Bitcoin SV (BSV) has already proven it’s scaling potential in testing, but big blocks don’t mean much unless you use them. Not letting the developers down, the BSV community have already shown the demand for bigger block sizes. The blockchain is now seeing bigger blocks than ever before, thanks to innovative applications that were impossible without unlimited scaling.
On March 27, the BSV blockchain (the real one, not a test network) saw its two biggest blocks yet. At 7:33pm UTC, a 51MB block was confirmed. Less than an hour later, at 8:17pm UTC, a 56MB block followed.
This is undoubtedly proof that BSV is creating possibilities that would have been impossible without massive scaling. Pretenders to the Bitcoin throne, like Bitcoin Core (BTC) would have been terribly congested if they had received 56MB worth of transactions, and fees would have increased as a result. With BSV, that’s not the case.
This surge in adoption is largely in thanks to new applications that are only possible on the BSV blockchain. Thanks to the increased OP_RETURN size made possible by nChain’s Steve Shadders, businesses and amateur developers have been finding new ways every day to make use of the blockchain as the world’s new data carrier network.
Recently, Money Button introduced Bitpaste. That application takes advantage of the increased OP_RETURN size and allows users to create multiple small transactions to then spread a large file over. They can then view the upload, like an image, as a single large file.
That idea is a supersized version of Bitstagram, which also lead to a marked increase block sizes when it was first introduced. The public is proving that if you give them a new way to safeguard their favorite images on the blockchain, they’ll use it for a fair price.
What BSV is proving is that ultimately, adoption will prove the utility of its mission. The original Satoshi white paper called for a Bitcoin that can scale to create real world uses, and BSV has shown that mission to be crucial. As more applications make use of the increasing block size of Bitcoin SV, the community will show that demand is there to use them to their full potential.
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