Menu

Bitcoin SV Sets New Record at 9,000 Transactions per Second

Nebeus-Loans

Bitcoin SV Sets New Record at 9,000 Transactions per Second

Share This!

There’s a new champ; Bitcoin SV Sets New Record at 9,000 transactions per second. These are the headlines we’re getting from the press release by BitcoinSV. January 26, 2021, is the date that the platform made a mark in blockchain’s history. BSV made 9,000 transactions per second (tps), blowing their previous record of 6,500 (tps). BitcoinSV held the earlier record of December 2019. Although STN is just a testing network, it has most of the technical capabilities found on the BSV network. 

 

 How Bitcoin SV Set the New Record

 

Thanks to this milestone by BSV, it shows that Bitcoin can scale on-chain. In 2017, Bitcoin split into Bitcoin Cash (BCH) and Bitcoin core (BTC) due to scaling problems. At the time, Bitcoin Core believed that its blockchain should not scale. Even today, BTC has maintained the original 1-4MB block size cap. 

👉 ***Do you want to earn a side income with a stable crypto investment platform that generates sustainable monthly yields? Get this: You can now make a steady profit margins thanks to a new innovative way of investing in crypto. YieldNodes is the answer you need to start making a decent profit with cryptocurrency investment whether you are a beginner or professional in the crypto space. A multi-tiered node rental program is what Yield nodes is bringing to the table. Master-noding is the avant-garde of generating high ROI thanks to the ingenious of Stefan Hoermann and his team. With master-noding, you invest and let the platform do the rest for you. What is master-noding? It is not TRADING. It’s a new way of generating revenue by providing technology that relies on a proof of stake approach. Yieldnodes operates these crypto master-nodes and optimizes complex strategies to ensure members earn a profit. Yield Nodes will prioritize your security by providing accurate investment options. Members get protection from external losses or unforeseen changes in market conditions. This is not in any way a get rich quick scheme; once you deposit funds; you have to wait for the yields to mature. Yieldnodes is providing a proven, innovative, and secure way of making high returns on your investment with crypto master-noding.  With just a minimum deposit of €500, you are good to go! With a minimum contract duration of four months, it gives users a chance to fully experience master-noding. By joining Yieldnodes, you stand a chance of making 5 to 15% every month.  If you are still wondering whether this is a safe option, you can cancel the contract at any given time. For those who want to join and upgrade their investment strategy, Yield Nodes is the solution.
Click Here To Sign up with Yieldnodes Today

PS: YieldNodes is 100% Verified and Recommended by Valforex.com.

 

BTC decides to change its original blockchain protocol and chose to record more transactions off-chain. On the other hand, Bitcoin Cash upgraded to a 32 MB block size cap and decided not to scale any longer. Bitcoin Satoshi Version split from Bitcoin Cash on November 15, 2018. 

 

BTC currently processes a maximum of 7 tps while BTC reaches 60 tps. Both of these numbers don’t come close to those of Bitcoin SV. The BSV is now processing over 1,000 transactions per second regularly. Last February (2020), Genesis upgrade restored the original Bitcoin Protocol, which unleashed unbounded scalability. It made it possible to scale the network infinitely. 

 

Thanks to the scalability lifting, Bitcoin SV shows promise, with the STN hitting 9, 232.51 tps. 

 

If this seems too much for you, try out signing up with well-grounded crypto mining companies. These companies offer you an insight into crypto mining. You get to mine coins by using company experts. Make the bold move today by signing up. 

 

How the Scaling Test Network helped Bitcoin SV Set a New Record

 

Brad Kristensen, STN Operations Manager, told CoinGeek that the team believes 2,000 tps is sustainable. Going by the data they’ve collected, 2000 tps is well sustainable under the scaling test network. The group recently observed an average of 1.9 ktps (1,900 tps) within 8 hours. Anyone can monitor STN networks at any time, and it’s free.

 

It’s the fourth STN version (v4) which started operating on November 4, 2020. It runs on the software version 1.0.7, and BSV sets the record using the second version, STN (v2).

