Waves Blockchain Successfully Process 6.1 Million Real-Time Transactions
Margi BrambhattOctober 29, 2018Last Updated: September 18, 2020
Waves blockchain platform, a digital ledger project, and decentralized exchange recently processed 6.1 million real-time transactions in the stress test. There were no tensed exchanges or disruptions caused in the transactions as the test intensified, which makes this a new milestone success for the blockchain platform.
Apart from not experiencing any tense or halts in its transactions, there was no delay or slowdown experienced by any of its users conducting the transactions on its system. The system comprised of all the databases and therefore calculated real-time transactions from transfers, token creation, DEX orders and more.
For processing such a major number of transactions through the real-time process is a challenge in itself. But to do so without any hesitation or delays for the user or client conducting the transaction is a bigger success. One of the major things that a best public blockchain platform should have is this amount of capability and intensity.
The data provided by PYWAVES analysis suggested that Waves blockchain recorded a total of 108,741 transactions, among which 60,933 were Mass Transfers that specialized in holding more than 100 transfers at one time.
The post says, "A total of 6,141,108 transfers were processed by the network, with the blockchain supporting hundreds of transactions per second at peak times." The blog post also suggests that the company claims this is the highest-ever number of processed transactions on a public blockchain platform.
It can be safe to say that mostly all blockchain projects are currently trying to find alternatives as to how they can beat the question of slow bitcoin transaction confirmation time. The bitcoin transactions take a long time to process and blockchain is trying alternative platforms to find an answer for it, and they recently experimented with Ethereum.
However, the Ethereum alternative didn't give much support in the matter as it slowed down the speed of transactions too. Bitcoin has opted to go to third-party solutions such as Lightning Network which can handle the volume for a limited period. So, how did Waves manage to do it efficiently?
The blog post details that the company implemented Waves NG tech alternative which scales the blockchain network to select miners initially to minimize inactivity and maximize output. Moreover, the CEO of Waves says that it was the deployment of the protocol on their platform, which helped the network to process transactions.
Sasha Ivanov, CEO, and co-founder of Waves says, "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 has 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."
Margi Brambhatt
Margi has done diploma in Mass Media & Journalism. She has previously worked as a freelance reporter for various famous Finance media platforms. When she is not writing or editing others reports, you can find her engulfed in reading books. She believes in reporting content which is 100% well researched. You can also mail her at [email protected] to discuss anything related to her reports.
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