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Is Teranode even real? Jake Jones discusses taking Bitcoin to unbounded scaling on CoinGeek Weekly Livestream

Jake Jones

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In this week’s CoinGeek Weekly Livestream, Kurt Wuckert Jr. joined the 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.

Note on “reserve certificate”

Wuckert begins by mentioning the proof of reserves that circumvents swap and lending programs in an attempt to prove they are liquid.

He finds it odd that they claim they can’t prove their on-chain assets in terms of security, when they never accepted the same argument Dr. Craig Wright made to prove his Satoshi coins.

It’s yet another 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 they are 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 started with the Bitcoin Association two years ago. He wrote a course on hash functions and eventually moved into engineering.

Jones’ background is in computer science. He was introduced to Bitcoin in his twenties and started mining with his friends on GPUs. It was short-lived, but it sparked 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 an effort to reach an unbound scaling state. To get to unlimited scaling requires horizontal scaling and microservices, and Teranode is part of that equation.

Where are we now? The alpha test is done and the team is trying to show that it can handle unlimited scaling mode. Let’s hope this time next year they have something viable and ready to handle massive scaling. The whole idea is to make SV Node more efficient.

Jones then gives an in-depth technical explanation of what’s going on under the hood, including how they make sure everything works correctly 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 recover Merkle paths (some sort of UTXO lookup).

What IDE do they use to work on Teranode? Jones says this is up to developers, but most use IntelliJ. Is there a way for people to build a Teranode client on Go or Rust? Jones says one of the benefits of a microservices architecture is the ability to take those elements away and build them the way you want. Building customers in different languages ​​has been discussed.

How many TPS have they achieved? We’ve already seen a live demo showing 50,000 and they’re trying to get 100,000 and then they go from there. Will Teanode spell the end for home miners? Wuckert would say that’s already almost impossible, and Jones agrees.

IPv6 and Bitcoin SV

Wuckert mentions that Bitcoin was IPv6-capable 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 Bitcoin micropayments require IPv6 to scale properly. There is a nice symbiosis between the two that both Latif Ladid and Dr. Wright recognize. Professor Ladid understands what Bitcoin can do for the Internet, something both men have been committed to building for several 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 that receivers subscribe to in order to receive data packets.

Wuckert mentions Dr. Wright’s scaling goals to billions of transactions per second and asks what Bitcoin might look like ten years from now.

“I don’t think anyone knows but Craig,” Jones replies. Even governments and companies could use their own nodes in BSV.

What about mApi? It was developed at a time when it was needed, but what is really needed now and in the future is UTXO search, says Jones. These things are being worked on now.

What could be done with IPv6? Jones says one of the biggest is moving away from the advertising model to direct payments.

Final comments

Wuckert asks Jones if there is anything he wants people to understand about Bitcoin.

He responds that micropayments can really change the world in many ways, and he encourages others to think about how they could make a difference. Micro-entrepreneurship, sending small payments, empowering the world’s poorest people and other revolutionary things could be unlocked with micro-payments.

Watch: CoinGeek New York Conference, Teranode Live Demo Shows 50k TPS on BSV Blockchain

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New to Bitcoin? Check out CoinGeek Bitcoin for beginners section, the definitive resource guide to learn more about Bitcoin – as originally designed by Satoshi Nakamoto – and blockchain.

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