Q: How long will transactions take?
A: In main net 1.0 ~ 30 sec. after that there’ll be a fork, the transactions time will lie in 1 sec range. don’t want to have it at launch, first the focus is on custom tokens, decentralized trading etc. for 1 sec tx’s some new POS is going to be implemented, LPOS, where lite node choose a full node to lease their balance to, they still receive the rewards, but the transactions become much faster due to the fact that only full nodes process them effectively
https://blog.wavesplatform.com/faq-7664c1d1b1bf#.83e1h5z7z