BSV continued its impressive fourth-quarter growth as daily transactions reached 843,000 over the weekend. The total was more than twice the number of transactions on the BTC network and eclipsed ETH’s 573,000 transactions. Bitcoin SV was able to handle the high volume of transactions without bottlenecks or sudden spikes in transaction fees, thus sustaining a seamless experience for network participants.
The Quasar upgrade in July made significant progress towards restoring the block size capacity consensus back to being something miners are responsible for instead of protocol developers. The Genesis Hard Fork in February 2020 will further take BSV down the road of returning Bitcoin back to what Satoshi Nakamoto intended when he wrote the whitepaper. More transactions are now being processed without worrying about network congestion, unlike what is happening on other blockchains like ETH.
BSV surpassing 800k daily transaction is a milestone few other blockchain projects have reached. To date, none have been able to handle that high of a volume efficiently. When well-known competitor Ethereum spikes above 800k daily transaction, congestion kicks in bogging down the ETH network and delaying transactions due to the chains 15 transactions per second bottleneck. In an interview published Aug. 19 with The Star, Ethereum co-creator Vitalik Buterin warned the Ethereum blockchain is almost full.
Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full, but we will be competing with everyone for transaction space. It’s already expensive, and it will be even five times more expensive because of us. There is pressure keeping people from joining.
Joseph Lubin, Ethereum’s other co-creator, acknowledged onstage recently at Ethereal Tel Aviv that the network, in its original incarnation, was not built for mass adoption. “We knew it wasn’t going to be scalable for sure,” the ConsenSys CEO admitted.
Ethereums problems handling enterprise-level traffic were on full display in December 2017, when video game CryptoKitties clogged the ETH network, putting transactions in a prolonged limbo while also causing transaction fees to surge. At the time, the game accounted for 10% of ETH’s traffic. Due to the problems, the makers of CryptoKitties, Dapper Labs, have since left ETH to build an internal blockchain named “Flow”. They should have just built their application on Bitcoin SV.
Big blocks are critical to attracting big business. BSV is the only advancing blockchain capable of support high transaction volumes while also keeping fees low. Commercial users needed these features to transmit information and manage the microtransactions quickly and effectively. BSV restoring Satoshi’s vision is why application development taking advantage of BSV‘s higher data capacity and micropayment capability has exploded on the network.
ETH has become a hobby platform. If you want to build an enterprise level application and business around it, the only game in town is BSV.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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