A new tweet is in today’s crypto news, this time for mentioning Bitcoin SV (BSV) and its capacity to process terabyte-sized blocks. According to the tweet, there is a “two year target” for achieving this.
2 year target.
2-4 Million TPS peak
— Dr Craig S Wright (@ProfFaustus) November 29, 2018
Even though Wright did not elaborate the how of this, the demand for transaction space in Bitcoin blocks is high and certainly Bitcoin has struggled to keep pace with the demand. Wright and others in this niche don’t really believe in scaling solutions which take transactions off-chain – and instead prefer to increase the size of blocks and associated storage space required for Bitcoin nodes.
As a reminder, the Bitcoin SV hard fork’s first change was to project a quadrupling to 128MB blocks. However, currently the BSV blocks are on average much smaller than the Bitcoin blocks – mostly due to the lack of transaction activity.
The tweet by Wright had the usual negativity in response. One user said that Wright will be in jail by the time two years have passed. However, there were positive responses too, just like the following one:
We are going to need it, so great to hear. I can see many businesses jumping on the blockchain. Once we get a big one on “The Dragon” – i have a feeling the floodgates will open. As the tests show, Dragon can do wonders for running costs, security and much more. $bsv
— The Bitcoin Tramp (@TheBitcoinTramp) November 29, 2018
Right now, it is definitely hard to predict what 1TB of storage will cost in two years. However, Wright’s goals remain consistent and depend on the things that are planned. If they turn true, it will mean that a significant portion of the world’s transactions are happening on a blockchain, which will further promote the industry and set the technology to new heights.
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