Though everyone’s not very vocal about it, it is a very well acknowledged fact that Bitcoin, Ethereum, and other genesis cryptocurrencies are still very underrated innovations owing to the elaborate setup that powers them. From the infrastructure that goes into the mining of these cryptocurrencies to the complex security concerns that are to be thought out while storing the tokens, the sophisticated technology has alienated the common demographic from the cryptosphere. That is precisely where the WAVES platform becomes a game changer. With an easy to use blockchain system and many custom solutions tailored to meet the needs of many users, the platform takes Blockchain to the people. It also has its decentralized exchange ( DEX ) which allows you to trade any of the tokens created on the platform, along with other currencies such as Bitcoin and Ethereum.
Traditional mining of cryptocurrencies often requires expensive hardware, specialist knowledge and hours of dedicated work and patience. That’s because most cryptocurrencies are mined through Proof-of-Work. However, WAVES uses Proof-of-Stake and Leased Proof-of-Stake approaches in which the WAVES tokens one owns reflects their mining power. The fees for processing the transactions would be the reward for staking. Let’s dive deep into how you can mine WAVES just by leasing your WAVES tokens:
People can run a full node with zero WAVES tokens, but for staking you will need a minimum of 1,000 WAVES tokens. However, most people don’t have such high number of tokens and hence support a full node by leasing their tokens. This is called LPoS (Leased Proof of Stake) and gives the opportunity to earn mining rewards without actually running a full node but just by "leasing” WAVES tokens to a full node. Here is a list of currently active pools or full nodes one can support by leasing:
Most of the big pools have weekly payouts for their users.
How to Lease WAVES:
Open the Waves Lite Client and create a wallet to store tokens or access the DEX. Be sure to save your back up keys preferably to a text file as this is how you back up your wallet and re-sign in at a later date. Post creation of wallet, one can directly purchase WAVES through the DEX by USD payment gateway or through other cryptocurrencies like Bitcoin and Ethereum. Post purchasing, click on the Leasing button to start leasing your WAVES tokens. This will take you to another tab.
Balance Leasing:
The Balance Leasing section has three boxes: one to specify the recipient address which would be the address of any mining pool, one to specify the amount you are willing to lease and third is the fee you are willing to pay for the above transaction. The higher the fee, the faster would be the processing time for the transaction. Once you press the lease button, post entering the requisite details, the leaser would be able to see a blinking list entry that is completing your leasing transaction in the "LEASING TRANSACTION" table.
Cancelling the Lease:
One can cancel the lease by simply accessing the Leasing tab and scrolling down to leasing transactions. By selecting the ‘Cancel Leasing’ option in the drop-down, one can cancel the leasing request.
Hence with the simple and intuitive framework, WAVES platform has given people an opportunity to get a first-hand taste of crypto-innovation. The best part and the most secure part about mining WAVES through leasing is the fact that the tokens never leave your wallet during the process!!