Hello people. I hope everyone is doing good and enjoying this season too. This season is about the end and we have learned many new things by all the professors. This week, the professor @imagen has taught us "The Wave Platform" . The lecture was very interesting and i learned many new things. The professor have asked some question to solve in this assignment. I am going to answer all those questions one by one.
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Question (1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
The crypto world has become very popular. There are a lot of crypto currencies which are available for trading purpose on different blockchains. With passage of time, the new blockchain projects are being introduced and this technology is spreading very fastly. The main and basic reason behind popularity of the blockchain technology is its decentralization feature. The blockchain was introduced to eliminate the third party need while performing the transaction.
The basic concept behind the creation of the blockchain technology was to introduce the mechanism where people are allowed to perform the P-2P transactions. This technology make the world decentralized. The blockchain technology use the consensus algorithm to get the decentralized. The consensus algorithms are the mechanism which are being used in the blockchain projects to make it decentralized. These algorithms are used to mine the block on the network.
Different blockchain use different consensus algorithm which have different working to validate the transaction and to create the new block on the network. The bitcoin blockchain use the proof of work where the transactions are mined when the minors solve the complex mathematical problems. The minor who solve the complex mathematical problem first, get the reward. The Ethereum blockchain use Proof of stake where the minors need to stake their assets in order to mine the transaction.
So different consensus algorithm have different working mechanism. The Leased Proof of Stake is said to be an advanced version of the Proof of Stake algorithm. This consensus algorithm is used on the Wave platform to mine the transaction and for creation of the new blocks.
The Leased Proof of Stake consensus algorithm, as its name refer, work by leasing the assets. It solve the problem of Proof of Stake where only the minor who have staked huge tokens and participate in mining process. In LPoS, all the nodes, who are holding the wave token, can participate in the mining process through leasing their assets to the full nodes.
Full nodes are the operator nodes who validate the transactions by combining the mining power of their own and of other nodes on the network. The nodes on the network leased their tokens to the full node, the full node then become able to validate the transaction. They participate in mining process and create block. They get the reward for validating the block. The full nodes need to share the reward with the nodes who have leased their tokens to this full node. The full node need at least 1000 wave tokens to mine the block.
This consensus algorithm has increase the scalability of the network. There are few validators who participate in the mining process because of which, the system's efficiency get enhanced and the scalability improve. This algorithm can perform 70-100 transaction in one second. This is the new concept but getting the attention on the vast range all across the world.
In Leased Consensus algorithm, the leaser create a contract in which the address of the full node to which he is going to lease his token is mentioned. Also the tokens which he will leased are also mentioned. And when full node get reward, the leaser also get his part from reward which is based on the token which he leased to full token.
Different Between PoS and LPoS
| PoS | lPoS |
|---|---|
| Proof of stake bound the minors to stake their tokens for validating transaction. | Users on the network need to lease their tokens to full nodes to participate in the validation of transaction. |
| This consensus algorithm is more costly because here, more power is consumed. Moreover, the minors who have staked high number of assets can only participate in validation of transaction. | This consensus algorithm is less costly because here, less power is consumed. Moreover, all minors can participate in validation of transaction by leasing their tokens to the full nodes |
| There are more validators who participate in the validation process so the system efficiency get disturbed. Moreover, it is more secured as compare the the LPoS | The node who have the more leasers can validate the node. So the validator get reduced and thus the system's efficiency improve. Moreover, it is less secured as compare to the PoS |
| Here any node can participate in mining process by just fulfilling the basic requirements. SO this algorithm make the blockchain more decentralized | The full nodes who have the more leasers can validate the transaction. So this make the blockchain less decentralized. |
Key Points
- The LPoS make the network more efficient and secure.
- Any node can participate in the mining process by leasing the tokens to the full nodes.
- The nodes can unlock their asset by cancelling the lease contract
- This consensus algorithm is advanced version of PoS which eliminate some draw backs of the PoS. This algorithm improve the scalability of the network because a fewer validators participate in mining process.
The below are the steps to Create account on the Wave.Exchange platform
1- First of all, open the google chrome and search for the Wave.Exchange
2- Then click on the first link.
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3- A new age will be shown to you. If you already have account, click on login button. If you do not have account, then you need to create the account first. So CLick on the Sign Up Option which appear on the top corner.
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Click on the email option.
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4- Enter the email and password. Password should be contain capital letter, special character, number and characters.
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5- Then tick the Term and Condition box.
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6- Then click on the Sign Up Button. A code will send to your email address. For verification, enter that code here
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7- Account has been created Successfully.
How To Log In
1- Once you have created the account, now you can log in the wave.exchange platform.
2- Again go to the wave.exchange main page and click on the log in option
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The click on the Email option to log in
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3- Enter email and password which you used for creating the account.
