Waves is implementing new technology, which will enable the network to process thousands of transactions per minute – making it the fastest decentralised blockchain platform in the world. This innovation will bring blockchain technology to the next level of evolution, enabling it to compete with mainstream payment processors and to achieve mass-market adoption. The public stress test has begun on 8th November.
“Waves-NG”, a next-generation technology designed to increase effective bandwidth and speed of block creation, is especially significant for businesses using Waves platform, since it allows conducting microtransactions without any delays which are typical for traditional blockchain systems. It also allows the platform to withstand high loads, such as distribution of tokens following crowdsales and airdrops of bonus tokens. The speed of processing trading transactions on Waves decentralised exchange (DEX) is increased as well.
The prototype for the development of Waves-NG was Bitcoin-NG, a protocol developed for Bitcoin by Emin Gün Sierer, Co-Director of the Initiative for Cryptocurrencies and Contracts at Cornell.
“In recent years, we have seen blockchain technology show the world its unique capabilities and amazing promise. As well, we’ve seen it hit a wall when it comes to scalability. If blockchains are to conquer the world, they need to scale. The Waves team is at the forefront of this race to scale. With NG, Waves has adopted the cutting edge of blockchain protocols for on-chain scaling. Specifically, NG enables blockchains to minimize latency and maximize throughput. The Waves team has shown that they have an innovative platform that incorporates the best-known technology and is ready for challenges of the next generation of demanding applications,” says Emin Gün Sirer.
NG is a protocol change that allows an increase in the number of transactions per block without increasing the number of forks. The information necessary to start generating the next block is delivered to all nodes very quickly after the previous one is generated, and only then does the miner send the transactions that will fill the block to the network, submitting them in several tranches (microblocks).
“We are very excited to be able to deploy Waves NG on our network. As a platform of mass adoption, it’s critical that we should be able to support a high throughput of transactions, whilst maintaining robust security. NG lays the foundations for our next phase of growth and a step-change in the size of the ecosystem we can support,” says Alexander Ivanov, founder and CEO of Waves.
The Waves Platform (http://www.wavesplatform.com/) is a global public blockchain platform, founded in 2016. Waves Platform’s mission is to reinvent the DNA of entrepreneurship around the world by providing a shared infrastructure, offering easy-to-use, highly functional tools to make blockchain available to every person or organisation that can benefit from it. The Waves Platform is primarily designed to support the issuance, trade and exchange of digital assets or tokens using blockchain technology. It is supposed to use Proof-of-Stake as its consensus algorithm. Waves Platform completed its Initial Coin Offering in June 2016, garnering more than $16 million (30,000 BTC).