CoinGeek announces it will partner with nChain, the blockchain research & development firm, on the Teranode project to create an enterprise-class full node implementation for Bitcoin (BCH-SV). nChain announced Teranode at the May 2018 CoinGeek conference in Hong Kong, and CoinGeek will now provide additional funding and business support for the project. Teranode takes the original Satoshi Vision to the next level. It will enable the true Bitcoin, now represented by BCH-SV (Bitcoin SV), to massively scale to terabyte (1 million megabyte) size blocks, 7 million transactions per second, and global enterprise usage.
CoinGeek and nChain believe terabyte-size blocks are viable and necessary for the Bitcoin BCH-SV blockchain to become the global public ledger of the future. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second. The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but token, smart contract, enterprise application, and machine-to-machine data transactions of many types.
Teranode is the next evolution of Bitcoin SV, the new full node implementation for Bitcoin Cash (BCH). Bitcoin SV is currently competing with Bitcoin ABC in a miners hash vote to become the ruleset for BCH. Developed by nChain at CoinGeek Mining’s request and owned by the Antigua-based bComm Association, Bitcoin SV seeks to fulfil the original Satoshi Vision for Bitcoin. It will restore the original Bitcoin protocol, keep it stable and allow it to massively scale. This path is critical to give major enterprises confidence to build their projects on top of the Bitcoin BCH-SV blockchain. Having Teranode planned for the future is another reason why miners and businesses should now choose Bitcoin SV.
Teranode is unique because it will not be a monolithic “one size fits all” implementation.