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.
— Brad (@brad1121) January 26, 2021
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.
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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.
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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
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
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.
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 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.
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We wish everyone the best in their blockchain investments and transactions.
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