The network upgrade makes Waves the fastest decentralised blockchain platform in the world, and paves the way for mass-market applications.
The Waves-NG code was deployed on mainnet earlier this month, with miners tasked with signalling 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 we are pleased to announce that NG is 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 optimisations 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/minute in the future — without factoring in the effect of any off-chain transactions.
We would like to thank our mining community for voting for this historic upgrade, and wish you a very Merry Christmas!