Craig Wright, the self-proclaimed Satoshi Nakamoto, in a recent tweet said that Bitcoin SV would process one terabyte blocks within the next two years. The plan is to get to 4 million transactions per second and build a Terranode network within the same time frame.
Currently, BSV has the smallest blocks of the three Bitcoin versions due to lack of sustained transaction volume. It will be interesting to see how that plays out.
BSV Aims To Fulfill The Satoshi Vision
Bitcoin SV was created last month after breaking off from Bitcoin Cash. According to people behind the project, it aims to fulfil the vision of Satoshi Nakamoto.
Also, the team believes that the network is better off without being bombarded with extra layers of off-chain scaling solutions. So they plan to increase the storage space and block size to accommodate more nodes.
Wright is one of the leaders at the SV camp. He has a vision for BSV. In a recent tweet, he revealed plans to achieve four million TPS within two years. The first plan the team drew after the hard fork was boosting the Bitcoin SV block space to 128MB.
To achieve this goal the team plans to forge partnerships with various big corporate institutions and bring them on board. It’s a move that is supposed to boost transaction volume on the network.
Since BSV offers low transaction fees, they hope by expanding the block space this will attract various blockchain based developers to the Bitcoin SV network.
Whatever the BSV camp is trying to achieve promises to be of massive benefit to the entire community if they are successful.
However, they will have to put up a tough fight in an industry where every crypto coin is trying its best to stay relevant.
Also, to achieve the 1 TB storage goal within two years the team will have to incur substantial costs. Currently, the figure stands at $300 per hour. But, the cost can be reduced by at least 40 percent by applying economies of scale.