- 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.
