nChain Daniel Connolly talks what’s in store for Bitcoin after Genesis

By March 11, 2020Bitcoin Business
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Few blockchain projects, if any, have seen the level of development found on the Bitcoin SV (BSV) blockchain, and none has been able to reach the level of stability and strength found with BSV. CoinGeek’s Hannah Jackson caught up with nChain’s lead developer, Daniel Connolly, during the CoinGeek London conference a few weeks ago, and asked him to explain why the original Bitcoin is revolutionizing enterprise operations. Thanks to the recent Genesis upgrade, much more development is possible than ever before imagined.

Even prior to Genesis, the BSV blockchain already routinely saw more transactions than what has been found on other blockchains, including BTC. The upgrade makes things run even more smoothly and allows BSV to scale to levels that rival those of existing payment networks, such as Visa and MasterCard. Instead of scaling efforts being decided by a handful of developers, the network’s capabilities are now controlled entirely by market forces.

The Genesis upgrade was a monumental step for the blockchain industry as a whole, as well as for Bitcoin and big business. It allows huge blocks on the network, facilitating all types of data transactions directly on the blockchain. It was also the last change to the Bitcoin protocol, setting it in stone so that enterprise-level businesses can feel confident that they can launch operations on the blockchain without worrying that additional changes may be introduced. Connolly points that no more protocol changes will be made, and that the upgrade paves the way for extremely complex transactions of all kinds.

Coming up next for BSV, which is the only cryptocurrency project that can rightfully call itself Bitcoin, the Teranode update will include a number of enhancements and will offer next-generation enterprise-ready software. It will offer terabyte-sized blocks that can process 7 million transactions per second, and a single block will hold four billion transactions. It’s important to note that Teranode does not impact the protocol in any way. Instead, it only increases the blockchain’s capabilities.

The initial version of Teranode is expected to be introduced this year. Just as Genesis proved developers of other blockchain projects wrong in their belief that on-chain scaling wasn’t possible, Teranode will continue to show how robust and versatile Bitcoin can be. It will offer a stable system cheaply for enterprises to take full advantage of the blockchain, allowing them to become more efficient and, at the same time, reduce expenses.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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