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4- The new page will be shown to you which mean that you have logged in successfully.
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Explore Waves.Exchange
Buy Crypto
First feature which shown on the main page is the Buy crypto. This section allow the users buy the crypto currencies. When i clicked on the buy Crypto option, a new list of the crypto currencies which i can buy got opened. If you want to buy any crypto coin, click on it and buy it. The users can buy the BTC, ETH, Waves, EGG, etc.
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Trading
This section provide multiple trading opportunities. Here the Spot trading and the Swap are shown when we visit the Trading section
Spot Trading: The users are allowed to trade the multiple crypto currencies like Eth, BTC, Wave, etc.
Swap: This allow the users to swap the tokens with multiple other tokens. One can swap the WAVE to USDT or with any other available token.
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Pools
When we visit the pool section, we get multiple liquidity pools where the user can stake their assets and earn the reward in form of the Wave coin. When the user stake their tokens to provide the liquidity to the liquidity pools or lease their tokens to any full nodes to participate in mining process, they earn the reward. They can withdraw their asset by just cancelling the lease contract.
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Wallet
This feature of the wave.exchange platform allow the users to send their assets to any other use, receive the assets from any user on the network or store their assets. This is very secure way to store the assets. Here to user can store their tokens. Moreover, this section enable to user to carry out the transactions on this platform.
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Investment
There are a lot of the investment options on the wave.exchange platform. Multiple opportunities are provided to the user to invest the money on this platform in order to earn the reward. Some investment options are as below
- Lambo Investment
- LP staking
- Algorithm trading
- Waves staking
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The Wave is the token which is listed on multiple well known exchange platforms such as binance. This token is allowed to trade. People can buy or sell this coin on these exchanges. I will show the steps to buy the Wave token on the Binance platform.
First of all, open the verified binance account.
Then i clicked on the Trade button
Then i searched for the Wave. After that, i clicked on the Wave/BUSDpair. I have below BUSD in my account.
Then i entered the Wave token which you want to buy for USDT.
After that, I Clicked on Buy Button to execute your order
Now i have Waves in my account.
The WX is the native token of the Wave network. It serve as the governance token. One can participate in the governance of the platform if they have hold the wave token. This token give multiple right to its holder and make him powerful and influencer on the network. This token use to buy any available token on the wave.exchange platform. This token is use to perform the multiple task on the wave.exchange network.
This token can perform multiple transaction very fastly with low transaction fee. This token also provide the liquidity. This is the native token of the wave.exchange so it help to carry out multiple transactions on the network in smooth way. When the users on the wave.exchange platform stake their tokens, they earn the reward in form of the WX token.
This token is being used on the wave.exchange platform which is build on the wave network, to buy the multiple coins and to make investment using different investment options in different crypto currencies.
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- What is your value and Market Capitalization at the time of writing your post?
| Market Price | |
| Market Capitalization | |
| Market Rank | |
| Total Supply |
- Waves Ducks
Wave duck is defi project which is based on the Wave platform. This is an NFT play to win game. This has made it possible to earn the money by combining the games with the NFT. Here the users collect the images of the duck as the NFT and then can sell those NFT. User can earn money here by playing and collecting the duck images. This is very popular game which is based on wave platform. The token with which the users are rewarded in the Wave duck are known as the EGG. EGG is use to buy the NFT which we use while playing game. Here user can build their own farm by collecting the duck images. These duck images are actually the NFT tokens which they can sell.
What About the Project
Here the user can earn huge money. This game has multiple characters which can be purchased from the NFT marketplace in the game. The main focus of this game is to collect the NFT in form of duck images. On this game, Ducks can be collected and shared with other players. We can also here breed the duck to get a unique one who value is much high and these are the highly valued item. Here the EGGs token are received as reward. The current market value of the EFF is 559.04$. The market capitalization is 24,545,068$ and total supply is 989,212.
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How to Access Duck Wave
To access this, you need to have account on the Wave.exchange, We have created the account on wave.exchange above. Now we can login in the duck exchange using the below steps.
First search for duck wave on google.
Then click on first link and from first page, click on the login button.
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Click on the start button.
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Then enter your email and password which you set while creating account on wave.exchange platform. Same email and password will use here
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Then click on Login and you have been log in.
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Conclusion
The wave platform is based on the wave blockchain ecosystem and allowed the users to earn the reward by leasing their assets. This platform use the Leased Proof of Stake. It solve the problem of Proof of Stake where only the minor who have staked huge tokens and participate in mining process. In LPoS, all the nodes, who are holding the wave token, can participate in the mining process through leasing their assets to the full nodes. This platform has great scalability and security. Another wave based application is Wave duck. Wave duck is defi project which is based on the Wave platform. This is an NFT play to win game. This has made it possible to earn the money by combining the games with the NFT. This is very popular game which is based on wave platform
Special Mention