This record occurred on August 16, precisely at the height of block 700606, and it would be important to get to have greater scalability on this blockchain.
Bitcoin SV Infrastructure Technical Director Steve Shadders explained:
“On the BTC network, it took years of Bitcoin scaling battles to get nowhere and remain limited to small 1 megabyte blocks that can handle a maximum of 7 transactions per second. But on BSV, it took less than a week for miners to see the value in opening the 2GB block door. While this sounds great, we have just begun our journey towards 1 million megabyte blocks, so that BSV can process millions of payment and data transactions per second, and support the global population along with our worldwide Internet. “
The miner who mined this block received a higher fee than the current 6.25 BTC that is fixed on the Bitcoin blockchain and, according to the press release released today by the Bitcoin Association, this increase in terms of fees could incentivize more miners to do this work. due, of course, to more hefty earnings.
In fact, this 2 gig block provided 139% higher fees, coming in at 14.94 BSV.
Furthermore, a few weeks ago, precisely on August 6, the BSV blockchain had instead marked for the first time the first 5 1 GB blocks, unlike the BTC blockchain whose block reaches 1 megabyte.
Bitcoin Association President Jimmy Nguyen said:
“After years of seeing Bitcoin paralyzed on the BTC network, we are thrilled to see BSV finally take Satoshi Nakamoto’s vision to the next level with the recent wave of gigabyte-sized blocks. The new world-record 2GB block and its substantial proportion of transaction fees demonstrate that the future lies in a blockchain that can meet user demand for greater data capacity and the need for miners to generate more revenue from commissions. That future is BSV, which is claiming real utility and real value, just as Satoshi always intended ”.
Bitcoin vs Bitcoin SV
Born as a fork of Bitcoin, according to its founder, Craig Wright, Bitcoin SV would maintain the true nature of the blockchain devised by Satoshi Nakamoto . And in fact Wright claims to be the creator of BTC himself.
The Bitcoin Association is nothing more than an association founded in Switzerland by Wright to promote BSV and push its adoption against BTC, which they believe to be the fake copy of the real Bitcoin.
For this reason the two blockchains differ and clash above all on the subject of blocks and their size. Simplifying, on the one hand we find the Bitcoin developers – also called Core to differentiate it from the various forks – who believe that the blocks must be smaller to have greater security (and in fact a 51% attack has never occurred on Bitcoin), on the other hand we find BSV which deems it important to have larger blocks to achieve greater scalability and speed.
The other fork of Bitcoin, or Bitcoin Cash, also thinks in the same way, which believes that the size of the blocks significantly affects the usability of the blockchain, making transactions much cheaper and faster.
For these reasons, on BSV the capacity of the blocks is not limited by default by the developers but is adjusted according to the use of the blockchain itself.