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Waves is a custom tokens blockchain platform, and the first production cryptocurrency system to be built in Scala. It uses an inflation-less PoS consensus with a fixed supply of 100 million WAVES tokens, which are the fuel for every activity on the platform. Waves was crowdfunded with 29,634 BTC. 85 million WAVES were distributed after the ICO, with the rest being used for bounties, partnerships, and held in reserve as an additional development fund.

Custom tokens

Waves’ focus is on creating a user-friendly, scalable platform that is ready for mass adoption. There is an emphasis on a clean, straightforward UX. Waves’ custom application tokens (CATs) or app-tokens are based on a novel asset approach, structured on a simplified payment verification (SPV) scheme that is based on improved authenticated dynamic dictionaries.

Speed and scalability

Several approaches have been adopted to use network structure more efficiently. Aside from authenticated data structures, these include Bitcoin NG-like scalability enhancements, and a combination of the DPoS (Delegated Proof of Stake) and LPoS (Leased Proof of Stake) approaches will allow transactions to be processed more quickly and efficiently. Together, these potentially allow Waves to increase throughput to as much as 1,000 transactions per second (tps). Decentralised blockchain trading is enhanced by centralised order matching to enable near realtime order execution, with settlement on the blockchain for security.

Smart contracts and future improvements

The Waves team is considering several ways to implement blockchain-based logic functionality, in a more secure and scalable way than is the case in existing systems. This will make Waves an attractive solution as a business-oriented smart contracts platform, enabling asset-to-asset exchange, crowdfunding, remittance, HFT, and custom application tokens functionality for different industries.

Authenticated data structures approach will be pursued further, with the goal of creating efficient lite clients, effective state storage, and enhanced system throughput. Blockchain pruning and working directly with the authenticated state is the long-term goal.

Full nodes and installation

Since full nodes and public token facilities were launched, Waves has been a fully decentralised system. The latest official version of mainnet can be found here and the latest lite client here.

Installation and configuration guides can be found at here and here.

The Waves team will be happy to assist if there are any problems with setting up full nodes.

Block Confirmations
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~1 min

Leased Proof of Stake

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