State of chain—Teranode update on CoinGeek Weekly Livestream
On episode 31 of the CoinGeek Weekly Livestream, Siggi and Ásgeir Óskarsson gave a Teranode update and talked about what the BSV Association (BSVA) is up to. The conversation outlined how massive scaling is in the pipeline and why it matters.
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What's it like being a Bitcoin OG in Europe?
Host Kurt Wuckert Jr. begins by noting that many Europeans are newer to Bitcoin than their American counterparts. He asks what Europe is like for two people who got into Bitcoin in the early days.
Ásgeir says he has known about Bitcoin since 2012/2013 when his brother Siggi offered to pay him back some money in BTC. However, he was working in a bank at the time and his focus was elsewhere, so he didn't get involved until recently. He doesn't consider himself a Bitcoin OG, but he has followed the thread since then and has always kept up with Bitcoin's evolution.
Siggi says that, in Zug, where they're based, some avoid them while others are interested in what they're doing. Ásgeir says that many C-level executives are fascinated to hear that the big blockers are still around and scaling Bitcoin.
What is Ásgeir Óskarsson's grand vision?
Wuckert points out that there have been several BSVA managing directors in the past few years. He wonders what Ásgeir's grand vision is.
Ásgeir clarifies that he and Siggi hold a joint leadership position. While he's the head man on paper, in reality, they run things together. He had been with BSVA for a year before he was called into leadership, and during that time, he was actively involved in every project and developed a broad overview of the protocol, ecosystem, and how everything works.
As for the vision, he's focused on developing the tech stack, making it easier to build on BSV, and helping others in the ecosystem secure commercial opportunities. He won't say too much more; they're still at the beginning of their journey, and there's much more in the pipeline. In a nutshell, they're focused on connecting parties and building bridges.
A message to BSVA critics
Wuckert highlights how BSVA has its supporters and critics, and how some are opposed to it on principle. He asks the Óskarssons what they'd like to say to the critics.
Ásgeir says that BSV is a public blockchain, and anyone can build on it. He fully supports people like Dr. Roy Murphy who is building his own node software. He encourages others to do the same.
BSVA exists to support businesses and developers, not to stand in their way, Ásgeir clarifies. Everyone else is free to do what they want. The Association exists to encourage businesses to adopt the blockchain and educate, inspire, and provide resources. For example, Teranode was expensive to develop and test, so they helped with that.
Siggi, who was around in Bitcoin's early days and has seen the entire saga unfold, says those early days are well and truly in the rearview mirror. He emphasizes that BSVA is there to support and not to control. He likens it to the Linux Foundation. It supports, educates, provides standards, etc., but it still needs the red hats to go out and build apps. When the killer app comes, and it will, BSV is the only blockchain that can scale to support it. 'We're playing the long game,' he says, and while that can suck in the short term, it leads to ultimate victory.
Exchanges, liquidity, and development
Wuckert mentions the recent delisting of BSV on OKX. He wonders if BSVA is doing anything to help secure new listings to improve liquidity.
Ásgeir says there have been many positive conversations going on behind the scenes. The OKX delisting was unfortunate and unexpected, but these things happen.
In his view, it isn't just about getting listings—it's also important to partner with exchanges to educate about BSV and market it. He reminds us that exchanges are all about volume, and we as individuals can support that in our own ways.
Aside from exchanges, they're focused on what the tech can do. There are lots of projects around identity, on-chain wills, healthcare records, and more from Uganda to Argentina and beyond.
Teranode update
Wuckert asks the question everyone has been waiting for: What's happening with Teranode?
Siggi says it started about two years ago, and the team made some initial errors they had to go back and fix. They were aiming for a Q2 2025 release, but they haven't met the technical metrics they set for themselves in the beginning yet. However, they're close.
Teranode will be opening to more people to test in the coming weeks. They're ironing out some technical issues with the file database, concurrency, etc. Siggi understands why some people are frustrated with the delays and lack of updates, but it's because the team is so focused on getting Teranode to work.
Siggi wishes he could say when they'll be fixed. He points out that the solutions aren't that difficult, but finding them and retesting to make sure everything still works will take time. They won't rush, and they won't cut corners just to release it faster.
To hear more about Teranode, AI and LLMs, and why it's important for businesses to have a reason to use the blockchain, check out the livestream episode here.
Watch: Teranode is the digital backbone of Bitcoin
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