Bitcoin SV’s (BSV) scaling test network (STN) processed more than 9,000 transactions per second (TPS) this week, the company announced – a new record.
Yet the cryptocurrency arbiter noted that while this represented a big step in the right direction towards Bitcoin potentially scaling on-chain, there was a lot of work ahead before this was the case.
The previous record for transactions per second with Bitcoin SV was approximately 6,500, achieved in December 2019. The company said that despite the figures which come from a testing network rather than in real-world conditions, the STN ‘shares most of its technical capabilities with the BSV mainnet.’
Bitcoin SV said performance improvements in software version 1.0.7 ‘played a big role’ in achieving the new figure. Brad Kristensen, STN operations manager for Bitcoin SV, added the mainnet ‘already [had] the capacity to handle similar transaction volumes, but at present [lacked] demand for it.’
The STN was a ‘proving ground’, Kristensen added. “We know mainnet could do it, because the STN can.”
In a post originally published on LinkedIn, Jimmy Nguyen, founding president of the Bitcoin Association, wrote that Bitcoin SV ’emerged to ensure the original design for Bitcoin [was] finally fulfilled.’ This included original protocol plans, as well as restoring original functionality for programming language Bitcoin Script.
Nguyen wrote amid the continued wrangling over the identity of Satoshi Nakamoto. Craig Wright, a long-time claimant, wrote to Bitcoin.org and Bitcoincore.org demanding they take the Bitcoin whitepaper down, alleging copyright infringement.
The association has long since believed Wright and Nakaomoto are one and the same. A press release from this time last year for its inaugural ‘Satoshi Nakamoto Scholarship’ mentioned the fact without further citation, which went somewhat unnoticed. The second scholarship awarded earlier this month – notably to the same person – omitted this.
Nguyen noted his personal belief that Wright was Satoshi Nakamoto – but looked at the wider perspective.
“Bitcoin SV is much bigger than… any one person,” wrote Nguyen. “Around the world, the Bitcoin SV ecosystem has grown dramatically. We’re seeing powerful blockchain applications built across many industry sectors – fintech, healthcare, supply chain, regtech, Internet of Things, social media, online games, eSports, and AR/VR.
“With Bitcoin SV, we are building the most transformative data network the world has seen since the introduction of the Internet – and that’s what it’s all about,” Nguyen added. “This is first and foremost about the technology.”
With regard to next steps, the race is on to improve scalability for enterprise use cases across the board. Ethereum 2.0, the much vaunted ETH upgrade, promised at one count an upgrade from 15 TPS to 100,000 TPS.
“It’s down to the miners to be ready to embrace Bitcoin at enterprise scale with that volume arrives,” added Kristensen. “We hope that the STN not only can show it can be done but also offer guidance if needed to miners coming over from scale-challenged chains.”
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
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