Bitcoin Association is a Swiss-based industrial organization working to advance business through the Bitcoin SV, BSV blockchain. All the necessary components of the Bitcoin SV ecosystem converge in it, such as companies, merchants, miners, developers, service providers, exchanges, and others who work alongside them to drive greater use of the Bitcoin SV blockchain and the adoption of BSV digital currency.
The association’s job is to build a regulatory-friendly ecosystem on encouraging legality while facilitating innovation, using all aspects of Bitcoin technology. More than a blockchain and a digital currency, Bitcoin is also a network protocol with its set of rules for an entire data network. The association supports using the original Bitcoin protocol to operate the only blockchain in the world: BSV.
The world record
The association confirmed that on August 6, 2021, two 1 Gigabyte blocks were extracted in the BSV network, being the most significant blocks that have been pulled in a public blockchain. This record was achieved in block 699,154, which contained 999,959,302 bytes of data, and was extracted by TAAL Distributed Information Technologies, a public company listed on the Canadian Stock Exchange (CSE: TAAL).
The block that sets TAAL’s new 1 GB world record contains 10,136 transactions, including many user image files from Metal ID, a blockchain-based identity protocol built on BSV. The transactions generated 5.09 BSV in fees, added to the fixed subsidy of 6.25 coins that each new Bitcoin block gives, raising the total block reward generated from the registry block to 11.34 BSV.
The record block comes as the BSV network demonstrates its range of capabilities in both innovative and resilient technology; thus, we saw that on August 3 and 4, the BSV network repelled attempts to reorganize illegal blocks.
BSV outperforms BTC
The BSV blockchain surpassed BTC starting this year. In this way, it became the wealthiest Bitcoin network in data, reaching as of May 16 the amount of 352.9 GB in the BSV network, compared to the 352.4 GB of the BTC network. Then the BSV network has been on the rise, expanding the advantage with the 494.99 GB on-chain data compared to the 358.07 GB in BTC until August 6, 2021.
What is expected
The new record-setting blocks on the Bitcoin SV blockchain end a very challenging period in which the network was asked to show its resistance to illegal attacks, as well as its progressive ability to produce these two giant blocks of 1 GB. For the Bitcoin SV infrastructure team, this milestone is just the step towards achieving a broader vision for Bitcoin in which 1 GB blocks will be considered minor and not a record.
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