Terab project takes on Bitcoin BCH toughest challenge—managing UTXO dataset

To be competitive in the global payment space, cryptocurrencies need to scale to the level of transactions that traditional payment networks can provide. On-chain scaling is the only option that can make Bitcoin accessible to billions of people worldwide. Needless to say, scaling on-chain is one of the most important challenges for Bitcoin—and one that Lokad CEO Joannes Vermorel is meeting head-on with the Terab project.

In an interview with CoinGeek.com, Vermorel described the Terab project as “an ambitious project” that that targets to address the most difficult scaling problem of Bitcoin:  managing unspent transaction outputs (UTXO) dataset.

“You can think of the UTXO as all the ‘spendable’ Bitcoins,” Vermorel said. “As the number of users grow, this dataset grows as well, which is expected and fine. Nowadays, we have tremendously capable computing hardware; however, Bitcoin Cash (BCH) is the only Bitcoin that is sticking to the original vision of harnessing this processing power to onboard all of humanity, instead of artificially restricting adoption to a few.”

In a blog post, titled “Terabyte blocks for Bitcoin Cash,” Vermorel explained how 1TB blocks are viable on the BCH chain. A single terabyte block, added every 10 minutes, can contain about 4 billion transactions, and provide capacity of 7 million transactions per second. However, with such a massively scaled BCH network, developers will need to figure out how to optimize the UTXO database maintained by nodes to prevent BCH double spending.

This paved the way for the Terab project, an open source initiative backed by blockchain technology research and development specialist nChain Group and CoinGeek.com owner and Antiguan-based entrepreneur Calvin Ayre, who has pledged up to €3.6 million in funding.

Talented software engineers needed

One of the Terab project’s goals is to deliver a standardized microservice API and high performance single node, multi-node and distributed software implementations that are progressively capable of supporting the throughput required for 1GB and then 10GB blocks, laying the groundwork for similar implementations that can support TB size blocks. To achieve this, Lokad is forming a team who will develop the Terab software, which will be made available for usage under an open source license, but only for usage on the BCH chain.

Vermorel admitted that it takes time to ramp up “a great team.” Currently, the Terab team has already hired five software engineers, four of whom are scheduled to start in June. The team is also looking for a technical writer, who will make the project accessible to the dev community.

“More than ever, we are looking for talented software engineers. We primarily seek people who passionate about their craft and who care about produce excellent software pieces. If you happen to be interested by Bitcoin, it’s nice but it’s not a requirement either. The project itself is tough big data challenge; and it’s the opportunity to learn how to design an open source system both tremendously scalable but also incredibly reliable,” Vermorel said.

Internally, the Terab team has already made a lot of progress on many internal pieces of the project, although it’s still too early to publish the code, according to Vermorel. The team had also gotten feedback from leader Bitcoin teams regarding the API of the Terab microservice, which he said is important to make sure that drop-in replacements for Terab will remain possible.

“We want to have a first version of Terab released before the end of the year,” Vermorel said. “Bitcoin is already getting an upgrade to 32MB block in May. There is no urgency, the existing Bitcoin implementations can scale smoothly to blocks that are significantly larger. Terab will only start to become relevant when blocks start to grow to hundreds of MBs. However, considering the tremendous adoption rate of Bitcoin, we should work swiftly in order to make sure that Bitcoin remains forever usable with very low fees. Failing to do that, Bitcoin would face gigantic fees just like what regularly happens now with Segwit-coin BTC (inaccurately called Bitcoin Legacy or Core by most).”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/terab-project-takes-bitcoin-bch-toughest-challenge-managing-utxo-dataset/

Bitcoin Cash Conference Amsterdam

Whatever your token of choice is, you are invited: drop by if you’re in the area on February 27th.

A closely knit community of cryptocurrency enthusiasts is conducting an event dedicated to exploring the future of Bitcoin Cash (BCH), with notable speakers contributing to the discussion on further developments.

This will be their first official event—they started out merely as a small, cozy group meeting up at a bar. And similar to the way Bitcoin Cash gained massive support at a very fast pace, the group is now opening their doors to a quickly growing community.

“What started out as an idea to meet in a bar with about 10-20 people to socialize and talk about Bitcoin Cash, turned out a bit bigger than expected,” the group wrote in their Meetup page.

The event happens in Amsterdam this February 27th at TQ, a startup tech hub formed by TheNextWeb (TNW) in collaboration with Google, KPMG, Booking.com and ABN-AMRO.

“We think this vibrant place that gives space to startups and industry leaders is the perfect place to host the first Bitcoin Cash (mini) Conference on February 27th.

