Sasha Ivanov has recently published a new blog post dubbed “Road to Waves 1.0” where the most relevant milestones for the Waves Platform were addressed and explained, allowing users to get a better understanding of what is coming to Waves, now that “the initial stage of the network bootstrapping is over.”
Gearing up for the Waves 1.0 evolution, Sasha Ivanov references three key aspects that are extremely important to the “health” of the Waves Platform, transaction throughput, storage and functionality, the former two of which could also be placed in the same category, “scalability”.
So, starting with transaction throughput, which is the number of transactions that a certain system can perform in a given time. In the blog post, Ivanov explains how Waves will achieve an advanced transaction capability which will mitigate the current problems seen on the Bitcoin network, where the lack of “space” for transactions has caused fees to rise at an unprecedented level.
With Waves, however, a Proof of Stake adaptation of the Bitcoin NG approach will be implemented. This approach varies from the classical PoW Bitcoin NG version in which a miner generates key blocks that contain no transactions in order to gain the right to generate micro blocks containing transactions. Instead, miners can update generated blocks with new transactions and push a new update transaction with new data into the network.
The aforementioned solution will be combined with an increased block size, allowing Waves to handle thousands of transactions per minute while still remaining decentralized and without the fee market currently seen on the Bitcoin network, making it suitable for real-life applications.
Next, we have storage. With an increase block size, we expect the size of the blockchain to increase at a higher rate. However, that’s not the main issue. Since the Waves Platform allows anyone to issue their own assets and to airdrop them to Waves holders, storing the state for all these assets can be worse than storing the blockchain itself.
As so, Waves will also optimize this aspect by implementing the state storage optimization proposal from Reyzin, Chepurnoy, Meshkov which is based on the authenticated data structure approach. This state storage optimization proposal allows the user to store only the state of the assets they want to keep track of. While this approach still requires full nodes to keep a copy of the blockchain, these can choose to keep the state of x assets only, reducing the storage space required. The blog post reads:
“State storage is a big problem, which is probably more severe than blockchain bloat problem since a state is a dynamic structure which has to be stored in memory for fast transactions verification. If you have many tokens storage can take up more space than the blockchain itself.”
Lastly, we are left with functionality. While the Blockchain started as a public ledger for trustless value transfers, this technology has evolved into much more, allowing for decentralized data storage, immutable records, and most importantly, smart contracts that allow the conditional transfer of value to be completely trustless.
As an enterprise-oriented platform, Waves will implement business logic into the blockchain through its own approach on non-turing complete smart contracts, which will provide a higher degree of security while allowing companies and individuals to run their contracts for an average fee without any additional “gas” required. This implementation will also feature many additional improvements, like zero-knowledge and multi-sig transactions. Sasha Ivanov stated:
“This is a more direct generalization of Bitcoin scripting, non-Turing complete zero-knowledge proof based language which can handle most of the use cases of what Turing-complete languages can do.”
While these are the first challenges that the Waves team will tackle for the Waves 1.0 implementation, multiple developments are also planned on the business side like the introduction of new fiat and crypto gateways, more streamlined DEX interface, and a compliant token crowd-investing platform Tokenomica.com. Several exciting ideas are also on the table like Lightning networks, anonymous order books, lite clients and side chains.