[Zug, Switzerland] TAAL, the leading blockchain services provider, has made a groundbreaking decision this week by reducing transaction fees on the BSV Blockchain by 98%. The fees have dropped from 50 Satoshi (SATS) per kilobyte (£0.010239) to just 1 SAT per kilobyte (£0.000205). This significant move highlights the potential for unlimited scaling without increasing transaction costs, solidifying TAAL as the top enterprise platform for big data in the market.
Compared to other chains, the new benchmark transaction fee on the BSV Blockchain is remarkably lower. The average per-transaction fee on BTC stands at £1.89, while Ethereum charges £2.94. It's worth noting that Ethereum's fees have decreased over the past year, as it previously charged approximately £9.34 per transaction.
The high fees on Ethereum, coupled with its scalability limitations, make large-scale data enterprise applications economically impractical. In light of this, TAAL's fee reduction on the BSV Blockchain offers a cost-effective alternative, ensuring scalability without compromising on functionality.
Lars Jorgensen, CEO of TAAL, expressed the significance of this decision, stating, "We made this change in just 30 seconds, but it represents a giant leap towards creating a true Internet of Value and a new data economy for the world. By reducing transaction fees to one SAT, we are futureproofing the BSV blockchain, enabling ecosystem growth, and enhancing utility on the chain. As BSV scales, we all benefit."
The fee reduction is a permanent change and is accessible to all users transacting on the BSV network. Although transaction sizes may vary, the average data size written to the blockchain falls within the range of 400-1000 bytes. To put the cost savings into perspective, for a million transactions, the price has decreased from $12.5 million to just 25 cents.
While this reduction may seem modest, it paves the way for the BSV blockchain's ambitious goal of processing trillions of transactions daily in the near future. The ongoing development of Teranode, the platform's backbone, has shown promising results, with current throughput reaching an impressive 1,300,000 transactions per second and no apparent limits. The design objective is to achieve unlimited scalability.
On May 26, 2023, the BSV Blockchain made history by processing over 86 million transactions within a 24-hour period, breaking previous scaling records. With the fee reduction and the continuous advancement of the network's infrastructure, the future holds even greater possibilities for blockchain scalability and global adoption.
