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WAVES is the native token of the Waves platform, a multi-purpose blockchain platform with open-sourced technology for decentralized applications (DApps) and smart contracts that is typically used for products that require high security. Use cases include handling information related to finance, personal identification, gaming and storage of sensitive data.

Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.

Unlike ether or bitcoin, WAVES offers fixed-fee transactions without the need for gas fees.

How Waves Works?

Waves is a decentralized, open-source blockchain platform for the development of dapps and custom blockchain token processes. It uses its own programming language, called RIDE and a modified proof-of-stake (PoS) protocol known as Leased PoS, and has its own on-chain governance. WAVES holders can vote on on-chain reforms known as “Waves Enhancement Proposals” (WEP). An approval of 80% is required in order to support any changes to the protocol.

The WAVES token is an inflationary asset that offers a reward for every block mined. The reward was initially set at six tokens. Every 100,000 blocks, or roughly 70 days, token holders can vote on whether to change the mining reward by 0.5 WAVES or leave it unchanged.

The platform was developed as a smart contract-first, application-based platform that uses the so-called colored coins approach. It allows the development of new dapps with their own coins that are customized – or colored – iterations of the base version.

Since its mainnet launch, Waves has generated several purpose-specific applications for running decentralized applications. Some use cases for the protocol include decentralized exchanges (DEX), stablecoins and blockchain-based games.

What Makes It Unique?

As one of the first offerings in its field, Waves set out to improve on the early blockchain platforms and products.

From the outset, it aimed to appeal to prospective business clients looking to use blockchain to improve processes or create new services.

Waves supported smart contract and DApp development, ensuring that speeds and ease-of-use surpassed competition at the time.

Since then, other products have appeared, including Gravity, a cross-chain and oracle network, and decentralized finance (DeFi) focused platform Neutrino. Waves DEX is a decentralized cryptocurrency exchange.

In 2020, Waves announced that its platform would be interoperable with the Ethereum network by releasing the WAVES token as an ERC-20 standard asset.

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