Kurt Wuckert Jr. is among the most influential personalities in the Bitcoin world. The Bitcoin historian who works for CoinGeek is known as a vocal and provocative advocate for blockchains that scale and, naturally, for BitcoinSV (BSV). He sees 2021 as a turning point for the industry, thanks in large part to the significance of the first gigabyte block being mined — followed closely by the first two-gigabyte block.
“In just the last two weeks or so, we’ve gone from biggest block ever mined being 638 megabytes and now we start hitting gigabyte blocks no problem and now then we hit a two-gigabyte block, and it looks like that will be a new normal going forward,” Wuckert Jr. said in an interview and referring to the record-setting blocks of transactions that TAAL’s processing power has been integral in achieving.
In March 2021, TAAL was the first BSV blockchain transaction processing company to mine a 638 MB block. On August 5, the first gigabyte block was mined on the network and then a block twice that size was mined on August 16. Wuckert Jr. points out that those achievements would have been unfathomable just three years ago.
“The thinking used to be that physical reality made such transaction processing sizes impossible. An electron just can’t do what is needed for that to occur, people thought. Now we’re doing things casually that are not even getting press releases,” he said.
Wuckert Jr. credits two BSV attributes in making such scalability a reality. The first is the Genesis update that took place on the BSV blockchain in February 2020 and removed limitations on the size of the blocks that could be processed and allowed for a block size “that is chosen by whatever the miners are willing to do to build the block.” The second key attribute he credits for BSV scalability is the non-standard nature of the script that allows for flexibility and the offering of micro-transactions.
He predicts an “avalanche” of change is coming as more miners shift to processing transactions on an enterprise grade chain with proven utility (the BSV blockchain) and away from Bitcoin Core (BTC) or other blockchains.
“We recently saw the first BSV block ever mined that has more in transaction fees than in subsidy. That’s something people thought would happen many, many years in the future and it’s something miners are going to take notice of. We’ve seen clearly when mining profitability shifts, even a little bit, mining companies will shift where they mine, unless they’re politically tied to one blockchain over another. What we will see is miners moving hash power over when there is a significant drop in BTC payments and they will move to BSV, even if it’s only a little bit at first. That will put people in a panic and there will be an avalanche of change,” he forecasts. [Note: ZDnet.com covered the importance of the two-gigabyte block and its transaction fees.]
Wuckert Jr. points to TAAL as being “invaluable” and “frankly irreplaceable” to the BSV network because it has the most hash power in the network. “Their value can’t be overstated,” he said of the Toronto-headquartered transaction processing company. “They have a lot of thought leadership and have done a lot of hard work to get to this point.”
He looks forward to the CoinGeek Conference in New York City (October 5-7) and believes it will be a pivotal moment for the industry as more face-to-face meetings will occur with concerns about the global pandemic easing among those who are fully vaccinated. The conference is also an opportunity for members of the industry to reflect on the journey to get here. For Wuckert Jr., his foray into the worlds of Bitcoin and blockchain began in 2012 with an introduction from a customer at a print shop he used to own in Illinois.
“This guy who was into politics and the philosophy of money came in and wanted to get some posters printed for a rally and he wondered if I would take Bitcoin for payment. I’d never heard of it until then. But it was a little job, for like 50 bucks, and I said, ‘Yeah, whatever, sure, I’ll take it.’ And I thought, if I lose it all, it’s just $50. No big deal. Then soon after that, I went down the rabbit hole and started to look at what it was that I had just received.”
He was an early proponent of big blocking (which refers to the ability for a large volume of transactions to rapidly occur on a blockchain) before BSV came to be and he was an enthusiastic supporter of the technology when it emerged in 2018. As someone who has been advocating for BSV from its beginning, Wuckert Jr. is delighted for the industry to have reached its current precipice of success — despite ongoing rivalries with BTC and others.
“The slow and steady approach that the network has taken is definitely starting to pick up and I think that it’s starting to pay off now,” he said of the accelerating interest in BSV. “I don’t see how we can lose at this point.”