CoinGeek.com, the cryptocurrency media outlet and blockchain company, announced on Monday that it is funding of up to 3.6 million Euro to support Terab, an open source initiative that will solve a key technical issue to enable the Bitcoin Cash chain to massively scale to terabyte size blocks and 7 million transactions per second.
The Terab project will be managed by Lokad, the French quantitative supply chain technology provider, and will receive technical support from nChain, the blockchain research & development specialist.
One of the major criticisms of Segwit Bitcoin is the apparent inability to scale to the level of transactions that payment networks such as Visa and Mastercard can provide. For cryptocurrencies to be competitive in the global payments space, high volume transaction scaling is vital but, not, as many have suggested, impossible and Bitcoin Cash is now firmly on that road.
Joannes Vermorel, Lokad founder, has recently advocated that terabyte-size blocks are viable – but only on the BCH chain. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.
He added that 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.