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According to the recent Coingeek press release, Bitcoin SV (BSV) has extracted the largest block in size in the history of cryptocurrency. Bitcoin SV (BSV) had a roller coaster in the first two months of its birth on November 15, 2018, after a hard bifurcation from the original BCH.
Bitcoin SV becomes the first chain to cross the 100 MB threshold
According to the recent release of Coingeek, Bitcoin SV has extracted a block of 103 MB, the largest ever in the world on a public blockchain. This is the first time that a blockchain exceeds the 100 MB threshold and offers Bitcoin SV huge opportunities for on-chain scalability.
According to the exit,
"The first to have exceeded the 100 MB mark, the block was extracted on January 3, at the height of block 563638 containing 460,400 transactions from Mempool, a mining pool based in China. extracted on the tenth anniversary of the genesis block, which gave rise to the Bitcoin blockchain. "
What does it mean for Bitcoin SV (BSV)?
If Bitcoin SV remains consistent in producing blocks of this size, it could be on its way to becoming the world's blockchain enterprise. This also clarifies the fact that Bitcoin SV has not accepted the defeat at the Battle of Hard Fork and the team is continually making efforts to make it a better chain.
Claiming to be the only blockchain that continues the original Bitcoin vision, in November 2018, Bitcoin SV underwent a professional stress test that led to the reduction of block size using Bitcoin SV (at the time, 39, implementation of the Bitcoin Cash protocol). The test produced a block of 64 MB extracted from CoinGeek Mining and a 38 MB block was extracted from SVPool, a personal initiative of the Chief Scientist of nhain, Dr. Craig S. Wright.
Bitcoin SV, with this bock size, has a significant advantage over the original Bitcoin Core, since Bitcoin Core (BTC) continues to limit the blocking limit to a small 1 MB (4 MB of capacity with SegWit).
The block of the 103 MB world record was extracted as a result of the testing work carried out by Mempool in China. Mempool CEO and co-founder Lin Zheming noted:
"Mempool is committed to being a serious miner in the bitcoin ecosystem.From our testing work, we learn valuable information that will help the future of bitcoin.We look forward to collaborating and competing with nChain, CoinGeek Mining and others to get much larger blocks and satisfy Satoshi Vision for Bitcoin Bitcoin SV is the only bitcoin implemented as described in the Satoshi whitepaper. "
The downsizing was a critical bottleneck for blockchains and with the Bitcoin block premium halved next year, miners will try to recover the value of the block premium lost through higher transaction fees, which means that Bitcoin has need larger blocks to accommodate more and more different transactions as well as simple payments, such as tokens, smart contracts and other data transactions.
Will BSV continue to increase the size of the block to address the scalability problem? Let us know your opinions on the same
Summary
Item name
Bitcoin SV (BSV) becomes the first public Blockchain to cross the 100 MB Blocksize threshold
Description
According to the recent Coingeek press release, Bitcoin SV (BSV) has extracted the largest block in size in the history of cryptocurrency. Bitcoin SV (BSV) had a roller coaster in the first two months of its birth on November 15, 2018, after a hard bifurcation from the original BCH.
Author
Nilesh Maurya
Publisher name
Coingape
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