What is Waves (WAVES)?
Waves —— Open Blockchain Protocol And Development Toolset For Web 3.0
- Waves is a blockchain and toolkit for building decentralized apps. It features Leased Proof-of-Stake where users can securely lend their tokens to a node of their choice (or their own node) for the sole purpose of validating blocks.
- Waves allows users to securely stake from cold storage without any risk of leaving funds vulnerable. Waves includes its own Ride programming language for writing smart contracts with speed and security in mind.
- Waves features Waves-NG to increase throughput on the chain, allowing for easy token operations, such as trading on Waves Exchange, a built-in decentralized exchange. Waves also offers easy-to-deploy solutions for oracle creation, item market creation for games, and voting.
- Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.
Waves Key Metrics
Waves is an open-source platform and decentralized environment for Web 3.0 applications. It provides a variety of specially designed tools that make the process of developing and running dApps easy and accessible.
Waves was initiated by Sasha Ivanov and a core development team in 2016. Since then, many successful blockchain-based solutions have been released and have steadily developed into a rich and growing technology platform. Waves' technology is designed to meet the needs of developers and companies who want to take advantage of the properties of the blockchain system, including its security, auditability, verifiability, and untrusted execution of transactions and business logic.
Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.
WAVES began as a fixed-cap token for the Waves platform with 100 million tokens available.
In its ICO — which raised 30,000 BTC — 85% of the supply went to sale participants, 4% to partners and supporters, 9% to the developers and 1% each to early supporters and bounty schemes which occurred after the ICO.
Its utility increased in time, and in 2019, it was decided to remove the supply cap, with decision-making transferred to network participants.
Currently, the block reward is 6 WAVES, and any changes come in the form of votes — users must choose whether or not to decrease the block reward by 0.5 WAVES every 110,000 blocks.
In addition to WAVES, the Waves Platform has two other tokens: Miners Reward Token (MRT), and Waves Community Token (WCT).
Waves Project Team
Waves is synonymous with its founder, Ukrainian-born scientist Alexander Ivanov (also known as Sasha Ivanov).
Prior to creating Waves, Ivanov was already active in the cryptocurrency space, having released the now-defunct instant exchange Coinomat and indexing site Cooleindex. He also created an early version of a stablecoin, CoinoUSD, tied to the U.S. dollar.
Ivanov is publicly active in his promotion of Waves, giving frequent interviews on the platform and trends in the wider blockchain industry.
According to Waves’ marketing literature, the company now employs over 180 people at locations including Moscow and Switzerland.
Waves Technical Advantages
The positioning of WAVES is to make it easy for the outside world to use and a large number of applications. The network is based on the Scorex platform, using the current network status to replace all transaction history records.
WAVES will use an improved PoS consensus mechanism to lease PoS (LPoS), enabling lightweight clients to use their balances to maintain network security, while leaving the tokens themselves to full nodes.
This dual architecture means that end users only need a lightweight client, which is easy to install. The interface is similar to that of existing online banking and transaction apps, and it is easy for users to get started. Activate new transaction types through plugins. Other platforms will write the content of these transaction types into the core, and this will lead to the emergence of a hard fork. Any developer can deploy new transaction types, and any node can broadcast these transactions, regardless of whether they have plugins installed. This will form an application store ecosystem, and very good flexibility. "