The Teranode Project

Miners in the context of Bitcoin (SV) plays the most important role in the network. They run the Bitcoin Nodes necessary for block creation and propagation, ensuring the security and efficiency of the system. The reward is profit. Since the miners expend their resources, they are the most heavily invested proponents of the Bitcoin (SV) network - a Skin in the Game.

It is an incentive based structure that encourages the miners to compete and cooperate at the same time. While this sounds incompatible, the arrangement was so designed to reward an honest miner and punish the cheat who tries to circumvent the rules of the system - a magnificent blueprint of a thought provoking order.

Since the creation of Bitcoin (SV), a reward of 50 coins are generated in approximately every 10 minutes block. This reward halves every four years - 50 (2009), 25 (2013), and now we have 12.5 (since 2017). With a limit of only 21 Million Bitcoins (SV), it is expected that the reward will eventually run out.

Bitcoin (SV) was modeled in such a way that the halving of rewards will be compensated by the fees generated per transaction size on chain. And the only way that this transaction volume can be accommodated is for the Bitcoin (SV) block to scale - nothing else. Bitcoin (SV) will scale to Terabyte size of block with the Teranode Project.

Those who tell you otherwise does not understand the incentive based framework of the network in correlation with its security. Scaling matters.

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Author Vicar Calsado
Published Apr 15, 2019
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