Bitcoin SV Hits 9,000 Transactions per Second
On January 26, the Scaling Test Network (STN) of Bitcoin SV (BSV) hit a new record at more than 9,000 transactions per second (tps). The previous record was set at almost 6,500 tps last December 2019. Although considered to be a testing network, the STN is almost at par with the BSV mainnet when it comes to its technological capabilities.
This milestone in Bitcoin SV history proves that it is definitely possible for Bitcoin to scale on-chain. To put this in context, Bitcoin previously split into Bitcoin Core (BTC) and Bitcoin Cash (BCH) in 2017 due to scaling issues. BTC believed that its blockchain should not scale and up to now has maintained its original 1-4MB block size cap. Instead, BTC chose to change the original Bitcoin protocol and record more transactions off-chain. BCH then upgraded to 32MB block size cap, but decided to not scale any further. Bitcoin SV separated from BCH on November 15, 2018.
At present, BTC can only process a maximum of 7 tps, while BCH can complete up to 60 tps. These numbers are incomparable to Bitcoin SV, which processes more than a thousand transactions per second on a regular basis. And after the Genesis Upgrade last February 2020, which restored the original Bitcoin protocol, unbounded scalability was unleashed. This means that the network can be scaled infinitely. And this is what Bitcoin SV is continuously working on as evidenced by the STN hitting a peak of 9,232.51 tps.
STN Operations Manager Brad Kristensen said he believes the STN can already sustain more than 2,000 tps based on the data they gathered averaging 1,900 tps they have recorded over an eight-hour period.
“We have a lot of levels to test to find the optimum throughput, assuming our only goal is chasing peak tps. However, the sustained rate is more important I think and where the real power of BitCoin is. Sustained tps over long periods is where we hope to see continued repeatable gains in the year ahead,” Kristensen explained.
As the Bitcoin SV blockchain increases awareness and expands its territories all over the world, projects and ventures continue to increase. This further highlights the need to scale the network to be able to handle bigger data. For instance, B-vote is a multi-purpose voting platform being built on the Bitcoin SV blockchain by Australian firm Layer2 Technologies. They have already tested the network and have proven that the Bitcoin SV blockchain can accommodate the data that will be generated if Australia’s entire population were to vote in a national election.
“We’re not the first and we’re definitely not the only voting platform – but Bitcoin SV is the only blockchain that can deliver a system that works. And that’s been proven, now. We did 10 million transactions in October in bursts here and there. We didn’t need to test the entire population of Australia—there was a short run we had where we pushed to see how much we could store on the blockchain and how quickly. We found that we would be able to cater to Australian’s population in a day,” Bitcoin Association Ambassador to Australia and CTO of LAYER2 Technologies Eli Afram said.