ZUG, Switzerland, May 7, 2024
/PRNewswire/ -- BSV Blockchain is thrilled to announce
its new Mandala upgrade, which will allow the BSV blockchain to
scale quadratically in the coming years so it's ready to
accommodate the essential global need for data integrity.
A Mandala network is a network that forms recursively from an
unbounded number of smaller networks of the same form as itself. It
uses a base topology that can be stacked on top of itself allowing
the network to dynamically grow and contract based on need or
resource availability. The full upgrade will launch later this
year, with key components such as Teranode, Overlay services and
SPV Wallet already live in public beta.
Thomas Giacomo, Director of
Utilisation at BSV Blockchain, said, "Put simply, the
Mandala upgrade is the network topology change from a Web2
client-server approach where nodes are responsible for all
functions of network operation, including data storage and access.
With the upgrade, nodes are free to focus on being nodes with all
other functionalities being pushed out to an overlay service layer
and wallets. Outside of unbounded scaling, the upgrade also comes
with other benefits such as high connectivity and
resilience."
The Mandala upgrade consists of three key components:
- A core node network with Teranode – In February, BSV Blockchain
announced technical testing on Teranode, an upgrade that will allow
the BSV blockchain to operate at upwards of 1.1million transactions
per second (TPS). Teranode stands at the centre of the new upgrade
and is responsible for ordering transactions into timestamped
blocks while maintaining high throughput capacity.
- Overlay services and networks – The term 'Overlay' usually
refers to a virtual network built on top of an existing physical
network. It can provide various services such as routing,
peer-to-peer networking, or distributed computing while allowing
specialisation. Overlays use SPV to ensure their data is valid,
allowing applications to share a universal source of truth while
limiting the cost of operation.
- SPV usage at the edge of the BSV network with SPV Wallets – it
enables seamless transaction verification and management at
significantly reduced costs. SPV Wallet can be used in place of the
BSV blockchain node software to validate transactions and make
outbound payments.
Frank Dickob, Provisioning Director at BSV
Blockchain, said, "By fostering an environment of
coopetition (competition and cooperation), the network can
accommodate extremely high transaction volumes required for growing
demand while enabling transaction processors the opportunity to
significantly increase revenue. This will help build a resilient
network that is better equipped to handle substantially higher
volumes with respective increase in total fees that will more than
compensate for the progressive decrease in blockchain subsidies.
The direct beneficiaries of this strengthened network will be the
end users, who will enjoy microtransactions fees and reliable
service."
To learn more about the Mandala upgrade, BSV Blockchain invites
enthusiasts and industry professionals to sign up for BSV
Blockchain's upcoming DevCon where there will be an entire
session dedicated to the topic. This will take place on
20th May at the London Excel and will allow attendees to
learn about how the BSV Network works and why BSV's unbounded
scalability is the preferred choice for enterprises, governments
and startups leveraging Distributed Ledger Technologies.
When you book your complimentary ticket to BSV DevCon 2024, you
will get access to the London Blockchain Conference on 21-23 May,
which will also take place at the London Excel.
Contact Details
pr@lightningsharks.co.uk
About BSV Blockchain:
One Blockchain for Everyone.
The BSV Blockchain leads the BSV Blockchain for Enterprise and
Government initiatives. This Switzerland-based global non-profit industry
organisation supports the use of the BSV blockchain.
The BSV Blockchain oversees open-source programs and educates
enterprises, government agencies, start-up ventures, developers,
and users on creating a global blockchain ecosystem. The original
Bitcoin protocol and its scripting language provide
powerful technical capabilities that BSV has restored.
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SOURCE BSV Blockchain