Waves is a decentralized, open blockchain protocol built for launching smart contracts, smart assets, and decentralized applications
This article will look at Waves Protocol, an open blockchain protocol and toolset for Web 3.0 decentralized applications. Waves is a decentralized protocol built for launching smart contracts, smart assets, and decentralized applications (dApps).
What is the Waves protocol?
With the Waves protocol, developers can build decentralized applications (dAPPS) without the need for extensive smart contract programming. Tokens can be created and managed with scripts that run in the user’s accounts on the Waves blockchain.
Waves DeFi was launched in 2016 by Alexander “Sasha” Ivanov and described as an open blockchain protocol and development toolset for decentralized solutions and Web 3.0 applications. The goal is to raise IT systems’ security, reliability, and speed. Waves allow anyone to build their apps, fostering mass adoption of blockchain.
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Leased Proof of Stake (LPoS)
The Waves blockchain uses a Proof of Stake consensus mechanism and is secured by what Waves call a Leased Proof of Stake (LPoS) consensus mechanism. Leased Proof of Stake, a modified version of Proof of Stake (PoS), allows lite wallet users to participate in the block validation process. They do this by leasing their WAVES tokens to mining nodes. Lite wallet users who lease their WAVES to a node can earn a fraction of the block rewards if the node becomes a validator.
RIDE Smart Contract
Waves describe Ride as a functional purpose-designed smart contract language inspired by Scala for dApp development. According to Waves, Ride was designed to apply scripts to assets and accounts on the Waves blockchain and creating sophisticated programmable logic for the decentralized environment.
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Waves DeFi Smart Contracts
Smart Contracts on Waves use a script written in Ride. One aspect of Smart Contracts on the Waves blockchain is what is known as Smart Assets. Users can create a Smart Asset on Waves by using the Issue Transaction feature. After setting parameters and paying a 1 WAVES fee, anyone can launch a token from their account. Waves make this possible due to its simplistic approach to design. Users can launch tokens with no programming experience required, only a few button clicks.
WAVES Token and Market Cap
The native token of the Waves protocol is WAVES. The current market capitalization for Waves (WAVES) is $1,373,646,993, according to CoinMarketCap.com; the WAVES token is currently trading at $11.97 (at the time this article was written).
Exchanges that list WAVES include Binance, Huobi Global, Kraken, KuCoin, Bittrex, Crypto.com, OKEx, and more. Wallets that support WAVES include Waves Exchange, Ledger, Trezor, Math, and Trust Wallet.