23 Feb 2024
The BSV Association has announced the commencement of technical testing on Teranode, a blockchain upgrade aimed at enabling the BSV Blockchain to process over 1.1 million transactions per second. If successful, this development is expected to have implications for government entities and enterprises by addressing traditional transaction speed and cost barriers associated with blockchain adoption.
Mainstream blockchains have traditionally struggled to ensure stable service beyond tens of thousands of TPS, limiting their application to sectors with lower transaction volumes. Teranode aims to redefine these limitations, allowing the BSV Blockchain to achieve unprecedented transaction volumes.
This upgrade is anticipated to support transaction volumes at least 10 times higher than both Visa and MasterCard networks combined, all while significantly reducing costs.
Teranode's capabilities extend beyond financial transactions; it empowers the BSV Blockchain to process substantial amounts of data. This feature lays the groundwork for data indexing and broadcast services, fostering a more private and ownership-based internet experience. Furthermore, Teranode enhances data security, providing robust timestamp verification to safeguard private data, personal content, and intellectual property rights.
The implications of Teranode also reach the realm of artificial intelligence (AI), ensuring seamless operation of AI applications with verifiable and auditable information. Additionally, Teranode integrates effortlessly with Web3.0 and the IPv6 upgrade, enhancing compatibility with emerging technologies.
The BSVA plans to conduct extensive testing on Teranode using a geographically distributed two- and three-node cluster spanning North America, Europe, and Asia over the next two to six months. The goal is to maximize the network's TPS capabilities without compromising stability, ensuring the BSV Blockchain remains a reliable and secure protocol tailored to meet the demands of modern enterprise usage.
Siggi Oskarsson, Teranode Director at BSV Association, expressed the organization's commitment to unlocking the full potential of the BSV Blockchain. He emphasized Teranode's scalability, stability, and support for safe and instant transactions, positioning it as the next-generation upgrade for public blockchains, catering to complete enterprise and governmental adoption.
To conduct the testing, the BSVA has partnered with Aerospike, a leading industry player in real-time, high-performance NoSQL databases. Aerospike's technology, known for its high read and write capabilities, ensures real-time processing of petabytes of data, offering organizations a cost-effective solution for making real-time decisions at unlimited scale.
Ivan Maier, Regional Manager Central Europe at Aerospike, expressed excitement about collaborating with the BSV Blockchain, underscoring their confidence in delivering consistently high performance as the BSV platform scales from gigabytes to petabytes.