Bitcoin SV [BSV] has pushed out its latest version 0.1.1, which will be pushing the scaling boundaries of the cryptocurrency world. The node team of Satoshi’s Vision released the new Bitcoin SV Node implementation earlier this week, as confirmed by a press release from the BSV camp.
The focus for the new 0.1.1 version is, well and truly, scaling as confirmed by the press release which stated:
“This update to the software continues the Bitcoin SV focus on massive scaling, delivering crucial capacity and performance increases to transaction propagation. Such improvements include faster relaying of transactions to enhance the security of Instant Transactions, larger network messages to handle higher volumes of transactions, and increased parallelization of network communication.”
Another important development highlighted in the press release was the launch of the private, Gigablock Testnet, which the team has relaunched as “Scaling Testnet (STN).” They confirmed that the Testnet will be used to test and research all “scaling focused changes.”
The larger Bitcoin SV community will eventually get to see the scaling efficiencies when the Scaling Test Network will be opened up, and this will provide:
“an environment for verifying the scaling capabilities of existing solutions and researching scaling technologies.”
The other changes mentioned by the Bitcoin SV node team include the removal of random delay, parallelization of inventory-handling code, inventory message increase, and an increase to their max protocol message size. The DNS Seed servers have also been updated to exclude the Bitcoin Cash [BCH] network.
Block size and transaction speed are certainly at the forefront of Bitcoin SV’s plan with the press release stating:
“The advances included in the new release of the Bitcoin SV Node have been used on this network to achieve consistent 64MB blocks, delivering sustained rates of over 300 transactions per second measured over a period of 24 hours.”
In light of the above, Jimmy Nguyen, the CEO of nChain, recently stated that the aim for BSV for 2019 is to push the default block cap to 512MB and in the coming years to 1-2GB in size. The eventual goal, according to Nguyen, is to have no block size cap, with the size configured by the miners.
On the transaction front, Craig Wright, the Chief Scientist at nChain stated that by 2020, Bitcoin SV will process “billions” of transactions a day. Along with envisioning a bright future for Bitcoin SV, Wright has proclaimed that he, “was Satoshi,” referring to the infamous pseudonym behind Bitcoin. Furthermore, he even got into a fierce feud with Wikileaks, following his disparaging comments against the organization and their founder, Julian Assange.
Despite the scaling push, the coin has not been doing very well in terms of market performance. Bitcoin SV slipped out of the top-10 last week, after Binance Coin [BNB], the native token of Binance saw an incredible rise that pushed out BSV. At press time, Bitcoin SV poses a market cap of $1.15 billion, over $120 million behind Binance Coin.