The growth of gaming on BSV has shown a dramatic increase in the number of daily transactions. In a stunning demonstration of its capacity to scale, the network has topped 10 million transactions in a single day—all processed cheaply and securely on-chain. The past 24 hours also saw a new record for the number of transactions in a single block: 2,512,670.
At 3.82GB in size, the single block (#733689) was also Bitcoin’s second largest ever. It earned its transaction processor GorillaPool over 9.757 BSV in transaction fees alone, on top of the regular 6.25 BSV block subsidy. And for the record, the average fee for each transaction was barely a blip: US$0.00038 (in English, that’s less than four-thousandths of a cent).
That all seems impressive now, but BSV is on track to continue breaking records over the coming months and years. Expect to see zeroes added to the per-block and daily Bitcoin transaction totals.
Found Fresh Bananas 🍌🍌
Size: 3.65 GB
Tx count: 2,512,670
Average fee: $0.00038
Total fees: 9.76 BSV
Total revenue: 16.01 BSV
Revenue from fees: 60.96%https://t.co/tbY59NdZvf
— BananaBlocks™ by GorillaPool🍌🍌 (@banana_blocks) April 4, 2022
As we mentioned in our previous article about BSV’s massive transaction growth, this is the way the Bitcoin economy is supposed to work. As the block subsidy decreases over time, processors/miners earn their income through millions (or something exponentially larger) of microtransactions at minimal cost to users. This way, Bitcoin can process the world’s data on-chain at a realistic price for all.
Comparing the blockchain stats
We must again compare this to other “high-volume” networks. The only other two with any meaningful capacity are Ethereum and Ripple. BSV processed, in a single block, more transactions than Ethereum processes in two whole days, and just under two days’ worth of Ripple.
BSV is also a proof of work blockchain, demonstrably the most secure and economically sound way to process data. Struggling under its current transaction load, Ethereum is in the process of transitioning to proof of stake (a far less secure and legally dubious system). Ripple is a “consensus network” rather than a blockchain. There are 171 existing blockchains still using proof of work (including BSV and BTC)—and BSV is processing more transactions than all the rest of them combined. It would take the BTC network roughly 8 days to process the amount of transactions in block #733689, and BTC would do so at a far higher cost per transaction to ordinary users.
Despite claims in the media regarding proof of work’s high energy use, this actually becomes more efficient and sustainable as total transaction numbers increase. If the entire world used the BSV blockchain to process data, it would actually reduce the energy consumption of other, existing systems.
Big block alert: A new big block just mined by @MineLikeAnApe , mainly produced by: @CryptoFights
size: 3.56GB (the second largest block)
tx: ~2.5 millions (the most tx in a single block)
fee: ~10 bsvhttps://t.co/gdAKr0yzlC pic.twitter.com/3HHrwdULFD
— Bsvdata (@bsvdata) April 4, 2022
The internet’s real ‘economic layer’
The current, advertising-based model for earning income on the internet is not only intrusive and annoying, but it has become a saturated market. Too many users and services are chasing too few advertising dollars. Many large sites have thrown up paywalls and subscription fees in an attempt to recover the loss, while ordinary users attempt to block the ads they display.
After 30 years, the web has still not found the best way for online services to make money. Bitcoin (BSV) finally solves this problem, providing the internet’s missing “economic layer.” Services pay for the amount of data they process; micropayments allow ordinary users to earn income from content they post. Payments of any size can be sent for a fraction of a US cent instantly, creating new opportunities to sell products and services from anywhere in the world.
BSV is Bitcoin as it was originally designed by Satoshi Nakamoto, and is the only “version of Bitcoin” that still follows Satoshi’s original protocol and rules. Others have attempted to skew Bitcoin away from that vision into something else, and have encountered problems and bottlenecks as they attempt to scale. BSV has avoided these problems, and continues to demonstrate its unbounded scaling capacity with each new application that comes on board.
Watch: CoinGeek New York panel, BSV vs other blockchains—the differences that matter
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.