Bitcoin SV will manage 1000 more transactions than other blockchains. Word of Craig Wright
Bitcoin SV will manage 1000 more transactions than other blockchains. Word of Craig Wright
Blockchain

Bitcoin SV will manage 1000 more transactions than other blockchains. Word of Craig Wright

By Marco Cavicchioli - 27 Nov 2018

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After the Bitcoin Cash fork, a new cryptocurrency was born, Bitcoin SV (Satoshi’s Vision), which, according to its creators, has the potential to outperform all other blockchains in terms of manageable transactions.

It was Craig Wright, one of the creators of the project, who described what could be the performance of this new blockchain born from the fork of Bitcoin Cash.

During an interview with Cryptoglobe, he explained that within two years the Bitcoin SV blockchain will probably be able to handle 1,000 times the transaction volume of all other blockchains, Paypal and other payment solutions, reaching 1 or 2 million transactions per second (TPS).

Block size counts

Wright explained in a post on Medium that it will be the size of the blocks the main difference compared to Bitcoin and Bitcoin Cash.

BTC has 1 MB blocks, BCH has 8 MB blocks (which will become 16 MB), while BSV today already has 64 MB blocks and in the next 6 months, they will become 512 MB, reaching then 2 GB within a year.

This brings the maximum number of transactions per block from 4,000 BTC to 35,000 BCH and 300,000 BSV, which could become 1 million in the next 12 months and even more in the next 2 years.

Wright, however, does not explain how this could affect the decentralization of the network, because blocks of 2 GB every 10 minutes would most likely be out of reach for most of the miners.

Already to date, for example, more than 97% of BSV blocks are mined by just 3 pools, one of which is that of Craig Wright, and another is that of partner Calvin Ayre.

In addition, thanks to the Teranode nChain project, BSV will be able to handle blocks of over 1.0 TB in the next 2 or 3 years which, according to Wright, will guarantee miners earnings of about $600,000 for each Terabyte block mined.

This will bring the capacity of the blocks to 4 billion transactions per block, or 6.5 million transactions per second.

BSV as the real Bitcoin

Calvin Ayre also talked about the future of BSV in a post on Coingeek in which he claims that Bitcoin SV is the real Bitcoin, or the original one according to Satoshi Nakamoto‘s whitepaper.

In the post, he even predicts that “over the next few years, BSV will replace all other blockchain technologies that cannot scale”.

BSV’s value growth

These statements seem to have done well for the price of BSV, now also listed on CoinMarketCap.

According to Federico Izzi, professional trader of CryptoLab and BigBit: 

“Despite losing during the first days following the BCH fork, the new network supported by Craig Wright – repeatedly self-proclaimed Satoshi Nakamoto – manages to hold well and keep prices just below 100 dollars. Many exchanges that initially refused to trade it are taking a step back.

For this reason, from today also CMC lists BSV with a debut in 7th position with about 2 billion dollars of capitalization.

The war between BCH and BSV hasn’t ended”.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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