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TerraNode: A New Bitcoin Scalability Solution

Linda Hamilton

Nov 05, 2024 pm 10:06 PM

Bitcoin ScalabilityCraig Wright TerraNode

Australian entrepreneur Craig Wright has announced the project to develop TerraNode, a global, borderless payment system that will work with the world's leading cryptocurrency: Bitcoin.

TerraNode: A New Bitcoin Scalability Solution

Australian entrepreneur Craig Wright, who has been at the center of a legal dispute over his claims to be the creator of Bitcoin, has now announced an ambitious project to develop TerraNode, a global payment system that will work with the world’s leading cryptocurrency.

In a post on the social media platform X on Friday, Wright stated that the first phase of system development has finally begun, following 15 years of planning. He described TerraNode as a new Bitcoin scalability solution that will be able to support vastly higher transaction volumes, even during periods of high demand.

According to Wright, the goal is not to wait for demand to grow before expanding, but to focus on building infrastructure ready to support growth at all levels, which could be crucial in handling demand surges.

TerraNode Aims to Transform Bitcoin from Asset to Payment System

In a bid to transform Bitcoin from a mere speculative asset into a truly efficient global payment system, TerraNode could be launched within 10 years, according to Wright, a computer scientist and self-proclaimed creator of Bitcoin who shared his plans on X for a new BTC scalability solution.

As BTC accumulation by whales continues, Wright’s plans for a new Bitcoin scalability solution are emerging. In his view, this project has a goal that extends beyond technical innovation it carries a grand mission.

As he sees it, Bitcoin is the right tool to empower people in areas marginalized by traditional financial systems, connecting them to the global economy. By eliminating high costs and regulatory issues, individuals will have the freedom to transact directly, without the constraints of governments or financial institutions.

“With TerraNode, we are creating a system designed to scale infinitely, where capacity is not a constraint,” Wright stated. “No more waiting for updates when demand rises, no more fee increases that push users out.”

TerraNode to Be Built Proactively for Unlimited Demand Growth

Moreover, Wright emphasized that TerraNode’s goal is not to wait for demand to necessitate expansion but to proactively develop an infrastructure that, he believes, will be ready to adapt to any level of demand growth.

In summary, Wright’s ambition with TerraNode is to revolutionize Bitcoin’s role, turning it into a scalable global payment system capable of supporting unlimited demand. Although the project is still in its initial stages, his vision is to transform Bitcoin from a speculative asset into a tool for fast, accessible transactions, with the hope of launching it within the next decade.

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