The Nov 15 Bitcoin Cash hard fork was followed by a hash war that led to Bitcoin SV losing almost everything to its only rival (BCH ABC), these two came from separate chains, becoming different cryptocurrencies as the eventual fork lead to the split of BCH.
Satoshi Nakamoto’s vision was to be fulfilled by Bitcoin SV. Craig Wright and his team revealed that the network would have been more effective, if it was not congested with additional layers of off-chain scaling solutions . Rather than that, BSV should be expanded so as to increase its block size and storage space to have more nodes.
Current state of Bitcoin SV
Currently, the smallest of all three versions of Bitcoin are the BSV blocks. This is because the chain lacks a long-lasting transaction volume. Craig hopes to make some changes to that.
Craig also has a vision for Bitcoin SV. Recently, he made an announcement on twitter that BSV has a target of achieving almost 4 million TPS as well as develop a Terranode network is just 2 years. It is well known in the Bitcoin community that Bitcoin SV needs to increase its transaction space.
Craig’s team to make these goals happen, has planned to forge partnerships with different big institutions in order to boost the network’s transaction volume. Furthermore, different blockchain developers will be attracted to the Bitcoin SV network. If the transactions fees are low coupled with having enough block space.
The projections of Craig Wright might be realist, but Bitcoin SV will need to fight its way through the top competition in the crypto industry and stay relevant.
As regards cost, it is difficult to know the resources to be put in place, so as to achieve Craig’s goal of having a storage space of 1TB in two years.
The figure considering current market rates, stands at $300/hour. However, the use of large scale economies could cut down costs by 40%. If the projection of Craig comes to pass, the crypto space will have a lot to gain from it, since a large percentage of global transactions will take place on a blockchain network.
