Last October Bitcoin Unlimited (BU) chief scientist Peter Rizun announced the first ever 1GB block was mined on the team’s Gigablock testnet. After processing the very large block, Rizun detailed the team would reveal the results of the testing at the Scaling Bitcoin event at Stanford University. This past weekend Rizun and BU developer Andrew Stone gave the public some insight into their “sustained transaction throughput” trials.
‘Scaling Technology is Already Available to the World’s Human Inhabitants’
Just recently, at the Scaling Bitcoin 2017 event in California, BU’s chief scientist Peter Rizun revealed the results of the “Gigablock Testnet.” Rizun explains the motivation for the project is clear, and BU believes “transaction volume on the bitcoin network could be growing exponentially.” Despite the limit on the number of transactions per block and network fees on the rise, Rizun says the technological solutions to overcome these issues plaguing bitcoin are already here.
“All of this technology is already available to the world’s human inhabitants — We wanted to measure the maximum sustained throughput on standard off-the-shelf client software already out there and see how close we would be to achieving that number,” explains the BU developer…