The Bitcoin SV (BSV) Association is actively developing the Teranode software, which has shown promising scalability in public demos, achieving 50,000 transactions per second (TPS). The initiative aims to surpass this prototype’s horizontal scaling, seeking to meet the demands of a future-proof, globally utilized blockchain.
The genesis of Teranode emerged from the limitations of the existing SV Node software, which diverged from the Bitcoin protocol outlined in the white paper, hampering its utility. Teranode envisions a comprehensive re-architecture of components to handle immense scaling, targeting one million TPS or 86.4 billion transactions daily.
With an eye on global enterprise utility blockchain use, the software must support vast transaction volumes for varied purposes, such as handling India’s monthly 10 billion transactions for CBDC issuance. The initiative anticipates increasing usage, necessitating significant efforts to craft a novel, scalable, and robust node software.
Teranode itself represents a redesigned implementation of the Bitcoin protocol, with every component tailored for scalability and integrated with high-throughput messaging systems. The software caters to nodes managing high transaction volumes, serving as an option for enterprises and governments navigating blockchain use cases.
While some components are already geared for scale, others are under development, aiming for an integrated demonstration of scaling in tests. The BSV Association and its development partner, nChain Ltd, with guidance from experts like Dr. Craig S. Wright, oversee this initiative, ensuring a meticulous focus on protocol and software implementation.
Ultimately, the goal extends beyond software delivery; it includes comprehensive user guides and easily understandable protocol documentation upon release.