Waves is a cryptocurrency and blockchain platform that lets developers create their own tokens. The tokens created may be used for loyalty programs and in-app currency creation. ^[7]

Waves is a gateway blockchain protocol that provides a wider range of blockchain services throughout the cryptocurrency space. Waves is focused on inter-chain DeFi, so every token built on Waves might be exchanged with any other Waves token.^[8]

Waves Platform consists of three core layers: protocol layer, infrastructure layer, and application layer. These layers have their own functions.

Protocol layer: This refers to the LPoS, Waves-NG, fixed fees, easy mining start, various transaction models.

Infrastructure layer: This refers to Keeper for private key management, IDE for sandbox development, smart-contracts programming language RIDE, and other tools for dApp development, API’s, libraries, tools, and frameworks.

Application layer: This refers to the basic core open-source apps (decentralized exchange, mobile apps, and voting) and various dApps running on the network^[10].

The Waves blockchain was founded by entrepreneur Sasha Ivanov in 2016.

That’s when Ivanov established Waves Platform AG, a for-profit company headquartered in Moscow whose purpose was to drive and fund the creation of a new blockchain network.

The Waves team held an initial coin offering (ICO) for its WAVES cryptocurrency in April 2016, raising the equivalent of $22 million (~30,000 BTC).

The Waves blockchain launched shortly after in Q3 of 2016.^[14]

The Waves smart contracts enable changing the default behavior of any active accounts and assets. Using smart contracts on Waves, one can create a dApp which is an application that is stored and executed on the blockchain network. ^[11]

LPoS is an enhanced proof of stake consensus algorithm which allows you to lease your tokens to a Waves node, earning some percentage of the node payout as a reward.^[15]

Waves opened DEX, which also allows users to trade tokens without conducting a transaction through an intermediate currency.

DEX works faster and safer than traditional cryptocurrency exchanges.

The work of the exchange is to provide better matcher nodes, which connect the seller to the buyer for a commission and later fix the transaction in the Waves blockchain.

Waves operate on the basis of the Leased Proof-of-stake mechanism. LPoS is released on MainNet, which allows user to transfer their technical capacities for mining and receive rewards at the same time. This technical process increases network security. Tokens can be converted into both phatic and cryptocurrency, as well as into tokens of other projects ^[12][13]