Blockchain Technology-enabled Waves Network recently announced that it has succeeded in the stress test as the platform processed 6.1 million real-time transactions on MainNet in just 24 hours. The statistics revealed that the network processed a total of 108,741 transactions. It includes 60,933 Mass Transfers which is a special type of Waves transactions with the capacity to hold around 100 transfers at one go thereby enabling more efficient and faster processing.
While discussing the significance of this milestone achievement, the founder and CEO of Waves Sasha Ivanov said,” Bitcoin processes just a few transactions per second. Ethereum’s capacity is into double-digit tps, and a handful of other blockchains have improved on this incrementally in various ways. Waves have implemented tech that enables a step-change in transaction volumes — not just in the lab but in the real world, on MainNet, as these figures prove beyond doubt.”
It also indicates that even though Bitcoin is one of the most popular blockchain-powered platforms and is highly valued across the world, its capacity is very limited due to which it has been found to be extremely unsuitable or conducting microtransactions and mass-market applications.
As per the figures indicated by Bitinfocharts, even the leading blockchain technology-based platforms have not been able to post more than 2 million transactions in just 24 hours which makes the performance of Waves platform simply outstanding and first of its kind in the history of blockchain space, Waves Platform reported. The source said that many blockchain protocols promise high throughput, however, these figures are restricted to TestNet, in a closed environment much more favorable than MainNet.
Waves network used Waves-NG as suggested by Emin Gun Sirer, who is a Cornell Professor. Waves-NG is a consensus algorithm that has been adapted from the scaling proposal of Bitcoin-NG. In this process, the network selects miners in advance, thereby, minimizing latency and optimizing throughput, CCN reported.
The CEO of Waves, Ivanov stated that the deployment of this protocol on the company’s blockchain technology platform helped them achieve this milestone success.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]