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“The Fastest Decentralized Blockchain In The World” Just Solved Our Cryptocurrency Congestion Problem

Mac Slavo
December 23rd, 2017
SHTFplan.com
Comments (55)
Read by 8,867 people

blockchain-speed

Those who have been trading Bitcoin and Ethereum in recent weeks may have noticed a variety of messages from centralized exchanges indicating that network congestion was either slowing down transaction processing times or forcing them to temporarily shut down services for cryptocurrencies built on top of these networks. One striking example of just how easily the most popular blockchains in the world can become clogged to the point of near paralysis is CryptoKitties. The popular app was developed on top of the Ethereum blockchain and reportedly utilized as much as 15% of the entire network’s processing power as users feverishly birthed, bred and traded digital cats online, leading to hours-long transaction delays across the network.

The rise in popularity of crypto currencies has been a blessing and a curse. Mass user adoption, while necessary to take this technology to the next level, has also had a negative impact on first- and second-generation underlying blockchain networks, user experience and the centralized exchanges that process trades.

Enter the “fastest decentralized blockchain in the world.”

Via Forbes:

Waves is implementing new technology to enable the network to process thousands of transactions per minute and become what is claimed as the “fastest decentralized blockchain” platform in the world.

The innovation is touted as bringing blockchain technology to the “next level of evolution”, enabling the platform that was the brainchild of a Moscow-based physicist to compete with mainstream payment processors and to achieve mass-market adoption.

On Friday Waves, which ICO’d in 2016 and built a decentralized (and thus free from government regulation) platform for trading crypto currencies and launching new tokens like Burger King’s WhopperCoin, activated their Waves-NG (Next Generation) hard fork. The NG blockchain technology was originally proposed by Cornell University’s Emin Gün Sirer for the Bitcoin blockchain but was never adopted. Waves CEO Sasha Ivanov, however, did adopt the technology and after months of development, open beta stress testing with 3000 users over millions of transactions and near total network miner consensus, the NG protocol is now active on the Waves blockchain.

To put the wide-reaching implication of this update into perspective, consider that Bitcoin has a tx/s (transactions per second) capability of about 3 transactions, while Ethereum is a bit faster at 12 tx/s. Now consider the millions of transactions (including Crypto Kitties) that are being requested by these networks on a daily basis and you can see why there are reported backlogs of literally hundreds of thousands of transactions and why sometimes it can take upwards of 8 hours to send crypto currencies from one address to another.

The Waves-NG blockchain is running at 100 transactions per second, or about 6,000 per minute and has been stress tested to scale as high as 1,000 transactions per second. That’s 8.6 million transactions per day with scalability to 86 million should the need ever arise, making it the only open, active and decentralized blockchain in the world capable of meeting the extreme demands of a rapidly evolving crypto landscape.

Waves-NG is based on the Bitcoin-NG proposal made by Cornell University’s Emin Gün Sirer. Instead of pending transactions being added to a block retrospectively, as in bitcoin’s system, the next miner is chosen in advance. The miner is then able to add transactions to the block as fast as network latency allows — almost in real-time.

Along with optimisations for a proof-of-stake system, this approach will allow Waves to process around 6,000 transactions per minute. This increase in capacity is absolutely vital if Waves is to support the kind of mass-market applications for which it was designed. Moreover, this is only a starting point. Further upgrades are expected to take the capacity of the blockchain closer to 1,000 tx/second in the future — without factoring in the effect of any off-chain transactions.

Source: Waves Platform

While Waves’ market cap of around $1.5 billion is dwarfed by those of Bitcoin and Ethereum, its decentralized cryptocurrency trading platform, multi-currency mobile and desktop wallets, one-minute token creation engine, per second transaction processing capacity, and smart contracts scheduled for deployment in early 2018 show just how far the blockchain has come in a couple of years.

Bitcoin and Ethereum, while revolutionary, are simply not capable of supporting the instantaneous transaction confirmations required for mass adoption by millions of users who not only trade cryptocurrencies, but utilize applications built on top of these networks.

Technologies being implemented by next generation platforms like Waves, however, ensure that the next time a popular application like Crypto Kitties comes online, we don’t have to worry about it bringing down the entirety of its underlying global network.

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Author: Mac Slavo
Views: Read by 8,867 people
Date: December 23rd, 2017
Website: www.SHTFplan.com

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55 Comments...

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  1. Crypto Balla says:

    This is refreshing news. ETH, BTC and others started the revolution but the inherent problems in these blockchains will limit their potential. Bitcoin may survive simply because it was first; kind of like a reserve crypto-currency.

