Bitcoin SV is massively scaling to support enterprise applications on a global level. One of the key projects directed towards this is the Teranode project. nChain’s lead developer Daniel Connolly broke down what the project entails, the targets that his team has set for the project and why BSV is lightyears away from other blockchain projects.
“The Teranode project is to rebuild the Bitcoin node software to handle massive blocks – terabyte sized blocks. It’s our strategy for addressing the needs of high-capacity blockchain,” Connolly told Stephanie Tower during the CoinGeek Conference in Seoul.
The Bitcoin SV node implementation in its current state can handle the increases in the block size, he continued. However, even with its scaling ability, it’s expected to struggle with the number of transactions that will be processed in the near future. This makes it crucial to implement the Teranode project.
The BSV node implementation will run in parallel to the Teranode “until the volume is so big that the Bitcoin SV node possibly can’t keep up any more.”
Connolly remarked, “We are designing the software, we’re architecting it from the ground up, we’re looking at the needs of the software with this kind of volume in mind from the beginning. This will enable us to architect a system that can handle it.”
nChain is in the final stages in the development of the Teranode project, Connolly revealed, stating, “We are thinking that in the first half of next year we will have a beta release of Teranode, and that it will perform a majority of the functions that are needed for a node.”
nChain’s main focus with the Teranode project is supporting miners, with Connolly acknowledging that producing such big blocks is difficult for them under the current Bitcoin architecture.
As CoinGeek reported last year, Teranode will allow terabyte-sized blocks which will in turn allow it to process 7 million transactions per second. A single terabyte block will be produced every ten minutes and will hold 4 billion transactions. This will allow BSV to extend beyond just monetary transactions and support machine-to-machine transactions, smart contracts, enterprise applications and more with ease.
The Teranode implementation will be split into four core functions that will allow enterprises to customize it for their unique needs. These are business layer (RPC), network layer (P2P), process layer and storage layer. It also allows enterprises to write these components using different computing languages, hardware and tools depending on their needs.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
