A historic upgrade to the BSV blockchain promises to spread the wealth among the network’s transaction processors and bring greater utility to application developers around the world. On January 24, TAAL — the largest transaction processor in the network — doubled the data capacity of its BSV mining infrastructure, increasing the max block size limit from 2GB to 4GB.
The upgrade is significant for both the present and future of the BSV community. It shows the sustained march toward larger and larger data capacity in the BSV network. The increase exemplifies the broader vision of BSV as it empowers Bitcoin miners to have more control over their operations and enhances their opportunity for long-term profitability. With the upgrade, the network is more focused than ever on the interests of miners.
“While the core design of the Bitcoin protocol was locked in during the version 1.0 release, BSV is now at a point where its continuous improvement cycles are focused on performance and scale to meet the growing need of enterprise and application development demand,”
says Lars Jorgensen, TAAL’s Chief Operating Officer.
“The block size increase is valuable in the sense that any application developer can maintain operating on the same protocol and at the same low fees, but the throughput for data processing and transaction processing capacity has significantly increased.”
What separates BSV from other blockchains is its potential for near-limitless transaction volume, which positions it as the only network that can manage the expected demand for financial and data transactions stored and safeguarded with blockchain technology. Blockchains that are constrained by limits on block sizes suffer from slowdowns in transaction processing times and inflated transaction fees. BSV, on the other hand, has tapped into the original Bitcoin design to seize on the potential for unbounded growth. At the forefront of the technology is TAAL, the network’s largest transaction processing company.
The move to 4GB ensures the low cost of BSV transaction fees and helps other Bitcoin miners engage with the ecosystem that is constantly growing with applications in sectors such as gaming, financial products, media, and business services.
“What I think the 4GB node upgrade represents is the seriousness that TAAL has about supporting the BSV ecosystem,”
“Our own block size limit increase to 4GB means our clients should have no concerns that we can accommodate the volume of transactions they will be sending onto the blockchain for processing. And it also means that other miners who have increased their excessive blockchain size limit to 4GB can also be assured that TAAL will help them process any transactions that could exceed their own infrastructure capacity. We are all now prepared for the anticipated growth in the use and adoption of BSV.”
The upgrade of the maximum block size is a technical setting in the node software of the miner. Mining of a 4GB block does not require more computing and does not consume more energy than mining an empty block, or a small block. Scalability equals sustainability, and that is an overarching goal of TAAL and BSV.
TAAL’s upgrade was announced one month after the company completed the acquisition of a datacenter operation in New Brunswick, Canada that is going to add 50 megawatts of clean energy to its infrastructure. The achievement improves performance and addresses requests from the network’s enthusiastic supporters and application developers to grow beyond the previous 2GB hard cap limit.
“Consumers of BSV-based apps should expect to see a wave of cool apps that are ready to use. The increases to data throughput should keep the operating costs for business owners low so they don’t have to push any additional fees to the end user,”
The block size increase also makes BSV more attractive to large organizations seeking big-data solutions. Added scale means more stability and more reliable instant transaction processing. TAAL will be able to accommodate transaction blocks at nearly twice the size of the single largest blocks on record. In 2021, the Toronto-headquartered, publicly traded blockchain infrastructure company established global records for block sizes mined.