Waves Enterprise Releases Major Network Upgrade

The release will feature containerized smart contracts improved performance, new tools and an upgraded API.

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.

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.

The VST token, which operates as the system token for the network, was recently renamed WEST: Waves Enterprise System Token. The total supply of WEST has now been reduced from 1 billion to 400 million, without the need for any further changes to the protocol.

What’s new in 1.0?

This flagship release sees several key features deployed and important new functionality for enterprise customers:

Authorization service

We have implemented authorization services into the system to achieve enterprise level security under oAuth 2.0 specification. New features include:

  • 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. This is designed to make the platform more convenient to use.
  • 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. This feature will soon be made available with the coming release of personal account functionality, where it will be most useful.

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. These are not simple scripts, but very extensive sets of instructions. We recently published an article about face recognition, which utilizes a neural network library. This is the kind of application that can be implemented.
  • We have changed the mechanics of processing requests by nodes in the Waves-NG protocol.

We will soon publish an article about performance testing, including a description of our testing methodology. 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 methods are provided with examples to simplify integration.

Forthcoming UI features

In the next release we will implement additional features in the client interface:

  • All private transactions will be displayed in the interface.
  • The client will have a tab which will display the status of anchoring, errors, and filters.
  • Users will have information about anchoring in in the personal account.

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.