BSV-based start-up mintBlue is a perfect showcase for BSV, as it highlights the unbounded scaling and complex smart contract processing which the protocol is capable of. This was recently confirmed when mintBlue broke the proof-of-work world record with over 50 million transactions.
On 15 March 2023, the platform processed 18GB of data, registering 91% of all transactions across all major blockchains (BitInfoCharts). It is also the greenest provider as per the mintBlue Blockchain Sustainability Index. While this is far above the previous record, it is still only a fraction of the transactions which the BSV blockchain is capable of. Currently, this stands at 1.4 billion transactions in 24 hours.
A real use case for BSV: data ownership, transparency, storage, and authentication
MintBlue’s record-smashing attempt saw it writing 50.53 million transactions to the blockchain, while the BSV network itself processed 55 million total transactions over the same period. While this feat far surpasses what is possible on other protocols, the attempt also only cost €400 – highlighting the speed, scaling and efficiency of the BSV blockchain.
Ahead of the attempt, mintBlue said its goal was to debunk common knowledge myths around the issues of using blockchain at scale and in real-world use cases. Every transaction included the storage of a real, Universal Business Language (UBL)-compliant document and mintBlue sustained an average of around 630 transactions per second over the period.
The record number of transactions is only possible on BSV, as it is the only protocol which can scale to a billion transactions per second and beyond using payment channels and overlay networks.
The ground-breaking milestone showcases the immense potential of public blockchains in facilitating large-scale deployments of use cases centred around data ownership, transparency, storage, and authentication. It challenges the common belief that public blockchains are not suitable for such purposes, opening new possibilities for the future of blockchain technology.
A BSV-first company from the start
MintBlue is a Blockchain-as-a-Service (BaaS) platform, offering companies an easy way to build blockchain-based services while ensuring scalability, reliability and efficiency.
The mintBlue blockchain development suite removes the complexity of blockchain technology so that organisations can focus on their own solution and business logic instead of investing resources into building it from scratch. mintBlue specialises in fully compliant, patent-protected blockchain technologies and works with professional data centres. The technology has been endorsed by multiple universities as the best option for implementing blockchain.
mintBlue was re-branded from Kyrt, which began as a project created for the third BSV Hackathon in 2020. Kyrt earned third place at the event and quickly garnered interest from investors and prospective clients. The initial vision for the project was to create pre-packaged API services, tailored SDKs and ready-made infrastructure that allows businesses and developers to build applications on the BSV blockchain without needing to interact directly with Bitcoin Script and opcodes.
Addressing the blockchain problem for companies
While the record-breaking attempt makes for impressive headlines, it also shows that the BSV blockchain is here to stay and has real-world applications. Speaking to BSV Blockchain Association in 2021, mintBlue CEO Niels Van den Bergh noted that there are barriers for larger organisations when working with blockchain. This includes:
- Integrating all their existing systems with the blockchain,
- Dealing with issues around privacy and security;
- Difficulty in hiring and keeping blockchain talent.
These combined issues mean corporations and large organisations have historically had major problems getting their blockchain projects off the ground. mintBlue addresses this problem by acting as a service provider – allowing for the easy integration of payments and using common programming languages.
Van Den Bergh noted that these are offered as packaged standardised API services that organisations can just plug into their systems with common programming languages, so their current developer team can simply build with blockchain.