The BSV blockchain is a secure and stable blockchain technology with unique business benefits. This is because it is designed for scalability and thus enterprise-level use cases.
This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.
Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.
Unique features
Some of the unique features of the BSV blockchain include:
- Efficient scaling: Overlay Networks and unbounded block size achieve 14,000 transactions per second (tps). With Teranode, the BSV blockchain seeks to reach more than 1 million+ TPS. By comparison, Visa’s TPS lies at around 1,500-2,000 and is only scalable to 65,000 TPS.
- Low transaction costs: The BSV blockchain offers a cost-efficient solution with transaction fees as low as $0.0000006 (as of 17 May 2024). By comparison, Stripe’s online transaction fees lie at 1.5% to 3.25% of payment value plus a flat fee of $0.27.
- Resilience and reliability: The BSV blockchain has been operating reliably for over five years and has processed over 3.6 billion transactions.
- Sustainability: On average, the BSV blockchain emits about 0.03kg of CO2 per transaction and consumes less than 500 MWh of energy daily. This performance demonstrates greater energy efficiency compared to other proof-of-work blockchains.
- Security: Anchored in a battle-tested proof-of-work mechanism and a UTXO–based token model, forming a trustworthy and immutable blockchain architecture.
- Regulatory compliance: Not classified as a security and implementing legal rules to govern its nodes.
Teranode – One million transactions per second
Teranode, a significant upgrade for the BSV blockchain, supports one million transactions per second — more than 10 times Visa’s maximum theoretical transaction rate.
Uniquely, Teranode reduces transaction fees as usage increases, thanks to its ability to process more transactions in each block, efficiently spreading costs. This feature presents a clear economic advantage, particularly for high-volume businesses aiming to enhance efficiency and cut operational expenses.
“It is exciting to work with the BSV Blockchain to enable the Teranode platform with the built-in efficiency and scalability needed to truly adhere to the Bitcoin protocol while supporting rapidly expanding enterprise blockchain use cases. We have every confidence that our performance will be consistently high, as the BSV platform scales from gigabytes to petabytes,” said Ivan Maier, Regional Manager for Central Europe at Aerospike.
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.
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.
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.
