Bitcoin influencer Gavin Mehl recently hosted a podcast with Teranode technical leader Siggi Óskarsson, GorillaPool Founder Kurt Wuckert Jr., and several others.
Testing Teranode
Wuckert makes the first related point on the podcast, saying his firm has been testing Teranode and they’re excited about the future. This is a whole new way of doing things, so of course, there are some bugs to iron out, but GorillaPool is at the tip of the spear and will be ready when Teranode is released publicly.
Óskarsson says they would release it this week, but they found a last minute issue they wanted to fix. At this stage, they’re hardening it and preparing it for release, but the bulk of the work is behind them.
Wuckert compares this moment to the early Internet. We’re right on the cusp of upgrading infrastructure 10x—Teranode will give developers the ability to build apps that wouldn’t have been possible to build in 2024.
Óskarsson picks up on the early Internet reference, saying it wouldn’t have been possible to build Netflix in the era of dial-up Internet connections. Until the upgrade is in place, we can’t predict or imagine what developers will build.
BSV entrepreneur Casey Hamilton asks whether Teranode is a stepping stone or a finish line.
“It’s a start,” Óskarsson replies.
Scaling isn’t the hardest part—orchestrating everything so it works seamlessly is. While further scaling will likely require some re-architecture, there are no theoretical scaling limits now.
Hashpower, transaction processing, and data storage
A listener asks whether hashpower will move to BSV post-Teranode. Óskarsson says the same hashpower will be there, to begin with, but miners are profit seekers, and as transaction volume increases, some will seek the fees inside big blocks.
What’s the best transaction throughput Óskarsson has seen in testing? He wouldn’t dare to say; there’s no theoretical limit.
Tempering expectations somewhat, Óskarsson points out that Bitcoin is now 16 years old, and engineers are still finding bugs and patching things. Teranode will likely need some optimization, and there will be a period of running it alongside SV Node until everything works seamlessly. It will now be possible to make real money from transaction processing, Óskarsson says.
Regarding data storage and potential obstacles, Óskarsson emphasizes that miners have options such as tiered storage. Each can decide what they want to be involved in and what services they want to offer.
Wuckert says the data storage issue is why they developed JungleBus. It will be impossible for the average person to run a full node, but with tools like this, they can connect to one and pull what they need. Wuckert maintains that data is the most valuable thing in the world; it has made many people billionaires over the past several decades.
Óskarsson says there will be Teranodes worldwide, and overlay networks will host specific data. JungleBus will pull from these and stream the data to whoever needs it for their apps or business purposes at one million transactions per second (TPS). Most people don’t care about the majority of transactions, but they need access to relevant ones quickly, and tools like JungleBus make that a reality.
Use cases for a scalable Bitcoin network
Óskarsson says he and his team have been in discussions with multiple blockchain entrepreneurs who had almost given up—they’re blown away by what’s possible. They’re helping some companies move to BSV now and are excited about the future. With much better tooling, developers can create a sort of Cambrian Explosion of apps and use cases.
On that note, Óskarsson says the simplest use case is still payments. With the MNEE stablecoin, it will now be possible to make micropayments in USD, and that’s a much bigger deal than many people realize.
Ultimately, Bitcoin is a global notary layer; it’s proof that something happened. You can do anything with Bitcoin Script, and while many underestimated it because of its simplicity, it’s simple specifically because it needs to scale.
Ultimately, all the noise and drama around big block Bitcoin will fade away as it scales to tens of thousands of transactions per second. Everyone else is wasting their time; they can’t scale, and their networks are unsustainable. It’s time to create real value and do meaningful work.
Watch: Teranode is the digital backbone of Bitcoin
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Source: https://coingeek.com/teranode-set-to-turn-bitcoin-into-scaling-machine/
