Waves Announces Technology Innovations for the Real World

With the completion of its core functionality, Waves will now build on its powerful feature set to ensure the network is enterprise-ready and prepared for mass-market applications.

Waves was launched a year ago after its extremely successful crowdfund, and the full decentralised network has been operating for around 7 months. During that time the development team has built the core functionality of token operations, the decentralised exchange (DEX) and the first gateways, attracting numerous businesses to the platform along the way.

Now that this initial ‘bootstrapping’ of the network and ecosystem is complete, the foundations are ready for Waves to expand to become a robust platform suitable for far wider adoption, with updated core features and extensive new ones.

New milestones

A series of new features will be integrated in Waves to enable high transaction throughputs and business tools: a fast yet scalable system that can deal with the rigours of real-world commercial use.

Bitcoin NG-like mining. In this approach, miners generate empty ‘keyblocks’, which give them the right to generate ‘microblocks’ containing new transactions. These are pushed into the network until the next keyblock is generated. An adapted approach of this for Waves, along with larger blocks and low transaction fees, will enable thousands of transactions a minute – making the platform ideal for high-throughput applications.
State storage optimisation. Use of authenticated data structures will allow users to store only token data that is important to them – an important feature for addressing blockchain bloat for a custom tokens platform, which may have many thousands of assets on it. Nodes still verify all transactions for all tokens.
Smart contracts. Many lessons have been learned from Ethereum’s rise to prominence. Waves’ smart contracts will be non-Turing complete, a generalisation of bitcoin scripting that encompasses most of the same functionality. These smart contracts – essential for any credible blockchain platform – will run for the price of a normal transaction.
Anonymity and security. Multi-signature transactions will be implemented, as will anonymous transactions. These are, again, critical for real-world business applications.

‘Together, these measures will make Waves truly unique. It will be suitable for high-throughput use cases, with the business logic and security features that are fundamental to the confidence that mainstream organisations need in a blockchain platform,’ comments Waves CEO, Sasha Ivanov. ‘As a result, Waves will be better positioned for real-world applications than any other open blockchain.’

Alongside all of this, the Waves ecosystem is steadily expanding. New partner organisations are coming on board, new fiat gateways are being organised, and a compliant token crowdfunding platform, Tokenomica, is being launched. ‘Business development is taking off. Waves is the foremost blockchain platform in Eastern Europe, and we are gaining a lot of interest from all walks of life. We are very excited about the future of Waves, and of blockchain technology in general.’

For more information, visit www.WavesPlatform.com.