    But if blockchain, especially the monetary/financial aspect of it, wants to have any chance of competing with the likes of Visa and MasterCard they need to step up their game like Waves just did.

    Good write up. Thanks!

    • gandhi says:

      you sound like another idiot that doesnt even know the first thing about programmng software or brain washing😁. so enjoy your “crypto con”

    • CrackerJack says:

      And when the grid goes down, do will all the cryptocurrency nonsense. It only exists in a high power consuming virtual cyber ether.

    • Philosopher Deplorabilis says:

      I agree, very good news. Scaling and transaction processing times are an issue. Glad to hear this problem has been solved.

      • Genius says:

        Kind of like going to bed with a problem on your mind and waking up with a solution in your hand lol.

        • Philosopher Deplorabilis says:

          I understand people here are adverse when it comes to cryptos. I stepped into the market last spring. Am I rich? No. Do I own PMs? Yes. Do I have minimal debt? Yes. Do I have an emergency fund and cash reserves? Yes.

          Cryptos are the future. This is going to break the markets and fiat. I don’t see that as a problem.

          • Genius says:

            Take a break from the doom…..

            • Prepperplus says:

              There’s no such thing as “decentralized” blockchains or cryptocurrencies. They all rely on the internet, which is a completely controlled system, they are all easily monitored by the NSA, FBI and IRS, so forget about private purchasing anymore, and if adopted they’ll move us all into the exact cashless beast system that the banksters have always wanted. The “patriots” arguing in favor of this have been conned.

          • Rabbitone says:

            I read “…Cryptos are the future…”. Sorry Cryptos are the past revisited. Block chains are the old distributed database algorithms with encryption keys added. We dealt with these token ring network problems in-depth in the 1990’s. The asynchronous nature of distributed systems with there sychronizers, logical clocks for events and clock synchronization algorithms were fore runners of “block chains”.

            Government could quash cryptos in a heart beat. But government has a vested interest in eliminating currency and making everything electronic. So they let the crypto ‘toy’ remain. If government believes they are losing ‘taxation’ they will regulate crypos like stocks and you will get the same statements as your broker gives you. Don’t be fooled for a second that cryptos are anything more than a fad that serves governments purposes….

            • Thank you, Rabbit. One does not need to know what you are describing in your 1st paragraph, and I confess that I do not either, to know that what you state in your 2nd is dead-on accurate. It IS the ‘new shiny bauble’ of T.H.E.Y., but simultaneously as well as The Way to eliminate cash as the preferred currency.

    • durangokidd says:

      ” … new technology to enable the network to process thousands of transactions per minute and become what is claimed as the “fastest decentralized blockchain” platform in the world.”

      Which means that when the Russians hack this “Moscow based technology” your digital money will disappear faster than ever before !!! 🙂

    • gandhi says:

      blockchain = ball&chain = no-buy-or-sell-beast

    • PincingMoof says:

      Mike Baloney is pushing hashgraph, which probably should do well on hype alone. I got some dent on etherdelta yesterday and its nearly doubled since. Can be a hairy place to put money in atm. If buying waves, it would be for the token creation system and the lack of centralization so that means anonymity if you want and no loss of your wallet if the exchange goes down.

      I like waves and own some but given price volatlity in btc it is obviously risky. If btc manages to overcome some of its limitations and there is serious work on this, the situation may stabilize. Bitcoin doubled and then doubled again all in just 3 months or so, recently, before the fall from 20k usd to 14.

      Waves is definitely one to watch. If you own no crypto and are considering buying any of them, it will cost you nothing to learn.
      Most cryptos can only be bought with bitcoin or ethereum although pair trading for others exists. Ethereum is quicker and that is what I use. Ether wallets are also very easy to use. Bitcoin is just too clunky for trading. ETH can be quickly traded for most cryptos.

      I’m going to try and set up a token on Waves platform after the xmas festivities just for giggles. Anyone want to gove me a name?

    • Orion says:

      IOTA…

      Iota.org

      All you need to know.

  2. gandhi says:

    all hail the blockchain for Christmas

  3. Heartless says:

    86 million transactions per day X 0 real world value = 0. I sincerely hope no one here falls for this line of b.s. Let the lemmings run towards the cliff. Just stay back a bit and watch them all go over it and smash on the rocks. Fiat/faith does not make reality. I don’t give a rat’s behind just how digi-rich you think you are, when the servers are unplugged all will be lost. Consider this – if this form of ‘money’ actually becomes the ‘thing’/popular, do you not understand that it will also thereby become the largest target for hacks in the history of the computer age? And to date – nothing computer-based has not been found to be vulnerable. Ever.

