The true power of blockchain technology is seen in its ability to scale and process large amounts of data while maintaining fees at an affordable rate.
Speaking with CoinGeek Backstage, Chief Bitcoin Historian Kurt Wuckert Jr. said numerous blockchains in the market are capable of handling transactions for hundreds of thousands up to a million per day, such as Ethereum. Wuckert was speaking on the sidelines of the Unbounded Capital Summit in New York, where he was invited to talk about blockchain’s history and the current landscape.
He quickly pointed out that none can do better than Bitcoin SV (BSV), which made headlines last September after recording 35 million transactions in a 24-hour period.
“BTC has never had a day where it’s gone over a couple hundred thousand transactions, and frankly, it can’t. … Ethereum will pretty typically do one or maybe two million transactions in a day, but that’s the wit’s end of that bandwidth,” Wuckert said.
BSV’s recent milestone translates to over 30 times more processing power than Ethereum, the biggest processing network in the blockchain space.
“We’re already orders of magnitude above what people think blockchain is even possible to do,” added Wuckert.
But the milestone is only the beginning for BSV with the integration of the IPv6, but Wuckert said not many people grasp how massive the move is just yet. A peer-to-peer network, “IPv6 is used for typically small devices to communicate across a local area network,” said Wuckert, identifying the protocol as similar to the original Bitcoin.
“In Bitcoin, you can send a transaction from one person to another, and the recipient does the broadcast to the blockchain the way the recipient’s device on an IPv6 network might send the data to the internet if necessary,” he added.
By combining the two, BSV can develop a new security model for the internet and add functionality to existing apps and services without needing multiple protocols.
“If there’s just one protocol that was used for payments and all the other stuff, it just simplifies the whole stack, and simplification means efficiency,” Wuckert noted.
Besides this synergy, Wuckert highlighted the need to fortify the ecosystem by developing its talent pool and supporting startups, which his team is doing in South Florida.
Watch: Dr. Craig Wright’s keynote speech: A Better Internet with IPv6 and BSV Blockchain
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