On 24 July 2019, the Bitcoin SV (BSV) network will undergo a key protocol upgrade focused on scaling. The “Quasar” upgrade lifts the default block size “hard cap” on BSV from its current 128MB to 2GB (2000 MB). Although the default maximum block size will be 2GB, initially, a significant portion of miner hash rate will manually set their hard cap to a lower (but still very robust) level of 512MB – far higher than any other competing Bitcoin project.
The Quasar upgrade represents a key step in BSV’s journey to unlock the massive on-chain scaling power that was always possible with Bitcoin, and enable BSV to become the global enterprise blockchain. BSV can already handle 300+ transactions per second comfortably; this capacity is continually being expanded and is expected to cross 1000+ transactions per second in the coming months after the Quasar network upgrade. This level of capacity can compete with VISA payment network capacity and also supports enterprise applications.
BSV is the only coin with a blockchain that significantly scales (now), has robust utility (now), and is committed to a set-in-stone protocol for developers to build on (return to original Bitcoin protocol to be completed by February 2020). BSV is also the only coin that adheres to the original Bitcoin white paper. In short, BSV is Bitcoin.
Bitcoin Association Founding President Jimmy Nguyen comments on how the Quasar upgrade helps Bitcoin miners: “Miners need to be aware that massive scaling is critical for their profitability – especially after the next block reward halving in May 2020 which reduces the block reward subsidy from 12.5 to 6.25 coins, and then again in 2024 when the subsidy is reduced to 3.125 coins, and again every several years after. For mining to remain profitable,