Waves Blockchain Platform, the Moscow based cryptocurrency company will soon have a solution for the scalability issue currently plaguing the Bitcoin industry. The platform already in the process of implementing few solutions in this regard.
[Note: This is a press release]
The cryptocurrency industry is not lacking initiatives. There are plenty of scalability proposals making rounds. The recently implemented SegWit is one such example and so is the possibility of increasing the block size. However, there is no concrete one-size-fits-all solution in place to address the issue.
Leonid Reyzin presented one such blockchain scalability option at the Real World Crypto 2017. The presentation titled “Improving Authenticated Dynamic Dictionaries” provides a list of possible ways to streamline large, growing key value store associated with blockchain transactions. Reyzin’s proposal uses authenticated data structures to enable continued use of low-powered devices for network maintenance. It is expected to improve the blockchain network efficiency. The refactoring and optimizing practices being implemented by Waves will further reduce the blockchain size, making it future ready for various possible implementations.
By optimizing the existing algorithms, Waves will be able to increase the platform’s transaction throughput. This will help the cryptocurrency protocol to compete with existing conventional payment processors. On an average, traditional payment platforms can process anywhere between thousands to tens of thousands of transactions per second. But the existing cryptocurrency platforms are nowhere close to meeting such demands.
Waves may turn out to be the first blockchain-based platform to achieve such scale, turning cryptocurrency network into a robust, scalable and reliable alternative to the likes of Visa and MasterCard. The creators of Waves have more in store for the community. In the coming days, the platform will be releasing its updated scalability roadmap detailing its onward journey.
In addition to improved distributed ledger offering, the recently introduced Custom Application Tokens (CAT) will further enable Waves to offer a complete blockchain solution for large volume transactions ranging from cryptocurrency, fiat backed crypto-assets, stocks and other commodities. With scalable, high-performance distributed ledger, the platform will be able to handle all crypto-asset transactions without any lag, making it ideal for various real-world blockchain applications.