Launched in 2016, Waves is a global open-source platform for decentralized applications. Based on proof-of-stake consensus, Waves aspires to fully utilize the blockchain with a minimal carbon footprint.
At the beginning of its birth, Waves was known as the Russian Ethereum. When it was issued and raised on the exchange in 2016, it raised a total of 30,000 bitcoins, which was second only to Ethereum in the amount of financing that year.
Waves is a layer 1 public chain, and the applications on the chain are mainly stablecoins, savings, exchanges and foreign exchange. Its project vision is to apply blockchain to financial and pan-financial fields such as securities, fundraising, and fiat currency transfers, thereby creating a financial public chain. Custom currency issuance, financial transactions and settlements, and fundraising can all be implemented on the Waves platform. Through Waves Exchanges, USDN stablecoins can also be directly purchased, demonstrating the functions of a centralized exchange and a decentralized exchange.
The Waves technology stack can benefit in any use case that requires security and decentralization - open finance, personal identification, gaming, sensitive data, and more.
At present, its ecological applications include the Waves public chain platform, the Waves enterprise service platform, the Neutrino protocol, and the Gravity protocol. It has a high reputation in the financial field, DEFI, and cross-chain solutions.
How WAVES works
1. DEX exchange
2. Waves wallet
3. Coin issuance module
The most important function of Waves is to issue coins and crowdfunding, transfer assets and exchange currencies. The smooth operation of Waves is guaranteed by the consensus mechanism of "Leasing Proof of Stake (LPoS)", which is essentially a modified version of Proof of Stake (PoS). It allows Lite Wallet users to participate in the block verification process by leasing their WAVES tokens.
Users rent WAVES to mining nodes, and when mining nodes are selected as validators, these users will receive a portion of the block reward.
Much of Waves' functionality comes from its smart assets, which are essentially tokens with additional functionality thanks to asset scripts. These can give the smart assets a range of attractive features, such as being non-transferable if they reach a specific address (burned), or freezing after the Waves blockchain reaches a certain block height.
What is WAVES?
WAVES coin, also known as wave currency, is the token of the decentralized trading platform WavesPlatform. Released on May 30, 2016, the total supply is 100,000,000 WAVES.