Waves network is implementing a ground-breaking new protocol that will allow its blockchain to process hundreds of transactions per second. We need the community to help us stress test Waves-NG on TestNet.
Waves-NG activation stages
1. TestNet release
Anyone will be able to download node version 0.8 with Waves-NG for TestNet. We will lease TestNet WAVES to anyone who wants to run a TestNet node. Nodes will start voting for Waves-NG using the new Waves Activation Protocol.
2. Stress test
Once the voting conditions have been met, Waves-NG will be activated on TestNet and we will perform a public stress test. Anyone will be able to generate transactions and monitor how the network responds in realtime to the increased throughput.
3. MainNet release
When it is clear that the new version works as expected, we will release Waves-NG on MainNet and everyone can upgrade their nodes. Waves-NG will again be activated after the conditions of the Waves Activation Protocol have been met.
The Waves Activation Protocol ensures that hardforks required for upgrades occur smoothly. Miners set approval flags for new features in their blocks. If 90% of miners have approved the feature after 10,000 blocks or roughly 1 week (3,000 blocks on TestNet), it is automatically activated after a further 10,000 blocks.
When you click this button you will automatically generate a series of transactions. You can watch how network speed and characteristics respond in real time!
Number of transactions waiting in queue for confirmation. The greater the number of transactions processed by the network every minute, the faster this decreases.
Number of transactions mined (confirmed) by the blockchain per minute.
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.
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.
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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