ZUG, Switzerland--(BUSINESS WIRE)--Waves Enterprise is releasing a major network upgrade. Version 1.0 will see a number of significant improvements and updates to the platform, which is designed specifically for use by enterprises and the public sector.
Corporate clients want to translate their complex business processes into blockchain logic with a minimum amount of pain. Most of them want to upgrade their contracts in the future without rewriting all blockchain structures. Unfortunately, most of the business applications or their APIs have to be redesigned. Аnd it is hard to use them for smart contracts, which introduces additional costs for businesses. Moreover, the data with which smart contracts work on a closed blockchain is more sensitive than on public networks.
Waves Enterprise offers a universal blockchain solution for corporations and the public sector. We significantly improved our solution thanks to a major network upgrade to the Waves Enterprise v.1.0 and the implementation of a number of key features. These include containerized smart contracts, improved performance, an updated API, and an improved user interface. Now you can execute hundreds of contracts per minute.
“By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to Gartner. Our solution will be relevant for many years to come. The release features containerized smart contracts improved performance, new tools, and an upgraded API. Besides, we have focused on security for the existing protocol. In speed, our solution now surpasses all available corporate solutions in the market”, - says Artem Kalikhov, CPO of Waves Enterprise.
“There is now a transition to a new generation of IT systems and a new system of interaction between companies and even people. We are talking about the interaction between companies, which can be transferred to new tracks. This became possible with the advent of blockchain. This technology is designed to shape ecosystems in which participants trust each other”, - says Alexander Ivanov, founder of Waves.
The platform was launched earlier this year to address the unique needs of enterprise blockchain adoption, and features a high-performance network, private and hybrid blockchains, multiple encryption modules, and containerized smart contracts written in any popular programming language.
What’s new in 1.0?
This major release sees several key features deployed and important new functionality for enterprise customers:
We have implemented authorization services into the system to achieve enterprise level security under oAuth 2.0 specification.
- Previously, the Waves Enterprise API was open and anyone could use it. Now, users need to log in before using the API. This is a measure taken to increase security.
- Multiple accounts are now supported (i.e. many blockchain addresses) under one login-password.
- Node administrators can now control the keys that are included in the keystore (which do not have a seed phrase) from the client app.
- A single Waves Enterprise account can now be used across all services.
All of this functionality can also be integrated with other Waves Enterprise services.
Containerized smart contracts – improved performance
- It is now possible to execute hundreds of contracts per minute.
- We have changed the mechanics of processing requests by nodes in the Waves-NG protocol.
At present we are trying to place 600,000 records per hour into a contract.
Ability to update containerized smart contracts
- This release makes it possible to seamlessly update contracts, without causing unnecessary problems with maintaining the security of the state.
- Versions will be updated automatically, so fraud is not possible.
Greatly improved stability for PoA and PoS consensus algorithms
In the case that the load on the network exceeds the maximum allowed, the blockchain retains consistency. We have removed the restrictions on blocks that we inherited from the parent network (Waves Platform). We have conducted tests at maximum load and confirmed stable operation for a period of several weeks on a geographically distributed cluster spanning 13,000 kilometers.
Increased blockchain speed
Nodes with the following characteristics operate stably: 2 cores, 8 GB RAM. The network creates a block of 2 MB every 12 seconds, with up to 10,000 transactions per block and microblocks every 500 milliseconds. The bandwidth of the Waves Enterprise blockchain network is 8 Mbit/s, which is 1 MB/s. The blockchain is like a data bus. Bandwidth can be expanded up to 2 MB/s, like Cosmos.
Added interface to work with API and updated SWAGGER, with documentation
- All templates were filled out
- Increased the speed of integration and made the process easier.
All of this sets Waves Enterprise apart from its competitors, offering the unique functionality that our research shows is in demand by corporate and public sector clients.
About Waves Enterprise
The project was launched in July, 2019, and specializes in providing a universal blockchain solution for large companies, corporations, and the public sector - anyone that needs a reliable and secure business process management system with limited access to confidential information.
Waves Enterprise allows you to implement various business processes, such as workflow, procurement systems, supply chain management, and much more, on a trusted infrastructure from a secure blockchain. Inside the ecosystem, the WEST system token operates. The total volume of WEST tokens has recently been reduced from 1 billion to 400 million.