The 2024 London DevCon closed with a presentation by Siggi Oskarsson (Teranode Director at BSV Blockchain) where he discussed the unrivalled scalability that is offered by Teranode. He kicked off his presentation with a simple statement:
‘By the time you have read this slide, Teranode has processed 15 million transactions’.
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.
Re-building the BSV node software from scratch
Oskarsson then provided some of the more technical details about how this is possible and his team’s plans for the future. He explained that building Teranode effectively meant re-building the BSV node software from scratch so that it offers:
- Unbounded block sizes;
- It is horizontally scaled and modular;
- It is fully adherent to the Bitcoin white paper.
“Teranode only focuses on the core on the core functionalities of a BSV node. It is therefore able to achieve scalability and performance over one million transactions per second,” he said. 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.
Looking forward
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 stewards 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.
The Mandala upgrade
The BSV blockchain, with Teranode at its core, will be the backbone infrastructure for a global system of multiple specialised overlay networks. BSV Blockchain is planning for specialised nodes to complement the core services provided by miners running Teranode.
The Mandala upgrade broadly consists of three key components:
- Teranode: Teranode stands at the centre of the new upgrade and is responsible for keeping a global record while dealing with standardised transactions and high throughput capacity.
- Overlays: Overlay networks allow the distribution of that demand across many services as well as the empowerment of individuals having ownership and agency over their own identity and personal information. This distribution of agency and demand with the ability to granularly purchase only what’s needed works together to minimise waste and provide superior service and superior quality products When you only pay for what you need, only what you need is manufactured and sold.
- SPV Wallet: The open-source reference implementation SPV Wallet clarifies the state-of-the-art technical architecture of BSV wallets through its open-source, non-custodial framework, enabling seamless transaction verification and management at significantly reduced costs. Designed for exchanges, wallet providers and businesses running BSV applications, it offers a reference implementation of simplified payment verification (SPV, section 8 of the Bitcoin white paper) for enhanced efficiency and security.
The Mandala upgrade will fully unlock the BSV blockchain allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data.
BSV blockchain’s Mandala upgrade is the network topology change from a web2 client-server approach where nodes were responsible for all functions of network operation including data storage and access, in addition to their proscribed function of block ordering and transaction timestamping and ordering. With the Mandala upgrade, nodes are free to focus on being nodes with all other functionality being pushed out to an overlay service layer and wallets.
