Skip to main content

Waves Node: Major Update

Waves Node: Major Update
This release sees a number of significant developments, including data transactions, Fair PoS, token burning and sponsored transactions.

Data Transactions

Data Transactions allow anyone post information to the blockchain. The maximum size of a data transaction is around 140kb. Fees for data transactions, calculated in WAVES, are proportional to transaction size: 100,000 per kilobyte, rounded up to the nearest kb. Since the transaction size is limited to 140kb, it will cost just 0.14 WAVES (less that $1). You can find out more about Data Transactions here: https://docs.wavesplatform.com/technical-details/data-transaction.html

Fair Proof of Stake

This is an update to our PoS system that removes some of the disadvantages for smaller miners. Whilst PoS should allow anyone to receive mining rewards in proportion to their WAVES balance, in practice the odds are stacked in favour of larger miners, who create a higher share of blocks. The protocol has been adjusted to reflect this and ensure that smaller miners are not pushed out.

Burn transactions for all

Any user can now burn tokens, which means destroying them by making cryptographically unspendable. This allows users who received spam tokens to remove them from their portfolios permanently.
The aсtivation of data transactions, Fair PoS, and token burning is going to happen at​ the end of June.

Sponsored transactions

An important update to the protocol is Sponsored Transactions. Sponsored transactions replace asset fees which allowed users to pay nodes directly with custom tokens. After activating the Sponsored transactions the issuer of the token will make deposit in WAVES, and this deposit will be used for paying for the nodes service. It is important that all nodes process transactions and do not refuse any due to them being economically unviable. Additionally, this ensures that there is always demand for WAVES, since transactions are cheap but not free. Sponsored transactions activation is awaited at the beginning of July. For more information, see https://docs.wavesplatform.com/proposals/sponsored-transactions.html.

Comments

Post a Comment

Popular posts from this blog

DECENTRALIZED FINANCE; WHAT IS IT? – Part 1

      More than t en years gone down the lane, the block chain industry is yet to disappoint with it ever changing nature. Since the early adoption, the industry has since recorded a slow but progressive changes with the latest being the Decentralized Finance also referred to as Defi. What Decentralized Finance? ‘’DeFi is essentially just conventional financial tools built on a blockchain’’-blocknomi. These were previously built on the Ethereum network, but there is a growing number of players in this space such as Waves and Cosmos. ‘’ They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services’’ Example of a growing number of Defi Dapps on the waves platform is the Neutrino token - https://beta.neutrino.at/neutrino/usd-n ...
Post a Comment
Read more

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...
Post a Comment
Read more