Coin News

Craig Wright: BSV will be able to handle 1TB blocks by 2020

Craig Wright: BSV will be able to handle 1TB blocks by 2020
Dec 2, 2018 by Rico Wise

Wright did not provide any details into how he plans to achieve such a standard. There is an increased demand for transaction space in BTC blocks at the moment, and surely, Bitcoin has been facing difficulties while trying to catch up with the rising demand. Wright, as well as other members of the Bitcoin Cash community, are sceptic regarding the scaling solutions that remove transactions from the blockchain, opting for enlarging both block size and connected storage space needed for BTC nodes as an alternative. The BSV hard fork made its first step in this direction by setting a goal of enlarging the blocks to the size of 128 MB.

Currently, though, BSV blocks are commonly a lot lesser in size than the same BTC blocks because of the inefficient transaction activity. Among the tree key BTC iterations, BSV accounts for the smallest blocks, and, accordingly, the least number of transactions. Wright claims that he plans to change this together with his colleagues by engaging in corporate collaborations that would involve more businesses.

Small transaction charges and sufficient block space can actually draw the attention of the developers that seek a network to create on. Still, there is the issue of rising competition between the different blockchain networks, and this competition does not seen to go away in the foreseeable future. The factor that would decide, which blockchain is the best and the most active, is which platform turns into the most popular. So far, the majority of dApps have a very small number of customers, an ongoing state of affairs that is discouraging for the people that seek to finance or create new dApps.

IT is difficult to forecast the cost of a 1TB storage space by 2020, but at current rates, a commercial end-customer would have to settle 300 dollars for an hour in storage expenses alone (at 0.05 USD per GB per 30 days). Supposedly this sum might become decreased by 40% via purchasing at scale, but still, the possibility disables any lesser outfit from giving complete node services to BSV chain.

Linked pages

Related news

Related people

Crypto trader at Bitcoin
Rating
231 of 2720

Projects

NameRatingType
Bitcoin Cash
Coin
Bitcoin
Coin