On May 16, 2021, the total data stored on-chain reached 352.9 GB on the BSV network compared to 352.4 GB on the BTC network.
Switzerland, June 4, 2021 /AlexaBlockchain/ – Bitcoin SV (BSV) blockchain has surpassed BTC in accumulated data size, demonstrating the ability of the Bitcoin network to scale without limits.
- The announcement was made by Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the BSV blockchain and digital currency.
- On May 16, 2021, the accumulated growth (in data size) of the BSV blockchain surpassed the BTC blockchain for the first time, with the total data stored on-chain reaching 352.9 GB on the BSV network compared to 352.4 GB on the BTC network on that date.
- Bitcoin Association also confirmed that BSV continues to extend its lead as the largest and most data-rich blockchain, increasing the amount of data stored on-chain to 367.43 GB compared to 355.23 GB on BTC as of June 4, 2021 (reported data from coin.dance).
- The continued data growth of the BSV blockchain can be attributed to its decision to follow Bitcoin creator’s Satoshi Nakamoto’s vision to scale unbounded; with no limit on the default block cap size (and thus the transaction volume and data capacity) on the BSV blockchain.
- As a result, the BSV network offers high transaction throughput (having already sustained over 5,100 transactions per second on its mainnet and expected to demonstrate 50,000 transaction per second throughput later this year) at extremely low cost (the median transaction fee on the BSV network in 2020 was less than 1/50th of a U.S. cent).
- Contrary to BSV, BTC network imposes a default block cap size of only 1 MB (with block weight up to 4 MB), limiting its network to 7 transactions per second on-chain – requiring higher transaction fees and restricting the utility of its network to high-value and ‘store of value’ transactions.
- For many years, BTC supporters have argued that the Bitcoin network cannot or should not scale, but their position has been proven wrong by the BSV network’s greater data capacity.
