Today December 22, the Waves-NG update was launched on the main network of the Waves blockchain platform with the support of 94.5% of the miners.
The automatic activation programmed to take place at the height of the 805,000 block took place after the 5,000 blocks subsequent to the vote of the miners. In these votes, an update was approved following the Waves Activation Protocol. This could be known through the blog of the project and its official Twitter account.
With this activation, the Waves blockchain becomes the fastest in the world. This will have the capacity to support the traffic of a massive market and will open a world of possibilities to future applications, according to Gleb Kostarev, in charge of Public Relations of Waves.
Along with the optimizations for a participation test system, this approach will allow Waves to process around 6,000 transactions per minute. This increase in capacity is absolutely vital if Waves is compatible with the type of mass market applications for which it was designed. Also, this is just a starting point. It is expected that other updates will bring the capacity of the block chain closer to 1,000 tx / second in the future, without taking into account the effect of transactions outside the chain.
Gleb Kostarev - Public Relations, Waves
As Kostarev explained, the code of the update had already been implemented on the network at the beginning of December and was blocked on Monday when the required threshold of 80% of the blocks was reached during the voting.
Previously, the beginning of the voting period of the miners was reported, which started on December 15th from the 795,000 block and culminated in the 800,000 block. The votes could be followed through a link shared by the developers team, in which "Feature 2" (the Waves-NG update) is currently displayed with the status: Activated.
Waves-NG is a new consensus mechanism that will allow to choose in advance the next miner. It was originally created for Bitcoin as a solution to scalability problems. At that time it was named Bitcoin-NG by the specialists in Computer Science, Emin Gün Sirer and Ittay Eyal of the Cornell University of the United States. Before its implementation, this protocol was tested in the Waves' thesis.
