Waves — the fastest ever blockchain

The Waves network has implemented a ground-breaking new protocol that will allow its blockchain to process thousands of transactions per minute.

Waves — fastest blockchain in the world

Waves NG is making the platform easier and faster. It allows us to handle hundreds of transactions per second and means we are the fastest blockchain in the world.
The Waves-NG code was deployed on mainnet, 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!

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About Waves-NG

Cost per transaction

Transaction per second

Waves-NG is a next-generation consensus algorithm, based on the Bitcoin-NG proposal made by Cornell Computer Science academics Emin Gün Sirer and Ittay Eyal.
Bitcoin-NG was designed to address bitcoin’s scalability issues, increasing network throughput to hundreds of transactions per second. Waves-NG adapts this proposal to Waves’ proof-of-stake consensus, and is the first ever implementation of the protocol in a production blockchain system.
Bitcoin-NG whitepaper
Traditional blockchain model
In a traditional blockchain model, blocks are discovered at roughly similar intervals and the most recent transactions are processed once a miner has earned the right to submit them to the network. This places fundamental limits on the capacity of the blockchain. Bitcoin, for example, has a theoretical maximum of roughly 3 tps.
NG model
In the NG model, the next miner is selected in advance. The miner creates a ‘key block’, which is then immediately filled with microblocks containing transactions, which requires no further proof-of-work. Whilst maintaining the open structure of the protocol, this allows transactions to be confirmed as fast as the network will allow. Waves’ proof-of-stake approach further improves speed, increasing capacity by a factor of a hundred or more.
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We do more than just develop the technical aspects of the platform: we also participate actively in integrating blockchain into real-world applications to grow the crypto economy.