Waves Platform Achieves a New Record for Transactions
For a period of 24 hours, Waves managed to process what may be the largest number of transactions ever among all public blockchains. In a stress test, the platform succeeded in conducting 6.1 million transfers without any record of interruptions or slowdowns despite the increasing intensity of the test. The platform includes a DEX and a digital ledger project and during the stress test, all its system’s transactions performed seamlessly.
Waves Employs Innovative Technology
As per PYWAVES, the blockchain’s transactions amounted to 108,741, among which 60,933 were Mass Transfers. Mass Transfers are a specific type of transaction that can manage a hundred transfers at the same time. In a blog post, Waves declared that their network managed to hold hundreds of transfers per second during peak moments and that the platform conducted in total: 6,141,108 transfers.
BTC has a problem when it comes to the time it takes to confirm a transaction. This issue is one that is on the minds of a number of crypto projects focusing on blockchain. Ethereum could have been a way out, but CrytpoKitties decelerated the network transactions. To manage the volume, Bitcoin chose to temporarily employ a third party, namely Lightning Network. Meanwhile, Ethereum is seeking answers from its community developers and then testing and implementing them.
To accelerate its transactions, Waves employed a technology that is called Waves NG. This tech selects the miners beforehand and therefore helps lessen delays and increase handling of the volume of processes in the network.
Feedback on Successful Transactions Test
Sasha Ivanov, the chief executive officer at Waves, said that the usage of the aforementioned protocol is what helped the network break records on Sunday. He stated that compared to other blockchains; the technology Waves is using is a game-changer. Ethereum can conduct tens of processes per second, BTC can just hold a few transfers per second, and a few blockchains have slightly improved their speed. In the meantime, Waves’ tech increased the volume of transfers in the real world and on MainNet and has ascertained this by numbers.
Ivanov stated in a tweet that EOS has managed to process five million transfers in 24 hours, although the blog post by Waves stated that the highest number of transactions conducted in a day was two million. Furthermore, a chart from Blocktivity showed that the volume of transactions made by Waves was less than that of 5 other projects. However, this chart was deemed fake by a Wave follower.