This week we begin with one of the most important events that took place in the technology space.
At the recently held CoinGeek Conference in Zurich, Switzerland, Steve Shadders, Technical Director of the BSV Infrastructure Team and Chief Technical Officer at nChain, presented a live demonstration of a Teranode ramp-up. He used a visual dashboard to monitor its performance across different configurations and data loads.
The live demo’s goal was to process a transaction within 500 milliseconds on the blockchain—the point where it is secure, confirmed, and irreversible. It is fascinating to think about the possibilities of something valuable taking place in that short period of time.
“What we’re looking for is the point where latency starts to increase,” Shadders said, adding, “And what happens when data builds up in a queue.” Shadders initially set the “failure point” at 100 milliseconds between two machines. A few seconds later, the dashboard showed a transaction validity rate of around 25,000 transactions per second. He then demonstrated what happens with four machines. The test reached about 50,000 transactions per second on the BSV blockchain.
With this, imagine more machines performing all at the same time in real time. This Teranode live demo on the BSV blockhain not only sets a precedent of what Teranode could accomplish but also the thousands of business opportunities that could emerge and reignited with limitless blockchain scaling. It is something no other public blockchain in the world today has demonstrated and recorded.
Teranode is a version of the BSV Node software aimed at enterprise-scale applications that process massive amounts of data. Once completed, the Teranode project will allow businesses and enterprises to rival VISA and Mastercard in payment transactions. With this, enterprises can securely and quickly process thousands of transactions per second real time with nanopayment fees of less than a fraction of a penny.
The nanopayment fee is definitely groundbreaking for many enterprises given that current fee rates average range is from 2% to 5%. This is why businesses and enterprises should start looking into this.
Meanwhile, here is a rundown on the latest government blockchain-initiatives from around the world.
In China, the Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology set out plans encompassing four separate areas for blockchain adoption—economy, finance, industrialization and public services.
The guidelines also call for the establishment of blockchain industrial clusters and enterprises, which would help provide the infrastructure for greater adoption across industries and public sectors.
In the U.S., Rep. Jerry McNerney of California Congressional District introduced a bill that aims to study blockchain technology and digital currency. The bill also includes how artificial intelligence (AI) can support consumer products.
The latest country to talk about central bank digital currency or CBDC is Nigeria.
Recently, an official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a CBDC “before the end of the year.” The CBDC will not replace local naira cash notes but instead, act as a complementary currency option. CBN’s CBDC initiative is expected to make foreign remittances easier for Nigeria.
Nigeria has the highest-rated digital currency usage across the globe.
In the BSV ecosystem, the First Run Hackathon ended last week with 20 teams and individuals participating in the 72-hour hackathon.
Taking the top spot and the prize of 77 BSV (roughly $12,000) is Sabroshi, a provably rare profile pics by Team Banana Runday. LicenseIn placed second with its robust platform Mateus allowing customers to create on-chain licenses, organize them, and pay out the participants.
Placing third was Aaron Russell aka Libs, who built Shfty NFTs where only the owner of the NFT can access the data within.
This week, the 4th Bitcoin SV Hackathon began, exploring new simplified payment verification (SPV) and peer-to-peer (P2P) applications. The BSV hackathon has a total prize pool of US$100,000 and will run until July 26, when an expert judging panel will decide the three finalists.
The three finalists will present at the next CoinGeek conference this October.
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.