Blockchain technology is rapidly changing the world. The key word for the blockchain revolution is tokenisation. Any form of value registered to our names, whether property rights, money or even votes, is destined to be fully digitised, decentralised and tokenised, transferable and tradeable on an instant, cryptographically-secured, peer-to-peer basis.
Today we’ll talk about some relatively new aspects of blockchain development and Waves’ humble contribution to it. Most people associate blockchain with cryptocurrencies, but the technology is not restricted to money exchange alone and can be applied to almost any sphere of our lives.
How the Waves Blockchain Works
Blockchains have historically been limited by:
- Low throughput capacity
- Only a handful of transactions per second are possible
- After submission of a transaction to the network, addition to a block occurs only when the next miner has been selected.
The Waves blockchain is fundamentally different:
- Miners are chosen in advance
- Transactions added to the current block as fast as network latency allows
- Transactions are accepted in just seconds, rather than minutes
The result is unbeatable speed and throughput: Waves can support up to 6,000 transactions per minute — an order of magnitude more than other major blockchains.
Just protocol, no miracle
Over 300,000 transactions were processed by the network on the day the Waves-NG protocol was first activated. Theoretically, up to 10 million transactions per day are possible. For comparison, at the time the bitcoin network was clogged with over 200,000 pending transactions for many days.
Waves is already the fastest open blockchain in the world, and we will soon raise capacity further. Waves-NG will allow anyone:
- To send money anywhere in the world instantly
- For one currency to be traded for another with no delays and minimal fees
- To process property purchases in seconds, rather than days or weeks.
Sounds great, doesn’t it? Now let’s put aside the topic of cryptocurrencies and take a look at some further development for blockchain technology, and the role Waves is playing in it.
Coming next: Smart Contracts, Voting, Atomic Swaps
Safest deal ever
A deal with no middle-man or risk of a scam? Smart contracts are at your service. They cannot be altered or switched off. For example, property transactions are immediately executed in real-time when all the parties have agreed to the right conditions, or content creators automatically receive royalties every time their material is downloaded or used.
Waves’ smart contracts will initially be non-Turing Complete, whilst still providing most of the functionality that businesses will need.
Our plans for smart contracts include:
- First release in April 2018 (most likely)
- After extensive testing and feedback, launch of Turing Complete smart contracts, enabling developers to implement sophisticated logic and address almost any computational task.
Make elections great again
Voting on the blockchain is the most secure way to conduct a vote on a peer-to-peer basis — vastly reducing or eliminating problems of electoral fraud, keeping the voting process transparent but the anonymity of users protected. Voting can be carried out according to a range of criteria, including one vote per account, or with vote weight proportional to WAVES or token balances.
Scratch my back and I’ll scratch yours
Whilst it is relatively straightforward to exchange tokens when they are hosted on the same platform (e.g. WAVES and WCT), the challenges involved in exchanging coins across different protocols (e.g. BTC and ETH) are considerable.
Atomic swaps allow parties to exchange different cryptocurrencies trustlessly. Preparations for implementing atomic swap functionality are in development on the Waves platform, with the right research teams being sought. Integration of atomic swaps will allow ERC-20 tokens to be traded on the Waves DEX, amongst other use cases.
Cryptocurrencies: enhancing the experience
This year the Waves team is going to make cryptocurrencies even more safe and useful.
Payment services integrations
We are negotiating with major payment processing companies. It will soon be possible to buy goods and services with WAVES both online and in the real world, bringing the benefits of digital cash to e-commerce.
A secure yet convenient and user-friendly way to store crypto tokens. Work is currently in progress to integrate Waves with a leading provider of hardware wallets.
Waves is keeping touch with new and existing exchanges to organise listings for both WAVES and Waves tokens.
Creating a brand new world
Imagine a world where swapping information, goods and different forms of value is frictionless: few mediators will be left, both in terms of individuals and institutions, bureaucratic boundaries will be minimised and exchange speeds will be unthinkably swift.
We are making that future a reality. Waves is already at the forefront of the peer-to-peer revolution. We are building the fastest, lowest-cost, most secure and user-friendly blockchain platform ever. Join us in bringing about tokenisation for everyone. Let’s change the world together!