Waves (WAVES) is an open blockchain protocol and set of development tools for Web 3.0 applications and decentralized solutions, aimed at improving the security, reliability, and speed of IT systems. It allows anyone to build their own apps, which promotes massive blockchain adoption.
Waves is transforming to Waves 2.0, which will be compatible with Ethereum Virtual Machine (EVM), which is basically a middleware layer that allows applications to interact with a core network while enabling smart contracts with other applications. This will enable Waves to work more closely and be able to connect with other major blockchains such as Ethereum.
The change will make Waves more accessible to external development teams and should encourage the creation of more applications in the Waves ecosystem.
The wave project was launched by Russian physicist Alexander Ivanov in 2016 following a successful token sale that raised 30,000 BTC in April and May of that year.
The Waves Network launched in Q3 2016 has the potential to facilitate the creation of tokens and the management of digital tokens. In 2017, Waves began partnering with Microsoft Azure and became the official partner of Deloitte. It also implemented a new consensus protocol, Waves-NG, based on Cornell Professor Emin Gun Sirer's proposal for Bitcoin-NG, later that year. NG waves increase performance to 100 Tx/second.
The network was introduced in order to address the shortcomings of existing blockchain platforms, which had limited business acceptance up to that point. Therefore, Waves focused on speed, durability, security, and user experience.
Today, the platform offers tools designed for the purpose of assisting in the process of developing and implementing dApps and handles a variety of applications and operating conditions - from a decentralized exchange (DEX) and algorithmic stablecoins to DAOs, encrypted messages, and games.
Waves blockchain allows two different types of nodes to run their software: full nodes and lightweight nodes.
Full nodes maintain complete transaction history, while lightweight nodes rely on full nodes to ensure transactions and interactions within the network.
To keep its distributed network consistent, Waves uses a variation called the leased proof-of-stake (LPoS) system.
· The Waves LPoS Blockchain-With LPoS, nodes also have the option of leasing their balance to full nodes. This means that if a full node is selected to generate the next block and compensate, the nodes that lease tokens to that selected node receive a certain percentage of the payment.
· Waves-NG- Waves-NG divides the Waves blockchain into two types of blocks - "key blocks" and "micro blocks." Key blocks are created by a randomly selected miner selected as proof of stake. The public key in this block is then used by other nodes to create multiple micro blocks that include transactions.
· Smart Assets-Central to the Waves blockchain is the ability to create tokens for 'Smart Assets,' with an attached script written on Ride, the language of the traditional Waves system. Any token can be assigned to work by attaching a script.
The use cases of Waves tokens are: · The tokens serve as a payment option for transaction fees. · It can be used to create custom tokens. · It is also used for staking rewards.
During its crowdfunding campaign, the Waves raised more than $22 million or about $30,000 BTC. A total of 100 million tokens were created at the launch and distributed as follows:
· 85% was assigned to token sales participants
· 1% is set aside for reserved supporters
· 1% allocated to post-ICO bounties
· 4% shared with partners and sponsors
· 9% was allocated to the development team
DATE NEWS/EVENTS IMPACT 04/04/2022 Neutrino Dollar falls to $0.82 on allegations of WAVES pricing "manipulation" -40% Decrease 28/03/2022 Stablecoin management DeFi platform Neutrino drives WAVES' price spike +70% Increase 24/03/2022 The biggest protocol on Waves, Neutrino protocol’s total value has increased +75% Increase 06/03/2022 The shift toward interoperability has resulted in major gains for Neutrino, Vires Finance, and Waves +55% Increase 21/02/2022 Waves started its migration to Waves 2.0 +90% Increase
Waves seem to provide an easy way to set up your own tokens and use simple blockchain features. The platform is suitable if you are crowdfunding or want to run your business using your own tokens. It doesn't take much time to make, and the price for it is not too high. With proper development, this could one day turn into a huge industry. The concept of the platform can be part of a creative new revolution.
With so many inventions on the way, the future looks promising for the Waves, and as per its future road map, they are well-positioned in the market. Waves now surround the top 50 cryptocurrencies on a market scale, the value of each unit is still cheaper compared to Ethereum as an ICO launcher.
Waves