Crag Wright is known in the cryptocurrency community as a vocal proponent of Bitcoin SV [BSV], which he is molding through his efforts at nChain, into what he believes Satoshi Nakamoto, the pseudonym behind Bitcoin, envisioned in 2009.
Bitcoin SV has been pushing several boundaries on the scalability and applicability front with numerous innovations spearheaded by Wright, but now the nChain Chief Scientist has confirmed that BSV will process transactions in the “billions” by next year.
He said the same in a tweet that read:
“Bitcoin SV software has run 33 million transactions a day (TPd)
Soon, this artificial limit will allow 150 million TPd
By next year, we will process billions of Transactions a day”
With the tweet, he posted a photo bearing the infamous Satoshi quote from 2009 that aimed to surpass the scalability mark that was set by universal but traditional payment processors like Visa and Mastercard.
The quote read:
“The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scaling ceiling.”
Jimmy Nguyen, the CEO of nChain and the founding president of bComm Association cited the above quote when he revealed, at the Blockchain Convergence Summit Chain Plus event in Seoul, that the aim for Bitcoin SV for 2019 is to push the scalability boundaries by increasing the default block cap to 512MB and eventually to 1-2GB in the coming years. The end-goal is to have no-limit, with the miners determining the block size.
With scalability and transaction bandwidth, the key focus areas for the coin, BSV proponents are hailing the coin as the “rebirth of the original Bitcoin”. Nguyen has highlighted the “Stable Protocol,” “Massive on-chain scaling,” and “Professionalized Security,” functions of BSV that has given it a more professional look.
Furthermore, Craig Wright has been formulating application-based uses for Bitcoin SV via blog posts. He spelled out how Bitcoin SV could be used to enhance peer-to-peer online payments while accounting for complete security, record-keeping through the keys and sub-keys, and even allowing for tax audits.