On January 15 the cryptocurrency media outlet and blockchain company Coingeek owned and operated by the financial tycoon Calvin Ayre announced funding an initiative called the ‘Terab Project’ with 3.6 million euro. Coingeek alongside its partners Nchain and Lokad, plan to massively scale the bitcoin cash blockchain to terabyte (1 million MB) size blocks which could allow 7 million transactions per second.
Coingeek Plans to Fund Research and Development for Terabyte Sized Blocks
Coingeek.com has revealed to the public that it is funding the open source development of 1 terabyte blocks for the bitcoin cash (BCH) protocol. The company is collaborating with the French quantitative supply chain technology provider, Lokad, as well as support from Nchain and its chief scientist Craig Wright.
“The legacy Segwit bitcoin has shackled its own progress by refusing to allow the current block size cap (1MB) that only allows for 3-4 transactions per second to be lifted and thus has fated the coin to the dustbin of cryptocurrency history,” explains Coingeek’s announcement. But last October, the BCH community welcomed news that a 1 gigabyte (GB) block was successfully mined and propagated through the ‘Gigablock Testnet Initiative,’ the collaboration between Bitcoin Unlimited and Nchain.”
Seven Million Transactions Per Second
Lokad founder, Joannes Vermorel has recently researched and explained that terabyte-size blocks are viable on the BCH chain. By funding the Terab Project with 3.6 million euro, Coingeek believes this type of scaling could improve transaction throughput exponentially stating during the announcement:
A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second — The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but machine-to-machine data transactions of many types.
The Terab Project Is Only Meant for a Peer-to-Peer Electronic Cash System
Coingeek says that Nchain’s chief scientist Craig Wright will work closely with the Terab Project, and Lokad will hire and manage a team to develop the Terab software. The Terab Project and its features will only be built for the BCH chain. Coingeek’s owner, Calvin Ayre believes this type of development is meant to be applied to Satoshi’s vision a “peer-to-peer electronic cash system.”
“The criticisms of cryptocurrencies are very useful as they help us see what hurdles we have to take down in order to achieve low-fee micro-transactions — They are a few more which we will be addressing in due course but rest assured we will prove that BCH is the one true chain,” Ayre details during the Coingeek announcement.
Additionally, Coingeek reveals that it plans to fund more projects that are focused on enabling the growth and adoption of the bitcoin cash network. The company says that if developers within the open source community have ideas or applications they would like to create for BCH they can contact Coingeek for possible funding.
What do you think about the Terab Project and terabyte-sized blocks for the bitcoin cash blockchain? Let us know what you think in the comments below.
Images via Jon Morishita, Coingeek, and Calvin Ayre.
Keep track of the bitcoin exchange rate in real-time.
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.