Blochchain technology startup Waves hopes to popularize its new bitcoins processing system, which seeks to speed up transactions and increase bitcoin network efficiency, which has been affected by growing adoption in conjunction with the delay of scalability decisions. The Waves network seeks to provide solutions to the needs of the growing market for the cryptocoin ecosystem leader, Bitcoin, the digital currency that moves the most money through the web, and is the main value reserve of its nature in the network.
With the growth and diffusion of Bitcoin, one of the main characteristics and strengths of this type of financial instruments has been compromised. Decentralization has shown its duality, while at the same time enhancing the values under which the cryptocoin was conceived, makes it difficult to have agreements that contribute to the sophistication of the protocol that, over time and the substantial increase in users, begins to give signals that it requires modification. For this reason, the time it takes to confirm a transaction has been sharply slowed in recent times.
The contribution of the Waves platform is extremely significant, because through the application of a tool similar to side chains, it hopes to reduce the times and costs of operations. The side chains work like a black box where transactions occur. Funds entered are blocked in one direction using a smart contract. The bottoms can be moved endlessly in the side chain in different directions. However, these movements will not be registered in the blockchain but until the user decides. In this way, transaction processing times are greatly reduced.
Using this same principle, all bitcoin deposited in Waves will be deposited in the servers of the platform and will be assigned an equivalent in the Waves Bitcoin Token (WBTC), which can be mobilized through the Waves network to take advantage of its advantages of speed Ã¢ÂÂÃ¢ÂÂand scalability against bitcoin blockchain.
According to the company this platform can be extremely helpful for those users who move their funds constantly. And is that at the moment some operations carried out through the channels of Bitcoin that pay very low commission rates, can take up to 48 hours; Waves reduces these time lags to benefit bitcoiners. For now, just in case users want to change their cryptocoins will need to return to the Bitcoin platform, however, the firm is optimistic, because if the project is successful, the money changers are likely to work to adapt their platform for employment and exchange of the WBTC.