The Waves blockchain started in 2016, with the goal of enabling users to issue their own personalized crypto tokens. Over time, it has grown into an ecosystem built around its own blockchain platform for creating custom tokens, along with a smart contract framework and its own decentralized exchange, Waves DEX.

On the Waves platform, creating and trading crypto tokens doesn’t require users to know how to write smart contracts. Instead, tokens are set up and handled through scripts that run within user accounts on the Waves blockchain. 

What are Waves’ key features and how does it work?

Waves operates with two categories of nodes: full nodes and lightweight nodes. Full nodes maintain a complete ledger of network transactions, while lightweight nodes depend on full nodes for transaction confirmation and for carrying out network interactions. 

The network uses a variation of proof-of-stake (PoS) known as leased proof-of-stake (LPoS).

The difference is that in a standard proof-of-stake setup, a node that locks tokens becomes eligible to produce blocks. In general, the more coins a node locks, the higher-or lower-its likelihood of adding a block.

With LPoS, however, nodes may also lease their WAVES holdings to full nodes. When a full node is selected as the next block producer and receives a reward, the nodes that leased tokens to the chosen node receive a share of that payout.

What is noteworthy about Waves?

One important part of the Waves blockchain is the creation of “Smart Assets.” These are tokens that include a script written in Ride, Waves’ built-in programming language. Scripts can be attached to any token to add behaviors or functionality. Since Waves supports token issuance without requiring prior programming knowledge, both the tokens and their later transfers are represented as attachments included in transactions. 

Multiple transaction types are supported through plug-ins installed as extensions over the blockchain.

Waves also relies on a dedicated protocol called Waves-NG to decide which node is allowed to generate the next block.

Waves-NG divides the Waves blockchain into ”key blocks” and “micro blocks.” Key blocks are created by a randomly selected proof-of-stake miner. The public key contained in each key block is then used by other nodes to generate many micro blocks, which carry transactions.

Where can you buy WAVES?

WAVES can be purchased on DEXs and CEXs including Uniswap, Binance, Okex, Huobi, and many others.