    • Hides and Watches says:

      The only things that have real world value are food & water, shelter, land, animals, medicine, and tools.
      Everything else has value because most THINK it does, whether that be a shiny rock, small piece of paper or a digital 1 and zero.
      I use all that are at my disposal.

      • Prepperplus says:

        Wrong. Some commodities like gold and silver have value because they are rare, tangible, they do not degrade over time, and they cannot be produced from thin air. Cryptos have none of those features. The claim that value is a matter of perception is a lie. Crypto people and central bankers both use this lie. I wonder why that is…

        • Hides and Watches says:

          I’m not wrong and you haven’t thought it through enough. Let me help you on getting started on deeper thinking. What is the real value of gold? Without comparing it to other monies. In other words if there was no exchange rate that told you what the price is to fiat. What is its true worth?

    • Darren says:

      I don’t blame you for being skeptical. Also if the entire grid goes down it’s gone. Aside from that though some of your assumptions are flawed. There are no “servers” in the classical sense. The chain lives as copies on hundreds or even thousands of computers. This is what makes it so hard to hack or manipulate. You can hack any one of the computers and all the others simply ignore the anomaly. Individual holdings can of course be hacked if stored online but there are multiple ways to store your holdings privately offline. They are stored as encrypted keys in hardware wallets like USB keys or even printed out on paper. Without your key nobody can take your money. As for being “digi-rich”. A friend of mine just converted about $4 Mil to cold hard cash. I can only wish I started when he did.

      • Prepperplus says:

        Without the internet connecting those computers there’s no verification of the blockchain. Yeah, you can have a bitcoin hash stored on a digital wallet, but then what? Without the ledger the transactions are not recorded, making the whole transaction useless.

    • gandhi says:

      hahaha yes, how fast can a blockchan dish out “zeroes”. hahaha. the new technology. so many idiots, so few zeroes😁🤡

  4. Swandog says:

    I will settle for a good piece of dirt with water and sunshine any day!

  5. Jim in Va. says:

    I’ll stick to something I can feel in my hands….

  6. JayJay says:

    Crytocurrency, blockchain, bitcoin, ethereal…really??
    Says the lady who has never used online banking ever.
    I’ll be fine.

  7. JayJay says:

    ht tps://www.naturalnews.com/2017-12-23-bank-predicts-bitcoin-will-be-wiped-out-by-russia-and-china-crashing-to-just-1000-as-the-bottom-falls-out-of-the-crypto-mania.html

  8. Small earthquake in an interesting location. Bernie, Missouri 2.5 at a depth of only 7.7 km. New Madrid area. Eternal vigilance.

  9. New Madrid fault line. 2.5 earthquake at 7.7 km. deep. Bernie, Missouri.

  10. Ketchupondemand says:

    I read yesterday (and I don’t remember where, maybe ZH) that there are 1,300 crypto currencies out there.
    Figure that out.
    This won’t end well.

  11. rellik says:

    Automata and computability.
    Really, really interesting
    subject for a Geek
    (I still have my text book).
    Statistics is another
    study.
    Combine the two and you have
    BS money called crypto currency.

  12. CiddyBoy says:

    When the preferred currency of child pornographers and drug dealers becomes the preferred currency of America … I think it safe to say the jig is up.

  13. Bob sinclair says:

    Cardano is the better choice.

  14. TubasRCool says:

    While perusing all the crypto offerings I came away with one overwhelming impression – these are all built for a generation that adores Candy Crush. Sure, the idea is great for speculation and appeals to that special SJW ‘us against the Man’ mindset. I’ve seen it all before in various forms. The rules of the game always stay the same because in the end the globalist bankers and players with deep pockets will always screw it down and throttle it to their advantage – at the right time. If you want to gamble/speculate and have money to burn – fine. If you want to send some money for services or goods in the interim before the shtf – fine – but be prepared for regulations that end up making any crypto(including wallets and exchanges) nothing more than intrusive NSA privacy snoops that take you right back to where you started. Get the bulk of your money out if you got in early, buy the dips and hang on for the ride.

  15. PincingMoof says:

    If bitcoin evades the toolshed, then Waves stands to be a significant coin in 2018 and onwards. It allows waves holders to create their own tokens, which is great.

