BSV ecosystem member mintBlue, the Blockchain-as-a-Service (BaaS) platform, has broken the Proof-Of-Work world record with over 50 Million transactions (which is merely a “blip” on the network as BSV is capable of 1.4billion transactions in 24 hours). Over the course of a day (15 March 2023), the platform has processed 18gb of data, at a minimal cost of $325, registering 91% of all transactions across all major blockchains (BitInfoCharts), whilst also being the greenest provider as per the mintBlue Blockchain Sustainability Index.
With its advanced processing capabilities, TAAL, the scalable blockchain infrastructure and transactional platform, has made this possible by processing these transactions.
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This ground-breaking milestone showcases the immense potential of public blockchains in facilitating large-scale deployments of use cases centred around data ownership, transparency, storage, and authentication. It challenges the common belief that public blockchains are not viable for such purposes, opening new possibilities for the future of blockchain technology.
Niels van den Bergh, CEO of mintBlue, said: ‘We wanted to debunk the ‘blockchain trilemma’ narrative once and for all. This blockchain myth is the belief that the technology cannot be simultaneously secure, decentralised, and scalable. It has led to a common misconception that public blockchains are slow, expensive and not scalable. Therefore, we decided to prove the world wrong and showcase the true power of the public blockchain and present our case of its affordable and secure ability to scale.’
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Lars Jorgensen, CEO of TAAL, said: “Our infrastructure can easily handle 45m transaction in a day. Each block is up to 4GB in size which is equivalent of up to 20m transaction every 10 minutes. The record of 45m transactions in 24 hours is app. 18gb of data. The fees for each these transactions amount to approximately one thousandth of a US cent – $315 for 45m transactions. The massive scalability and the extremely low fees demonstrate the broad range of use cases and adaptation possibilities. TAAL is committed to the BSV ecosystem and ensuring the processing capabilities. For us 45m transactions is “business as usual”, this is what we do.”
The record number of transactions are only possible on Bitcoin SV as it is the only chain able to scale to a billion transactions per second and beyond using payment channels and overlay networks.
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