Jake Jones at the London Blockchain Conference: How Teranode enables unbounded scaling
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On the final day of the London Blockchain Conference, BSV Blockchain Association’s Head of Network Infrastructure, Jake Jones, took to the technical stage to fill us in on what’s going on with Teranode and how it enables unlimited scaling.
What is happening with Teranode
Jones begins by acknowledging that BSVers have been waiting for the release of Teranode for a while, and he jokes that it’s coming Soon™. On a more serious note, he says the Teranode team echoes that. While early experiments with Teranode have been somewhat successful, some elements have been redesigned to allow unlimited horizontal scaling.
Jones points out that the word “unlimited” does not mean the same as infinite. The latter is a mathematical concept, while the former means that the Bitcoin network can adjust as the demand for transactions increases.
While it’s well known that Bitcoin is a peer-to-peer electronic cash system, Jones wants us to start thinking of it as an edge-to-edge electronic value system. For the first time, we can assign value to information, and he describes this as “fantastic”.
We need one global blockchain, says Jones. Just as it didn’t make sense to have many internets, it doesn’t make sense to have many different permissioned private blockchains. For that to happen, the blockchain needs to scale without limit.
That’s great, but there are a LOT of transactions
Jones acknowledges that serving as the world’s ledger would require the BSV blockchain to handle an almost unimaginable number of transactions. He highlights how credit card networks typically require around 30,000 transactions per second, and the Bank of England recently said that any system capable of running a digital GBP would need to be able to handle as many as 300,000 transactions per second.
How will Bitcoin scale to these massive levels? With specialized nodes, overlay networks and SPV. He shows an impressive diagram of what the network will look like at scale and highlights how enabling edge-to-edge communication is the BSV blockchain’s superpower. This structure is what will allow the BSV blockchain to scale to the levels no other blockchain can.
In conclusion, Jones says that every once in a while an invention comes along that changes the way we do everything. In his view, the BSV blockchain is one of those inventions.
Teranode: Taking Bitcoin to Unlimited Scaling with Jake Jones
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