What is waves and How does waves work?

What is Waves (WAVES)?

Every new blockchain technology presents the users with a different token. Wave is an all-together unique platform that enables its users to customize their tokens. 

Users can not only customize tokens on the waves website but they can exchange them on their decentralized exchange.  If you need mass funding for your new projects you can easily use your custom-made token to ease your process. 

Users can come up with their designs based on their vision and idea. They can be as creative they want with the creation of tokens.

Earlier users needed to possess some coding skills or blockchain development knowledge. But to make it feasible for a user who is not into this and still enable them to use waves the team here at waves have devoted a seamless process to creating their customized tokens 

It is as easy and simple as making a website on WordPress. They have made the process so easy that it can be made in under a minute.

What architecture waves is based on?

Waves blockchain technology has two features namely 

1- Two-tier architecture system

2- Leased proof of stake

In a two-tier architecture system, the network maintains two types of nodes which are lightweight nodes and full nodes.

Lightweight nodes need validation from full-type nodes to manage the transaction. As a result of such architecture, lightweight nodes don’t need to download full traction history but only retrieve important information from full nodes. This makes transactions seamless by operating on lightweight nodes. 

Leased Proof of stake is an extension to proof of stake. Owning to this concept waves enabled users to participate in blockchain management by leading their nodes. 

To be able to add a new blockchain a certain amount of cryptocurrency is needed.  With the introduction of this system, a user can lease some stake from another node. 

Leasers earn a certain percentage of the amount of cryptocurrency leased. 

Who are the founders of Waves (WAVES)? 

Sasha Ivanov is the founder of Waves blockchain technology which has gone on to become a successful project with active users from 25 countries. It has been highly successful in crowdfunding since its launch.

The idea behind that was to create a token that can be used as cryptocurrency and allows for customization from a user point of view. He has a background in business and banking administration. 

He launched waves in 2016, and to facilitate that he raised initial coin offerings of $22 million which is approximately 30000 bitcoins. 

What makes waves (WAVES) unique?

Waves got its inspiration from Blockchain technology’s inherent problems of slow processing. It has got its uniqueness from the problem already existing in blockchain technology. 

Earlier to be able to develop tokens that required the users to be skilled in coding techniques. But now with the introduction of the waves platform, this problem has been solved. It is designed in such a way that a person with zero knowledge would be able to design a decent token for them. A personalized token in a few clicks.

How Many Waves (WAVES)coins?

Currently, there are 100 million coins in circulation. There is a limited supply of cryptocurrency to maintain its value over the years with the maximum supply limit having already been reached. 

How do waves (WAVES)  work?

Waves just like many other cryptocurrencies operate on a decentralized ledger that popularly goes by the name blockchain.

The blockchain is secured by a state-of-art consensus mechanism called LPoS (leased proof of stake)  which is nothing but a slightly improved version of PoS(proof of stake) that provides authorization to the users of lite wallet to help take part in the process of block validation by leasing their tokens to mining nodes.

Upon leasing Waves to a mining node, the users can pocket a fraction of the block reward provided their chosen node is favoured as its validator.

Most of the power posted by Waves eventuates from its Smart Assets which are fundamentally tokens that possess added functionality as a result of asset scripts. These can in turn offer Smart Assets with a range of fascinating attributes. The process of creating a Smart Asset on Waves is extremely effortless, your token can be launched upon setting a few parameters and paying a 1 Waves fee. 

Distinctive features of Waves :

  • WAVES-NG mainnet is a recently launched version of Waves that can handle more than 100 transactions per second.
  • Waves charge a transaction fee that can be as low as 0.001 Waves for regular transactions and 0.005 Waves for those transactions that invoke a script.
  • Waves LPoS(leased proof of stake) protocol ensures inclusiveness of the platform that allows anybody with Waves tokens to rake in rewards by simply leasing their tokens to the mining nodes.

Conclusion 

To conclude, waves are a new technology that can ease up users’ life in many ways. It is an easy to use platform which can provide tokenization. It provided users with a seamless user interface that is deep-friendly.

It is growing so fast as they not only allow the end-users to customise their tokens but also to trade with them using a decentralized exchange.

One can not only trade their token but also stake them.  To take part in the blockchain process one needs to own a certain amount of cryptocurrency which can be exchanged for waves coins. 

If users have not had enough tokens they can stake their token to someone else and earn a pretty gold reward over them. 

Like many other blockchain technology providers, waves also provide its exchange and wallet. With very easily customizable tokens that provide no limit for trading, waves became a swiftly growing blockchain platform with a promising future.

Not only do they allow you to trade but allow you to stake your tokens. Instead of keeping them in your wallet,  you can opt for staking the tokens which will give you extra rewards.

By far it can be said it will continue to grow because of the ease that the company had aimed to provide to its users. They are user-oriented and certainly deserve the hype.

To read more interesting articles about cryptocurrency, head to Zeen blog.

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