Leased Proof of Stake Consensus Algorithm and the Waves-NG protocol
Waves network operates on a leased proof-of-stake (LPoS) consensus algorithm combined with the Waves-NG protocol, allowing for a high degree of scalability and transaction throughput.
A new approach to consensus: Waves-NG
In other words, users can simply choose a MassTransfer as a different kind of ‘Send transaction’, allowing them to include up to 100 recipients in a single transaction. Moreover, the recipient addresses can be provided via JSON or uploaded from a CSV file, making it straightforward and efficient to conduct large airdrops or perform weekly payouts to those who lease their WAVES to mining nodes. Combined with Waves-NG, the MassTransfer feature enabled a very high rate of throughput on the network.
The Leased Proof-of-Stake system enabled everyday users without technical expertise to help secure the Waves network, leasing their WAVES to full nodes without losing control of their tokens. Meanwhile, Waves-NG enabled a throughput of up to 100 TPS, which is an order of magnitude more than many blockchains. Fees are low because there is no need to pay miners with block rewards to compensate them for high electricity costs and expensive hardware.