Waves is a community-based decentralized open-source platform for decentralized applications and smart contracts and supported by proof-of-stake consensus. It is a custom blockchain token platform designed for large business and consumer habits. Waves was created to enable traditional businesses and end-users to enjoy the benefits of blockchain technology.
The Waves platform was launched in 2016 and was originally designed to address the shortcomings of the current blockchain service. The result is an enterprise-ready platform that emphasizes security, token-to-operate (create, transfer, and trade), and a straightforward user experience, as well as addressing key long-term issues such as transaction speed and scalability. Based on proof-of-stake consensus, Waves aspires to make the most of blockchain, with a minimal carbon footprint. Waves technology stack can benefit in any use cases that demand security and decentralization — open finance, personal identification, gaming, sensitive data, and many others. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.
As one of the first offerings in its field, Waves set out to improve on the early blockchain platforms and products. It aimed to appeal to prospective business clients looking to use blockchain to improve processes or create new services. Waves supported smart contract and DApp development, ensuring that speeds and ease of use surpassed competition at the time.