How Significant is the BSVA’s Testing of Teranode?
Since 2018, the BSV Association (BSVA) has been working towards an enhancement in the blockchain space known as Teranode, which has been hailed as a “watershed upgrade”.
It is said that Teranode will enable the BSV Blockchain to operate at a speed of more than 1.1 million transactions per second (TPS), thus helping to realise the potential of Bitcoin.
Now, in a bid to take proceedings to the next level, the BSVA has launched technical testing of Teranode over the next few months, with the aim of achieving the maximum number of TPS without instability.
“The testing of Teranode represents our commitment to unlocking the full potential of the BSV Blockchain,” comments Siggi Óskarsson, Teranode Director at the BSVA, a global industry organisation.
“With unparalleled scalability, stability and support for safe and instant transactions, it has the potential to serve as the next-generation upgrade to a public blockchain that enables complete enterprise and governmental adoption.”
Facilitating wider blockchain adoption
When Australian computer scientist Craig Wright helped create Bitcoin in 2008, his vision was unbounded scale with large transaction throughput.
"The existing Visa credit card network processes about 15 million internet purchases per day worldwide,” said Wright at the time.
“Bitcoin can already scale larger than that with existing hardware for a fraction of the cost. It never hits a scale ceiling.”
However, until now, even leading blockchains have only been able to guarantee stable service at TPS measured in the tens of thousands, restricting blockchain use to sectors with slower transaction volumes such as identity and medical data management.
High transaction costs have also prevented wider blockchain adoption by enterprise and government customers.
The BSVA contends that Teranode will realise the promise put forward by Wright, enabling masses of transactions on Bitcoin’s original protocol which is now known as BSV Blockchain.
Boosting transaction volumes
The BSVA’s claim is that its BSV network will be capable of stably maintaining “never-before-seen” transaction volumes—at least 10x higher than the Visa and Mastercard networks combined.
Away from financial transactions, it is said that Teranode will enable the BSV Blockchain to process vast amounts of data, underpinning data indexing and broadcast services to power a more private and ownership-based internet experience.
With this comes greater protection of private data, personal content and IP rights through timestamp verification.
What’s more, Teranode also has the potential to ensure AI applications run properly with verifiable and auditable information, while seamlessly integrating with Web3 and the IPv6 upgrade.
Testing Teranode
Testing of Teranode will take place on a geographically-distributed, two- and three-node cluster spread across North America, Europe and Asia over a period of two to six months.
To deliver the test, BSVA has partnered with Aerospike—a recognised industry leader in real-time, high-performance NoSQL databases—to leverage its technology which has high read and write capabilities.
“It’s exciting to be working 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,” adds Ivan Maier, Regional Manager for Central Europe at Aerospike.
“We have every confidence that the performance we deliver will be consistently high as the BSV platform scales from gigabytes to petabytes.”
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