Waves, an open source blockchain platform is all set with some major updates. The updates bring a series of significant developments, which include Fair PoS, sponsored transactions, token burning and the most important Data Transactions. WAVES holds a good position in the crypto market currently. The current market cap of WAVES is $491,141,000 USD. It has witnessed an amazing growth of 11.45% after the announcement of its new updates.
Waves talk’s a big game
Blockchains are generally not designed to allow users to post data on it. Bloating of blockchains is generally discouraged. Because it is quite cumbersome to store a string of data on a platform’s blockchain. But WAVES has the solution to this problem.
Data Transaction allows anyone to post information to the blockchain in different formats. Waves Mainnet now vitally supports data transactions, the team claims that each value has a data type associated with it, the four data types currently supported are Boolean, integer, byte, array, and string.
As per the official announcement:
“The maximum size for a key is 100 characters, and a key can contain arbitrary Unicode code points including spaces and other non-printable symbols. String values have a limit of 32,768 bytes and the maximum number of possible entries in data transaction is 100. Overall, the maximum size of a data transaction is around 140 kb.”
Furthermore, it talks about the transaction capacity and fees involved with, “The data inside a transaction is structured as key-value pairs. Byte string values have a limit of 1024 bytes. The maximum number of transactions currently available will be 100. The fees for data transaction are proportional to the data size, 100,000 per kilobyte, rounded up to the nearest kb. Since the transaction size is limited to 140 kb, it will just cost a very nominal fee of 0.14 Waves.”
Interesting Bundle of updates
This update allows the token issuers to pay transaction fees on behalf of the users. In simple words, it is allowing users to pay nodes directly with custom tokens. Once the user activates the sponsored transactions the issuer of the token will be able to make the deposits in WAVES. The deposits will be used for paying the node services eventually.
As a result of this change, all nodes will become aware of which asset is accepted as a fee, and how much transactions cost. Also, because the fees are same for all nodes and known to everyone, they will be able to support custom asset fee in official wallets and other applications.
Burning transactions mean making them cryptographically unspendable. Thus it has become very easy for the users to burn the tokens. The major advantage of this update is that it allows users who received spam tokens to remove them from their portfolios permanently.
Fair Proof of Stake update is a problem solver for small miners. It allows anyone to receive mining rewards in proportion to their WAVE balance. Generally, it is the big miners who have been enjoying all the benefits.
So the key question here is, “Will the recent updates help WAVES to hold its current position in the market?”