Zug, Switzerland, August 2, 2021/PRNewswire/ – The Bitcoin Association, a global industry organization headquartered in Switzerland, is committed to advancing the BSV blockchain and digital currency business, and today confirmed the Bitcoin SV (BSV) blockchain A new world record for the highest daily average block size on the Bitcoin network has been set.
On July 31, 2021, the average block size on the BSV network in the 24 hours was 45.87 MB (megabytes); in contrast, the average block size on the BTC network in the same 24 hours was 753.58 kB (kilobytes). Bytes)-more than 60 times smaller than seen on BSV (data from coin.dance report). The record-breaking day was the third day of the BSV network in the past two months. The network also set a daily average record of 17.39 MB on June 8 and then set another 35.08 MB on June 25.
The ever-increasing average block size on the BSV blockchain is a direct impact of the number and types of transactions conducted on the BSV network, which supports financial and data transactions. The BSV blockchain is used by companies operating in a wide range of fields, and each field utilizes various functions provided by the network-including tokenization, smart contracts, payment, time stamping, and data management.
Earlier this year, the BSV blockchain surpassed BTC to become the most data-rich Bitcoin network. The total data stored on the chain on May 16 reached 352.9 GB (gigabytes) on the BSV network, while on the BTC network Is 352.4 GB. Since then, the BSV network has continued to expand its lead, increasing the amount of data stored on the chain to 455.12GB, and as of August 2, 2021, the amount of data stored on BTC is 363.16 GB (data from the report of coin.dance) ).
The continuous growth of the BSV network is due to its unique unlimited expansion capability; since the default block size on its blockchain is unlimited, the network will dynamically adjust the size of each block according to market demand. Therefore, the BSV network can achieve a very high throughput rate (a throughput of 50,000 transactions per second was demonstrated in a field test earlier this year) and a very low cost (the median transaction fee of the BSV network in 2020 is less than 1/ 50 cents [Report data from bitinfocharts.com]).
‘With every record-breaking day, the BSV blockchain continues to demonstrate the expansion capabilities of Bitcoin. More importantly, it illustrates the value of allowing Bitcoin to expand. Over time, more and more entities are using the BSV network to support important and innovative parts of their business-from COVID-19 vaccine tracking in Lesotho in Africa and e-government services in Tuvalu, an island nation in the South Pacific. E-sports, virtual and augmented reality, irreplaceable tokens, etc. When Bitcoin was allowed to expand, all of this became possible, and all of this is now happening on BSV.
The Bitcoin Association is a global industry organization headquartered in Switzerland, dedicated to promoting the business development of the Bitcoin SV blockchain. It brings together the important parts of the Bitcoin SV ecosystem-enterprises, start-ups, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), etc.-work side by side with them, and On behalf of the identity, promote the further use of the Bitcoin SV blockchain and the adoption of BSV digital currency.
The association is committed to building a regulatory-friendly ecosystem that promotes legal behavior while using all aspects of Bitcoin technology to promote innovation. Bitcoin is not only a digital currency and blockchain, but also a network protocol; just like the Internet protocol, it is the basic set of rules for the entire data network. The association supports the use of the original Bitcoin protocol to run the world’s single blockchain on Bitcoin SV.
Post time: Aug-09-2021