[Zug, Switzerland] On March 15th, 2023, mintBlue, a Blockchain-as-a-Service (BaaS) platform and member of the Bitcoin SV (BSV) ecosystem shattered the Proof-of-Work world record by processing over 50 million transactions in a single day. While this achievement may seem impressive, it is only a "blip" on the BSV network, which is capable of processing up to 1.4 billion transactions in 24 hours.
To put the scale of this achievement into perspective, the platform processed 18GB of data in a day, at a minimal cost of $325, registering 91% of all transactions across all major blockchains according to BitInfoCharts. Moreover, mintBlue's green and sustainable practices make it one of the leading providers in this space.
The scalable blockchain infrastructure and transactional platform, TAAL, made this record-breaking milestone possible by processing the transactions. Lars Jorgensen, the CEO of TAAL, said, "Our infrastructure can easily handle 45 million transactions in a day. Each block is up to 4GB in size, which is equivalent to up to 20 million transactions every 10 minutes. The massive scalability and the extremely low fees demonstrate the broad range of use cases and adaptation possibilities."
Niels van den Bergh, the CEO of mintBlue, said, "We wanted to debunk the 'blockchain trilemma' narrative once and for all. This blockchain myth is the belief that the technology cannot be simultaneously secure, decentralized, and scalable. It has led to a common misconception that public blockchains are slow, expensive, and not scalable. Therefore, we decided to prove the world wrong and showcase the true power of the public blockchain and present our case of its affordable and secure ability to scale."
This achievement challenges the commonly held belief that public blockchains are not viable for large-scale deployments of use cases centered around data ownership, transparency, storage, and authentication. By demonstrating the immense potential of public blockchains, mintBlue and TAAL have opened up new possibilities for the future of blockchain technology.
One of the key takeaways from this achievement is that anyone can prototype a blockchain solution in 20 minutes using the mintBlue console. The point-and-click user experience makes it easy for anyone to create a blockchain solution, which bodes well for the widespread adoption of blockchain technology.
In conclusion, mintBlue and TAAL have shattered the Proof-of-Work world record by processing over 50 million transactions in a single day, showcasing the true power of public blockchains to scale and process large amounts of data. Their achievement challenges the commonly held belief that public blockchains are not viable for large-scale deployments and opens up new possibilities for the future of blockchain technology.
