Waves Protocol is an open-structure blockchain network that allows anyone to launch and distribute their own crypto tokens. It is designed to be user friendly and foster the creation of Web3 applications.
The project paves the way for "smart assets" to be created. These can represent real-world items, allowing for physical property to be tokenized and brought on to the blockchain. According to Waves Protocol, no programming experience is required for such assets to be issued.
A purpose-built smart contract language called Ride has been created to simplify the process of developing decentralized apps. According to Waves Protocol, this is a "strongly typed, non-Turing complete" language that is designed to prevent critical mistakes. Use cases include DeFi, escrow services, loyalty systems, peer-to-peer lending and gaming. The project maintains that this language is "significantly simpler and safer to use than Ethereum's Solidity."
Encouraging mass adoption is one of the stated goals of Waves Protocol. To this end, a knowledge base has been created for those who are new to blockchain technology — and developers who may be unfamiliar with DApps can make use of sandboxes, toolkits and learning resources.
Waves Protocol says hundreds of nodes are situated around the world. A consensus mechanism called leased proof-of-stake also enables users to lease tokens to one of these nodes and earn a percentage of the rewards they receive as a result. This allows more casual users to participate in the process of securing the network and validating blocks.
With the pressing concerns of scalability and throughput for blockchain projects, Waves Protocol claims that it delivers 100 transactions per second — surpassing Litecoin's 56, Dash's 48, Ethereum's 20 and Bitcoin's seven.
A token sale for Waves Protocol was held back in 2016 — raising 30,000 BTC across April and May. This paved the way for the project's network to launch in the third quarter of that year.
The supply of WAVES was initially fixed at 100 million. Unlike other blockchain projects, where cryptocurrencies are gradually released through mining over a period of years or decades, the entire supply of WAVES was created at launch.
Monetary policy relating to Waves Protocol is decided on by block generators at the community at large. This means that they have the discretion to increase or decrease block rewards at regular intervals. A 10,000-block window for voting is established every 100,000 blocks. As a result, incentives are reviewed every 70 days or so.
Waves Protocol was founded by Sasha Ivanov. Born in Ukraine, he studied physics at university and later founded a crypto exchange.
Before Waves, Ivanov was focused on improving the business and banking spheres, utilizing technological knowhow to aid in the evolution of payment systems.
The project's name was designed to pay homage to theoretical physics and Einstein's gravitational waves.
Since founding Waves Platform in 2016, Alexander Ivanov, a physicist by training, has emerged as one of the most prominent, respected and influential people in the blockchain space. Under his leadership, Waves has grown to become one of the foremost companies in the blockchain industry.