What Is Waves (WAVES)?

Waves (WAVES) is a community-based multipurpose blockchain platform that seeks to support a compilation of decentralized open-source technologies to build scalable, user-friendly apps. Waves aims at creating a comprehensive blockchain ecosystem that provides several features necessary for business adoption.

As per the platform's official publishing on medium, when Waves was founded, it was hard to imagine the blockchain space's direction. Decentralized finance (DeFi) was still formative, and many modern DeFi tools had not yet been invented. But Waves' approach seeked to center on high throughput and low fees. And today, when DeFi is being used in multiple aspects, these advantages offered by the Wave ecosystem seek to benefit DeFi. Thus, several DeFi apps have been built on the Waves protocol.

According to the whitepaper, there are several other benefits the Waves protocol seeks to offer for DeFi apps including the following:

1. Fixed fees - All network fees are fixed besides network overload. This feature was made feasible by designing the protocol and its smart contract language. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on blockchain.

2. Swift transactions - The protocol seeks to enable up to 1,000 transactions per second. This is essential for DeFi apps with many users and often small transactions.

3. Staking - The Waves protocol seeks to enable WAVES token holders to collect a passive income from staking their tokens.

4. User friendly - Waves ecosystem aims to provide a single-entry point.

5. Ecosystem for developers - The Waves ecosystem seeks to offer various tools, products, and components to streamline the process of building and running DApps.

WAVES is the token utilized in the Waves blockchain. Within the blockchain, block generators seek to obtain block rewards and transaction fees in WAVES. This aims to promote generators to maintain and develop the blockchain network system. The more WAVES the generator holds, they seek to get a chance to add another block in the blockchain. Blocks are data structures within the blockchain database.

History of Waves

The founder of Waves platform is Sasha Ivanov who launched the Waves platform in 2016. Ivanov is a tech entrepreneur and for the past decade he's helped improve banking, public administration, and business systems, evolving electronic payment mechanisms.