Imagine sending money to a peer overseas via a bank transfer. It would take 2-3 days and would come at quite a considerable cost. Blockchain transactions can be validated without the help of a 3rd party. Here’s the problem though… Even though most blockchain transactions are processed in seconds, most of them wouldn’t be able to match the speed of Visa or Master-Card. The speed of Bitcoin is 7 TPS while Ethereum stands at 20 TPS.
In this article, we’ll explore the fastest blockchain platform in the world.
Waves is working on a new technology that will enable the network to process thousands of transactions per minute – making it the fastest decentralized blockchain platform in the world. This will bring it to the next level of evolution and increase market adoption. The Waves platform is a next-generation tech platform that increases bandwidth effectiveness and speed of block creation. This will enable companies using the Waves platform to withstand high loads like the distribution of tokens following a crowd sale or the conclusion of an airdrop campaign. TPS has also increased. The platform uses Bitcoin-NG, a protocol developed for Bitcoin by Emin Gün Sierer, Co-Director of the Initiative for Cryptocurrencies and Contracts at Cornell.
Waves has been at the forefront of the race to scale, and if blockchain technology gets implemented in more industries, scalability is important. With NG, Waves has adopted the cutting edge of blockchain protocols for on-chain scaling. NG enables blockchains to minimize latency and maximize throughput. NG is a protocol change that allows an increase in the number of transactions per block without increasing the number of forks. The information necessary to generate the next block is delivered to all nodes quickly after the previous one has been generated, and only then does the miner send the transactions that will fill the block to the network, submitting them in micro-blocks.
NG will power next generation high throughput of transactions while maintaining robust security. It lays the foundation for Blockchain’s next phase of growth and a massive change in the ecosystem’s size that blockchain can support.
There are several potential solutions like the Lightning Network that promised to enhance transaction speeds for Bitcoin, Litecoin, and a handful of other massive cryptocurrencies to breakthrough numbers. Their development teams are developing new solutions to scale transactions per second at an exponential rate. They will test these solutions in a few months from now. Many scaling solutions are “second layer” and offer the use of fewer validator nodes which pushes cryptocurrencies towards centralization.