Blockchain services provider TAAL has significantly reduced its processing fees from 50 sat/kb to 1 sat/kb in a bid to encourage increased usage of the Bitcoin SV (BSV) network among large-scale data users. The fee cut, said to be permanent, is applicable to anyone transacting on the BSV network.
CEO Lars Jorgensen highlighted this reduction as a substantial move towards creating a global Internet of Value and a new data economy. He stated, "For us, we changed a setting and it took 30 seconds," emphasizing the impact this could have on accelerating mass adoption and enterprise use cases.
The BSV network aims to process trillions of transactions daily and at such high volumes, every cent matters. By comparison, average per-transaction fees on BTC and Ethereum are $2.43 and $3.78, respectively. This reduction in fees makes the BSV blockchain more attractive for large-scale, massive data throughput enterprise applications.
On May 27, 2023, the BSV network processed over 86 million transactions in 24 hours, two months after mintBlue set the previous daily record with 50 million transactions. The unchanged Satoshi Nakamoto’s original, open source Bitcoin protocol since 2009 enables the BSV blockchain network to handle as much data throughput as required—financial, enterprise, government, and more. All BSV transactions occur on-chain, resulting in more secure data than networks that depend on external "side-chains."
The BSV blockchain processesd 2.42 million transactions in the past 24 hours, at an average of 28 transactions per second. The average fee per transaction was 48.92 sat/kb, or $0.000012. The top network users by type were Utility, Wallet/Market, and Enterprise.
Furthermore, the BSV Blockchain Association is looking to boost data throughput with the Teranode upgrade, previewed at the London Blockchain Conference on June 2, 2023. Teranode, a rewrite of the node software from a monolithic architecture to a modular one, has already seen 50-100K transactions per second in alpha testing.
