What is Waves Platform?
Waves is an open-source blockchain platform, developed, marketed, and operated by Waves Platform AG, that allows users to launch their own custom cryptocurrency tokens. Whilst popular cryptocurrencies such as Bitcoin and Ethereum can be traded on external exchanges, and Ethereum allows users to create new tokens on the platform using a smart contract, Waves includes this functionality in its core software and wallet. Users can create, transfer and exchange blockchain tokens on a peer-to-peer basis, paying transaction fees in the native WAVES token.
The platform has a fixed supply of 100 million WAVES and uses a network consensus algorithm based on Bitcoin-NG, updated for proof-of-stake networks, called Waves-NG. Waves uses trusted gateways to issue blockchain tokens backed by fiat money and digital currencies for use on its own platform.
Waves was founded in 2016 by Alexander Ivanov, a Russian physicist, with development funded by a crowdsale held in April and May 2016. Waves’ community and development is international, with a wide range of initiatives built on the platform and based in different locations around the world.
Wallet and platform
Ivanov has stated that he wants Waves to be an open and comprehensive ecosystem, which contains all the elements necessary for wider blockchain adoption. The core wallet, also known as the ‘lite client’, integrates a series of built-in features and third-party services.
Balances and gateways
Balances for popular tokens (including WAVES, US Dollars, Euros, Bitcoin, Zcash and Ether) are displayed on the wallet’s main page, with links to gateways for depositing and withdrawing fiat and crypto currencies. A list of recent transactions is also provided.
The decentralised exchange (DEX) is integrated within the wallet. This allows users to trade tokens on a peer-to-peer basis. The DEX uses centralised ‘Matcher’ nodes, which pair orders and execute trades in near-realtime, whilst ultimate settlement is carried out on the blockchain for security.
Users can lease their available WAVES balance to full mining nodes, receiving income from them in return for the additional mining power they offer (See Miners, below).
The token creation tab enables users to launch their own token using a short form. Token names are not unique to avoid name squatting, though token ID numbers are unique. Tokens can have a short description which cannot be changed after token creation. Token supply is customisable, and tokens can have up to 8 decimal places. It is possible to issue further tokens, unless a token is made non-reissuable.
Mining and leasing
The Waves Platform Blockchain is maintained and validated by ‘miners’. However, since Waves is a Proof-of-Stake system, these full nodes on the network do not dedicate resources in the same way that bitcoin miners generate hashes to win the right to create the next block. A hosted server is adequate to run a node and no mining rigs or specialist hardware are required. Waves is an inflation-less system and miners receive only the fees from transactions users submit to the network, rather than any block rewards. Miners can also opt to accept transaction fees paid in a variety of tokens, if they wish, though WAVES is the default currency for fees. This ‘token mining’ facility means that businesses can create blockchain applications that do not require a separate currency to pay transaction fees, instead paying using their own token.
Miners require a minimum balance of 1000 WAVES to qualify as a full node and add new blocks of transactions to the blockchain. The higher the number of WAVES held by a node, the greater the probability of mining the next block.
What is Waves Crypto Coin Platform Conclusion
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