Bitcoin SV [BSV] pushes the scalability frontier with the sustained 64MB block
When Bitcoin SV hard-forked away from Bitcoin Cash in November 2018, Craig Wright, the chief scientist at nChain released a paper titled, “Satoshi Vision.” This paper pushed for a 128MB block size for the network, which seemed like a lofty goal, but it now looks like the BSV camp is inching closer to that target.
A recently concluded Bitcoin SV Scaling Test Network [STN] indicated that the BSV network could handle a 64MB block over 24 hours, as confirmed by Daniel Connolly, the lead developer of the Bitcoin SV Node.
Connoly published a report stating that the BSV network could handle the generation of a large block, as it has done so before.
Immediately post the hardfork, a 38MB block and a 64MB block were mined by SV Pool and CoinGeek respectively. On Christmas day last year, Mempool mined a 65MB block and on January 3, a 103MB block was mined to commemorate the mining of the Bitcoin genesis block, claims Bitcoin SV.
Despite the above examples being the largest blocks mined on a public blockchain, the problem that BSV, much like the larger community is enduring is the sustainability of the blocks. The recent tests were designed to check the ability of the blocks to handle a large number of transactions and propagate them across their respective network effectively.
“What have we seen? Well, sustained 64MB blocks—over a full 24-hour period—with the latest development build of Bitcoin SV are easy. That’s 270 transactions per second, sustained, continuously for a full 24-hour period. Our tests did this over a 24-hour period with no problem.”
Now that the 64MB tests have been completed, Connoly confirmed that the focus now is on testing out the “sustained 128MB blocks.”
Jimmy Nguyen, the founding president of bComm Association said at the Blockchain Convergence Summit Chain Plus event in Seoul that the aim for BSV for this year is to raise the default block cap to 512MB and in the coming years to 1-2GB in size. The eventual goal, said Nguyen, is to have no limit, with block size configured by the miners, referencing the original Satoshi whitepaper referencing scalability.
Nguyen references the following from the original whitepaper:
“The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling.”
In light of the above Nguyen said:
“nChain’s BSV Node team continues to lead Bitcoin scaling work. We know it’s important to show these results in real life, with sustained big blocks on the live BSV network.”
Furthermore, Nguyen also touched upon the Terranode project that the BSV camp is working on which will create micro-services that will allow companies to power terabyte-sized blocks. He added that each block would contain 4 billion transactions and would run on the capacity of 7 million transactions per second.
If the project does come to fruition, Nguyen added:
“What that means is that Bitcoin becomes, not just a payment system, it becomes the global public ledger of the future that will power all kinds of data and other transactions.”
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