Bitcoin SV (BSV) recently witnessed not one, but two, 128MB blocks mined on its network – the world’s largest ever on a public blockchain. The first huge block was mined on March 30, 2019 by nChain’s BMG Pool; just a day later on March 21, the second 128MB block was mined by entrepreneur Calvin Ayre’s CoinGeek Mining operation. These record-setting blocks prove that massive on-chain scaling works on Bitcoin, and Bitcoin SV is succeeding as the only project following Bitcoin’s original design and protocol.
Bitcoin SV emerged from the world’s first Bitcoin “hash war” last November, initially as a competitor to the Bitcoin ABC implementation of Bitcoin Cash (BCH) and now as its own chain and BSV token. Named for the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto, Bitcoin SV restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale to a global network used by billions of people.
Bitcoin SV currently has a default maximum block size of 128MB, meaning the recent huge blocks contained sufficient data from BSV users to fill the current cap. The two 128MB blocks come as Bitcoin SV witnessed multiple days of big action, including a 113MB block mined on March 28 by CoinGeek Mining and numerous blocks above 50, 60 and even 80MB – all far larger than blocks on any other competing blockchain.
The big blocks come from organic growth as users take advantage of BSV’s larger data capacity for the OP_RETURN field, a place in Bitcoin transactions to embed metadata. Whereas the Bitcoin Core and Bitcoin Cash ABC networks still restrict OP_RETURN data to much smaller sizes, BSV is lifting such limits to unleash the Bitcoin blockchain’s power to act as a global commodity ledger and data network. BSV’s recent big blocks contain large data files (high-resolution pictures) uploaded using the BitPaste multi-swipe application, which makes it easy for users to upload large files with quick swipes of MoneyButton. Other users have uploaded music and even video files to BSV.
As its big blocks are more routine, Bitcoin SV debunks incorrect notions of Bitcoin Core (BTC) (now more accurately called SegWit coin) which opposed on-chain scaling, capped its block size at a tiny 1MB, and instead pursued Segregated Witness and a Layer 2 payment solution in Lightning Network. BSV also disproves Bitcoin Cash ABC developer claims that it is not yet practically feasible to sustain blocks above 32MB (the default limit on BCH ABC).
The 128MB blocks are notable for another reason: each generated transaction fees for the successful miner of 1.279 BSV, adding another 10+% of miner revenue on top of the normal 12.5 BSV block reward. This demonstrates how massive on-chain scaling allows more transactions (of differing data types and differing fee levels) in a block, which in turn results in more revenue for miners. Bitcoin block rewards halve every 4 years, happening again next year as the block reward reduces from 12.5 to 6.25 coins. For mining to remain profitable to sustain the network, Bitcoin’s economic model requires miners to progressively earn more transaction fees to make up for the continually-reducing block reward value. That only happens with bigger blocks – as now demonstrated by BSV – to ensure Bitcoin’s long-term success. In contrast, other networks undermine Bitcoin’s economic incentive model by refusing to massively scale on-chain – with the BTC network’s biggest block to date only 2.3MB on March 11, 2019 and the BCH ABC chain only having a 4.6MB block on December 18, 2018. (The original Bitcoin Cash (BCH) chain had bigger 32MB blocks but that chain no longer exists after the November 2018 hard fork event; in any event, the 32MB blocks mined on the prior BCH chain were done using the Bitcoin SV implementation.)
Jimmy Nguyen, Founding President of Bitcoin Association which advances the global Bitcoin SV ecosystem, observes:
“For too much of its 10-year life, Bitcoin has been artificially restricted. BSV users are now proving the original Bitcoin can massively scale and that Satoshi Vision is correct. We are thrilled to see the explosion of user creativity organically fill big blocks with new forms of data and generate more transaction fees for miners. With the BSV network handling big blocks quite well, we look forward to lifting the block cap even higher this year.”
Scaling even bigger is the next step for BSV. In March, the Bitcoin SV Node team announced results from its BSV Scaling Test Network showing 128MB blocks were successfully sustained for 36 continuous hours. Later this year, the BSV Node team expects to lift the default block cap to 512MB, en route to 1 gigabyte (1000 megabytes) or higher block caps. The ultimate goal is to have no default block limit, and allow miners to fully decide for themselves what block sizes to accept and create new competitive marketplaces for mining.
“Whereas other Bitcoin and cryptocurrency project supporters focus on price and market cap, Bitcoin SV is building a blockchain that is ready for business with massive scaling, with real utility to support real long term price value. We are also building an ecosystem that is regulation-friendly, which is essential for Bitcoin usage to become widespread. For any big business looking to build blockchain applications, we invite you to build on the global enterprise blockchain and to use the world’s new money – Bitcoin SV.”
UPCOMING: COINGEEK TORONTO CONFERENCE – May 29-30, Toronto, Canada
Come learn more about what Bitcoin can do with “No Limits” and the latest on-chain scaling developments with Bitcoin SV at the CoinGeek Toronto conference May 29-30. Bitcoin Association is a proud supporter of CoinGeek events. It’s easy to register. And pay with the world’s new money and you’ll receive a discount by using BSV via Coingate.
