Bitcoin SV (BSV) came into existence on Nov 15, 2018, and have had experienced its fair share of positive and negative events in just a couple of months. In its most recent achievement, BSV becomes the first chain to cross the 100 MB threshold, according to the recent press release from Coingeek.
Bitcoin SV has mined the largest block in terms of size in the history of cryptocurrency, the 103 MB block is the world’s largest ever on a public blockchain. The release states:
“The first to ever cross the 100MB threshold, the block was mined on January 3 at block height 563638 containing 460,400 transactions by Mempool, a mining pool based in China. Fittingly, the record-setting block was mined on the 10-year anniversary of the genesis block, which originated the Bitcoin blockchain. “
It’s Effect on Bitcoin SV
Bitcoin SV was the lesser favored hard fork in the Bitcoin hash war, achieving such a feat is a massive plus for the protocol. In addition, if BSV consistently produces such big blocks, it could become the world’s enterprise blockchain.
BSV claims that it is the only blockchain that continues the original Bitcoin vision. In November 2018, BSV underwent a Professional Stress Test that resulted in then-record size blocks mined using Bitcoin SV, which was an implementation of the Bitcoin Cash protocol at the time. The test produced a 64MB block mined by CoinGeek Mining and a 38MB block came mined by SVPool, a personal initiative of nChain Chief Scientist Dr. Craig S. Wright.
With the original Bitcoin Core (BTC) continues to restrict its block cap to a small 1MB (4MB capacity with SegWit), the current block size of BSV offers significant advantages.
The world record block
The 103MB world record block was mined as the result of testing work done by Mempool in China. Mempool CEO and Co-founder Lin Zheming remarked:
“Mempool is committed to being a serious miner in the bitcoin ecosystem. From our testing work, we learn valuable information which will help the future of the bitcoin. We look forward to collaborating and compete with nChain, CoinGeek Mining, and others to achieve much bigger blocks and fulfill the Satoshi Vision for Bitcoin. Bitcoin SV is the only bitcoin implemented as described in the Satoshi whitepaper.”
Blockchains have been plagued with scalability issues. With Bitcoin block reward halving next year, the miners are looking out for making up the lost block reward value through higher volumes of transaction fees. This implies that BTC needs much larger sized blocks, to fit large numbers of increasingly diverse transactions beyond simple payments, such as a token, smart contract, and other data transactions.