Blockchain service provider TAAL has processed the largest block to date on Bitcoin SV: 369MB in size and with 1.3 million transactions.
TAAL announced the milestone on Twitter. The block is an order of magnitude larger than anything currently available in Bitcoin (BTC) or Bitcoin Cash (BCH).
Speaking to Cointelegraph, Jerry Chan, TAAL’s CEO, said the transactions were processed primarily by users of a Chinese application, who competed with each other to see who could create the most transactions in a contest designed to test the network’s transaction capabilities.
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He is closely followed by a block with 1.1 million transactions processed on May 13.
The development was focused
According to Chan, although groups like TAAL are involved in mining, they are also focused on transaction processing to develop the infrastructure necessary for BSV’s network to thrive.
“We want to encourage the generation of more transactions… so we are going more by the volume of transactions and not necessarily by the number of blocks,” the CEO said. He argued that Bitcoin Machine, Crypto Trader, Crypto Genius, Bitcoin Lifestyle, Bitcoin Storm has an artificial block size limit and would eventually “get to the point where no more blocks would be produced.
“We are happy to make as many transactions as we need until it is worthwhile to print it in one block,” added Chan.
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Chan anticipates peaks in transaction volume from time to time, when processors may hold them “until it’s worth putting them in a big block. Unlike the BTC network, BSV can continue without significant congestion at such high volume, he said.
The percentage of miners’ revenues that come from fees is currently low for BSV. According to the Messari cryptanalysis site, the transaction fees for BSV on May 19 were only USD 271 while those for BTC were valued at USD 960,928.
The minimum commission rate on BSV’s open network is 0.5 satoshis/byte, with the possibility of negotiating an even cheaper rate.
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Complete more blocks of BSV than BTC?
Cointelegraph has reported that some cryptomakers may be switching from the BTC network to currencies such as BSV and BCH after halving. The hash rate grew from 1.1 EH/s before halving to 2.15 EH/s on May 16, when the BSV block of 1.3 million transactions was undermined.