Bitcoin SV should process in 2 million TPS & have 1 TB block size

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Dr. Craig S. Wright, leader of Bitcoin Cash Hard Fork, Bitcoin SV, currently ninth largest crypto currency by market capitalization has big plans for his project. He wants Bitcoin SV to process 2-4 million transactions per second in two years and achieve a gigantic block size of one terabyte.

The hash war between Bitcoin SV and Bitcoin ABC doesn’t seem to be over yet. Bitcoin SV (BSV) wants to develop the blockchain into what crypto currencies should be – a peer-to-peer electronic cash. To this end, preparations are being made to enable the network to handle more transactions than any other crypto currency.

Wright explained in a medium post that the BSV will be able to process up to 1 terabyte (TB) of transactions within two years. This volume is essential for a block chain to be able to process the number of transactions that can compete with other payment methods, including PayPal and credit card processors.

2 year target.

2-4 million TPS peak

500k sustained

Terranode Bitcoin

– Dr Craig S Wright (@ProfFaustus) November 29, 2018

Wright didn’t go into how the whole thing would work. The demand for capacity in a block in the Bitcoin block chain is high, and certainly Bitcoin has had trouble keeping pace with demand. Wright and the “Bitcoin Cash World” do not believe in off-chain scaling, like the Lightning-Network, but want to do the scaling on-chain, especially by increasing the “block size”, i.e. the storage space of the blocks. The first change to the Bitcoin SV hard fork was to quadruple the block size to 128 MB.

If one considers Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV), then BSV currently has the smallest blocks in terms of the fewest transactions in a block, since recognition and thus transaction activity is lacking.

Wright also claims that miners could make significant profits in the future despite the blocksize increase (because he expects that the use of Bitcoin SV will increase significantly). He explained:

Bitcoin as SV will cause Miner to earn over $8,000 per block, solely because of its use. That’s $640 per Bitcoin on the stock markets, and we didn’t consider Bitcoin’s gambling price, which is exactly what miners deserve as a service.

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