I recently began delving into the Waves platform and now, I want to blab about it. Waves is this blockchain platform designed to be easy to use and implement for mass adoption. Its creators say anyone can launch, distribute and trade their own crypto tokens with the Waves platform. Like most cryptocurrencies it is decentralized and transparent. The Waves ecosystem is built to provide all the features necessary for launching business models on the blockchain. They have implemented some novel tools and services to make the experience of building user applications much more straightforward.
On the Waves platform you can produce your own token in a few minutes. All you really need to do is take some time to make a good plan on for its use case then set a few parameters and boom you have a utility token. Waves takes it a step further and includes its own decentralized exchange making it possible to trade your token and many others.
On To The Nitty Gritty
So about those new tokens that you just created cause you were so excited to use Waves. How exactly do they work you may wonder? Well that token you crated is called a Custom Application Token and they can be bought, sold or traded in transactions without the need for a middleman. Your coin is can be customized to represent anything you can imagine. To create your token you only need pay 1 WAVE; One thing I do wonder is if the price of waves rises to say $1k will the price to create a coin be adjusted?
I bet you are wondering what you can actually do with the tokens you have in your possession. Aside from distribute them to your loving masses and using them for some utility on your own platform you could also trade the coins on the Waves DEX. A DEX or Decentralized Exchange is a platform where you can trade cryptocurrencies more securely because you’re not exposing your wallet to a central entity. This is often the fear with exchanges like poloniex which if hacked can potentially lose your funds. Thankfully with Waves this is not the case Because your funds are stored in your local wallet and it uses an automated matcher to pair orders to facilitate exchanges of tokens and filling orders.
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But What’s Under The Hood You Say??
This is usually the point where people stop reading scroll to the end, upvote and write a comment about what they kinda read… But if you are still with us you’ll get to hang out with the cool kids!
For waves to avoid scaling problems, the developers opted to use a dual-tier architecture that incorporates light and full nodes to maintain the network. Within the two-tier architecture Waves lightweight nodes don’t need to download the blockchain. The lightweight nodes depend on the full nodes to get transaction confirmations and interact on the network: The team got this from forking the SuperNET lite client.
The platform uses an interesting variation of Proof-of-Stake consensus to maintain their networks integrity. They call it a Leased Proof-of-Stake system; in this system you can stake your tokens by leasing them out to the users running full nodes on the network. This is easier for most users than the 10,000 WAVES needed be eligible to run a full node. Many WAVES users still participate in the staking process by leasing their WAVES to a public mining pool like waves go.
Now there is much more to this WAVES platform but I’m still learning so when I have more to blab about I’ll be back!