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.
- Archax Opts for R3’s Corda for Digital Exchange DLT Infrastructure - October 18, 2019
- Dubai Property Giant Emaar to Launch Blockchain-Based Rewards and Loyalty Ecosystem - October 17, 2019
- World’s Largest Cryptocurrency-Fueled Darknet Child Pornography Website Hammered – 300+Busted - October 17, 2019
- Wanxiang Blockchain and PlatON Launch Consortium Blockchain Infrastructure in China - October 7, 2019
- PayPal Quits Facebook Cryptocurrency Project Libra - October 7, 2019
- Walmart To Use Blockchain For Shrimp - October 7, 2019
- Channel Tools adds Blockchain-Driven Verification Service Evident Proof To It’s Kit - October 7, 2019
- Zuckerberg Under Intense Pressure to Testify to US Congress about Libra - October 4, 2019
- Report: Canadian Blockchain Industry Has Some of The Highest Paid Workers in the Country - October 4, 2019
- Bavarian Company RISE Wealth Technologies with Houston-based Entoro, Launching Largest European STO to Date at USD$120 million - October 4, 2019
- October Launch Confirmation for Telegram Open Network (TON) - October 4, 2019
- Liechtenstein Parliament Passes Blockchain Act - October 4, 2019
- Pioneer of Blockchain Certification For The Visual Arts Verisart, Raises $2.5 million in Series Seed Funding - October 4, 2019
- Uruguayan Digital Party to Embrace Æternity Blockchain Technology For Member Voting - October 3, 2019
- Decentralized Trading Technology Startup Vega Raises $5 Million Seed – Pantera Capital Leads Oversubscribed Round - October 3, 2019
- Malta-Based OKEx Kicks Off Global Compliance Standards Initiative for Cryptocurrency Exchanges - October 3, 2019
- Dama Financial and Helix TCS Establish First Blockchain-Fueled, Complaint Cannabis Marketplace - October 3, 2019
- New Digital Rights Law Enacted in Russia – Establishes Basic Definition Of Tokens And Governs Smart Contracts - October 2, 2019
- Six major Japanese Brokerage Firms Establish Japan Security Token Offering Association - October 2, 2019
- Vancouver’s BIGG Digital Assets Cuts Deal with US Federal Government Agency - October 2, 2019