Quote from: Tekshabor on June 04, 2017, 09:22:02 PM

Quote from: MaGNeT on June 04, 2017, 08:43:08 PM

Quote from: altogo on June 04, 2017, 08:30:52 PM

fresh news:

https://blog.wavesplatform.com/road-to-waves-1-0-eafab1e6846f

still a lot of features to be added

Great!

Quote

Road to Waves 1.0

Almost a year has passed since the launch of Waves project, decentralized Waves network exists since around 7 month, its still very young but we might say that the initial stage of the network bootstrapping is over. Its time to move on to a more mature network, which can handle many more transactions and provide more advanced features such as smart contracts. This will be our Waves 1.0, robust and secure open blockchain network ready for real world applications.

How are we going to achieve this? What would the milestones be?

First off were going to start implementing an adaptation of Bitcoin NG approach to Proof of Stake systems, suggested by Dmitry Meshkov. In classical NG approach a miner generates so-called keyblock, which contains no transactions, and through this she obtains the right to generate microblocks, containing transactions. She can place incoming transactions into the microblocks and push them into the network until a new keyblock is generated.

In Proof of Stake systems we can take a slightly different approach: miner can update a block she generates with a new transactions, and push a new UPDATE transaction with new data into the network, since block generation is cheap in POS systems (in POW you cant do that, you would need to solve the block again, expending your computational resource).

This (combined with increasing the block size) will allow us to handle thousands of transactions per minute, without giving up on the network decentralization. Combined with cheap transaction fees it will make Waves network suitable for applications requiring really high throughput, and will make Waves network really unique in this regard.

After that well implement the state storage optimization proposal from Reyzin, Chepurnoy, Meshkov which is based on authenticated data structure approach. It allows a user not to store balances in all different assets issued on the network, but store only the balances in assets which are of interest to her. At the same time a node can still verify all transactions in all assets.

State storage is a big problem, which is probably more severe than blockchain bloat problem, since state is a dynamic structure which has to be stored in memory for fast transactions verification. If you have many tokens storage can take up more space than the blockchain itself. Waves is a network based on tokens, anyone can issue a token for just 1 wave. So we need to have a scalability solution to make it really efficient.

Afterwards well turn to implementing smart contracts on Waves chain. Business logic put onto the blockchain is absolutely necessary for the success of any blockchain system that present itself as a platform, that is a full-blown complete ecosystem where users can get all the features they want.

We have our own approach regarding smart contracts. You will be able to run smart contracts for a price of a normal transactions, without any additional gas or other costs. This is a more direct generalization of Bitcoin scripting, non-Turing complete zero-knowledge proof based language which can handle most of use cases of what Turing complete languages can do.

And on top of that you get many additional improvements, such as transaction anonymization and multisignature transactions. When imlemented properly this approach will provide a much higher security guarantees than Turing complete approach can provide. It is much better suited to real world applications of open blockchains than any other existing approach.

Parallel to that there will be very many developments on the business side, but that should probably be described in another post. Id like to highlight introduction of new fiat and crypto gateways, more streamlined DEX interface, and a compliant token crowd-investing platform Tokenomica.com

Once we have Waves 1.0 done and ready well move on to even more interesting stuff! Many ideas are flying around Lightning networks, anonymous order books, lite clients and side chains. It will be getting more and more exciting as we move further on!

Great things await us !

I agree. This is such an exciting and inspiring vision laid out by Sasha. To me it emphasizes the fact that Waves will deserve to stand shoulder to shoulder with Ethereum or any other platform. There is no need to displace anything. Waves will grow into something powerful and revolutionary in its own right. We've only just begun. But the potential is more than clear.