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Bitcoin SV is Revving up for Potentially Unlimited Scale

Written by:
Aaron Goldstein
Published on:
Mar/04/2021

With the latest release of its software. Switzerland-based industry organization the Bitcoin Association has announced the release of the Bitcoin SV Node software v1.0.7 in an effort to boost up for potentially unlimited scale.

Calvin Ayre, a big proponent for Bitcoin SV, retweeted the news on Thursday.

Why This is Important

  • The Dynastic update to Bitcoin SV Node software means a lifting of limitations that were previously imposed on apps so that enterprises can increase throughput and effectively scale.
  • The update has improved support for long chains of unconfirmed transactions, as the default limit for ancestor and child-pays-for-parent (CPFP) transactions has been extended from 25 to 1,000.
  • The Dynastic release completes the process of replacing the legacy block assembler, implemented in later versions of the Bitcoin Core (BTC) software, with a new journaling block assembler for the Bitcoin SV (BSV) network.
  • This change now supports long chains of unconfirmed transactions and has introduced simplified transaction selection logic.
  • Prioritizing transactions based on how much miners can make in fees is no longer necessary on the Bitcoin SV network, which has low-fee transactions.  Those waiting for transactions to be confirmed on the BTC network may have noticed the occasional 6 hour wait time for those who did not pay the prioritized fee.
  • Steve Shadders, technical director of the Bitcoin SV Infrastructure Team:  "Along came a 1MB block size limit and ideas about a fee market. The idea was that limiting the block size would create demand for block space and drive up the transaction fees users would effectively bid to get included in a block.  But this created a new requirement for the Bitcoin software to manage. If a miner can't select all the available transactions due to the 1MB limit, they need to ensure they select the ones that pay the highest fee rates to maximise their revenues, leaving the less lucrative transactions for another miner to pick up later."
  • Shadders added: "The removal of the CPFP and ancestor limits from the Bitcoin SV network has been one of the most requested improvements we've received from businesses and end-users alike."

- Aaron Goldstein, Gambling911.com

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