    While the price of waves itself didn’t react much to the news, Waves Community Tokens rocketed. Waves community token is a key part of the waves platform and pretty much only traded there or on London based Tidex. If you own some of these, you get “airdrops” of new tokens for free. It has obviously pumped after the news in the last day so might be best to be cautious and wait for a dump if thinking about it. Buying the alltime high is usually a good way to lose on the trade.

    Another great thing about waves is the exchange is decentralized, meaning your coins or tokens are stored on your computer and not the exchange, so it is harder to steal from you. Another bonus is no ID is required, unlike the centralized echanges. That also means users take more responsibility for their security, though at the same time it is harder to be scammed.

    The predecessor, Etherdelta has a somewhat intimidating graphic user interface, whereas waves looks pretty good. Etherdelta was compromised a few days ago by a reroute scam through cloudflare after a thief conned the server holder for Etherdelta into the reroute, by pretending they were Etherdelta. Just be vigilant about what is on the screen and your security.

    Things move fast in this space. It doesn’t take much to set up your own token and a shtf plan might include a distributed digital asset. It has its merits. A key one is how easy it is to move it across borders unlike the PMs. Also, governments and private banks are clearly keen on blockchain. The present drawback is the peg to btc which has had a series of doubles in just a few months, as well as Wall St interest in btc futures, which now operate. Be careful.

  16. Fritz says:

    Crypto Kitties? I’m trying to be a modern man and understand what all the fuss is about but I gotta go take me a big old-fashioned ten pound Crypto Dump.

  17. Warchild Dammit! says:

    Hey folks,been gone a long time helping me mum while she had knee surgery and the aftermath when she gets out of hospital in a few days,no decent net connection where I am at without going outside and tis winter here but a balmy 40 degrees today.

    Hope you all have a good Christmas and will be back online hopefully in a few weeks,will catch up with all then,later,Warchild

  18. 2isone says:

    Just visiting to say Merry Christmas to you patriots. What a wild year it’s been- how the world has changed. Tonight, good will toward men (and us ladies too). Blessings.

  19. Anonymous 5 says:

    Anyone who does not understand the significance of the difference between a fiat “virtual currency “ and real money (i.e. pm’s) is a true moron and deserves the fleecing they are going to receive.

    I have a good friend who owned over a million dollars in bitcoin. He got into it early on. He got hacked and looted.

    Bitcoin is for fools.

  20. swinging richard says:

    Merry Christmas to all. Happy to close out this year. One of the worst in recent memory. Looking forward to new year. Good luck to all.

  21. Plan twice, prep once says:

    Merry Christmas to all my prepper neighbors.

    The kiddies are in bed and the gifts are under the trees.

    Now to the meat. If anyone is in a state where the new federal property tax deduction affects you. The new Congressional tax plan provides for a $10,000 max deduction for state and local property taxes. If you or a family member is in one of these mostly liberal sap sucking states, you can send in early up to two quarters of property taxes before the end of the year.

    So yes, you have 4 business days left to contact your local tax accessor, and arrange to pay your next two quarters of 2018 property taxes early in 2017, where there is no penalty and it is fully deductible on your income tax. I’m Or you could leave the cash in a bank account and make .02% on your money. And loose lots more in taxes.

    This assumes you pay more than $10,000 in taxes annually, and have the cash to pay said tax early.

    • Plan twice, prep once says:

      Update on my tax remark.

      If your income puts you into the “Alternative Minimum tax” category you were already unable to deduct state and local tax from your federal taxes, so the new tax regs don’t affect you anyway.

      It will be a rare individual that could benefit from prepaying some 2018 taxes. You’d have to be making less than the alternative minimum tax threshold, and be paying more than $10,000 per year in taxes.

  22. Andrew Jackson says:

    As is typical in the software industry, which I have worked in for over 35 years, the second generation distributed ledger technology has appeared before the first generation is even fully deployed. There is a new distributed ledger technology that is so much faster it makes blockchain look like a Model-T compared to a modern automobile. Please take a look at hashgraph.com. I know that 300,000 transactions per second seems like “ludicrous speed”, but I also know that optimizing throughput in computing systems (from database access to network traffic) comes down to breaking the needed work into smaller units so that the work can be spread out and performed in parallel paths. Think of single thick chain vs a large net made of the same material. Now if you need to get a hundred people over a wall, which tool gets it done faster? Check out hashgraph.

  23. Braveheart1776 says:

    Merry Christmas, everyone. I’m having a blast at the BOL. Did a lot of target practice yesterday shooting up pictures of certain globalists on the targets. What a rush, heehee!

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