BSV Blockchain hits 100 billion transactions per day on Teranode
BSV Blockchain is pleased to announce that it has successfully hit the milestone as part of its Teranode testing. The testing has achieved a sustained throughput of over a million transactions per second (TPS), enabling Teranode to support 100 billion global BSV blockchain transactions per day.
These results far outstrip the performance of traditional core banking infrastructure and payment systems. By comparison, Bitcoin (BTC) supports just seven transactions a second (605,000 a day).
Unbounded scaling through Teranode
Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.
In January, the BSV Blockchain R&D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.
Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release planned for later in 2024.
This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, two tests were completed. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.
As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.
Partnership with Aerospike
BSV Blockchain has partnered with web services company Aerospike as part of its Ternaode testing. The partnership enables Teranode and BSV Bblockchain to support an unlimited scale of digital asset transactions across a host of new categories.
These include protecting intellectual property rights, enabling direct financial transactions between two parties with no intermediary, and Web3, which, when implemented, will allow millions of microtransactions to take place daily, supporting new granular payment models, such as pay-as-you-use data.
‘Aerospike has enabled us to achieve our goal of creating a platform that supports boundless transactions far beyond the financial, with unmatched performance. The Aerospike database enables low and sustainable implementation costs and will scale with ease as the BSV blockchain adds support for large-scale enterprise and governmental blockchain applications,’ said Siggi Óskarsson (Teranode Director at BSV Blockchain).
This was echoed by Behrad Babaee (Principal Solutions Architect at Aerospike). ‘The potential for unboundedly scalable core systems could revolutionise financial infrastructure modernisation,’ he said.
‘This implementation of Aerospike demonstrates its ability to outperform traditional RDBMS banking systems, which are often unscalable and inefficient on every metric. Aerospike, as part of Teranode, is transformative for the BSV blockchain enabling it to easily scale, with no need for the complexity and risks associated with dedicated solutions to manage scaling.’
Originally published at https://bsvblockchain.org on August 16, 2024.
