Blockchain Industry News! Russian Blockchain Platform Waves announced their updated Road Map
Waves team intends to introduce large-scale changes to the platform, among them: an innovative consensus algorithm, a service of smart contracts, an improved Lite-client interface and other innovations.
New consensus algorithm
As noted in the Waves Platform blog, in October the team plans to introduce a new consensus algorithm called Waves NG based on the Bitcoin NG protocol. According to the representatives of the project, the algorithm of Proof-of-Work and the retrospective filling of the distributed registry with blocks of transactions limit the bandwidth of the block.
The Waves NG protocol, similar to Bitcoin NG, pre-selects the miner that creates the key block, which is then filled with microblocks of transactions in near real time. The protocol is based on the Proof-of-Stake algorithm, and, according to the project's representatives, will allow processing hundreds of transactions per second.
Smart contracts
As soon as the network capacity is increased, the developers will launch a service for the conclusion of smart contracts (approximately in 2018). At the same time representatives of Waves refused to use Ethereum technology, fearing the repetition of stories similar to those that occurred with the purse Parity and the project The DAO.
Updates and new features
In November, the platform will update the Lite-client. The new version of the software will be called Blockchain OS 1.0. The client will change the user interface, and new functions will appear on the DEX exchange. In addition, users will be provided with a simplified mechanism for searching for blocks.
In 2018, the platform will update the Lite-client again (up to Blockchain OS v. 2.0), implement multi-signature transactions and a communications system between users.
Finally, representatives of the Waves Platform team assured that they do not abandon the idea of a "token economy" and next year they will launch a site for completely legal crowdfanding where personal data of users will be requested if necessary.
Sources:
https://blog.wavesplatform.com/waves-updated-roadmap-98c3f1323eed
http://twitter.com/wavesplatform