The Netherlands and its capital Amsterdam, in particular, has an amazing Bitcoin community with many merchants, investors, companies, and developers working in this space.

Amsterdam hosts many cryptocurrency related meetups and we think it is time to give Bitcoin Cash its deserved voice in town,” says Remy de Vries, organizer of the event.

To aid the discussion, a range of notable speakers will be delving into different issues and developmental areas for the cryptocurrency. Among the speakers is Joannes Vermorel, the founder and CEO of Lokad—the company that is currently working with nChain on the Terab project, which runs rigorous testing to bring Bitcoin Cash blocks up to one terabytes (1Tb), or 7 million transactions per second. Speakers also include Cyber Capital founder Justin Bons, BTC.com core developer Tobias Hoffman, Bitcoin Cash Fund founder and executive director Paul Wasensteiner, among others.

Apart from the discourse, there are also merchandise and BCH airdrops at stake. For those who are interested in learning more, you may RSVP through their Meetup event page. The event covers cryptocurrencies in general, and the group welcomes attendees regardless of what their coin of choice is.

“The program and event are tuned for anyone interested in cryptocurrencies regardless whether you prefer Bitcoin (BTC) or Bitcoin Cash (BCH) or other currencies. Above all, we want to give you the opportunity to learn while being able to relax and socialize with people who are interested in Bitcoin Cash in an amazing setting,” de Vries adds.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

CoinGeek.com funds Terab project with Lokad and nChain; enabling path to 1 terabyte blocks and 7 million transactions per second for Bitcoin Cash (BCH)

CoinGeek.com announces 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 (1 million megabyte) 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.

The legacy Segwit Bitcoin has shackled its own progress by refusing to allow the current block size cap (1MB) that only allows for 3-4 transactions per second to be lifted and thus has fated the coin to the dustbin of cryptocurrency history. But last October, the BCH community welcomed news that a 1 gigabyte (GB) block was successfully mined and propagated through the Gigablock Testnet Initiative, the collaboration between Bitcoin Unlimited and nChain.

Envisioning an even bigger future, Lokad founder, Joannes Vermorel 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. 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.

With such a massively scaled BCH network, one technical issue that must be solved is how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins. Assessing the correct amount of Bitcoins associated with each output is an essential step in the validation of a new block. With the transaction volume possible in 1TB blocks, the UTXO database would also grow immensely.

Lokad now has the funding for Terab, an open source initiative to develop solutions to optimize performance of the UTXO database and prepare for a future BCH network with 1 TB blocks. The Terab project’s goal is to deliver a standardized microservice API and high performance single node, multi-node and distributed software implementations that are progressively capable of supporting the throughput required for 1 GB and then 10 GB blocks. These will pave the way for similar implementations that can eventually support TB size blocks. Lokad will hire and manage a project team to develop the Terab software. The Terab software will be made available for usage under an open source license, but only for usage on the BCH chain.

Antiguan citizen and owner of CoinGeek.com, Calvin Ayre, has pledged up to 3.6 million Euro worth of funding to Lokad for the Terab project, in order to make massive BCH scalability a reality.

Coupled with CoinGeek’s financial investment, nChain will provide technical advice, support from its research and development team members, and relevant intellectual property licenses for use in the Terab project. nChain’s Chief Scientist Craig Wright will work closely with Lokad on this initiative.

Lokad CEO, Joannes Vermorel, commented: “To have this level of support means we can start building progressive scalability for BCH immediately which will be transformative for BCH as the only genuine peer-to-peer currency.”

nChain Group CEO, Jimmy Nguyen, added: “Terab is exactly the type of collaboration that nChain supports – projects that help fulfill the Satoshi Nakamoto white paper’s vision of a peer-to-peer electronic cash system. Bitcoin Cash best represents that vision, and we are pleased to partner with Lokad to solve a key technical need for a massively scaled BCH network. The Terab project also exemplifies how microservices architecture is needed for BCH applications to reach enterprise-level usage.”

CoinGeek.com owner, Calvin Ayre, continued: “The criticisms of cryptocurrencies are very useful as they help us see what hurdles we have to take down in order to achieve low-fee micro-transactions. They are a few more which we will be addressing in due course but rest assured we will prove that BCH is the one true chain.”
In addition to Terab, CoinGeek.com intends to support more initiatives that will enable global growth and adoption of Bitcoin Cash. If you are a developer or technology venture that needs funding to develop projects or applications for the Bitcoin Cash chain, send your pitch via http://coingeek.com/contact.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.