We’re about to indicate you one thing wonderful, however you’ll in all probability say “meh” a yr from now. The BSV blockchain network processed its 6 billionth transaction this week, lower than a month after it hit the 5 billion milestone. That’s the wonderful half. However this yr, as Bitcoin’s “Teranode period” begins, you may count on these numbers to look puny by comparability.
Teranode, a ground-up re-write of Bitcoin’s unique protocol software program, will have the ability to course of over 1,000,000 transactions per second. All these transactions are recorded on the bottom blockchain; no further layers or bolt-on sidechain “options” are required. BSV is Bitcoin, as Satoshi Nakamoto first described it, and Teranode will nonetheless observe all the unique guidelines.
Bitcoin does scale on-chain, no denying it now
The Bitcoin SV Node staff eliminated hard-coded limits on transaction block sizes in January 2020, and BSV processed its billionth transaction in March 2022. On the time, we famous it was an indication that Bitcoin’s potential was far higher than it had been allowed to make use of as much as that time.
When you’re questioning why Bitcoin hasn’t taken the world by storm after 16 years, these stats present a part of the reply—approach an excessive amount of time obtained wasted on arguments over whether or not or how Bitcoin may scale to problem different cost networks. Proper from the beginning, folks stated it couldn’t be carried out. After that, others got here alongside to say it shouldn’t be carried out (for some motive). BSV has confirmed each arguments mistaken, even earlier than the Teranode era begins.
Teranode received’t simply tackle cost networks like Visa (NASDAQ: V) and Mastercard (NASDAQ: MA). It is going to be in a position to course of as a lot information because the web itself.
What’s the purpose of that? Because of this all of the digital info we use each day might be immutable and verifiable. That alone is an enormous enchancment in as we speak’s world, the place information loss, arbitrary censorship, and hyperreality are inflicting actual issues. It’s additionally a method to make industrial, authorized, and government-related information data way more safe. It units new requirements for data ownership, fingers extra energy to particular person customers, and creates new economies by offering extra alternatives to monetize the data we create.
That actually sounds extra useful to the world than shopping for a couple of Bitcoin decimals and hoping you may promote them for extra {dollars} sooner or later…by some means. Bitcoin was speculated to be helpful for everybody, not a lottery ticket or a on line casino.
Oh, and it additionally processes funds quick and low cost. Keep in mind that promise?
And if all you actually wished was a quick, low cost, digital funds community, BSV is that, too. One million transactions per second (and that’s only a beginning estimate) will deal with everybody’s information processing and cost wants. Notice that at the same time as BSV handed the six billion mark, the typical per-transaction price was simply USD5.5e-7 (that’s $0.00000055). The blockchain might be the native funds layer the web was at all times speculated to have, however by no means obtained.
These types of numbers aren’t even relatable to the typical particular person consumer. Finally, the blockchain processing community simply fades into the background—it’s one thing solely builders and accountants want to contemplate. The remainder of us get to take pleasure in a Large Information world the place info might be trusted once more.
BSV is what Satoshi Nakamoto wished Bitcoin to be, and it’s what the world wants Bitcoin to be. Overlook in regards to the media hype and speculative costs; that’s only a sport. It’s time to have a look at real-world solutions and new economic opportunities that truly ship.
Watch: Teranode is the digital spine of Bitcoin
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