Coingeek invest 3.6 million euros in scaling BCH

Owned by billionaire Calvin Eyre cryptocurrency media platform Coingeek invest 3.6 million euros in the initiative Terab for scaling Bitcoin Cash. Coingeek together with partners Nchain and Lokad plan to increase the size of the BCH block 1 terabyte, which may allow the network to produce up to 7 million transactions per second.

«Segwit surpassed their own progress by failing to resolve the current problem with a block size of 1 MB, which allows only 3-7 transactions per second and, thus, BCH may be the history of cryptocurrency,» explains Coingeek.

In October last year, BCH community welcomed the news that a block of 1 GB was obtained on a test network Gigaball (Gigablock Testnet Initiative).

The head of the Lokad Joannes Vermorel (Joannes Vermorel) conducted a study and explained that the blocks of 1 terabyte theoretically viable blockchain BCH. It remains to solve only the obvious problempayday the ability of networks and the volume of devices required for storage units such indiscreet size.

The project Terab is only for peer-to-peer electronic cash system. According to Coingeek, chief scientific officer Nchain Craig Wright will work closely with the project Terab, and the Lokad team for software development Terab. The project will focus only on BCH. According to the head Coingeek, this type of development reflects the vision of Satoshi «peer electronic cash system».

«Criticism of cryptocurrencies is very useful because it help us understand what obstacles we need to resolve in order to achieve low commissions micro-transactions. We will prove that BCH is the only true blockchain», – says the head of Coingeek.

In addition, Coingeek plans to Finance and other projects that aim to use the blockchain. The company encourages cooperation of all developers in this area.

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