BSV breaks records yet again with 5M daily transactionsJanuary 27, 2022
BSV breaking new daily transaction records is becoming a common occurrence. We’ve reported several times this year how BSV reached 2 million daily transactions, then 4 million, and now 5 million daily transactions. On January 5, 2022, BSV smashed through 5 million daily transactions on the blockchain.
What’s driving BSV’s massive transaction volume?
Despite what BSV’s loudest critics say, the chain is far from a forgotten fork of Bitcoin. As the ever-growing daily transaction count shows, there’s lots of development happening on the original Bitcoin protocol. Apps such as games, trading platforms, and others that use of BSV micropayment capabilities are generating millions of daily transactions.
On the day BSV surpassed 5 million transactions, some of the following contributed:
- The star of the show right now, CryptoFights, was responsible for over 3 million transactions. This game just keeps going from strength to strength.
- Peer Game, BSVs first on-chain casino, accounted for almost 5,000 transactions. Peer Game has recently released several new BSV casino games.
- RelayX, BSVs leading NFT and token platform, saw over 5,000 daily transactions. Unlike on other chains, BSV NFTs are stored on-chain in an immutable way.
All of this is exciting, but it’s only the beginning. BSV is currently doing an average of 149,773 transactions per hour, according to Bitinfocharts.com, but the reality is it’s capable of 50,000 transactions per second and growing. Yes, that means that the current transactions on BSV per hour could be handled in a little over three seconds, and even that’s just scratching the surface of what BSV is capable of scaling.
TAAL upgrades infrastructure to prepare for 4GB blocks
One way to gain clues as to the direction a blockchain is going is to watch the actions of the biggest players in the ecosystem. After all, they’re best positioned to know what’s coming and to invest (or not) in preparation for it.
TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF), BSVs biggest transaction processor, upgraded its maximum block size limit to 4GB. As with everything else happening on BSV, this shows a trend towards larger data capacity. This will go some way towards unleashing BSV’s true data management capabilities.
Increasing block size limits will allow more transactions inside blocks, which means more fees. In 2021, we saw blocks with more value in fees than in block subsidies, and bigger blocks will only make that more frequent.
This upgrade indicates that TAAL is preparing for many more transactions than we’re currently seeing. Soon, five million daily transactions will look insignificant as BSV scales to meet real enterprise demand. TAAL also recently invested in a new 60,000 sq/ft facility. This signals that it is thinking long term.
BSV just keeps scaling and proving the critics wrong
Ever since Satoshi Nakamoto told them Bitcoin scales almost infinitely as originally designed, critics have been saying he was wrong and that big blocks would fall over, crash the network, and would turn Bitcoin into a corporate-controlled (centralized) system. Yet, Satoshi told them it would end up in data centers, and he told them it scaled to Visa transaction levels and beyond on release. BSV is proving Satoshi right.
In the not too distant future, BSVs critics will fall silent as it scales to tens of millions and then hundreds of millions of daily transactions. They said 2GB and 4GB blocks could never work, and they were wrong. They’ll be wrong again with whatever objections they throw up next.
Developers who are tired of the false promises on Ethereum and the technical issues on Solana should take a step back and realize the truth: the original Bitcoin does it all and then some.
Watch: CoinGeek New York panel, Blockchain: The Future of Technology Building on Achievements of the Past
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