Fintech PR
BSV Begins Technical Testing of Teranode: A Watershed Blockchain Upgrade
Teranode will allow BSV network to operate at speeds upwards of 1.1 million transactions per second, increasing blockchain use cases for enterprise and government customers.
ZUG, Switzerland, Feb. 22, 2024 /PRNewswire/ — The BSV Association (BSVA) is today announcing technical testing on Teranode, the watershed blockchain upgrade that will allow the BSV Blockchain to operate at upwards of 1.1m transactions per second (TPS).
Until now, even leading blockchains have only been able to guarantee stable service at TPS measured in the tens of thousands. These limits restrict blockchain use to sectors with slower transaction volumes such as identity and medical data management. High transaction costs have also prevented wider blockchain adoption by enterprise and government customers.
When Dr. Craig S. Wright launched Bitcoin in 2008, his vision was to have unbounded scale, with large transaction throughput. “The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale larger than that with existing hardware for a fraction of the cost. It never hits a scale ceiling.”
Teranode will realise this promise by enabling masses of transactions on Bitcoin’s original protocol—now known as BSV Blockchain. Freed from transaction limits, the BSV network will be capable of stably maintaining never-before-seen transaction volumes. Teranode could support at least a 10x higher transaction volume than both Visa and MasterCard networks combined, while doing so at a fraction of the cost.
In addition to financial transactions, Teranode will enable the BSV Blockchain to process vast amounts of data. This will underpin data indexing and broadcast services to power a more private and ownership-based internet experience based on the papers Dr. Craig Wright started publishing nearly twenty years ago. With that comes greater protection of private data, personal content and IP rights through timestamp verification.
Teranode will also ensure that AI (Artificial Intelligence) applications run properly with verifiable and auditable information, while seamlessly integrating with Web3.0 and the IPv6 upgrade.
The BSVA will be testing Teranode on a geographically distributed, two- and three-node cluster spread across North America, Europe and Asia over a period of two to six months. The goal is to push the network to achieve the maximum number of TPS without instability.
Teranode will ensure the BSV Blockchain remains a stable and secure protocol, fit for purpose for the demands of modern enterprise use.
Siggi Oskarsson, Teranode Director at BSV Association said, “The testing of Teranode represents our commitment to unlocking the full potential of the BSV Blockchain. With unparalleled scalability, stability, and support for safe and instant transactions, it has the potential to serve as the next-generation upgrade to a public blockchain that enables complete enterprise and governmental adoption.”
To deliver the test, BSVA has partnered with Aerospike, a recognised industry leader in real-time, high-performance NoSQL databases, to leverage its technology which has high read and write capabilities. Aerospike’s backend database infrastructure ensures real-time processing of petabytes of data, enabling organisations to cost-effectively make real-time decisions with unlimited scale.
Ivan Maier, Regional Manager Central Europe at Aerospike, said, “It’s exciting to be working with the BSV Blockchain to enable the Teranode platform with the built-in efficiency and scalability needed to truly adhere to the Bitcoin protocol, while supporting rapidly expanding enterprise blockchain use cases. We have every confidence that the performance we deliver will be consistently high, as the BSV platform scales from gigabytes to petabytes.”
With Teranode, BSV will be realising an enhancement it has been working towards since 2018. For further information about Teranode, please visit our website.
To access and monitor the analytics tool used in the testing phase, please follow it here.
About BSV Blockchain:
One Blockchain for Everyone.
The BSV Association leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.
The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and it’s scripting language provide powerful technical capabilities that BSV has restored.
About Aerospike:
Aerospike is the real-time database built for infinite speed, scale, and savings. Cloud-first and AI-ready, it is the only database that delivers the lowest latency with the highest throughput — everywhere, all the time. Aerospike helps modernise applications at leading organizations like Adobe, Airtel, Criteo, DBS Bank, Experian, PayPal, Snap, and Sony Interactive Entertainment. Headquartered in Mountain View, California, Aerospike’s offices include London, Bangalore, and Tel Aviv. aerospike.com
View original content:https://www.prnewswire.co.uk/news-releases/bsv-begins-technical-testing-of-teranode-a-watershed-blockchain-upgrade-302068796.html
