Decentralization prevents server downtime
Operations which are enabled on the Bitcoin platform can persist, even when individual nodes are affected, down, or otherwise not functioning properly. This is due to the fact that the blockchain platform operates on a truly decentralized model base and premise.
What Is The Role Of Nodes And What Makes Them Decentralized, Or Not?
Blockchain nodes are given the responsibility of validating and confirming blocks of information which is the inherent method of presenting transactions to the platform in order for them to be accepted, added and logged within the publicly verifiable BSV digital ledger. Nodes on BSV are represented by powerful computing machines in an enterprise-like framework.
ASICs, or ‘Application Specific Integrated Circuit’ machines, are industrial-strength, high-powered computing devices which are deployed and maintained by their operators in order to effectively mine blocks on the BSV network. Miners are the operators of these globally positioned nodes. Bitcoin SV reports encouraging and incentivizing nodes to scale the processing power and efficiency of the available network in order to create an efficient process of block settlement.
The process requires transparency which is also said to be rewarded by Bitcoin SV through the self-incentivising rewards structure that all miners take part in 100% voluntarily. When Bitcoin miners deploy nodes, they are then automatically incentivised to operate at high levels of efficiency in order to compete for block rewards collected in the validation and block creation process. This is known as a Proof-of-work (PoW) consensus algorithm, in which the showing of work is required in the block generation process in order for the block to be accepted.
Why Proof-of-Work?
The Proof-of-work blockchain consensus mechanism is the method described above, used to power and secure the original Bitcoin blockchain. There has been a growing misconception over some of the differences and actual qualities of both Proof-of-work (PoW) and Proof-of-stake (PoS). Each blockchain consensus is widely leveraged in the blockchain technology industry. The myths surrounding the two are mainly in references concerning each algorithm’s efficiency.
PoS has been said to be more energy efficient, as well as expressing a dramatically lower carbon footprint than PoW. The truth, however, is that PoW is still considered by many to be the most secure, and in some cases even, the only way to truly maintain blockchain science in the network infrastructure.
The Ethereum blockchain launched the second of a three part phase to PoS entitled ‘The Merge’. While hopes and promoted expectations were to increase efficiency and lower gas fees while maintaining security, it did not do so as of yet, and there have been more questions arising as to whether it actually will when ‘The Merge’ is complete. Bitcoin SV utilises the PoW consensus algorithm, and it has been known as a highly efficient, scalable implementation, all while maintaining the security enabled by a genuine blockchain.
