What is Waves (WAVES)?
The Waves Blockchain Platform is used in decentralized application (dApp) development as well as for smart contracts.
Leased Proof of Stake (LPoS)
The Waves blockchain uses a modified Proof of Stake (PoS) mechanism where users are incentivised to stake or lock up their WAVES tokens to receive rewards. However, unlike regular PoS - which requires a user to have a certain amount of WAVES tokens - they can ‘lease’ out their WAVES to others in order to receive a proportionate amount of rewards for their contribution.
WAVES allows users to deposit a variety of crypto or fiat currencies through “gateway” service providers.
In effect, what this means is that the burden of Know Your Customer (KYC) and Anti Money Laundering (AML) regulations is shifted away from the Waves Platform itself, to gateway service providers - significantly removing risk from the platform itself.
Custom tokens can be minted in seconds on the Waves Platform. This allows tokens to be tradable against other assets, without having to build up the requisite reputation that most other exchanges require.
Waves has its own smart contract language for decentralized applications (dApp) development. The ecosystem has been developed to allow easy learning and sandbox development for anybody - to create dApps for any use case they have in mind, including DeFi, DAO’s, marketplaces, gaming, and more.