According to the recent press release from Coingeek, Bitcoin SV (BSV) has mined the largest block in terms of size in the history of cryptocurrency. Bitcoin SV (BSV) had a rollercoaster in the first couple of months since it came into existence on Nov 15, 2018, after hard forking from the original BCH.
Bitcoin SV becomes the first chain to cross the 100 MB threshold
According to the recent release by Coingeek, Bitcoin SV has mined a 103 MB block, the world’s largest ever on a public blockchain. This is the first time ever any blockchain has crossed the 100 MB threshold and does give Bitcoin SV massive on-chain scaling opportunities.
According to the release,
“The first to ever cross the 100MB threshold, the block was mined on January 3 at block height 563638 containing 460,400 transactions by Mempool, a mining pool based in China. Fittingly, the record-setting block was mined on the 10-year anniversary of the genesis block, which originated the Bitcoin blockchain. “
What does it mean for Bitcoin SV (BSV)?
If Bitcoin SV, remains consistent in producing blocks of this size, it could well be on the path to becoming the world’s enterprise blockchain. This also clears out the fact that Bitcoin SV hasn’t accepted defeat in the Hard Fork battle with and the team is continuously putting effort to make it a better chain.
Claiming to be the only blockchain continuing the original Bitcoin vision, in November 2018, Bitcoin SV underwent a Professional Stress Test resulted in then-record size blocks mined using Bitcoin SV (at the time, an implementation of the Bitcoin Cash protocol). The test produced a 64MB block mined by CoinGeek Mining and a 38MB block came mined by SVPool, a personal initiative of nChain Chief Scientist Dr. Craig S. Wright.
Bitcoin SV, with this bock size, stands at a significant advantage compared to the original Bitcoin Core, as Bitcoin Core (BTC) continues to restrict its block cap to a small 1MB (4MB capacity with SegWit).
The 103MB world record block was mined as the result of testing work done by Mempool in China. Mempool CEO and Co-founder Lin Zheming remarked:
“Mempool is committed to being a serious miner in the bitcoin ecosystem. From our testing work, we learn valuable information which will help the future of the bitcoin. We look forward to collaborating and compete with nChain, CoinGeek Mining, and others to achieve much bigger blocks and fulfill the Satoshi Vision for Bitcoin. Bitcoin SV is the only bitcoin implemented as described in the Satoshi whitepaper.”
Scaling has been a critical bottleneck for blockchains and with Bitcoin block reward halving next year, the miners will be looking make up the lost block reward value through higher volumes of transaction fees this means Bitcoin need much larger sized blocks, to fit large numbers of increasingly diverse transactions beyond simple payments, such as token, smart contract, and other data transactions.
Will BSV continue to increase its block size to tackle the scalability issue? Do let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.