mintBlue breaks world record by delivering 50 million transactions on blockchain
BSV ecosystem member mintBlue, the Blockchain-as-a-Service (BaaS) platform, has broken the Proof-Of-Work world record with over 50 million transactions (which is only a “blip” on the network as BSV is capable of 1.4 billion transactions within 24 hours). In one day (March 15, 2023), the platform has processed 18GB of data, at a minimal cost of $325, and recorded 91% of all transactions across all major blockchains (BitInfoCharts), while also being the greenest provider in according to the mintBlue Blockchain Sustainability Index.
With its advanced processing capabilities, TAAL, the scalable blockchain infrastructure and transaction platform, has made this possible by processing these transactions.
This groundbreaking milestone demonstrates the enormous potential of public blockchains in facilitating large-scale deployment of use cases centered around data ownership, transparency, storage and authentication. It challenges the common perception that public blockchains are not viable for such purposes, and opens up new possibilities for the future of blockchain technology.
Niels van den Bergh, CEO of mintBlue, said: “We wanted to debunk the blockchain trilemma narrative once and for all. This blockchain myth is the belief that the technology cannot be secure, decentralized and scalable at the same time. This has led to a common misconception that public blockchains are slow, expensive and not scalable. That’s why we decided to prove the world wrong and showcase the true power of the public blockchain and present our case for its affordable and secure ability to scale.’
Lars Jørgensen, CEO of TAAL, said: “Our infrastructure can easily handle 45 million transactions in a day. Each block is up to 4GB in size, which equates to up to 20m transactions every 10 minutes. The record 45 million transactions in 24 hours is about 18GB of data. The fees for each of these transactions amounts to about a thousandth of a US cent – $315 for 45 million transactions. The massive scalability and extremely low fees demonstrate the wide range of use cases and customization possibilities. TAAL is committed to the BSV ecosystem and ensures the processing capability. For for us, 45 million transactions are “business as usual”, this is what we do.”
Record numbers of transactions are only possible on Bitcoin SV, as it is the only chain that can scale to a billion transactions per second and beyond using payment channels and overlay networks.