Waves is a decentralized financial trading platform written in Scala and built on its own blockchain with custom tokens being its main feature. Custom tokens, or 'Custom Application Tokens',(CATs for short), allow for a wide range of uses. They enable decentralized crowdfunding as well as transferring, trading and storing of fiat and digital currencies. In essence, a custom token can represent any value assigned to it while being cryptographically secured through the Waves blockchain. A decentralized, manipulation-free voting system will allow projects built on top of the platform to communicate and make decisions hand in hand with their community. Due to the distributed nature of Waves, a reputation system is on the road map whose function will be to assign a certain reputation score to an account based on its network activity and other parameters.
Waves Platform, as opposed to other projects in the crypto sphere, is aimed at both advanced and novice users. The involvement of mass audience is of utmost importance. This reflects in the ease-of-use of the wallet, the resemblance of the user interface to traditional online banking applications and the fast set-up process of the native wallet through a Lite Client, eradicating the need for a blockchain download. On the other hand, Waves Platform encourages advanced users, namely blockchain developers and businesses, to create their project on top of the Waves blockchain through its public API and cutting-edge technology.
The Waves Platform is running its own blockchain based on a Proof-of-Stake consensus algorithm. The blocktime is 1 minute and each block has a capacity of 100 transactions. The process of generating a new block is called forging or staking. A miner's chance to generate a block is based on his stake vs. the total stake at work. Let's make a quick example: Bob is forging with 100'000 WAVES and the total WAVES at work is 50'000'000. His chance to generate the next block is 100'000/50'000'000 = 0.2%.
Waves' supply is fixed at 100 million WAVES. No more than that are ever going to be issued. The reward for forgers is solely coming from transaction fees included in the forged block. That's why it's imperative to get as many businesses, and as a result users, to use the platform. More network participants mean more transactions which gives higher rewards to forgers. This leads to an increased ROI (Return on Investment) and is therefore a stronger argument for market participants to invest.
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