BSV Blockchain recently held a technical meetup in Mallorca, Spain to discuss some of its upcoming projects and ongoing developments. The technical meetup was organised by the team at Gate2Chain to introduce developers to the technology and teams working on ARC and SPV Wallet (previously, LiteClient).
As part of the technical meetup, the team at TAAL discussed some of the exciting development projects they are working on with the BSV Blockchain. TAAL is a publicly traded, Canada-based infrastructure company that focuses on building a microtransaction economy on the BSV blockchain by scaling transaction throughput and data capacity. In addition, the team at GorillaPool gave more insight into transaction processing on the BSV blockchain.
What are nodes?
Nodes serve as the fundamental backbone of the BSV blockchain. Their primary functions include propagating and processing transactions by adding them to the blockchain. Additionally, nodes play a crucial role in validating preceding blocks.
The white paper clearly defines that a node must create and distribute valid blocks to be deemed such. Though other entities may be a ‘node’ in an overlay network graph, they have no status with respect to enforcing the BSV blockchain protocol.
The design of the BSV blockchain protocol ensures that as transaction throughput increases, competition between nodes creates a race to the bottom for transaction costs. This is the optimal dynamic to deliver unbounded scalability for a global data commodity ledger, which can only be achieved through BSV node software implementations.
An exciting 2024 with Teranode
The BSV Blockchain’s Research and Development team recently 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.
Teranode solves vertical scaling challenges on the BSV network 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.
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.
Teranode has started extended and sustained testing on a Proof of Concept implementation, with a full node release later in 2024. This is a significant upgrade and it is a ground-up rewrite of the BSV Blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.
The Teranode upgrade is critical for BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all. BSV blockchain will be able to scale to any size required, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market.
