Coingeek.com has announced that it is funding the open source development of 1-terabyte blocks for the bitcoin cash (BCH) protocol.
Coingeek is working with the French quantitative supply chain technology provider, Lokad.
They are also being supported by Nchain and its chief scientist Craig Wright.
“The legacy Segwit bitcoin has shackled its own progress by refusing to allow the current block size cap (1MB) that only allows for 3-4 transactions per second to be lifted and thus has fated the coin to the dustbin of cryptocurrency history,” says Coingeek in their announcement.
But last October, the BCH community lauded news that a 1 gigabyte (GB) block was mined successfully and propagated through the ‘Gigablock Testnet Initiative,’ the collaboration between Bitcoin Unlimited and Nchain.”
Lokad founder, Joannes Vermorel has studied and explained that terabyte-size blocks are workable on the BCH chain.
By supporting the Terab Project with 3.6 million euro, Coingeek thinks this type of scaling could bolster transaction throughput exponentially stating during the announcement:
A single terabyte block can hold about 4 billion Bitcoin transactions, and offer capacity of 7 million transactions per second — The scale of a network with 1 TB blocks would be huge, and allow BCH to power not just financial transactions but machine-to-machine data transactions of different types.
Coingeek says that Nchain’s chief scientist Craig Wright will toil closely with the Terab Project, and Lokad would hire and manage a team to develop the Terab software.
The Terab Project and its features will only be built for the BCH chain.
Coingeek’s owner, Calvin Ayre believes that this sort of development is meant to be applied to Satoshi’s vision a “peer-to-peer electronic cash system.”
“The criticisms of cryptocurrencies are very useful as they help us see what hurdles we have to take down in order to achieve low-fee micro-transactions — They are a few more which we will be addressing in due course but rest assured we will prove that BCH is the one true chain,” Ayre said.
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