure, instant. It was hinted at in the whitepaper, but nobody has managed to get it. So, I will do it for you. I had hoped others would have understood and run with this, but…”
He has remained steadfast in his commitment to BSV and its many features. Some of his recent claims, apart from filing a patent for the SPV system, is that Bitcoin SV will be able to process terabyte-sized blocks in about 24 months.
While he’s clearly committed to his projects, Craig Wright doesn’t get a lot of regard in the crypto community, even though he has his followers, most developers think he’s either crazy or an outright sham –most lean towards the latter.
Whatever the case, it does seem that BSV is gaining momentum in the industry, even if his claims to patent the SPV and TB sized blocks seem farfetched. Bitcoin SV is newest entrant into the cryptocurrency market. A fork of Bitcoin Cash, its fork was advocated for by Craig Wright and a few others.
The new chain has proven that it can stand alone and thrive. Some cryptocurrency exchanges have already started listing and trading it, as well as allowing deposit and withdrawal services for the token.
The views and opinions expressed in the article Simplified Payment Verification System Will Be Patented Only for Bitcoin SV do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.