Dr. Craig Wright promised to make an announcement that will transform the internet using his version of Bitcoin (BSV).
At the CoinGeek Week Conference in London, he unveiled his new project – Metanet – which is described as a protocol for a blockchain-based network. Dr. Wright told the audience his “new internet” would make the internet a mere “sidechain” of Bitcoin.
Dr. Wright wants to rebuild the internet from scratch as a collection of businesses running on and trading through the SV network. Those companies would earn money through a system of instant crypto-micropayments that rewards content, clicks, and data.
It sounds very much like any smart contract platform. But instead, Metanet runs on SV.
“We will look to integrate everything with Metanet. We can even have a Facebook page in a 1KB transaction”.
Terranode
In late November, Coin Rivet brought you the story of how Bitcoin SV will look to eventually mine 2GB blocks, according to a 12-month roadmap leak from Calvin Ayre.
Dr. Wright certainly has a vision for BSV. In a recent tweet, he announced that BSV is keeping a two-year target to achieve up to 4 million TPS and build a Terranode network. It’s commonly known that Bitcoin SV is determined to drastically expand its transaction capacity. In fact, the first plan that was drawn up after the hard fork centred around increasing the block size limit up to 128MB.
https://twitter.com/ProfFaustus/status/1068208092234608646?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1068208092234608646&ref_url=https%3A%2F%2Fwww.ccn.com%2Fcraig-wright-claims-bitcoin-sv-will-process-1tb-blocks-in-two-years%2F
Just two weeks ago it was announced that the SV client mined a 64MB block. It was claimed by CoinGeek that this was the world’s largest ever block mined on a public blockchain.
As part of the professional stress tests that were conducted on the network (to test the network throughput capacity), it was announced that the SV chain did manage to successfully mine a 64MB block, followed by a 38MB block.
Bitcoin SV’s lead developer Daniel Connolly recently remarked, “I believe we will see even bigger blocks, reaching closer to our current 128MB limit, and one day we expect to remove the default block cap completely, so that miners can configure their own block settings. The Satoshi Vision requires even bigger blocks, so businesses can do more complex transaction types and miners can earn more transaction fees.”
If all the SV blocks are released at this size, then you would need a hefty 100TB+ hard drive to store each year’s worth of SV blocks. If this is the case, then you would truly need some ‘terra-storage’ for your ‘terranode’.
Not aiming for peer to peer
“In 2019, we will start to teach people how to build real SPV (special purpose vehicle) systems. No fraud proofs, secure, instant”, said Dr. Wright.
He has been quite public about his stance against the “peer to peer” benefits attributed to most cryptocurrencies, claiming “SPV is P2P, and has no server”.
“We don’t want people thinking they need to be nodes. We want people to trust competition. Miners don’t validate your node. Miners go out there and validate that they couldn’t find anything wrong with the other miners”.
It’s a bold plan. Will nChain pull it off? Or will node propagation times become another impenetrable technical barrier?
Only time will tell.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.