Bitcoin Satoshi Vision, known as Bitcoin SV, is making good on its promise to create a mass scalable platform as Satoshi envisioned. The latest update on the platform, Bitcoin SV 0.1.1, was announced on February 11th 2019 aiming at providing scalability functionalities to the system. This article focuses on the new features available in the update and the impact scalability has on Bitcoin SV mass adoption prospects.
The Bitcoin SV Node team announced the release of Bitcoin SV update v.0.1.1 earlier in the week with a key focus on scalability. The update aims at increasing scalability to push for mass adoption and faster transaction speeds through “delivering crucial capacity and performance.” The announcement report further stated that the update will include larger transaction messages and better efficiency on the network through parallelization of the peer to peer communication. The report reads,
“Such improvements include faster relaying of transactions to enhance the security of Instant Transactions, larger network messages to handle higher volumes of transactions, and increased parallelization of network communication.”
The Scaling TestNet (STN)
The update contains scaling-focused enhancements that successfully completed the private Gigablock TestNet and is now available to the public. The BSV development team named the public TestNet, Scaling TestNet (STN) and is available on the official website.
The public STN allows participants in the network to interact with the vast scaling technologies available as well as opening the technologies to the outer world. Some changes on the system include, transaction propagation over the P2P network, removal of random delay, parallelization of inventory-handling code, increase in size of inventory messages, increased max protocol message size – BSVRD213/1 and other additions to the STN.
The scaling advancements do not stop as the Bitcoin SV node used for the public STN recorded consistent 64 MB blocks and consistent transaction speeds of 300 transactions per second. The highest speeds clocked 700 transactions per second in 24 hours of testing.
Opening up the global Scaling Test Network to other participants in the Bitcoin SV ecosystem provides an environment for verifying the scaling capabilities of existing solutions and researching scaling technologies. It features a continuous flow of transactions with rates reaching 700 transactions per second. The advances included in the new release of the Bitcoin SV Node have been used on this network to achieve consistent 64MB blocks, delivering sustained rates of over 300 transactions per second measured over a period of 24 hours.
The release has been managed using the team’s enterprise-class development, release, and quality assurance processes, providing additional assurance on the quality of the software delivered.