We’re about to point out you one thing wonderful, however you’ll most likely 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’ll be able to anticipate these numbers to look puny by comparability.
Teranode, a ground-up re-write of Bitcoin’s unique protocol software program, will be capable to course of over one million 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 workforce 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 larger than it had been allowed to make use of as much as that time.
Should you’re questioning why Bitcoin hasn’t taken the world by storm after 16 years, these stats present a part of the reply—method an excessive amount of time received wasted on arguments over whether or not or how Bitcoin might scale to problem different cost networks. Proper from the beginning, individuals stated it couldn’t be finished. After that, others got here alongside to say it shouldn’t be finished (for some purpose). BSV has confirmed each arguments fallacious, even earlier than the Teranode era begins.
Teranode received’t simply tackle cost networks like Visa (NASDAQ: V) and Mastercard (NASDAQ: MA). Will probably be in a position to course of as a lot knowledge because the web itself.
What’s the purpose of that? Which means all of the digital info we use day by day may be immutable and verifiable. That alone is a giant enchancment in at the moment’s world, the place knowledge loss, arbitrary censorship, and hyperreality are inflicting actual issues. It’s additionally a method to make industrial, authorized, and government-related knowledge data far 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 knowledge we create.
That definitely sounds extra helpful to the world than shopping for just a few Bitcoin decimals and hoping you’ll be able to promote them for extra {dollars} sooner or later…in some way. Bitcoin was alleged 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. 1,000,000 transactions per second (and that’s only a beginning estimate) will deal with everybody’s knowledge processing and cost wants. Observe that at the same time as BSV handed the six billion mark, the common per-transaction payment was simply USD5.5e-7 (that’s $0.00000055). The blockchain may be the native funds layer the web was at all times alleged to have, however by no means received.
These types of numbers aren’t even relatable to the common particular person consumer. Ultimately, the blockchain processing community simply fades into the background—it’s one thing solely builders and accountants want to think about. The remainder of us get to get pleasure from a Large Knowledge world the place info may be trusted once more.
BSV is what Satoshi Nakamoto wished Bitcoin to be, and it’s what the world wants Bitcoin to be. Neglect concerning the media hype and speculative costs; that’s only a sport. It’s time to take a look at real-world solutions and new economic opportunities that really ship.
Watch: Teranode is the digital spine of Bitcoin
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