 

 “We have a lot of levels to test to find the optimum throughput, assuming our only goal is chasing peak tps. However, the sustained rate is more important, I think, and where the real power of BitCoin is. Sustained tps over long periods is where we hope to see continued repeatable gains in the year ahead,” Kristensen explained. – Brad Kristensen, Via Prnewswire.com

 

And this begs the question of whether there were any particular transactions during the record peak. Kristensen said several factors led to this record:

 

“They are mostly ‘standard’ transactions; however, recent testing has involved using increasing chain lengths. Starting at 2, then 12, moving to 25 and beyond. It means, at chains of 12, if we generate a million UTXOs, each of those million will have 12 children and so on. We are also using the new RPC method further improved with v1.0.7 for handling bulk transactions; a feature miner will no doubt make use of with clients they have direct agreements with and transactions that enter their networks through Merchant API.” Brad Kristensen, Via Prnewswire.com

 

The Goal of STN

 

According to Kristensen, the goal of STN has and will always be trying to reflect Mainnet. They want to do it at a larger scale, considering Mainnet has the capacity but lacks the volume. 

 

“The performance improvements in 1.0.7 played a big role here. The care and dedication from the SV node team are second to none. The improved handling of chained transactions appears to be paying dividends. We still want to play around here a bit more, with the recent increase to support chains of 1,000 by default,” STN Operations Manager Brad Kristensen said. Brad Kristensen, Via Prnewswire.com

 

How massive is the Scalability of Bitcoin SV?

 

Thanks to the new record, it’s clear to see how the potential of Bitcoin SV Blockchain. After the Genesis upgrade, this released unbounded scalability, which is a plus for BSV. With BTC maintaining its block cap size, it goes to show the difference in potential. BTC can only complete a maximum of 7 tps with users incurring a fee of $10 – $20 per transaction.

 

Users should note that BTC maintained the original Bitcoin Ticker Symbol. It’s also far from what the creator of Bitcoin envisioned. In the real world, nChain Chief Scientist Dr. Craig S Wright (Satoshi Nakamoto) vision found on his white paper. With seven transactions per second, BTC has no hope of being a global currency. The cost per transaction is too high for users.

 

More Data Projects on the Bitcoin SV Technology

 

Businesses worldwide are now seeing the benefits and power of having Bitcoin SV Blockchain. With this knowledge, business ventures and future projects are increasing by the day. It’s the reason testing the Bitcoin SV network for scalability is essential. The scalability test continues to produce favorable results and improved records. 

 

Bitcoin SV has the capability of facilitating instant, low-cost, and safe microtransactions. More significant projects are already ongoing, and Bitcoin SV will need to test the network for nano transactions this year.

   

Kristensen believes that the STN is the proving ground for Bitcoin SV.

 

“The STN is our proving ground; we know mainnet could do it because the STN can. It’s down to the miners to be ready to embrace Bitcoin at enterprise scale when that volume arrives. We hope that the STN not only shows it’s possible but also offers guidance if needed to miners coming over from scale-challenged chains,” Brad Kristensen, Via Prnewswire.com

 

Bitcoin SV Sets New Record is the main giveaway for blockchain technology. We see that Bitcoin SV is aiming to be a blockchain that users can adopt worldwide. It’s also miner-friendly, where miners earn fees thanks to persistent volumes. 

 

 Potential for transaction scalability

 

Bitcoin SV achieved the current record with few chained transactions on the block. The BSV sustained tps record was performed with 2 and 12 chain lengths. It goes to show the long-term endurance of the network under a specific load. 

 

Experts indicate that the next round of tests will start with chains of 25. The number will increase as the days roll on. 

 

The potential for scalability will be an attractive option. Businesses wishing to process considerable information (data) will use it without facing any bottlenecks or delays.

 

By offering micropayments for transactions and increasing chain lengths, Bitcoin SV is headed somewhere. The SKY is the limit for BSV’s performance and scalability.

 

The Next step

 

The race is now improving scalability for businesses. It’s up to miners to embrace Bitcoin SV at an enterprise scale. STN is showing all of us that it’s possible to do it and how to do it. It also offers advice to miners who came from scale-challenged scales.  

 

If you’re not yet ready , you can get a head start using Crypto mining companies. Signing up with reliable crypto mining companies offers you a chance to mine coins. With no operational cost, you get to use the experts to mine for you. Make the bold move and start using credible and proven crypto mining companies.

 

We wish everyone the best in their blockchain investments and transactions.

LET’S KEEP IN TOUCH!

We’d love to keep you updated with our latest news and offers 😎

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Your email address will not be published. Required fields are marked *

Profitfarmers

Follow Us

Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.

Show Buttons
Hide Buttons