Coingeek Boosts a project aimed at scaling Bitcoin Cash Block size to 1 Terabyte with a 3.6 million Euro in Funding
Jan 18, 2018 Posted / 6010 Views
Latest news reaching our desk revealed that bitcoin Cash supporter Billionaire Calvin Ayre through his cryptocurrency and Blockchain Company coingeek is funding an open source development of 1 terabyte block size for the Bitcoin Cash Protocol. The company Partnered with a French major supply chain technology provider, Lokad and Nchain’s Chief Scientist Craig Wright. Coingeek explained during the announcement saying,
“ The effect of segwit bitcoin has crippled it’s own progress by refusing to scale the current block size of 1MB that only allows 3-4 Transactions per second, making the coin become as good as a useless cryptocurrency ”
In october Last year, the Bitcoin Cash community welcomed a news of a successful mining of a 1 gigabyte Block achieved through the exclusive Gigablock Testnet project, a joined effort by Bitcoin Unlimited and Nchain.
The Terab Project has set a very high goal of seven million transactions per second which it hopes will be achieved through the scaling of the Bitcoin Cash blocksize to 1 Terabyte. The Founder of Lokad a partner on the Terab Project, Joannes Vermorel claimed that his recent research indicates that terabyte-size blocks are viable on the BCH chain. The main funder of the project, Coingeek believes that scaling the BCH blocks to 1 Terabyte could improve the transaction throughput exponentially.
Coingeek stated during the announcement that, a single block added in 10 minutes intervals can contain about 4 billion Bitcoin Transactions with a capacity of upto 7 million transactions per second. It added that the scale of a network with upto 1 terabyte blocks would be big enough to enable BCH to power not just monetary transactions but also machine-to-machine data transactions of many types.
The Bitcoin Cash leaning Billionaire Calvin Ayre has open up his company doors for funding private BCH application developers through coingeek. In an effort to make Bitcoin Cash the most powerful Cryptocurrency coingeek is collaborating with Nchain’s chief scientist Craig wright and Lokad on the Terab Bitcoin cash protocol upgrade project. Locad will hire and manage a team of developers for the project as Craig Wright of Nchain designs the main Architecture of the Terab system core softwares.
Coingeek’s Calvin Ayre the Terab Project’s chief financier says that the project would follow the satoshi’s vision of a peer-to-peer electronic cash system. He explained further saying that, the criticisms of cryptocurrencies are useful in a sense that barriers to low fee microtransactions can be identified and addressed. He adds that there are more issues to be addressed in the due course, he assures Bitcoin Cash supporters that BCH is the one true chain.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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