Waves is a global open-source platform for decentralized applications that was founded by the entrepreneur Sasha Ivanov in 2016. It was designed to increase the security, reliability, and speed of computer systems with the vision to foster the mass adoption of blockchain technology. Essentially, Waves combines the functions of a cryptocurrency, a token launch platform, and a decentralized exchange while also offering a wide range of highly functional tools to deploy decentralized applications (dApps).
Waves is based on the Leased proof-of-stake (LPoS) which is an improved type of Proof of Stake consensus algorithm, intending to achieve distributed consensus to secure the network. In the LPoS environment, users can choose between running a full node (requiring staking a certain amount of WAVES ) or leasing their stake to a full node earning a percentage of the payout as a reward. This mechanism allows anyone to participate in the Waves network sustenance.
The protocol that determines which node gets the right to produce the next block is called Waves-NG, and it is a modification of an idea first proposed for Bitcoin. This protocol was introduced by the Waves platform aiming to speed up the network’s throughput and reduce the block time release. For this reason the Waves-NG protocol tears blockchain into two kinds of blocks: ”key blocks” and “micro blocks.” The next miner that is chosen creates an empty ‘key block’ which is the block that will be eventually added to the blockchain. Using a shared public key, the ‘key block’ allows other nodes to create microblocks to process and add transactions. In this way, Waves not only enhances the transaction throughput but also reduces the transaction latencies.
WAVES is the platform native token. It can serve as a payment option, used to create new tokens or stake for rewards.
Custom Application Tokens
Waves allows the creation and trade of crypto tokens without the need for smart contract programming knowledge. Instead, tokens can be created and managed via scripts that run in user accounts on the Waves blockchain. This feature enables users to create their customized tokens and manage them easily.
Leased proof-of-stake (LPoS)
By using LPoS, leasers will be able to participate in the process of generating new blocks because the larger the amount leased to a Waves node, the higher the chances for that node to be selected to generate the next block. If that node is selected, then the leaser will receive a reward.
The Leased Proof of Stake system improves network security. Specifically, WAVES can be leased to a node from a user’s cold storage address thus those leased tokens are locked and remain in the same address under the full control of their owner. This significantly reduces the risk of WAVES tokens being hacked, since the leased funds are not transferred to the miner.
The Waves-NG protocol enhances blockchain performance to hundreds of transactions per second by using “liquid” blocks that grow continuously until the next block is created.
It usually takes about 1 minute between key blocks and 3 seconds between micro blocks to be generated.
Ride Programming Language
Ride is a straightforward, developer-friendly functional programming language for smart contracts and decentralized applications (dApps) on the Waves blockchain.
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