BSV Blockchain represented its infrastructure solutions at the AWS Summit in Zurich, Switzerland, on 4 September 2024. Visitors could learn more about Teranode, SPV Wallet and Overlay Services, and its innovative solutions, as well as engage with BSV Blockchain representatives on a personal level at the BSV Blockchain booth. Another highlight was a presentation held by Siggi Oskarsson (director of Teranode at BSV Blockchain).
One-click-deployment of blockchain apps
Web3 has been a much-discussed term in the past decade. However, the market still lacks ready-made solutions that can be quickly deployed and integrated into business processes. To tackle this, BSV Blockchain has formed a partnership with AWS with a clear go-to-market strategy.
The collaboration is aimed at making blockchain easier to adopt for businesses, as Alexander Gora (Head of Market Adoption at BSV Blockchain) noted in his interview with CoinGeek.
He pointed out that businesses will be able to deploy Web3 solutions in one click. Apps and services will use BSV’s innovative network components such as the SPV Wallet and Overlay Services at scale over the BSV blockchain. Scalability is another aspect in which AWS and BSV Blockchain have joined efforts.
The role of scalable blockchain in Web3
One of the most significant challenges in blockchain adoption has always been scalability, particularly for businesses that need to process high volumes of transactions quickly and cost-effectively. Darren Kellenschwiler (Utilisation Technical Team Lead at BSV Blockchain) pointed out that most blockchain systems face scaling limitations, which restrict their widespread adoption.
In Web3, micropayment economies will be essential for creating sustainable revenue models. However, to process millions of small transactions, businesses need a scalable blockchain solution that eliminates the bottlenecks seen in traditional systems.
This is where Teranode comes in. During the AWS summit in Zurich, BSV Blockchain demonstrated Teranode’s massive scaling capabilities, which are essential for supporting a global, Web3-based economy.
According to Oskarsson, Teranode is a new implementation of Bitcoin node software, split into microservices for scalability. This allows each component of the blockchain to be scaled independently, a breakthrough in overcoming the limitations seen in traditional blockchain systems.
BSV Blockchain Overlay Services and SPV Wallet
To further enhance usability, BSV Blockchain is developing Overlay Services, which acts as a bridge between Teranode and end users. As Thomas Giacomo (Utilisation Director at BSV Blockchain), explained, developers will have access to open-source components, including the SPV Wallet, which they can deploy easily on cloud services. This makes the deployment process faster, cheaper, and more efficient than competitors’ solutions while offering superior technical capabilities.
The SPV (Simplified Payment Verification) Wallet plays a crucial role in blockchain scalability by enabling users to verify transactions without needing to run a full node. Connor Murray (Director of Stewardship) explained that SPV drastically enhances scalability, enabling micropayments at a massive scale, which is essential for fostering a peer-to-peer economy in Web3. With low fees and the ability to handle millions of transactions per second, SPV lays the groundwork for a distributed and scalable digital economy.
