Waves Platform Implements New Blockchain Scalability Approaches

335
ADVERTISEMENTSFuture of Moneycreditx RoboRobo Dreamtime

Share with:


The Waves platform, a custom Blockchain token initiative targeting mass-market consumer and business adoption, has announced a series of measures to enable greater network scalability.

Scalability has long been a problem for cryptocurrency platforms. Since every transaction is recorded on the Blockchain, the requirement of resources to process and store the information continues to increase. Bitcoin itself has been the subject of numerous scalability proposals, including Segregated Witness (SegWit) to improve its current maximum capacity and allow greater adoption.

Diverse Approaches for Scalability

The Waves team has made a series of publications and presentations aimed at addressing various aspects of scalability. These will be integrated into the Waves protocol in near future.

Early in January, Leonid Reyzin delivered a presentation titled “Improving Authenticated Dynamic Dictionaries” at Real World Crypto 2017. It offered details about possible ways to streamline the large and growing key value store associated with Blockchain transactions. The implementation of authenticated data structures allows for continued use of lower-powered devices to maintain the network, enabling greater efficiency than current approaches.

Waves platform is refactoring and optimizing the storage to reduce Blockchain size so that it is ready for different implementations in the near future.

Next-gen PoS and Choices for Miners

This can dramatically increase transaction throughput. Using these combined techniques, the Waves development team aims not only to improve security and create a robust network but also to raise the transaction capacity. However, until Blockchain can scale properly it cannot hope to compete against traditional payment processors capable of handling thousands of transactions per second on an average. At peak capacity, they can process tens of thousands of transactions as well.

An updated scalability roadmap for Waves will be released in due course, detailing how these different methods will allow the platform to achieve the capacity it needs for mass-market adoption.

Learn more about the Waves platform at – www.WavesPlatform.com

For more information, read the first tech paper at – https://eprint.iacr.org/2016/994.pdf

View the code at – https://github.com/input-output-hk/scrypto/tree/master/src/main/scala/scorex/crypto/authds

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisementGameflip"