Advanced blockchain technology for the real world
The Waves platform has grown out of a desire to make existing blockchain development solutions truly accessible to the world of business applications. Despite the early stage of its development - technology exists for only 7 years - blockchains can already now offer the world a lot. And although here I do not consider closed blockchain solutions, one cannot help but note a rather high level of their maturity and practicality. As for Waves, we are fully focused on open blockchain technologies, and we strive to make them already find practical application in the business world.
The ability to create specialized blockchain tokens and simplify interaction with them is the main element that the Waves platform emphasizes. Every business should have at hand an easy way to release a specialized token that can be used as an integral part of business applications. Game currencies, crowdfunding, domestic currencies, vouchers and loyalty programs — all of these areas benefit a lot from using open blockchains. In essence, open blockchains take over and provide network infrastructure and system auditing. For business, it's like opening a door to a new dimension.
The blockchain technology is difficult to scale and has some inherent flaws that interfere with its use outside of test environments and therefore require elaboration. The heightened attention that we pay to blockchain tokens makes it necessary to implement a real-world, flexible and scalable infrastructure for their work. In this regard, we have adopted several approaches: authenticated data structures, improved scalability by the type used in the Bitcoin NG protocol and decentralized blockchain trading, enhanced by centralized reconciliation. In addition, we also consider several ways to implement a more secure and scalable blockchain-based logic functionality system. All this will allow us to seriously declare ourselves as a business-oriented platform of smart contracts.
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Authenticated data structures are designed to solve problems that arise when your blockchain “grows” with a large number of tokens and transactions. Under the conditions of active use of the blockchain, its size is rapidly growing, and the current register of balances stored in it is becoming more and more difficult to manage. The approach we used is based on the work of Leonid Rezin, Dmitry Meshkov and Alexander Chepurny. It shows a way to create efficient data structures that work like the principle of tree hashing and that can outperform the currently popular counterparts. Improving scalability is achieved by adding cryptographic inserts to the blockchain, allowing network nodes to refuse to store network status tokens that they do not want to monitor. Instead, network nodes can store only information about the state of the most interesting tokens, for example, issued by them.
In the future, we plan to develop the idea of ​​using authenticated data structures in order to create optimized lightweight clients, efficient state storage models and improve system bandwidth. Simplifying the blockchain and moving to direct work with an authenticated state is our long-term goal.
We want to create a system ready for high loads. This is important both from a practical point of view and in terms of marketing. Our network must be declared as ready in production systems with high loads.
Technologically, our vision involves the use of the Bitcoin NG approach, which allows us to achieve a visible increase in throughput. To implement this transition, we will produce a soft fork, within which new types of blocks will be presented. Miners will compete for the right to generate block sequences between two key “anchor blocks”. The model will make possible a more efficient use of the network infrastructure, allowing you to increase the potential bandwidth to 1 thousand transactions per second.
In essence, blockchains tokens are a new type of financial instrument, and therefore there must be a way to establish effective trade without needing to transfer them to intermediaries. Trade on the basis of the blockchain is inconvenient because of some inherent initial time delay, whereas trading of cryptocurrencies on stock exchanges carries serious security risks, since all cryptoactive assets are stored by exchanges in centralized systems. We try to take the best of both worlds, and therefore asset trading on the Waves platform is carried out using a combination of a centralized mechanism for reconciling orders and a decentralized mechanism for actual settlement of transactions. Thus, you get an efficient and fast order execution mechanism, and your money, at the same time, is always kept only with you, and not with anyone else. That is, users at any time retain full control over their funds, getting nonetheless the opportunity to trade without any delay. In the future, this approach is quite capable of going beyond the cryptocurrency market and can be successfully applied within the framework of the traditional trade infrastructure.
Our development and research initiatives are focused on the use of crypto-technologies to solve real-world problems. We are creating and developing advanced technology that can be used now. Open blockchains are the future of mankind, and therefore it is time for all of us to start using them in real life, ceasing to limit their use to only the close framework of remittances.
The ability to create specialized blockchain tokens and simplify interaction with them is the main element that the Waves platform emphasizes. Every business should have at hand an easy way to release a specialized token that can be used as an integral part of business applications. Game currencies, crowdfunding, domestic currencies, vouchers and loyalty programs — all of these areas benefit a lot from using open blockchains. In essence, open blockchains take over and provide network infrastructure and system auditing. For business, it's like opening a door to a new dimension.
The blockchain technology is difficult to scale and has some inherent flaws that interfere with its use outside of test environments and therefore require elaboration. The heightened attention that we pay to blockchain tokens makes it necessary to implement a real-world, flexible and scalable infrastructure for their work. In this regard, we have adopted several approaches: authenticated data structures, improved scalability by the type used in the Bitcoin NG protocol and decentralized blockchain trading, enhanced by centralized reconciliation. In addition, we also consider several ways to implement a more secure and scalable blockchain-based logic functionality system. All this will allow us to seriously declare ourselves as a business-oriented platform of smart contracts.
')
Authenticated data structures are designed to solve problems that arise when your blockchain “grows” with a large number of tokens and transactions. Under the conditions of active use of the blockchain, its size is rapidly growing, and the current register of balances stored in it is becoming more and more difficult to manage. The approach we used is based on the work of Leonid Rezin, Dmitry Meshkov and Alexander Chepurny. It shows a way to create efficient data structures that work like the principle of tree hashing and that can outperform the currently popular counterparts. Improving scalability is achieved by adding cryptographic inserts to the blockchain, allowing network nodes to refuse to store network status tokens that they do not want to monitor. Instead, network nodes can store only information about the state of the most interesting tokens, for example, issued by them.
In the future, we plan to develop the idea of ​​using authenticated data structures in order to create optimized lightweight clients, efficient state storage models and improve system bandwidth. Simplifying the blockchain and moving to direct work with an authenticated state is our long-term goal.
We want to create a system ready for high loads. This is important both from a practical point of view and in terms of marketing. Our network must be declared as ready in production systems with high loads.
Technologically, our vision involves the use of the Bitcoin NG approach, which allows us to achieve a visible increase in throughput. To implement this transition, we will produce a soft fork, within which new types of blocks will be presented. Miners will compete for the right to generate block sequences between two key “anchor blocks”. The model will make possible a more efficient use of the network infrastructure, allowing you to increase the potential bandwidth to 1 thousand transactions per second.
In essence, blockchains tokens are a new type of financial instrument, and therefore there must be a way to establish effective trade without needing to transfer them to intermediaries. Trade on the basis of the blockchain is inconvenient because of some inherent initial time delay, whereas trading of cryptocurrencies on stock exchanges carries serious security risks, since all cryptoactive assets are stored by exchanges in centralized systems. We try to take the best of both worlds, and therefore asset trading on the Waves platform is carried out using a combination of a centralized mechanism for reconciling orders and a decentralized mechanism for actual settlement of transactions. Thus, you get an efficient and fast order execution mechanism, and your money, at the same time, is always kept only with you, and not with anyone else. That is, users at any time retain full control over their funds, getting nonetheless the opportunity to trade without any delay. In the future, this approach is quite capable of going beyond the cryptocurrency market and can be successfully applied within the framework of the traditional trade infrastructure.
Our development and research initiatives are focused on the use of crypto-technologies to solve real-world problems. We are creating and developing advanced technology that can be used now. Open blockchains are the future of mankind, and therefore it is time for all of us to start using them in real life, ceasing to limit their use to only the close framework of remittances.
Source: https://habr.com/ru/post/373083/
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