Waves is implementing new technology, which will enable the network to process thousands of transactions per minute – making it the fastest decentralized blockchain platform in the world. This innovation will enable blockchain technology to compete with mainstream payment processors and to achieve mass-market adoption. The public stress test has begun on 8th November.
“Waves-NG”, a technology designed to increase effective bandwidth and speed of block creation, is especially significant for businesses 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 the distribution of tokens following crowdsales and airdrops of bonus tokens. The speed of processing trading transactions on Waves decentralized exchange (DEX) will be 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 an 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,” 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 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,” says Alexander Ivanov, founder and CEO of Waves.