Finance
Aerospike Powers BSV Blockchain’s Teranode to Achieve 100 Billion Transactions Per Day
Home > Finance > Aerospike Powers BSV Blockchain’s Teranode to Achieve 100 Billion Transactions Per Day
Global Banking & Finance Review®
Company
Aerospike, Inc. (“Aerospike”) today announced that the BSV Blockchain trials of Aerospike, which underpins its groundbreaking Teranode blockchain transaction platform, has achieved sustained throughput of over three million transactions per second (TPS), enabling Teranode to support over 1 million global BSV Blockchain transactions per second (100 billion a day). These results far outstrip the performance of traditional core banking infrastructure and payment systems. BitCoin (BTC), the first and most common implementation of Bitcoin, supports just seven transactions a second (605,000 a day).
The BSV Blockchain is an implementation of the famous Bitcoin whitepaper written by Satoshi Nakamoto. BSV Blockchain is designed to overcome the limitations of earlier implementations, such as Bitcoin and Bitcoin Cash, around scalability, transaction speed, and realizing a truly distributed network. This is achieved, in part, by having an unlimited block size, but a larger block requires a new infrastructure approach to achieve high performance and a low cost per transaction.
Aerospike meets these challenges and enables Teranode and BSV Blockchain to support unlimited scale of digital asset transactions across a host of new categories. These include protecting intellectual property rights, enabling direct financial transactions between two parties with no intermediary, and Web3, which, when implemented, will allow millions of micro transactions to take place daily, supporting new granular payment models, such as pay as you use data.
Aerospike Enables 100 Billion Bitcoin Transactions a Day
The BSV Association, which works to advance business on the BSV blockchain, explored multiple DBMS architectures to underpin Teranode. Traditional RDBMS solutions and other NoSQL technologies were cost prohibitive, however, requiring a disproportionately high investment in expensive RAM and other resources across the global network that push up costs and impact scalability. Conversely, Aerospike’s NoSQL architecture makes Teranode exceptionally efficient, maintains performance as Teranode scales, enables a cost per transaction that undercuts traditional payment providers, and is financially sustainable to support micro transactions.
Siggi Óskarsson, Teranode Director at BSV Association, said: “Aerospike has enabled us to achieve our goal of creating a platform that supports boundless transactions far beyond the financial, with unmatched performance. The Aerospike database enables low and sustainable implementation costs and will scale with ease as the BSV Blockchain adds support for large-scale enterprise and governmental blockchain applications.”
Faster and more reliable mining
Aerospike’s performance and strong consistency gains also enable those mining for new coins. In cryptomining, cost, speed and scale are all equally vital to the individual miner. Solutions prior to Teranode could incur substantial latency on each interaction with the Blockchain, but the efficiency and distributed nature of Aerospike means that Teranode users experience <10ms latency and a much higher throughput on their existing infrastructure. Aerospike’s native consistency features also dramatically reduce the risks of inconsistencies, which would take a miner offline and result in loss of revenue when, all the while, they are paying for expensive infrastructure.
Behrad Babaee, Principal Solutions Architect at Aerospike, said: “The potential for unboundedly scalable core systems could revolutionize financial infrastructure modernization. This implementation of Aerospike clearly demonstrates its ability to outperform traditional RDBMS banking systems, which are often unscalable and inefficient on every metric. Aerospike, as part of Teranode, is transformative for the BSV Association, enabling it to easily scale, with no need for the complexity and risks associated with dedicated solutions to manage scaling.”
A NoSQL database is a non-relational database that allows for flexible data storage and retrieval, often used for large volumes of unstructured data.
Transactions per second (TPS) is a measure of how many transactions a system can process in one second, indicating its performance and scalability.
Mining is the process by which transactions are verified and added to the public ledger (blockchain) and involves solving complex mathematical problems to earn cryptocurrency rewards.
Microtransactions are small financial transactions, often used in digital content or services, allowing users to purchase items or features at a low cost.
Explore more articles in the Finance category