Giant 369MB transaction block has been minted on the Bitcoin SV network this weekend. The block contains 1.3 million transactions and is currently the largest block, the blockchain has ever seen.
The historical block was processed by blockchain service provider TAAL on May 16. The company shared the message on Twitter, saying it is another world record block:
Another world record block,1.3M txn/369MB, processed by TAAL proves that on-chain scaling and big blocks are needed for businesses adopting blockchain. Contact email@example.com for enterprise level, guaranteed transaction processing at volume discounted rates. pic.twitter.com/IYbA9Ioufa— TaalBlockchain (@TaalBlockchain) May 16, 2020
The largest-ever single block was created just days after the other world record block of 309 megabytes (MB) or 1.1 million transactions was processed on the same network of Bitcoin SV and by the same provider on May 13. In the meantime, the block is larger than any blocks processed on Bitcoin (BTC) or Bitcoin Cash (BCH) networks.
It is known that a gigantic amount of transactions was processed during the competition, which was held in order to test the Bitcoin SV network’s transaction capabilities.
The record of blockchain records
The blockchain blocks contain the transaction records made on the particular network. The transaction processing capacity is, however, limited by the block creation time and the block size. The block size meanwhile contains the number of transactions that can be confirmed on the network within the individual time interval.
The biggest ever transaction block mined on the Bitcoin network was the block 540107. The 2.26MB block was created back in September 2018 and was the biggest Bitcoin block to date. At the time the average Bitcoin block size was around 0.8MB with approximately 1600 transactions per block. However, the historical block 540107 looked more like an anomaly with a size of 2.26MB and only 230 transactions.
Despite the fact, the network of Bitcoin also has the record of the biggest transaction in Bitcoin’s history. The single transaction of 94.504 Bitcoins was made back in September 2019. With a Bitcoin’s price at the time being around $10.600, the transaction was worth approximately $1 billion.
But even though the record of the world’s biggest transaction in value belongs to Bitcoin, the network of Bitcoin SV is still the one with the unbeaten record of the biggest transaction amount processed in a single block.
The network of Bitcoin SV
Bitcoin Satoshi Vision – or in other words Bitcoin SV – is the hard fork of Bitcoin Cash (BCH), that split from it back in 2018. The BCH, on the other hand, is the Bitcoins hardfork itself, established after the 2017 update.
The network of the world’s 6th largest cryptocurrency by market capitalization, claims to be the only one “adhering to Bitcoin creator Satoshi Nakamoto’s original protocol, design, and vision for Bitcoin.”
Moreover, the Bitcoin SV network aims to provide a clear choice for miners and allow businesses to build applications and websites on it reliably. According to the annual report of the Bitcoin Association, the network is already able to process a similar amount of transactions as VISA. Furthermore, it offers higher rewards for its miners than Bitcoin.
It is known that BSV network can process 1.3000 transactions per second for a prolonged period, in addition to loads of 6.400 transactions during peak moments. Meanwhile, VISA which has long been considered as the gold-standard for payment operators, processes around 1.700 transactions per second.
The network completed its first halving process this April when its block reward split to 6.25 BSV. The miners, however, seem to be back on the Bitcoin SV network as the hash rate charts show the constant increase since the first week of May.