Bitcoin SV [BSV] ramps up on scaling spree; overcomes another transaction obstacle

Bitcoin SV [BSV], the nascent hardfork of Bitcoin Cash [BCH] has added to its scaling efforts by removing yet another limit on their network, allowing more efficient transaction flow to get to their goal of becoming, “the only public blockchain that maintains the original vision for Bitcoin.”

The limitation in question is the length limit on the “OP_RETURN” function which stores ambiguous data on the coin’s blockchain. By storing the data within the block, the function facilitates the interaction of several applications, albeit by occupying some space.

Steve Shadders, the technical director at nChain, the company spearheading BSV technological innovation and adoption, stated in a January 23 blog post, that miners of the crypto agreed to lift the op_return limits to 100KB without the need for a hardfork or an update.

The post read:

“Of course, in Bitcoin SV our driving principle is to return to the original protocol, which includes removing limits on things like OP_RETURN and allowing economics to govern usage. So, it was our goal from day one of the Bitcoin SV project to unshackle the data storage use case.”

According to Shadders, the limit on the OP_RETUN data, currently, is a soft limit which can be changed. However, the limit defaults to 233 bytes which can be raised by the collective efforts of the miners.

The BSV camp has stated that following the discussions among the mining community, the limit on the OP_RETURN function will likely be changed.

Furthermore, BSV plans on storing a large amount of data on one transaction, as opposed to stringing together numerous transactions. As the transaction size increases, so does the transaction fee charged, hence the incentive to increase the size.

James Belding, the head of Tokenized was ecstatic at this latest development on the BSV network, he stated, referring to BSV:

“Principally, it can allow our Tokenized system to run with the same flexibility and capabilities as Bitcoin itself! …And this isn’t scratching the surface either. Our team is very encouraged by this development and believes this is a historic moment for Bitcoin.”

Earlier this week Bitcoin SV concluded a Scaling Test Network [STN] which indicated that the BSV network could handle a 64MB block over 24 hours, as confirmed by Daniel Connolly, the lead developer of the BSV node.

Jimmy Nguyen, the founding president of the bComm Association affirmed that the 2019 goal for the BSV camp is to increase their default block cap to 512 MB with a goal of 1-2GB in the coming years and eventually have no default size, with the size decided by the miners.