Menu
Situs Panduan dan Solusi Terkini

New world record 1 GB blocks mined on Bitcoin SV blockchain

  • Share
banner 468x60

ZUG, SwitzerlandAnd August 6, 2021 /PRNewswire/ – The Bitcoin Association, SwitzerlandA global industry organization based on blockchain business development Bitcoin SV (BSV) and digital currency, today confirms that two 1 gigabyte (GB) blocks have been successfully mined on the BSV Network – the largest blocks ever mined on a public blockchain. The unused world record for block height is set 699,154 in August 6, 2021 13:34 (UTC); The block contained 999,959,302 bytes of data and was mined by TAAL Distributed Information Technologies – a public company listed on the Canadian Stock Exchange (CSE: TAAL).

banner 336x280

This world record block is the second time the record has been broken in quick succession, following a block also earlier today at 04:04:11 (UTC) at 699097 altitude contained 999743208 bytes of data (mainly 1 GB). The size of 2 gigabyte blocks today exceeds the previous record of 638 megabytes (MB), which was mined March 14, 2021, also by TAAL Distributed Information Technologies.

The 1 GB block, the world record for TAAL, contained 10,136 transactions, including a big number of image files, by users of MetaID – a blockchain-based identity protocol built on BSV. These transactions generated a whole of 5.09 BSV in transaction fees, adding to the 6.25 cryptocurrency support granted with each unused Bitcoin block, bringing the whole block reward generated from the standard block to 11.34 BSV.

The big percentage of transaction fees generated by the log block reflects an significant trend for the Bitcoin mining and transaction processing sector to remain profitable in the coming. With the amount of fixed support per block halving roughly every four years (in block reward halving events), miners must earn more in transaction fees to compensate for the increasingly low fixed support part of the block reward. This is only conceivable by scaling the network with larger blocks that contain more transactions and data, while keeping transaction fees low to facilitate real use and benefit. this is the way Satoshi Nakamoto Bitcoin is designed to remain profitable for the nodes that are today called “miners” but will gradually transform into transaction processors.

The world record block comes as the BSV Network continues to demonstrate its diverse range of capabilities, as an innovative and flexible technology. On August 3 And 4, the BSV network successfully repelled three illegal attempted reorganization attacks.

Today’s record-breaking blocks were followed by days in a row that saw many big blocks processed on the BSV network, with 42 blocks exceeding 200MB (including several in the 400-500MB range) in the 48 hours preceding the TAAL-log block. Most of these big blocks have been mined by TAAL and SVPool. Transactions on the BSV blockchain originate from the group of companies that take advantage of the diverse functionality offered by the BSV network – including simple payments, tokens, social and digital media content, online game activity, and timestamp records – as well as business and consumer data managed through the chains.

Earlier this year, BSV surpassed the BTC blockchain to become the most data-rich Bitcoin network, with whole data stored on-chain on the May 16 Reaching 352.9 gigabytes (gigabytes) on BSV compared to 352.4 gigabytes (GB) on BTC. Since then, the BSV network has continued to scale this lead, increasing the amount of data stored on the chain to 494.99 GB compared to 358.07 GB on BTC as of August 6, 2021 (Data reported from blockchair.com).

The continued growth of the BSV network is enabled by its unique aptitude to expand unlimitedly; With no default greatest block size limit on the blockchain, the network dynamically adjusts the size of each block in response to market demand. As a result, the BSV network can deliver the ever-increasing data capacity required at very lofty throughput rates (the BSV network demonstrated 50,000 transactions per second throughput earlier this year during a live test) and at very low cost (the average transaction fee on the BSV network in 2020 Less than 1/50th of a US cent [reported data from bitinfocharts.com]).

To learn more about the BSV blockchain and the group of companies that use its network, visit bsvblockchain.org.

Commenting on today’s announcement, Founding President of the Bitcoin Association Jimmy Nguyen, She said:

“After a week that began with the BSV network successfully fending off three attacks by a malicious actor, it is very rewarding to conclude by seeing the network demonstrate its most significant aptitude – scale. The BSV blockchain’s aptitude to scale and produce unlimitedly these massive data-rich blocks, is key. to unlock entirely unused economies and technologies. As more and more companies wake up to the transformative potential of blockchain technology, the only way to reap the incredible benefits available is by using an incredible scale – and such incredible scale is only conceivable with BSV.”

Also commenting, Bitcoin SV Infrastructure Technical Director Steve Shaders said:

New record-setting blocks on the Bitcoin SV blockchain conclude a challenging week – as the network is called upon to demonstrate its resilience in the confront of illegal attacks, as well as its progressive capabilities in producing these two giant 1Gb blocks. For us at the Bitcoin SV Infrastructure team, this achievement is just another step towards realizing a much larger vision for Bitcoin, where 1GB blocks are seen as little and not record breaking!

About the Bitcoin Association

The Bitcoin Association is a Swiss-based global industry organization that promotes business on the Bitcoin SV blockchain. It brings together the essential components of the Bitcoin SV ecosystem – institutions, start-ups, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others – working alongside them, as well as in a representative capacity, in order to increase the use of the Bitcoin SV blockchain. The BSV digital currency absorber.

The association is working to build a regulation-friendly ecosystem that enhances legal behavior while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and blockchain, Bitcoin is also a network protocol; Just like the Internet Protocol, it is the basic rule that is set for an entire data network. The association supports the use of the original Bitcoin protocol to operate the single global blockchain on Bitcoin SV.

SOURCE Bitcoin Association

Referensi: www.prnewswire.com

banner 336x280
banner 120x600
  • Share