Bitcoin SV has extended the recommended block size limit to 4 Gigabytes.
“The future lies in a blockchain that can meet users’ demand for greater data capacity and miners’ need to generate greater fee revenue.”
Jimmy Nguyen, The Bitcoin Association
On BSV, the network capacity is not arbitrarily limited by protocol developers but can instead scale unbounded to meet market forces. It has done this by derestricting its block sizes, thus enabling it to process millions of payments and data transactions per second, and support the needs of the global population. The aim is eventually to get to terabyte sized blocks, with the current record being over 4gb.
Transaction fees are now becoming the majority of a block’s total reward – a landmark moment for the Bitcoin mining and transaction processing sector. Satoshi always intended for transaction fee revenue to increase over time to compensate for the decreasing fixed subsidy amount and this is only possible by scaling Bitcoin with bigger blocks that hold more transactions and data, all while maintaining low transaction fees to facilitate genuine use and utility.
The recent gigabyte-sized blocks on the BSV are driven by increased user demand for bigger blockchain capacity due to its permanency, cost-efficiency, interoperability and personal control characteristics of the data stored.
“We’re really just getting started on our journey towards terabyte – 1 million megabyte – size blocks so that BSV can process millions of payment and data transactions per second, and support the global population along with our one world Internet.”
Steve Shadders, Technical Director of the Bitcoin SV Infrastructure Team