Bitcoin SV will reach 6.5 mn transactions per second in 2-3 years: Craig Wright
The crypto market is trying to recover from the meltdown anchored by Bitcoin’s [BTC] crash and tensions surrounding the Bitcoin Cash [BCH] hard fork. The fork led to the creation of two new chains – Bitcoin SV, led by Craig Wright and Calvin Ayre, and Bitcoin ABC, led by Bitcoin.com CEO Roger Ver. It was followed by a hash war, which recently came to an end.
In a recent Medium post, Wright penned down his vision and roadmap for Bitcoin SV. He stated that Bitcoin SV will have miners earning more than $8,000 per block, based on use alone. “That equates to $640 a bitcoin on exchanges, and we have not factored in the gambling price of bitcoin, just what miners will earn as a service,” he explained.
Wright’s post about his vision for the chain came soon after CoinGeek and nChain partnered to raise Bitcoin SV’s block size to 1 TB. “As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode,” said Steve Shadders, nChain’s director of solutions and engineering, at the time.
Wright stated that within the next two-three years, nChain will be scaling Bitcoin SV to handle more than 1.0 TB with the Teranode project. He added that miners at that level will earn more than $600,000 for each Terabyte block.
Craig also claimed that in two to three years, the chain will be able to reach a capacity of 2-4 billion transactions a block, which translates to 6.5 million transactions a second. “This is also Visa, MasterCard, banking in SWIFT, and ALL global currencies (not just crypto) in under 15% of a block. And this is the start,” he mentioned.
“I expect that you will see Visa using Bitcoin (SV) as its backbone and plumbing within the next 4 years, as we can provide them with a means to transact that is both more secure and faster… and more, it will cost less,” he predicted.
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