Craig Wright, also known by the pseudonym Satoshi Nakamoto, has been working to increase the transactional capacity of the bitcoin blockchain for sometime. For those who don’t know the history, bitcoin had split in 2017 due to the SEGWIT update which led to competing forks under the BTC and BCH tickers. The BCH ticker became the legacy chain that never activated SEGWIT. In 2018, the BCH chain split again into the BCH and BSV tickers.
According to Craig Wright, the BSV ticker is now the legacy Bitcoin chain, and he has set about maxing the transactional capacity of the Bitcoin blockchain represented by the BSV ticker. Currently, BSV Bitcoin can process over 50,000 transactions per second. This compares favorably to the BTC ticker blockchain which can only process 7 transactions per second.
However the upcoming teranode update expected in July 2023 promises to increase the capacity to 1 million transactions per second. Such a transactional capacity would exceed both Mastercard and VISA, and allow BSV to be the only possible player for a western Central Bank Digital Currency.
When recently questioned on twitter about the how the teranode project was going, Dr Craig S Wright stated that “apart from a name change, it is coming along.”