On Sunday, a Waves scalability test broke an important record. The blockchain project processed 6.1 million real-time transactions in a 24-hour stress test—the highest number for scalability on a digital ledger.
Comprised of a digital ledger and a decentralized exchange (DEX), the Waves platform has now set a new standard for blockchain networks everywhere.
The Waves Scalability Test
The Waves scalability test passed with flying colors; the network faced no delays, backlogs, disruptions, or slowdowns. Further, as the volume increased, the network’s capability to handle large volume was clear.
According to PYWAVES, the Waves blockchain recorded a total of 108,741 transactions. Of these, 60,933 were specialized transactions called Mass Transfers, which can hold 100 transfers at once.
In detailing the test, the company said:
“A total of 6,141,108 transfers was processed by the network, with the blockchain supporting hundreds of transactions per second at peak times.”
Waves Scalability Tests the Boundaries
The revelation is important as scalability has been a troublesome issue at the heart of the cryptocurrency sphere.
Bitcoin’s slow transaction confirmation periods and issues with backlogs needed a solution. To help combat the issue, the Bitcoin network opted for a third-party processor called Lightning Network. In this case, Lightning would simply take some of the volume and process it separately to the Bitcoin blockchain.
Waves’ solution is similar. It implemented a technology called Waves NG, which helps to scale the Waves Network. It does this by selecting miners in advance; this decreases latency and maximizes throughput.
It was the protocol’s deployment on the blockchain that Waves’ CEO and co-founder Sasha Ivanov said led to the network processing a record number of transactions.
“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.”
Until now, the title for the most transactions handled in a 24-hour period was held by semi-decentralized blockchain network EOS, which reportedly executed 5 million transactions on its blockchain project.
With the Waves scalability test processing over 6 million in one day, might we see a future ahead where institutional adoption is plausible?
What do you think?
Featured Image: DepositPhotos © agsandrew