Bitcoin SV (BSV) is a fork from Bitcoin Cash (BCH), aiming to create a version of Bitcoin much faster, oriented towards online payments. But, in order to achieve the much needed speed, they eliminated some of the key features of the Bitcoin. In doing it, they may have created much more harm than intented.
Let's analyse this issue. We have pay-to-script hash (P2SH) function, added in 2012, allowing the user to sign into a “script” rather than a public key address, as a privacy feature. They decided this is not essential for this fork, and instead they started to use a different solution. Now, keep in mind that these PS2H scripts can create special conditions needed to be met in order to access the cryptocurrency, in a similar way with Paypal or Ebay transactions, and they were used in multi-signature transactions, with more than one party to approve the transaction.
The Bitcoin SV developers removed the P2SH function and added a bootleg, BSV-specific version called “accumulator multi-sig” that utilized P2PKH transactions in Electrum SV wallet and some other wallets, most probably. Gregory Maxwell, American computer expert and one of Bitcoin core developers, first noticed that the gimmick made by Bitcoin SV team has virtually no protection or any other kind of security. They checked the script, but using the needed number of private keys, while you can easily access the script and use less than needed keys, or none, making the transaction to fail. Then, is matter of time until you get a malicious script instead, getting all your Bitcoin SV moved from your wallet.
Some people were not that lucky.
The Electrum SV wallet response promptly followed:
Now they are working on an alternative solution, even if it was much more easier just to implement the P2SH or the P2PKH script from Bitcoin.
The project developers replied with good news:
We will see what happen next. Until then, take the right measures to protect your crypto.
Yours truly,
George
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