Introduction
I've been quite enthusiastic about the Waves platform and it's constant new developments and partnerships.
In the last few days the Waves team have announced that they will be implementing the "Bitcoin-NG" protocol on the platform to allow it to scale and enhance overall security.
The Announcement via Twitter:
Who is Professor Emin Gun Sirer?
The professor works at Cornell University and was part of the team that discovered and warned the community about the Slockit DAO bug before it was exploited and caused the split of ethereum into two separate chains.
I have been following the professor on twitter and reading his blog posts for quite some time.
He is always approachable and willing to take the time to explain things to less technical people like myself - no matter how ignorant or clueless we may be!
Unlike some academics he doesn't take himself too seriously either.
If you are interested in some of the technical aspects of cryptocurrency I would strongly suggest following him.
What is Bitcoin-NG?
From my (albeit limited) understanding it is an alternative bitcoin scaling solution that does not involve increasing the size of blocks or decreasing the block time interval.
This reduces the risk of forks amongst other advantages (see below).
How does it work?
I won't even pretend to fully understand the details of this but the following is taken from a blog post by the professor and his colleague Ittay Eyal:
Bitcoin-NG sidesteps the scaling dilemma by inverting the behavior of the blockchain. In Bitcoin, the system generates a retrospective block that encases in cryptographic stone the transactions that took place in the preceding 10 minutes. In Bitcoin-NG, the protocol is, instead, forward-looking: every 10 minutes, NG elects a leader, who then vets future transactions as soon as they happen. The former is necessarily limited by the blocksize and block interval, while the latter approach can run as fast as the network will allow.
You can read more on the blog post if you are technically minded.
There is also an arXiv whitepaper that goes into more detail here but is a bit to technical for someone like me to understand.
What are the advantages?
According to the aforementioned blog post these are:
Increased throughput and reduced latency - limited only by the physical network itself.
Greater "fairness" towards smaller miners (see blog post).
Reduced centralisation incentive as a result of point 2.
Reduced risk of forks and greater security.
So what does this mean for Waves?
I think the most important thing is that this will allow Waves to scale without the fears of a chain split that have plagued other platforms, most notably Bitcoin.
It is just further evidence of how forward thinking and proactive the Waves team are.
It seems almost every day they are making new deals, partnerships and announcements that make the platform more useful, viable and ultimately secure.
Anyway although I am a confident supporter of Waves, I would always caution that anyone who is interested in investing do their own personal research - don't just take my word for it.
Also please take a look at the Bitcoin-NG blog post and whitepaper for yourself.
I would be particularly interested to hear the opinions of those who understand the technical details better than me.
Thank you for reading
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Waves is definetly on my radar. Btw, the structure and formatting of your post is outstanding. Some of the best I've seen so far.
Thanks.
Welcome.
great, great information this will make everything better in October, thanks for sharing
You're welcome:)
For one thing, the good news for WAVES is that it will be a good investment coin.
This is very promising news, thanks for the heads up! You helped encourage me to look into and ultimately invest in Waves last month, and I'm optimistic about its future. Now following Emin Gun Sirer after your recommendation. :)
Cool! I think long term it is definitely a good investment with all the work that is happening. The prof is a cool guy he is pretty open to answering questions too even though I suspect he probably gets swamped with them.
Great info :) thank you so much
i think wave's price will increase:)
It should.
I never even knew this was coming , it's defiantly going to be big for the bitcoin world. We can finally ride with the waves . Thanks for the information, in actually going to look more into it now .
Great:)
Very promising development! I don't know the details either, but electing a leader seems similar to Steem's Delegated Proof of Stake.
It does sound similar in some respects.
Great post as aways!
Resteemed
Thanks:)
there was a great deal of anxiety surrounding the Bitcoin hardfork and Waves does seem to be proactive, anticipating a niche it can fill. Emin Gun Sirer appears to be a person with great insight as well, and I will definitely follow him on Twitter. Thanks for the information!
You're welcome. Yes exactly - thinking ahead should allow them to at least reduce the anxiety.
You already have some pretty entertaining replies here, so I'll just add that I am a fan of Waves and appreciate this update. I am going to have to read more about it.
You should I think it has good potential long term and the team are making constant developments and partnerships. I think it has been hampered by not being on any major Chinese exchanges yet but I think it is only a matter of time.
I think waves have some huge potential but it seems like no one is willing to scoop it up. I guess I'm exaggerating as a lot of people have invested in it but not as many as I would expect.
I'm glad that there will be lower latency now on the waves blockchain.Great to see that they have implemented Bitcoin-NG. It is great to see they are thinking of the future and the scaling problems they may face and rather than wait until huge backlogs rise you may as well fix it now.
I've been accumulating every time it dips and I think in the long term it will thrive but I guess we will have to wait and see @thecryptofiend
That's only because it isn't on more exchanges particularly in China/Korea. It is only a matter of time though.
Definitely worth an upvote and a resteem :]
Thanks:)
Nice info dear friend Up&Resteem
Thanks.
My pleasure dear friend :)
Im still unsure if i have Waves in my Bittrex. Had bought a bunch of them long ago. Been too busy with privacy coins and the other big players and ofcourse Steem, why doesnt Dan/Ned or somebody post something similar like that about steemit in twitter. lol
Well , looking forward for waves wave and thanks for the info/reminder.
Should be easy to check.
what i mean was i wasnt focusing on Waves for the last couple of months.
Yes but don't just leave it on Bittrex move it into your own wallet.
Great! just added wings to my portfolio yesterday
Try reading again.
verry good
Thanks.
Nice post @thecryptofiend ...blessings
Thank you.
excellent work dear friend @thecryptofiend, thank you very much for sharing the information, a very important news, there are many people who want to enter the crypto world, do not do it for fear of following, reducing risk, will push some of these people to take their first steps in the acquisition of cryptones.
I wish you a beautiful day
Thank you.
Nice post
please give me my post comment @hlamyothet
I don't understand that.
bitcoin transforming the economical rule
Yes but that isn't particularly relevant to this.
Great job, friend @thecryptofiend! I'm learning from you. I like your creativity and style! Thank you for sharing!
I spent 14 days on a trip to the south of Ukraine. Now I'm back home and tell you in detail about real Ukraine.I think that you may have not seen everyone. Enjoy with me!
https://steemit.com/travel/@olga.maslievich/week-26-august-01-september-i-spent-14-days-in-a-trip-to-the-south-of-ukraine-now-i-m-back-home-and-tell-you-in-detail-about
OK but I would suggest not sharing unrelated links in comments as people consider it spam. It is better if you send me these things in the chat.
Thanks for the explanation, friend! Give me a link to this chat, please!
https://steemit.chat/home
Time to ride on the Waves !!
Cool post. You've reignited my interest in Waves
@thecryptofiend, a great post, there is much to learn!
Interesting article!)) Thank you for writing it for us))) I follow you)))
Thank you.
posting very good friend
It's not about scenery. It's a post about cryptocurrency.
I plan to check out this guy you talk about and really have not used my twitter account since starting it. I need to look at that too. You make some good points. I found your post while googling. I like to google and when I find an old post click the name and see if the Steemit member is still around and here you are. Lol :) You will probably never see this comment, doesn't matter felt like writing it anyway. The best to you.
Cool. You should definitely follow him if you are interested in blockchain technology.
I've never really paid attention to waves, but if they are willing to make moves that continue to be progressive, then I believe we have a contender that could be a top 10 used coin in the next few months/years.
I might as well get some,now that a mentor is having it.