August 8, 2023, was yet another record-breaking day for the BSV blockchain.
In a 24-hour period, 128.691 million on-chain transactions were processed on the original Bitcoin protocol, proving once again that theoretical scaling limits are illusory.
And we’re done! 128m txs on #BSV #blockchain though we stopped for a few hours so >150m would have been achieved. Lots of good learnings. Massive thanks to lots of very clever people @shruggr @TaalBlockchain @MineLikeAnApe @BSVBlockchain @BSV_Assn pic.twitter.com/M7nYWOKvEO
— James Marchant (@JamesRMarchant) August 8, 2023
Powering the transactions was Rekord IoT, a company focused on “building the bridges between devices, machines, and indeed anything with IoT connectivity and the BSV Blockchain,” according to its founder James Marchant.
Despite the massive number of transactions, which would have crippled most other blockchains, the fee per transaction remained a tiny $0.000005, according to BSVdata.com. This demonstrates BSV blockchain’s capability to power applications that utilize micropayments at scale.
Rekord IoT has broken the onchain record, with over 100 million transactions processed in the last 24 hours. Our Bitcoin SV node is crashing constantly due to very limited resources and the high transaction volume. We apologize for the delay and are working to address the issue. pic.twitter.com/bomdbxgJyG
— BSVData (@bsvdata) August 8, 2023
Why is BSV blockchain’s massive scalability important?
In a statement on the record-breaking number of transactions, Ayre Group and CoinGeek founder Calvin Ayre highlighted why on-chain scalability is important. Ayre pointed to how scaling records like this give enterprises and startups confidence to build on the BSV blockchain, which in turn will lead to more transactions, incentivizing miners to focus on BSV, thus securing the network – a virtuous feedback loop that builds a stronger, better blockchain at every step.
Just like there’s no need to be two internets, there will only be one platform. And that platform has to be, by definition, the one that scales, – Calvin Ayre
Ayre should know—since day one, he has been an outspoken proponent of big-block Bitcoin and a believer in its ability to scale on-chain, as its inventor Dr. Craig Wright has always said. Truthfully, this record-breaking day will be a blip on the radar as BSV blockchain scales to the sort of enterprise levels Dr. Wright, Ayre, and others envision.
But it’s just test data!
Of course, critics will say that the 128+ million transactions are not due to real demand—it’s just BSV blockchain entrepreneurs putting things on-chain for the sake of it.
While it’s true that these are tests, the critics, as per usual, miss the forest for the trees. The point is to demonstrate that even at this relatively early stage, BSV is capable of scaling to levels other blockchains simply can’t.
Already, before the release of Teranode, BSV blockchain is running laps around other blockchains, and it’s only getting started. This is the sort of scalability required if the Internet of Things is to run on blockchain technology.
Right now, BSV entrepreneurs are like Thomas Edison in his lab—tinkering, testing, iterating, and trying to find out where the limits are so as to make improvements and find out what needs to be done so that, in the future, BSV blockchain is capable of handling 100+ million transactions per second, let alone per day.
And if other blockchains do manage to figure out scalability on BSV’s level, they’re going to run straight into a brick wall of patents belonging to nChain—Dr. Craig Wright and his team have been working diligently to make sure that his vision for Bitcoin is fulfilled and his invention reaches its potential.
Entrepreneurs, developers, and builders of all kinds would do well to pay attention to BSV blockchain. In the end, promises of scaling ‘someday’ will not allow for business applications that work today, and by the time snake oil salesmen like Vitalik Buterin are found out, it will be too late.
The time to build is now—and there’s only one blockchain capable of handling the heat—the original Bitcoin, BSV blockchain.
Watch Calvin Ayre on CoinGeek Backstage: Floodgates will be opened once we can prove unbounded scaling
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