Moscow-based Waves Platform was mainly developed to support the issuance and exchange of digital currencies. It completed its first Initial Coin Offering in 2016 and was successful in raising over $16 million. The blockchain-based platform debuted an upgraded version of its network on November 8th, claiming it to be the fastest in the world.
The new version, Waves-NG, is designed to speed up bandwidth and block creation. It is claimed to be able to process thousands of transactions per minute, and will enable faster trading transactions on Waves Decentralized Exchange (DEX) as well. Waves hopes that this technology will win them mass-market adoption, as it enables faster micro transactions without delays, which is a significant benefit to businesses.
The company describes Waves-NG as “a next-generation consensus algorithm, based on the Bitcoin-NG proposal”. First introduced in 2016, Waves-NG is designed to tackle Bitcoin’s scalability issues. “If blockchains are to conquer the world, they need to scale. The Waves team is at the forefront of this race to scale. And, with NG, Waves has adopted the cutting edge of blockchain protocols for on-chain scaling,” said Gün Sierer, one of the proposers for Bitcoin-NG.
The goal of Waves-NG is to minimize delays in synchronization between nodes by enabling greater number of transactions per block, without having to increase the number of forks. Developers claim that this will make it the fastest decentralized blockchain platform in the world. Moreover, it will be able to support high loads, thus facilitating the distribution of tokens following crowdsales. Bonus tokens will be given out as well.
Unlike most blockchains, Waves runs on proof-of-stake basis. The company claims that this approach will further accelerate transactions, thus resulting in increased capacity.
Waves Founder and CEO, Alexander Ivanov, says that it is crucial for a global platform like them to be able to provide faster transactions with maintained security. “NG lays the foundations for our next phase of growth and a step-change in the size of the ecosystem we can support.” he stated.
The new version, Waves-NG, is designed to speed up bandwidth and block creation. It is claimed to be able to process thousands of transactions per minute, and will enable faster trading transactions on Waves Decentralized Exchange (DEX) as well. Waves hopes that this technology will win them mass-market adoption, as it enables faster micro transactions without delays, which is a significant benefit to businesses.
The company describes Waves-NG as “a next-generation consensus algorithm, based on the Bitcoin-NG proposal”. First introduced in 2016, Waves-NG is designed to tackle Bitcoin’s scalability issues. “If blockchains are to conquer the world, they need to scale. The Waves team is at the forefront of this race to scale. And, with NG, Waves has adopted the cutting edge of blockchain protocols for on-chain scaling,” said Gün Sierer, one of the proposers for Bitcoin-NG.
The goal of Waves-NG is to minimize delays in synchronization between nodes by enabling greater number of transactions per block, without having to increase the number of forks. Developers claim that this will make it the fastest decentralized blockchain platform in the world. Moreover, it will be able to support high loads, thus facilitating the distribution of tokens following crowdsales. Bonus tokens will be given out as well.
Unlike most blockchains, Waves runs on proof-of-stake basis. The company claims that this approach will further accelerate transactions, thus resulting in increased capacity.
Waves Founder and CEO, Alexander Ivanov, says that it is crucial for a global platform like them to be able to provide faster transactions with maintained security. “NG lays the foundations for our next phase of growth and a step-change in the size of the ecosystem we can support.” he stated.