Is Teranode even real? Jake Jones discusses taking Bitcoin to unlimited scaling on the CoinGeek Weekly Livestream
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This week on the CoinGeek Weekly Livestream, Kurt Wuckert Jr. joined by Bitcoin Association’s Jake Jones to talk about the plan to take Bitcoin to unlimited scaling, what’s happening in the BSV ecosystem and more.
A note on “proof of reserves”
Wuckert begins by mentioning the proof-of-reserve meme that circulates as exchange and lending programs try to prove they are liquid.
He finds it strange that they claim they cannot prove their reserves on chain for security issues, while never accepting the same reasoning from Dr. Craig Wright to prove his Satoshi coin holdings.
It’s further proof of the hypocrisy at the heart of the industry. While they have slandered and attacked Dr. Wright for taking his own safety seriously, they are now playing the same card when it comes time to prove themselves solvent.
Introducing Jake Jones
Jones is not a widely known figure in the BSV ecosystem, but he does important work behind the scenes. He tells the audience that he followed the BCH/BSV saga and joined the Bitcoin Association two years ago. He wrote the hash functions course and eventually moved into engineering recently.
Jones’ background is in computer science. He was introduced to Bitcoin in his early twenties and started mining with his friends with GPUs. It was short-lived, but it piqued his interest in Bitcoin. After working as a software engineer for many years, he found a video of Dr. Wright and was convinced he was legit.
What is Teranode?
Jones explains that Teranode is the successor to SV Node. It is an iteration in the search to arrive at unbound scaling. Getting to unlimited scaling requires horizontal scaling and microservices, and Teranode is part of that equation.
where are we now? An alpha test has been conducted and the team is trying to show that it can handle unlimited scaling. The hope is that this time next year they will have something viable and ready to handle massive scaling. The whole idea is to make SV Node more powerful.
Jones then provides an in-depth technical explanation of what’s going on under the hood, including how they ensure everything works as it should and how they can implement microservices in a measured way.
Teranode—Some technical information
Wuckert asks Jones what he would do differently if he was in the room with Satoshi in 2007, and he replies that he would implement a mechanism to return Merkle paths (a sort of UTXO lookup).
What IDE do they use to work on Teranode? Jones says this is up to the developers, but most people use IntelliJ. Do people want the chance to build a Teranode client in Go or Rust? Jones says one of the benefits of a microservices architecture is the ability to take those elements out and build them however you want. The idea of building clients in different languages has been discussed.
How many TPS have they hit? We’ve already seen a live demo showing 50,000 and they try for 100,000 and then they go from there. Will Teanode signal the end for home miners? Wuckert would say it’s almost impossible already, and Jones agrees.
IPv6 and Bitcoin SV
Wuckert mentions that Bitcoin was IPv6 compliant years ago, and he wants to know what’s going on. He asks for a high-level overview of the situation.
Jones explains that there are many advantages to using IPv6, including multicast and unicast. He says that Bitcoin micropayments require IPv6 to scale properly. There is a nice symbiosis between the two, which both Latif Ladid and Dr. Wright recognize. Professor Ladid realizes what Bitcoin can do for the internet, and both men are committed to building it over decades.
What are multicast and unicast? Jones explains that there are three types of addresses in IPv6; unicast, which is a one-to-one connection; anycast, where a set of receivers have the same IP address; and multicast, which replaces broadcast from IPv4, allowing you to create groups to which recipients subscribe to receive packets of data.
Wuckert mentions Dr. Wright’s scaling ambitions for billions of transactions per second and asks what Bitcoin might look like in ten years.
“I don’t think anyone knows but Craig,” Jones replies. Even governments and companies could run their own nodes on BSV.
What about mApi? It was developed at a time when it was needed, but what is really needed now and going forward is a UTXO lookup, says Jones. These things are being worked on now.
What can be done with IPv6? Jones says one of the biggest is moving away from the advertising model to direct payments.
Concluding remarks
Wuckert asks Jones if there is anything he wants people to understand about Bitcoin.
He answers that micropayments can really change the world in many ways, and he encourages others to think about how they can change things. Micro-entrepreneurship, sending small payments, empowering the poorest people in the world and other revolutionary things can be unlocked by micro-payments.
See: CoinGeek New York Conference, Teranode Live Demo Showing 50k TPS on BSV Blockchain
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