What is Waves (WAVES)?

The Waves blockchain is crafted to empower users to generate and launch customized cryptocurrency tokens. Unlike complex smart contract programming, Waves simplifies the creation and trading of crypto tokens by allowing users to create and manage them using scripts executed within their accounts on the Waves blockchain.

The vision is to make the development of new tokens and their associated applications akin to launching a conventional web application. This is realized through attachments of programs and applications to transactions, assigning unique identifiers to new assets. Scripts can solely be attached during the asset creation process.

These assets are intended for trading within the Waves ecosystem, which incorporates its built-in decentralized exchange called Waves. Exchange. This exchange facilitates trading between tokens produced on the Waves blockchain and other WAVES tokens.

In 2018, the Waves team introduced smart contract capabilities to the Waves MainNet, enabling third parties to construct decentralized applications (dapps). Additionally, in 2019, the platform expanded its offerings with Waves Enterprise, tailored for institutional use.

Who are the founders of Waves?

In 2016, entrepreneur Sasha Ivanov founded the Waves blockchain, establishing Waves Platform AG, a profit-oriented company based in Moscow. The company's objective was to spearhead and financially support the development of a novel blockchain network.

To fund the project, the Waves team conducted an initial coin offering (ICO) for their WAVES cryptocurrency in April 2016, successfully raising approximately $22 million, equivalent to around 30,000 BTC.

The Waves blockchain was subsequently launched in the third quarter of 2016.

What makes Waves unique?

Being among the early pioneers in its domain, Waves embarked on enhancing the capabilities of early blockchain platforms and products. Right from its inception, Waves aimed to cater to potential business clients seeking to leverage blockchain for process enhancement and the creation of novel services. Waves prioritized the advancement of smart contracts and DApp development, ensuring that its speed and user-friendliness outshone contemporaneous competition.

After its launch, other offerings emerged, including Gravity, a cross-chain and oracle network, and Neutrino, a platform geared towards decentralized finance (DeFi). Waves DEX represents a decentralized cryptocurrency exchange within its portfolio.

In 2020, Waves took a significant step by declaring interoperability with the Ethereum network, achieved by introducing the WAVES token in the form of an ERC-20 standard asset.

Explain the network security of Waves.

Waves-NG (Next-Generation) is a high-performance blockchain consensus protocol that aims to improve the scalability, efficiency, and overall network security of the Waves blockchain. It addresses certain limitations of traditional consensus mechanisms like Proof of Work (PoW) and even some Proof of Stake (PoS) systems. While Waves-NG primarily focuses on enhancing network performance, its features have implications for network security as well.

Waves-NG significantly enhances the network security of Waves by elevating transaction throughput and efficiency. It facilitates parallel processing of multiple transactions in a single block, reducing congestion and ensuring prompt transaction processing. The protocol's maintenance of the PoS consensus, coupled with its fast block generation and efficient transaction handling, leads to swift transaction finality, deterring double-spending attacks and malicious activities.

 Moreover, Waves-NG minimizes the risk of forks, which can undermine security, by optimizing block generation. Rapid confirmation times further bolster security, thwarting potential attacks like the 51% attack. The protocol's efficiency-driven encouragement of network participation fosters decentralization, reducing the vulnerability of a single point of control and enhancing overall network security.

What are the recent developments of Waves?

Waves has introduced TürkiyeDAO, a non-profit decentralized autonomous organization (DAO), intending to aid earthquake-stricken areas in Turkey and Syria by rebuilding schools and providing emergency relief. The initiative responds to the dire situation where numerous schools were damaged or destroyed, causing disruptions in education for a substantial number of students and teachers. TürkiyeDAO aims to raise $1.2 million by July 2023 to construct a new school in the Kahramanmaraş earthquake-affected region. 

Operating on the Power Protocol, the DAO ensures transparent fund utilization, with donated funds held in escrow until goals are met. The process involves an initiation phase (March 2023 - July 2023) for fundraising and a subsequent action period (August 2023 - September 2024) focused on building the school. The roadmap envisions school construction completion by June 2024, ultimately benefiting the affected communities.

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