Blockchain-as-a-Service (BaaS) platform mintBlue has broken the proof-of-work world record with over 50 million transactions. While this is far above the previous record, it is still only a fraction of the transactions which Bitcoin SV is capable of. Currently, this stands at 1.4 billion transactions in 24 hours.
The mintBlue blockchain development suite removes the complexity of blockchain technology so that organisations can focus on their own solution and business logic instead of investing resources into building it from scratch. mintBlue specialises in fully compliant, patent-protected blockchain technologies and works with professional data centres. The technology has been endorsed by multiple universities as the best option for implementing blockchain.
On 15 March 2023, the platform processed 18GB of data, at a minimal cost of $325, registering 91% of all transactions across all major blockchains (BitInfoCharts). It is also the greenest provider as per the mintBlue Blockchain Sustainability Index.
Transaction volume only possible on Bitcoin SV
The record number of transactions is only possible on Bitcoin SV, as it is the only protocol which can scale to a billion transactions per second and beyond using payment channels and overlay networks.
The ground-breaking milestone showcases the immense potential of public blockchains in facilitating large-scale deployments of use cases centred around data ownership, transparency, storage, and authentication. It challenges the common belief that public blockchains are not suitable for such purposes, opening new possibilities for the future of blockchain technology.
‘We wanted to debunk the ‘blockchain trilemma’ narrative once and for all. This blockchain myth is the belief that the technology cannot be simultaneously secure, decentralised, and scalable,’ said Niels van den Bergh, CEO of mintBlue.
‘It has led to a common misconception that public blockchains are slow, expensive and not scalable. Therefore, we decided to prove the world wrong and showcase the true power of the public blockchain and present our case of its affordable and secure ability to scale.’
Professional-grade, highly scalable blockchain transaction processing
The milestone was also made possible thanks to the advanced processing capabilities of TAAL. TAAL delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users.
‘Our infrastructure can easily handle 45 million transactions in a day. Each block is up to 4GB in size, which is equivalent of up to 20 million transactions every ten minutes. The record of 45 million transactions in 24 hours is approximately 18GB of data,’ said Lars Jorgensen, CEO of TAAL.
‘The fees for each of these transactions amount to approximately one-thousandth of a US cent – $315 for 45 million transactions. The massive scalability and the extremely low fees demonstrate the broad range of use cases and adaptation possibilities. TAAL is committed to the BSV ecosystem and ensuring these processing capabilities. For us, 45 million transactions is business as usual – this is what we do.’