Waves is a blockchain platform that may be used for various purposes, including decentralized applications (DApps) and smart contracts.
Waves was founded in June 2016, holding one of the cryptocurrency industry’s first initial coin offers (ICO), with the goal of improving the first blockchain platforms’ speed, functionality, and user-friendliness. To improve its initial concept, the platform has undertaken many revisions and included additional spin-off features.
WAVES is Waves’ native coin, which has an unlimited supply and is utilized for standard payments.
What is Waves?
Waves is a blockchain that allows users to develop and launch unique cryptocurrencies.
Waves provides a platform to create and trade crypto tokens without having to learn how to construct smart contracts. Instead, tokens may be developed and managed using Waves blockchain programs that run in user accounts.
Waves’ founders believe that creating new tokens (and the apps that control them) should be similar to establishing a standard web application. To do this, programs and applications are attached to these transactions, and new assets are assigned a unique identifier. Scripts can only be added after the asset is created.
These assets are intended to be traded inside the Waves blockchain, which has a built-in decentralized exchange for easing trading between Waves’ original tokens and other WAVES tokens.
Waves brought smart contract functionality to the MainNet in 2018, allowing third parties to create decentralized applications (dapps). Waves Enterprise, a version of the network targeted for institutions, was launched in 2019 by the platform’s creators.
Waves: Roots and History
Alexander Ivanov (also known as Sasha Ivanov), a Ukrainian-born scientist, is the founder of Waves. Ivanov was previously involved in the cryptocurrency industry before founding Waves, having founded Coinomat and Cooleindex. He also developed CoinoUSD, an initial version of a stable-coin linked to the US dollar.
That’s when Ivanov founded Waves Platform AG, a for-profit firm based in Moscow with the mission of driving and funding the development of a new blockchain network.
In April 2016, the Waves team held an initial coin offering (ICO) to raise $22 million for their WAVES cryptocurrency.
Ivanov is outspoken in his support for Waves, delivering numerous interviews on the platform and broader blockchain-related subjects.
Waves now employs approximately 180 individuals in countries such as Moscow and Switzerland.
How Does Waves Work?
Full nodes and lightweight nodes are two types of nodes that could run the Waves blockchain software.
Lightweight nodes rely on full nodes for transaction confirmation and network interactions. In contrast, full nodes store a complete history of transactions.
Waves employs leased proof-of-stake, a variant of the proof-of-stake (PoS) consensus method, to keep its distributed network in sync (LPoS).
Any node that decides to lock up tokens can be eligible to add blocks to the blockchain in a classic proof-of-stake model. The likelihood of a node being able to add a block increases or decreases based on the number of Bitcoins locked in a specific contract.
Nodes can also lease their balance to full nodes when using the LPoS.
This implies that when a complete node is chosen to create the next block and rewarded, nodes who lease tokens to that node receive a portion of the compensation.
Waves-NG is the protocol that chooses which node has the authority to generate the next block, and it is based on a concept that was initially suggested (but rejected) for Bitcoin (BTC).
The Waves blockchain is divided into two types of blocks by Waves-NG: “key blocks” and “micro blocks.” A proof-of-stake miner is picked at random to produce key blocks. Other nodes utilize a public key in this block to produce multiple microblocks containing transactions.
The ability to generate ‘Smart Assets,’ tokens with an associated script written in Ride, a Waves-native programming language, lies at the heart of the Waves network. A script may be attached to any token to give it functionality. The scripts cost 0.004 WAVES to execute.
Waves allows users to create tokens without having to know how to program; therefore, the tokens and subsequent transfers are done as attachments to transactions.
Plug-ins, which are implemented as extensions on top of the blockchain, are used to create other transaction types.
Why Choose Waves?
The WAVES cryptocurrency is essential to the Waves network’s preservation and operation.
WAVES is a cryptocurrency that may be used to generate customized tokens and pay transaction fees. Furthermore, WAVES tokens have a finite quantity – there will never be more than 100 million WAVES.
Furthermore, who gets to contribute new blocks to the Waves blockchain and who gets a part of transaction fees depends on who owns the WAVES money.
To become a complete node, a user must have a minimum balance of 1,000 WAVES. Waves allows users with fewer tokens to participate in mining by leasing their nodes; however, leasing costs 0.002 WAVES.
Businesses wishing to develop unique tokens or crowdfund a cryptocurrency project may find the Waves blockchain interesting.
The platform has been used to develop a wide range of projects.
Waves members have also shown tight relationships to financial institutions, with Russia’s National Settlement Depository, the country’s key clearinghouse, adopting Waves to create its own in-house blockchain solutions.
If you believe the market may one day prefer protocols that permit custom tokens and dapps. In that case, you may want to consider adding the WAVES token to your portfolio. Click here to start trading on Bitunivex right away.