Waves announced that its NG upgrade is now live on mainnet without any issues. The NG blockchain network upgrade makes Waves the fastest decentralized blockchain platform in the world in usage and paves the way for more mass-market applications.
The Waves-NG code was deployed on mainnet earlier this month, with miners tasked with signaling whether the proposal should be activated. After the required threshold of 80% of blocks within the voting period was reached, NG was locked in on Monday. The subsequent waiting period has now elapsed and NG is now fully live.
Waves-NG is based on the Bitcoin-NG proposal made by Cornell University’s Emin Gün Sirer. Instead of pending transactions being added to a block retrospectively, as in bitcoin’s system, the next miner is chosen in advance. The miner is then able to add transactions to the block as fast as network latency allows — almost in real-time.
Along with optimizations for a proof-of-stake system, this approach will allow Waves to process around 6,000 transactions per minute.
This increase in capacity is absolutely vital if Waves is to support the kind of mass-market applications for which it was designed. Moreover, this is only a starting point. Further upgrades are expected to take the capacity of the blockchain closer to 1,000 tx/second in the future — without factoring in the effect of any off-chain transactions.
It was a busy few days for the Waves team, first announcing the launch of the Waves Lab incubator for blockchain projects at the start of the week. The team also informed today that the Waves organization is now a Swiss-registered company. Earlier this month, Waves revealed its new web client and DEX update, with an exclusive showing in Amsterdam.