What is Waves?
Waves is a blockchain ecosystem that includes a cryptocurrency (WAVES), a token launch platform, and a decentralized exchange (DEX). The project’s creators intended to deliver a toolkit to help create Web3 decentralized applications (dapps). The project aims to develop an easy-to-use Ethereum alternative to increase blockchain adoption.
The Waves project was established in 2016 by Russian scientist Alexander Ivanov, also known as Sasha Ivanov. After an initial coin offering (ICO) that garnered 30,000 BTC (then around US$22 million), the Waves network was released in the third quarter of 2016. It features the capacity to assist custom token generation and the administration of digital assets. The network aims to solve the inadequacies of current blockchain systems, which had previously hampered commercial adoption. As a result, Waves prioritizes speed, scalability, security, and user experience.
In 2017, Waves began working with Microsoft Azure and became a Deloitte official partner. Towards the end of the year, it also introduced Waves-NG, a new protocol based on Cornell professor Emin Gün Sirer’s Bitcoin-NG proposal. Waves-NG boosted transaction throughput to 100 transactions per second. In 2018, the business introduced a new mobile application that enables smartphone and tablet users to access the majority of Waves’ most popular features.
In 2020, Waves released the WAVES token as an ERC-20 standard asset, launching its interoperability with the Ethereum network. Today, the blockchain platform provides purpose-built tools to aid in the development and deployment of dapps, and hosts a variety of apps and use cases ranging from decentralized exchanges (DEXs) and algorithmic stablecoins to DAOs, encrypted messaging, and gaming.
The Waves network uses its proprietary Waves-NG protocol, which serializes transactions and offers important improvements with lower transaction latency and higher throughput of bandwidth, without sacrificing other properties. The network improved its scalability by providing miners with the ability to farm a block in a continuous manner during the time of mining. This block continues in increments called liquid block, which is unchangeable over time once the next referencing block is created and appended.
Waves also uses the leased proof of stake (LPoS) consensus algorithm, which sets the probability of generating the next block in proportion to the size of a miner’s share of the total WAVES token supply. A miner who has more tokens owned or leased to them by other stakers has a better chance of generating the next block.
The Waves network has hundreds of nodes distributed worldwide, ensuring that blockchain data is protected against counterfeit or deletion. Anyone can launch a node and join the network, and a node that holds at least 1,000 WAVES can participate in block generation and receive block generation rewards and transaction fees.
WAVES, the native token on the Waves blockchain, can be used to issue custom tokens on the network, provided that an account has enough. Waves also offers a token launch platform, where users can create, issue and trade custom tokens on the network. This feature allows businesses and organizations to tokenize their assets, such as company shares or loyalty points, and raise funds through token sales. The platform also offers a decentralized exchange (DEX), where users can trade these custom tokens, as well as the WAVES token, in a trustless and secure environment.
In addition to its token launch platform and DEX, Waves also has a number of dapps built on top of its blockchain. These include Waves.Exchange, a decentralized exchange for trading cryptocurrencies; Waves.Lend, a platform for lending and borrowing cryptocurrencies; Waves.Game, a decentralized gaming platform; and Waves.Gift, a platform for creating and managing gift cards on the blockchain.
Waves also has a number of partnerships and collaborations with other companies and organizations. For example, in 2019, Waves partnered with Deloitte to develop a blockchain-based platform for managing and tracking supply chain logistics. In 2020, Waves also partnered with the Russian government to develop a blockchain-based platform for voting in local elections.
Overall, Waves aims to provide an easy-to-use and accessible blockchain platform for businesses, organizations and individuals to create and manage digital assets, raise funds, and develop dapps. Its token launch platform, DEX, and dapps offer a wide range of use cases and functionalities, while its Waves-NG protocol, LPoS consensus algorithm, and partnerships with other organizations are continually working to improve the scalability and security of the network.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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