Waves announced on Wednesday it is implementing new technology, which will enable the network to process thousands of transactions per minute, which makes it the fastest decentralized blockchain platform in the world.
According to the blockchain platform, “Waves-NG” is described as a next-generation technology designed to increase effective bandwidth and speed of block creation, is especially significant for businesses using Waves, since it allows conducting microtransactions without any delays which are typical for traditional blockchain systems. The tech 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) is increased as well.
Waves also reported that the prototype for Waves-NG development was Bitcoin-NG, which is a protocol developed for bitcoin by Emin Gün Sirer, Co-Director of the Initiative for Cryptocurrencies and Contracts at Cornell University. Sierer stated:
“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.”
Waves went on to note that NG is a protocol change that allows an increase in the number of transactions per block without increasing the number of forks. Alexander Ivanov, Founder and CEO of Waves, added:
“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.”
As previously reported, Waves is a marketplace for launching crowdfunding campaigns and issuing digital assets or tokens using the Blockchain. It is the largest blockchain project to originate from Russia.