[ccpw id="5"]

HomeBlogWaves - Blockchain Protocol Enabling The Creation of New Tokens

Waves – Blockchain Protocol Enabling The Creation of New Tokens

-

  • Waves is a Leasing Proof-of-Stake (LPoS) blockchain network that allows individuals to create their own coins 
  • The network also has a decentralized exchange and wallet and aims to tackle issues like slow transaction speeds high fees, and more

There are many blockchain solution providers in the market aiming to solve the blockchain trilemma. But very few have gained the attention of mainstream people. One example is Waves, a blockchain network aiming to solve the issues of speed and scalability.

While it acts as a solution provider to the main problems related to blockchain systems, it also helps users or developers create their own coins easily. It has identified the issues that users are facing with these modern-day blockchain systems and acted as a problem solver for them. 

Other than this, the platform has its own decentralized exchange called Waves DEX and has wallet services called Waves Wallet as well. Now, that we know it is a solution provider, let’s move on to the problems for which it is acting as a solution provider. But, we should first know more about it related to its token, history, and many other things. 

Waves – An Open Blockchain Protocol 

Waves is an open blockchain protocol that aims to provide decentralized solutions for its users. The protocol can help you create or customize your tokens within a few clicks. You can also issue these tokens on its decentralized exchange. It has smart contracts to help the developers launch Dapps. 

The platform was launched in 2016 by Sasha Ivanov, a physicist from Ukraine. It is one of the projects in the crypto world that has opted for Initial Coin Offerings (ICOs). The platform has its own native token called Waves. The platform is interoperable with the Ethereum network. 

Leasing Proof-of-Stake Consensus Mechanism

The protocol uses the Leasing Proof-of-Stake (LPoS) consensus mechanism, which is different from the Proof-of-Stake Mechanism. In this way, users can take part in the block generation with the help of leasing their Waves tokens. Your chance of generating the next block depends on your economic stake in the network. 

You must have at least 1000 Waves to participate in the block generation process. The amount is set to prevent any manipulations or other malicious activity on the network. 

Waves, – Native Token of the Waves Protocol  

Waves is the native token of the protocol. The token is used to power the whole protocol and has multiple multi-utility. According to Coin Market Cap, the coin is currently ranked in the 135th position and has a total supply capped at 1.11 Million Waves. Block generators receive transaction fees and block rewards in the form of Waves.

What Makes Waves Unique? 

Firstly, what makes it unique is its objective to solve the modern-day problems of blockchain systems. It aims to help blockchain users and developers make decentralized apps, create coins, and avail themselves of many other features provided by the network.

Secondly, It is helping the companies digitize their shares or customize their tokens with the help of the network. Lastly, it’s what’s called a consensus mechanism, which helps to secure the network with its unique leasing token technicality.   

Conclusion

In simple terms, Waves is a type of technology that tries to fix issues for people who use blockchain. It also allows users to make their own tokens using its network. It’s fascinating to know where it will go in the future.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

AAVE PRICE ANALYSIS: WILL AAVE REACH $100 IN 2023?

AAVE trading price has seen a repulse of 2.4% in the last 24 hours. The token is down from its all-time high by 91.75%. The token has...

U.S. Bancorp Share Price Analysis: Will It Deliver Great Returns?

U.S. Bancorp is an American bank holding company. US Bancorp is the parent company of the U.S. Bank National Association. USB was founded on July 13,...

Impact of Web3 on Government and FCC Crypto Regulation Policies

The Web3 landscape is expanding due to its vast potential, causing regulatory authorities to impose laws that are proving counter-productive. The US Federal Communications Commission wants...

Top Cryptocurrencies To Invest in September of 2023

Top cryptocurrencies of this year. Cryptocurrencies that you should invest in for high returns. Cryptocurrency introduced a new and great option to invest in for many traders....

Most Popular