The Waves custom blockchain platform provided some welcome news to its community declaring they are now implementing new technology that will enable the network to process thousands of transactions per minute, making it the fastest decentralized blockchain in the world. This innovation will bring Waves blockchain technology to its next level of evolution, making it able to compete with mainstream payment processors and more ready for wider market adoption.
The public stress test will begin on November 8th. “Waves-NG”, as the upgrade goes by, is a next-generation technology designed to increase effective bandwidth and speed of block creation. It is especially significant for businesses using the 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 the distribution of tokens following crowd sales and airdrops.
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.”
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).
Alexander Ivanov, founder, and CEO of Waves affirmed:
“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.”