We’re about to show you something amazing, but you’ll probably be saying “meh” in a year. The BSV blockchain network processed its 6 billionth transaction this week, less than a month after it hit 5 billion milestone. That’s the amazing part. But this year, as Bitcoin’s “Teranode Era” begins, you can expect those numbers to look paltry in comparison.
Theranodea new rewrite of Bitcoin’s original protocol software, will be able to process over a million transactions per second. All these transactions are recorded on the base blockchain; no additional layers or bolt-on side chain solutions are required. BSV is Bitcoin, which Satoshi Nakamoto first described itand Teranode will still follow all the original rules.
Bitcoin is scaling on chain, no denying it now
The Bitcoin SV Node team removed hard-coded limits on transaction block sizes in January 2020, and BSV processed its billionth transaction in March 2022. At the time, we noted that it was a sign that Bitcoin’s potential was much greater than it had been allowed to use up to that point.
If you are wondering why Bitcoin hasn’t taken the world by storm after 16 years, these statistics provide part of the answer – far too much time was wasted on arguments about whether or how Bitcoin could scale to challenge other payment networks. Right from the start, people said it couldn’t be done. After that others came and said it should not be done (for some reason). BSV has proven both arguments wrong, even before The Teranode era begins.
Teranode will not only take on payment networks like Visa (NASDAQ: V) and Mastercard (NASDAQ: MA). It will be able to process as much data as the internet itself.
What’s the point of that? This means that all the electronic information we use on a daily basis can be immutable and verifiable. That alone is a huge improvement in today’s world, where data loss, arbitrary censorship and hyperreality cause real problems. It is also a way to make commercial, legal and government related data records much more secure. It sets new standards for data ownershipgives more power to individual users and creates new economies by providing more opportunities to monetize the information we create.
That certainly sounds more beneficial to the world than buying some Bitcoin decimals and hoping you can sell them for more dollars in the future…somehow. Bitcoin was meant to be useful for everyone, not a lottery or a casino.
Oh, and it also processes payments quickly and cheaply. Do you remember that promise?
And if all you really wanted was a fast, cheap, digital payment network, BSV is that too. One million transactions per second (and that’s just a starting estimate) will handle everyone’s computing and payment needs. Note that even when BSV passed six billion, the average fee per transaction was only $5.5e-7 (that’s $0.00000055). The blockchain could be the native payment store that the internet was always supposed to have, but never got.
Those kinds of numbers aren’t even related to the average individual user. Eventually, the blockchain processing network just fades into the background – it’s something that only developers and accountants need to think about. The rest of us get to enjoy a Big Data world where information can be trusted again.
BSV is what Satoshi Nakamoto wanted Bitcoin to be, and it is what the world needs Bitcoin to be. Forget the media hype and speculative prices; it’s just a game. It’s time to watch real solutions and new economic opportunities that actually delivers.
Watch: Teranode is the digital backbone of Bitcoin
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