Waves, an open-source blockchain platform, has reported that its team has been working on a new consensus algorithm based on Bitcoin-NG protocol. Waves-NG will be updated for Waves proof-of-stake network and will be capable of supporting 100 transactions per second. The aim is to make Waves the fastest decentralised blockchain system in the world. The new algorithm is ready to be released on mainnet and will be activated within a hard fork.
The hard fork is scheduled to occur on block 795,000, which is estimated to happen at around midday GMT on Friday, 15 December of 2017.
As soon as nodes have updated with the new version, miners can start setting approval flags in their blocks and after 5,000 blocks, which will take about 3.5 days, the Protocol checks to see how many miners have signalled acceptance of the new features. If a minimum of 4,000 blocks (80%) have approved the fork, it is automatically activated after a further 5,000 blocks.
Moreover, Waves has unveiled major new platform update Waves Client 1.0. with intuitive navigation enabling users to access all of the platform’s features, regardless of whether they have any previous experience of blockchain clients or applications.
— wavesplatform (@wavesplatform) 13 December 2017
At the moment of press, these are main market parameters of Waves:
- Average price: $13.40
- Marketcap: $1 340 400 000
- 24h volume: $52 846 000