SOURCE Bitcoin SV
WORBLI, the Compliance Driven Public Blockchain, to Enter APA with AmaZix Capital
WORBLI is pleased to announce that the WORBLI Foundation (“Foundation”) has entered into an Asset Purchase Agreement (the “APA”) concerning the proposed acquisition of 100% of its assets by AmaZix Capital Limited (“AmaZix Capital”) and 0rigin Ventures (“0rigin”) in return for ongoing funding and development capital.
The acquisition will be completed upon satisfaction of conditions precedents. The transaction will allow WORBLI to accelerate the deployment of its proprietary Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) offering to the FinTech and Digital Asset sectors, concurrently with the commercialisation of the tokenised security technology native to the WORBLI blockchain.
- The transaction encompasses 100% of WORBLI’s assets including 10% of WORBLI Utility tokens (“WBI”) in circulation which will be subject to a lock-up period spanning 6 years
- The transaction will secure funding and resources for the WORBLI Foundation to uphold administrative and customer support for the blockchain and for the promotion of WORBLI’s institutional product offering
- This expanded and accelerated roll out of WORBLI technology will allow for faster commercial adoption of the chain
AllocateRite’s AI-Powered Autonomous Wealth Management Strategies Are Now Available Via iOS and Android Mobile Apps
AllocateRite, the New York FinTech and data science company that provides wealth managers with ETF-based dynamic asset allocation strategies and risk analytics, is excited to announce that its proprietary portfolio management and asset allocation strategies are now available to iOS and Android mobile devices via our mobile app.
AllocateRite’s AI-powered strategies use sophisticated portfolio construction and risk management techniques to offer superior risk-adjusted returns over time.
Additionally, our strategies are highly diversified and liquid, utilizing benchmark ETFs that represent the most liquid sectors of the stock market. Until now, these strategies were previously available only to institutional clients.
Using our mobile app, you can easily link your brokerage account to use one of our strategies. Also, you have the flexibility to allocate either a partial amount or the entire amount of your account to our strategies while maintaining full custody and control of your account at your brokerage firm.
Our strategies are suitable for retirement accounts, as they are focused on capital preservation, capital appreciation and income, enabling you to reduce your management fees by having your money flow out of pricey mutual funds into low cost ETFs.
AllocateRite’s strategies are automatically rebalanced monthly to maintain an optimal risk / reward ratio. Furthermore, they are GIPS-verified and have a confirmed track record of success stretching back four years.
SOURCE AllocateRite, LLC
TONIK Selects Finastra’s Core Banking Solution to Power Southeast Asia’s First Pure-play Licensed Digital Bank
Finastra announced today that TONIK, the first licensed digital-only bank in Southeast Asia, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. The move will support TONIK as it launches its retail deposit and customer loans services in the Philippines, giving it agility and the ability to scale quickly.
Greg Krasnov, Founder & CEO at TONIK, said, “The banking sector in the Philippines is ripe for digital disruption. The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neobank.
“We want to create a hyper-compelling consumer proposition that will revolutionize the way money works in the region. Finastra’s Fusion Essence Cloud – powered by Microsoft Azure – will give us the agility to get these services to market quickly and efficiently. We are also impressed by the modern, open and scalable capabilities of the solution, particularly the in-built analytics, which will help us to better understand our customers’ smart digital banking needs.”
The key proposition for digital banks is providing a customer experience that traditional banks struggle to offer. This requires modern, cloud-native technology that facilitates innovation whilst future-proofing investment. For TONIK, Fusion Essence Cloud will be deployed out of the Microsoft Azure Southeast Asia Region (Singapore Data Center), which will allow for both low latency and data residency. TONIK will benefit from a low cost of entry into the market, ease and speed of deployment, and the ability to increase business volumes and diversify its product set cost-effectively. It will also benefit from ongoing software updates and, in time, access to further innovation via FusionFabric.cloud, Finastra’s platform for open innovation and the development of applications.
European neobanks, including revverbank and Gravity, are already being powered by Fusion Essence Cloud, and this deployment in Southeast Asia will help bring the benefits of innovative digital banking to the Philippines.
Anand Subbaraman, General Manager, Retail Banking at Finastra, said, “TONIK is well positioned to replicate the disruption that has taken place in Europe, where digital banks have quickly attracted millions of customers and billions of dollars in investor funding. Using digital technologies and a lower-cost operating model, TONIK will be able to offer customers the products and services they need, delivered in a convenient way, as well as increasing opportunities for financial inclusion in Asia. Fusion Essence Cloud is ideally suited to help TONIK achieve these goals, as well as see a fast return on its investment. We are extremely proud to be TONIK’s partner in bringing digital banking to the Philippines for the first time.”
Latest News6 months ago
Galaxy Digital Announces Approval of License to Underwrite Registered Public Offerings of Securities
10 months ago
The Green Organic Dutchman Receives Global Awards for New Website
Fintech9 months ago
Ally Financial Partners with Better.com to Create End-to-End Digital Mortgage Experience
Latest News6 months ago
Core Scientific launches the first AIRI-Ready Datacenter
Latest News7 months ago
Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade
Fintech5 months ago
Experian A/NZ acquires Australian fintech Look Who’s Charging to bolster open data offering
Fintech7 months ago
PremFina Makes Final Shortlist for Hottest FinTech Startup in Europe in The Europas Awards
Fintech6 months ago
Apex Clearing Releases ‘Millennial 100’ Stock Pulse Report