Waves platform recently announced that it is going to implement a new technology in its blockchain which will enable the network to process “thousands of transactions” per minute. This will make Waves the fastest DLT platform available today.
Waves-NG, the next generation technology, is based on the Bitcoin-NG proposal made by Emin Gün Sirer and Ittay Eyal, two Cornell Computer Science academics.
This technology will increase the effective blockchain and speed of block creation, and Waves is claiming that the new speed will be “especially significant for businesses”. It will also allow microtransactions without the delays which are typical of traditional blockchain systems.
Moreover, it will allow the network to sustain high loads like token distribution after a crowdsale and even airdrops of bonus tokens. The transaction processing speed of trading at Waves Decentralized Exchange (DEX) will also increase significantly.
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Emin Gün Sirer said: “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.”
With current blockchain technology, there is a significant delay in synchronisation between nodes as they are scattered all over the world. This often leads to the occurrence of forks.
NG tackles this issue and allows an increase in the number of transactions per block without increasing the number of forks. Unlike a traditional blockchain, the miner can send transactions that will fill the block only after the information necessary to start generating the next block is delivered to all nodes, and this process is done very quickly after the previous one is generated.
Alexander Ivanov, founder and CEO of Waves, said: “We are very excited to be able to deploy Waves NG on our network. As a platform for 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.”
Founded in 2016, Waves is a global public blockchain platform, and it had a very successful ICO in June 2016, raising over $16 million.