WAVES is a decentralized blockchain platform focusing on custom blockchain tokens that can be created by users. The waves platform allows for the storing, trading, managing and issuing of digital assets, easily and securely.
Key Features and Advantages of WAVES
- High network throughput capacity, low latency and low transaction fees. Waves has a high network speed with hundreds of transactions per second and a small commission, which makes it as convenient as possible to transfer cryptocurrency between network members instantly.
- Store assets securely in the local lite client, whilst also trading them quickly and safely on the built-in decentralised exchange (DEX).
- Issue your own blockchain token to fund your startup. The waves platform works for crowdfunding, loyalty programs, voting and more.
- Lease WAVES token to miners to generate interest. This allows users to receive income from them in return for the additional mining power they offer.
How does Waves work?
Waves is not turing complete but will still allow most operations without the added risks. Instead, waves’ custom tokens operations works as an attachment to blockchain transactions. They are very flexible and can be used in a variety of applications, from national currencies transfer over the blockchain to decentralized trading.
Core level transaction types
- Custom token creation, deletion and transfer
- Decentralized token exchange, realized as a distributed order-matching engine, where Bid and Ask network transactions are matched against each other
- Anonymity features — anonymous order books are a must for an industry-grade trading platform
For new transaction types, WAVES will introduce plug-ins that are not included in the core software module, but are instead installed as an extension on top of it. Clients that do not have the relevant plug-in installed can still relay these custom transactions. This approach allows third-party developers to introduce new transaction types, and creates an Appstore-like ecosystem.
Waves uses a proof-of-stake (PoS) algorithm based on Bitcoin-NG, called Waves-NG. The new PoS consensus algorithm enables vastly increased network bandwidth, allowing for hundreds of transactions per second.
The Waves Client
The current version of the Waves client is a wallet, decentralised exchange (DEX), and a tool to release tokens.
Funds are stored in a blockchain address that only you control. You will be the only person who can access your crypto assets. Apart from Waves tokens, thousands of other kinds of tokens have also been released on the platform. The platform currently supports fiat money ($, €) as well as cryptocurrencies such as bitcoin, ethereum, and more.
Decentralised Exchange (DEX)
The way the decentralised exchange works on the waves platform is that funds are always stored on the users own wallet. The DEX is powered by a matcher, which stores user orders and sends token exchange transactions for fulfilled orders.In other words, the matcher only compares orders and users users retain complete control over their funds.
The minimum fee for the transfer of funds is 0.001 WAVES. The fixed fee for market orders is 0.001 WAVES.
The Waves platform allows users to create their own tokens to fulfill their specific needs. The actual cost of tokens (Custom Application Tokens) is established using open market mechanisms. The role of the token is determined by the nature of each individual project and can be integrated into it not only as an internal currency but also as a token for decentralised voting, as a rating system, or loyalty program.
The price of releasing a token is 1 WAVES, and you do not pay to use your own token.