Waves Claims it Will Become the Fastest Blockchain Platform in the World

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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.

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.

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