Joshua Henslee

Joshua Henslee on why miners need to raise maximum transaction size on BSV

On March 26, BSV developer and thought leader Joshua Henslee released a video explaining why he thinks BSV miners need to raise the maximum transaction size limit ASAP. You can watch Henslee’s video through the link or read the summary below.

The current maximum transaction size and why it matters

Henslee opens by explaining that right now, the maximum transaction size on BSV is around 10MB. He notes that GorillaPool has mined slightly bigger transactions (around 50MB), but this comes with the “extreme risk” of getting orphaned.

Henslee explains that while we still have a simple fee structure of .25 satoshis per byte, raising the maximum transaction size would incentivize more data being uploaded to the BSV blockchain. Right now, it’s popular to upload pictures and audio NFTs to the blockchain, but if the limit is expanded, things like video and full podcasts could be uploaded. 

“I don’t think video NFTs have been done before,” Henslee says, noting how this could lead to more press and hype around BSV.

Is it sustainable? “Probably not,” Henslee answers, but he says that while the fee structure is still simple, it is the time to do it. He then talks through some of the logic on how this would increase demand for the BSV token since this type of thing can’t be done on any other blockchain. It would also generate revenue for miners.

Looking back to the past, Henslee remembers how the developer(s) known as Unwriter built something called Bitstagram that showcased all of the pictures being uploaded to the blockchain in real-time. He notes how doing what he’s suggesting could incentivize people to build other secondary applications like this.

“We could have exponentially bigger block sizes than we have now by simply making this change,” Henslee states.

Transaction types, potential use cases, and taking down Spotify

Henslee notes how if TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) made the first move in raising the maximum transaction size, it would drag all of the other miners along. Likewise, they could do it first and force TAAL’s hand. Addressing the miners directly, Henslee says he doesn’t want to see something small like 50MB or 100MB, but something that will allow full videos to be uploaded.

Getting into what types of transactions could be facilitated, Henslee states his belief that miners should take any type of transaction they’re getting paid to process as long as it’s legal. Doing this will kick-start the data market BSVers talk about so often.

“The first target should be Spotify,” Henslee says. He notes how the streaming service has come under fire by political activists recently. He likens recent events involving Spotify to being punched by Mike Tyson; they’re not out yet, but they’re stunned, and the time is right for someone to build something like Spotify on BSV and finish them.

Henslee notes how an added advantage here is that audio files are small enough to upload at a reasonable cost. However, before this can become a reality, the transaction size limit needs to be lifted.

Watch: CoinGeek New York presentation, TAAL: Leading the Future of Blockchain Transaction Processing

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.

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