Scalability is a concern for any Blockchain that targets business use, yet few cryptographic platforms have addressed this issue satisfactorily. For example, Bitcoin is currently struggling with a capacity of about 3 transactions per second. Obviously, such a rate is not enough to support the mass adoption for which Waves was designed.
In the year 2017, the Waves team developed a new consensus algorithm based on Bitcoin-NG, a protocol which was developed for Bitcoin by Emin Gün Sirer, Co-Director of Cornell's Cryptocurrencies and Contracts Initiative. Updated for the Waves proof-of-stake network. Waves-NG is capable of supporting 100 transactions per second, making Waves the fastest decentralized Blockchain system in the world.
WAVES price in September 2017
Waves team had partnered with Moscow Stock Exchange. WAVES was integrated with Indacoin Android App, Anryze which is a blockchain platform designed for speech recognition and analysis on Waves was launched. So at 365.71 INR on 1 September 2017, there was a decline in the price of the WAVES and it was seen trading at 328.84 INR on 30 September 2017.
WAVES price in October 2017
Over 70 new assets were verified on the Waves platform, the WAVES node application was audited, Waves-NG protocol was tested. Beginning at 325.71 INR on 1 October 2017, WAVES dropped at 209.03 INR on 31 October 2017.
WAVES price in November 2017
Beginning with network maintenance, followed by WCT Airdrop and organising a 48 hour Blockchain Hackathon, Waves team was all over the media. WAVES was 189.03 INR on 1 November 2017 but later saw quite an increase towards 317.93 INR on 30 November 2017.
WAVES price in December 2017
It was in this month that the Waves platform processed 10,000 trades for the first time. WAVES started off at 370.35 INR on 2 December 2017 and sprung to an all-time high at 808.43 INR on 30 December 2017.
WAVES price in January 2018
WAVES started off at INR 805.15 on 1 January 2018 and sprung to an all-time low at INR 489.81 on 31 January 2018.
WAVES price in February 2018
WAVES started off at INR 486 on 1 February 2018 and dipped down to INR 428.40 on 26 February 2018.
Waves is a decentralized platform for distributing and exchanging custom cryptographic tokens. The operation of Waves is based on Blockchain technology. The network makes it possible to create and generate tokens, to launch crowdfundings, to communicate via secure and encrypted messaging and to set up electronic votes. Users can also make smart contracts but this is not a feature put forward by the developers. The Waves development team was inspired by several other cryptocurrencies like Bitshares or SuperNET. However, developers have written the code from scratch, using the Scala programming language.
The Waves blockchain uses the Proof of Stake consensus for block validation. The block is valid in 1 minute and each block can handle 100 transactions. There is a fixed amount of 100 million tokens WAVES issued. In each forged block, miners can be rewarded only through transaction fees. For this reason, it is essential that there be a large number of transactions on the network.