What are Waves? Waves is an open blockchain protocol and development kit for Web 3.0 applications and decentralized solutions. Waves allows anyone to issue tokens and build their own dapps. So what are Waves? What are the highlights of the project? Join the Weakhand team to find out below in this article!
To understand more about Waves, you can read the following articles:
- What is Fantom (FTM)? Fantom Cryptocurrency Overview
- What is NEAR Protocol (NEAR)? Near Protocol Cryptocurrency Overview
- What is Flow (FLOW)? Flow Cryptocurrency Overview
What Are Waves?
Waves is an open blockchain platform and development kit for Web 3.0 applications and decentralized solutions. Waves initially tried to improve on the first blockchain platform by increasing speed, usefulness, and user-friendliness.
Waves’ aim is to attract potential enterprise customers who want to use blockchain to improve processes or create new services. Waves supported smart contract and Dapp development, ensuring speed and ease of use that surpassed competitors at the time.
Mechanism of action
Nodes
A node is a computer that works for the blockchain network. Node Waves store a full copy of blockchain data, validate block transactions, verify signatures and hashes, and synchronize with other nodes.
The Waves network includes hundreds of nodes hosted around the world. This ensures that blockchain data is protected against tampering or deletion, malicious or irregular. Everyone can launch nodes and join the network.
Hold at least 1000 WAVES to be able to participate and create blocks and receive block generation rewards and transaction fees. The more tokens a node holds, the greater its chances of adding the next block.
Account
Waves uses an account-based model. Each transaction is created on behalf of an account, and all assets and data are associated with the account. An account has a pair of cryptographically linked keys: a private key that the account uses to sign transactions, and a public key that allows anyone to verify the signature.
To create accounts, store keys, and sign transactions, you can use applications developed by the Waves community: Keeper Wallet, WX Network,..
Transactions
A transaction is an action on the blockchain on behalf of an account. The Waves blockchain offers many different types of transactions:
- Data transactions write data to account data storage.
- A transfer sends a certain amount of tokens to another account.
Waves’ mechanism of action
Blockchain Waves allows two different types of nodes to run its software:
- Full Node: Keeps a complete history of transactions.
- Light Node: Depends on the full node to confirm transactions and interact within the network.
To keep the distributed network in sync, Waves uses a version of a proof-of-stake (PoS)-based consensus mechanism called leased proof-of-stake (LPoS).
Blockchain LPoS Waves
In the traditional proof-of-stake model, every node that has chosen to lock a token can be eligible to add blocks to the blockchain. The likelihood that a node can add blocks usually increases or decreases depending on the number of crypto coins the node has locked up in the special contract.
With LPoS, nodes also have the option to rent their balance to full nodes. This means that when a full node is selected to create the next block and is rewarded, the nodes that lease tokens to the selected node will earn a certain percentage of the payout.
Waves-NG
Waves-NG is a protocol that determines which node has the right to create the next block. This is an adaptation of an idea that was originally proposed for Bitcoin (but rejected).
Waves-NG divides the Waves blockchain into two types of blocks – “main blocks” and “micro blocks”. A randomly selected proof-of-stake miner creates the main block. The public key in this block is then used by other nodes to create multiple micro-blocks containing transactions.
Development Roadmap
Update ..
Core Team
Aleksandr Ivanov – Founder & CEO
Aleksandr Ivanov studied Lomonosov Moscow State University majored in Theoretical Physics and Mathematics in the years 1995 – 1999. Then in 2002, Aleksandr Ivanov continued to study at Leipzig University.
In 2016, Aleksandr Ivanov and his colleagues founded Waves.
Currently there is not much information about the project development team.
Investor
The project has successfully raised $180M through 4 rounds:
- April 12, 2016 Waves successfully raised $20M from Product Crowdfunding round
- On April 12, 2016 Waves also launched a successful ICO round raising $16M.
- On April 14, 2016 Waves successfully called for $2M in capital from the Equity Crowdfunding round.
- On December 19, 2018, Waves successfully called for $120M from Funding Round invested by Dolfin fund.
Tokenomics
Overview of Waves tokens
- Token Name: Token Waves
- Ticker: WAVES
- Blockchain: Waves Blockchain Platform
- Token classification: Update, ..
- Contract: Update, ..
- Total supply: 100,000,000
Token Allocation
Token Release
Waves tokens are currently 100% circulated.
Token Use Case
Currently the WAVES token is used for the following purposes:
- Pay transaction fees on Waves DEX.
- Service fees for those who want to issue their own tokens on the Waves Platform.
- Used to raise capital for ICO, or IEO for projects released on Waves Platform.
- Used to stake and become Master Nodes.
Exchanges
Currently WAVES tokens are being traded on exchanges such as Binance, Kucoin, EXMO,..
Project Information Channel
- Website: https://waves.tech/
- Twitter: https://twitter.com/wavesprotocol
- Telegram:
Summary
Above is the information about the Waves project that the Weakhand team learned. Waves is an open blockchain protocol and development kit for Web 3.0 applications and decentralized solutions. Waves allows anyone to issue tokens and build their own dapps. Waves initially tried to improve on the first blockchain platform by increasing speed, usefulness, and user-friendliness.