CoinGeek London was more than just a cryptocurrency conference; it was a milestone in the presentation of the true Bitcoin and what the blockchain means for the world. Presentations from some of the brightest and best in the industry provided insight to thousands of attendees on what is going on with Bitcoin SV (BSV), and Bitcoin in general. It also shed light on the massive advances the blockchain has seen. Steve Shadders, chief technology officer at nChain and one of the most prolific developers in the crypto space, talked with CoinGeek’s Hannah Jackson during the conference to offer his take on what’s in store for Bitcoin.
The biggest accomplishment to date for Bitcoin has inarguably been the Genesis upgrade. It was a monumental task that required certain teams at nChain to be cannibalized in order to help complete the process, and the introduction of no block size cap helps to restore Bitcoin to its original form.
With Genesis in place, enterprise businesses can now be confident that they can build on a blockchain that isn’t going to alter its protocol or code every few months the way other crypto projects do. BSV developers understand that enterprise-level companies build their systems years in advance and need to know that transitioning to a blockchain solution will be effortless and not cause any subsequent unnecessary changes. They have to know that any rollout of activity will be stable and productive, and this is what BSV has accomplished with Genesis.
The next big upgrade to BSV, which doesn’t impact the protocol itself, is Teranode. With this update, blocks of one-million megabytes will be possible. This will allow for each individual block to hold 4 billion transactions and the network will be able to handle 7 million transactions per second. In a nutshell, Teranode is a new way to interface with the Bitcoin network, and will offer an enterprise-level solution that can handle virtually the same amount of data seen on conventional networks.
Teranode will also create something else. It will give “birth to a new profession,” as Shadders explains. The degree of capabilities offered by the upgrade will need experts to drive it, and will change the face of Bitcoin. However, this is the future of Bitcoin—creating a platform that allows enterprises to build real data applications on the blockchain.
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.