Bitcoin & Crypto & NFT News
Waves platform, the custom blockchain token initiative targeting mass-market consumer and business adoption, is making progress with scalability solutions for its blockchain network. It has announced a series of measures to enable greater network scalability.
Waves is a decentralized platform that allows any user to issue, transfer, swap and trade custom blockchain tokens on an integrated peer-to-peer exchange. Tokens may represent a share in a crowdfunding project, a financial instrument, or any other item with inherent value.
Since every transaction is recorded on the blockchain, Scalability issues have plagued cryptocurrency platforms for a while now. The requirement of resources to process and store the information continues to increase.
There have been numerous scalability proposals for Bitcoin itself, including Segregated Witness (SegWit) to improve its current maximum capacity and allow greater adoption.
The Waves team has made a series of publications and presentations aimed at addressing various aspects of scalability which will be integrated into the Waves protocol in near future.
Early in January, Leonid Reyzin delivered a presentation titled “Improving Authenticated Dynamic Dictionaries” at Real World Crypto 2017. It offered details about possible ways to streamline the large and growing key value store associated with blockchain transactions. The implementation of authenticated data structures allows for continued use of lower-powered devices to maintain the network, enabling greater efficiency than current approaches.
Waves platform is refactoring and optimizing the storage to reduce blockchain size so that it is ready for different implementations in the near future.
It is the aim of the Waves development team to not only improve security and create a robust network but to also to raise the transaction capacity. However, until blockchain can scale properly it cannot hope to compete against traditional payment processors capable of handling thousands of transactions per second on an average. At peak capacity, they can process tens of thousands of transactions as well.
An updated scalability roadmap for Waves will be released in due course, detailing how these different methods will allow the platform to achieve the capacity it needs for mass-market adoption.
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