While blockchain has often been mischaracterised as a ‘solution looking for a problem’, the advent of Teranode and its incredible scaling capabilities highlight that this is not the case, says Siggi Oskarsson (Teranode Director at BSV Blockchain).
Speaking to CoinGeek on the sidelines of the London Blockchain Conference, Oskarsson noted that this was not a ‘new problem’ but one that was being solved ‘very expensively’ by thousands of businesses around the world.
‘We just have to convince businesses that it is more efficient, faster and cheaper to do it on the blockchain. He added that it is important to change the way that people think about blockchain.
‘You are not going to put all of your photographs on-chain if they cost $5 apiece. The difficulty here is the human (element), not the technological one. Because you have to convince all the people in the business that it is going to make the business more profitable, more secure and more and more compliant. And that’s where the real benefits of blockchain come in.’
You can watch Oskarsson’s full interview with CoinGeek below:
The future is Teranode
Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.
In January, the BSV Blockchain R&D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.
Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024.
This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, two tests were completed. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.
As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.
