What is Waves (WAVES)?

The Waves network was developed to facilitate users’ ability to generate and distribute their own unique crypto currencies.

Waves eliminates the requirement for complex smart contract programming, making it possible for users to create and exchange cryptocurrency tokens. Tokens, on the other hand, may be generated and controlled through the use of scripts that are executed in user accounts on the Waves network.The development of new tokens (and the apps that control them) should not significantly differ from the launch of a conventional web service, according to this conception of the matter.

In order to accomplish this objective, programs and applications are executed as attachments to these transactions, and distinctive identifiers are assigned to any new assets that are created. Scripts may only be applied to an asset at the time it is being created.

These assets are intended to be traded within the Waves ecosystem, which features its very own built-in decentralized exchange called Waves. Exchange Waves. Exchange was developed to facilitate trades between tokens created on the Waves blockchain and other WAVES tokens. These assets are designed to be traded within the Waves ecosystem.

The Waves team brought the feature of smart contracts to the Waves Main Net in 2018, making it possible for third parties to construct decentralized applications (dapps). In addition, the company behind the platform started marketing Waves Enterprise in 2019, which is a specialized version of the network made for businesses and other organizations.

How does Waves work?

Full nodes and lightweight nodes are two different types of nodes that may execute the Waves blockchain’s software. Lightweight nodes rely on full nodes for network communication and transaction confirmation, whereas full nodes maintain a complete history of the transactions.

Waves use leased proof-of-stake, a variant of the proof-of-stake (PoS) consensus method, to maintain the synchronization of its distributed network (LPoS).

The LPoS Blockchain

Any node that decides to lock up tokens can become eligible to contribute blocks to the blockchain in a typical proof-of-stake paradigm. The number of coins a node has locked in a specific contract can typically raise or decrease the likelihood that a node will be able to contribute a block.

Nodes can choose to lease their balance to full nodes using the LPoS. This indicates that nodes that lease tokens to the full node that is chosen to create the next block and receives payment share in the payout.

Waves-NG

Waves-NG is a variant of a concept that was initially presented (but rejected) for Bitcoin, and it governs which node has the authority to create the next block .

The Waves blockchain is divided into “key blocks” and “micro blocks,” according to Waves-NG. A proof-of-stake miner is picked at random to produce the key blocks. Other nodes then utilize a public key in this block to build a large number of micro blocks, many of which include transactions.

Wise Assets

The capacity to generate “Smart Assets,” tokens with an associated script written in Ride, a programming language specific to Waves, is essential to the Waves platform. A script may be attached to any token to provide functionality. The scripts’ execution costs 0.004 WAVES.

The tokens and subsequent transfers are done as attachments attached to transactions since Waves lets users create tokens without any programming skills.

Through plug-ins that are added as extensions on top of the blockchain, new transaction kinds are offered.

Read also: What is Fantom (FTM)?

Main Features of Waves platform

Waves platform provides its users with a list of exciting features including:

Smart Contracts

Blockchain networks use smart contracts to carry out transactions without the involvement of other parties. Because each smart contract is transparent, anybody can examine and comprehend its source code. Ride is a domain-specific programming language that is used for DApps that contains numerous checks, data readings, and actions in the script of a smart contract.

DApps, smart accounts, and smart assets are the three categories of smart contracts that Waves claims its blockchain network uses. The majority of blockchain processes are carried out through script transactions, which are called upon by callable functions included in DApps. Tokens can be transferred, issued, and burned among them. Other callable actions include creating sponsorship and adding and removing DApp account data storage entries.

Then, intelligent accounts confirm each order and transaction. The transaction cannot be completed if the script’s criteria are false. Unlike a standard account, which generally merely confirms that the transaction was sent, this one does more. Smart accounts look for data like as the current blockchain height, transaction proofs of signature, and other information.

When used, smart assets impose certain restrictions on transactions. There are various additional expressions that may be employed, but one often used script restricts transactions to taking place at a specific price. In order to accommodate various transaction situations, the script may be expanded to include the current height, account balances, asset parameters, and entries in account data storage.

The verification scripts are nevertheless extremely speedy despite the numerous checks, allowing users to swiftly finish transactions with a little carbon footprint.

Crypto Wallet

Users may save their cryptocurrencies safely in a personal wallet rather than keeping it in a central location. According to its website, the wallet function enables users to store and sell tokens using Waves. Exchange, which has the lowest transaction costs. Users should have total control over their money, and privacy, energy efficiency, and transparency are all encouraged.

The wallet’s capacity to create fresh private keys when necessary is one of its distinctive features. Users can reload a backup to get access if the digital wallet is destroyed.

Administration by Users

Everyone has a voice in exchange. Any user may vote to change the exchange’s parameters, such as transaction costs, interest rates, or release schedules. The aim is to contribute to the platform becoming more self-sustaining. Additionally, this democratic strategy encourages openness, which contributes to community trust-building.

Check also: What is the Avalanche Network?