Feb 13, 2019 02:20 UTC
Feb 13, 2019 at 02:20 UTC
What Is The Size Of Bitcoin SV Blockchain?
BSV had a roller-coaster in the first couple of months since it came into existence on November 15th, 2018, after the hard forking from the original BCH.
Bitcoin SV: The First Chain To Cross 100 MB Threshold
Bitcoin SV has mined a 103 MB block, which is the world’s largest ever on a public blockchain.
This is the first time ever that any blockchain has crossed this threshold and does give BSV huge on-chain scaling opportunities.
Press Release says –
“The first to ever cross the 100MB threshold, the block was mined on January 3 at block height 563638 containing 460,400 transactions by Mempool, a mining pool based in China. Fittingly, the record-setting block was mined on the 10-year anniversary of the genesis block, which originated the Bitcoin blockchain.”
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What It Is for Bitcoin SV (BSV)?
If BSV remains consistent in producing blocks of this size, it could be on the path to becoming the world’s enterprise blockchain.
Also, this clears out the fact that BSV hasn’t accepted defeat in the Hard Fork battle with and the team is continuously putting effort to make it a better chain of blocks.
Claiming to be the only blockchain that’s bent on becoming the original bitcoin vision, in November 2018, BSV underwent a Professional Stress Test resulted in then-record size blocks mined using BSV.
The test produced a 64 MB block mined by CoinGeek Mining and a 38 MB block mined by SVPool, which is a personal initiative of nChain Chief Scientist Dr. Craig S. Wright.
Bitcoin SV, with this bock size, stands at a significant advantage compared to the original Bitcoin Core, as Bitcoin Core (BTC) continues to restrict its block cap to a small 1MB (4MB capacity with SegWit).
The 103 MB world record block was mined as a result of testing work done by Bitcoin Mempool in China. Mempool CEO and Co-founder, Lin Zheming, remarked –
“Mempool is committed to being a serious miner in the bitcoin ecosystem. From our testing work, we learn valuable information which will help the future of the bitcoin. We look forward to collaborating and compete with nChain, CoinGeek Mining, and others to achieve much bigger blocks and fulfill the Satoshi Vision for Bitcoin. Bitcoin SV is the only bitcoin implemented as described in the Satoshi whitepaper.”
Scaling has been a critical bottleneck for the chain of blocks and with Bitcoin block reward halving next year, the miners would be looking to make up the lost block reward value via higher volumes of transaction fees.
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