Home News Waves released a major update to its blockchain platform

Waves released a major update to its blockchain platform

Waves Platform comes up with a major multi-aspect update to its protocol. New features include data transactions, fair proof of stake engine, token burning option and sponsored transactions.

Data Transactions

Data Transactions allow anyone post information to the blockchain. The maximum size of a data transaction is around 140kb. Fees for data transactions, calculated in WAVES, are proportional to transaction size: 100 000 per kilobyte, rounded up to the nearest kb. Since the transaction size is limited to 140kb, it will cost just 0.14 WAVES (less that $1).

Fair Proof of Stake

This is an update to PoS system that removes some of the disadvantages for smaller miners. Whilst PoS should allow anyone to receive mining rewards in proportion to their WAVES balance, in practice the odds are stacked in favor of larger miners, who create a higher share of blocks. The protocol has been adjusted to reflect this and ensure that smaller miners are not pushed out.

Burn transactions for all

Any user can now burn tokens, which means destroying them by making cryptographically unspendable. This allows users who received spam tokens to remove them from their portfolios permanently.

Sponsored transactions

An important update to the protocol is Sponsored transactions. Sponsored transactions replace asset fees which allowed users to pay nodes directly with custom tokens. After activating the Sponsored transactions the issuer of the token will make deposit in WAVES, and this deposit will be used for paying for the nodes service.

It is important that all nodes process transactions and do not refuse any due to them being economically unviable. Additionally, this ensures that there is always demand for WAVES, since transactions are cheap but not free.

The multilevel ecosystem of the Waves Platform lets anyone launch their own cryptographically-secured blockchain tokens, as well as private networks. In June 2016, Waves completed the ICO, raising over $16 000 000 (30 000 bitcoins). The total market capitalization of Waves is about $600 000 000. Among the most notable token sales on the platform are MobileGo, ZrCoin, EncryptoTel, PrimalBase and Starta Accelerator.