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Bitcoin Association for BSV to boost property rights with innovative node update

To get a better understanding of what this latest node update means for users, miners and businesses, Director of Engineering Jad Wahab gave a breakdown of the new update and how it will improve legal and regulatory compliance.

The Bitcoin Association for BSV’s engineering team has announced an upgrade to the Bitcoin SV Node software. Version 1.0.13 node release is a mandatory upgrade that allows miners to facilitate Digital Asset Recovery. The key features of the 1.0.13 upgrade are:

As part of the update, the miner’s safe-mode configuration settings have been changed from three blocks to six blocks, to reduce false safe-mode activations. Other changes include various enhancements and fixes to functional tests, and improvements to logging for example – when a consolidation transaction is rejected, or messages are sent whenever the mapAskFor size limit is exceeded.

‘This is a significant update from authentication connections to enhanced P2P. However, most importantly the node software links to the Blacklist Manager update released a few weeks back. Version 1.0.13 brings the reality of Digital Asset Recovery to the forefront of Bitcoin SV and the crypto industry,’ said the Bitcoin Association for BSV’s Director of Engineering, Jad Wahab

Digital Asset Recovery is key to Bitcoin SV’s goal of offering a blockchain that aims to be both regulation-friendly and legally compliant across major jurisdictions.’

You can read more about the update here.

ELI5: For the non-technical, what does the Bitcoin Node software update mean for you?

To get a better understanding of what this latest node update means for users, miners and businesses, Wahab gave a breakdown of the new update and how it will improve legal and regulatory compliance.

‘The main changes outside of just bug fixes and a couple of features like miner ID is that it allows for asset recovery, which the node previously didn’t have.

‘It brings property rights into the blockchain which have been there from the start. It’s been a shame that over the last 14 years there have been so many hacks, attacks, and security breaches (on blockchain protocols) and people have just sort of been able to get away with it.’

Property rights are the bedrock of civilisation

Perhaps the most obvious demand for these recovery features can be seen in the multiple cases where unscrupulous exchanges or executives have effectively ceased operations and prevented blocked users from withdrawing or moving their assets.

‘The space has been almost like the wild west and also childish in a way, where people think they can just do things and get away with it.

‘This is somewhat ironic as this is probably the worst technology to use to commit crime as there is an immutable evidence trail. Still, people have been trying to change technology to allow for such things.

‘This (digital asset recovery) process will make it even harder than it already is for people to commit crimes. Bitcoin as a technology brings transparency to the world and property rights are the bedrock of civilisation – they exist in everything including Bitcoin.’

Digital Asset Recovery can’t be used blindly

Wahab noted that while the recovery features have multiple use cases beyond criminal action, this tool was not built for people who are looking to recover small amounts of funds.

‘I am not really a big fan of people needing to be babied. Obviously, if someone loses access to their coins like when someone dies then you need to go through the process, but this process should not be a cheap thing – it’s an expensive thing.

‘It’s not for someone who drops their phone in the pool and then wants the miners to help them get their $5 back – that’s not going to happen. This is for large amounts of money.

‘It’s not necessarily only focused on enterprises but it is quite a cumbersome process. It requires asset recovery across multiple jurisdictions across the globe, so you are not going to get back your $5.’

Don’t go back to the stone age

Wahab said that the introduction of Digital Asset Recovery features shows the Bitcoin Association’s commitment to being regulatory and legally compliant and as a tool for law and order going forward.

‘I think people don’t really understand the law but ignorance of the law is no excuse. Understanding the law also changes the way you think and see the world and things make a lot more sense.

‘I think it’s a great thing that the law exists and we don’t want to go back to the stone age. We want to live in 2022 and improve our lives. Some people in this space, given that it is a technology, want to throw the baby out with bathwater instead of trying to improve the technology and the world we live in right now.’

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