ZUG, Switzerland, 7 May 2024: 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.
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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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