Waves Platform is a crypto-currency project launched by Alexander Ivanov, the Russian entrepreneur, in 2016. The blockchain platform launch campaign raised $16 million, becoming one of the largest in terms of funds raised through crowdfunding. In June 2017, the Waves platform reported of the integration of the dollar payment gateway into the Lite Client, which allows users of the wallet to replenish the account in US dollars.
The working principle
Waves Platform is a crypto currency analogue of the Kickstarter crowdfunding platform. The platform allows any user to issue a cryptographic token for less than a minute, and to raise funding through a crowdfunding campaign. Users can interact with the platform using the Chrome application or downloading the full application and launching it from their computers.
The platform operates on the basis of the Leased Proof-of-Stake mechanism, which is a modification of the Proof-of-stake consensus. LPoS is released on MainNet, which allows any user to transfer their technical capacities for mining and receive rewards at the same time increasing network security. To provide security, the classical encryption with a public key is used. Tokens can be converted into both phiatic and crypto currency, as well as into tokens of other projects.
DEX Decentralized Exchange
Waves opened DEX, the first decentralized exchange in history, which allows you to trade any pair of tokens without conducting a transaction through an intermediate currency. It takes a few milliseconds to approve the transaction.
DEX works faster and safer than traditional crypto-currency exchanges. The work of the exchange is provided by the matcher nodes, which connect the seller to the buyer for the commission, and then fix the transaction in the Waves blockchain.
Types of tokens
In addition to the tokens released by users themselves, the Waves Platform has its own tokens.
Community token is a tool for crowdfunding campaigns launched on the Waves platform. Owners of tokens gain auxiliary income by constant distribution of assets of the platform. The Community Token is in the process of implementation and will be finally launched after the full technical formation of the Waves platform.
Miner Reward Token was introduced to encourage the work of miners, and is paid every month. The reward can be received not only by users who are directly involved in the mining, but also those who lease their capacities or are intermediaries in DEX exchange transactions.