This is my homework post on the topic 'WAVES PLATFORM' as taught by professor @imagen.
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(1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
(2.) Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
(3.) Make from your account a purchase of WAVES for an equivalent amount of 10 USD from an available exchange (Binance is not allowed) .
3.1) Describe the process. Show screenshots.
3.2) Show how the process is carried out to transfer the asset to the official Waves platform. (The demonstration is mandatory but the transfer is not)
(4.) What is the WX token? What are its functions within the Waves ecosystem? What is your value and Market Capitalization at the time of writing your post? Show Screenshot.
(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
(6.) Conclusions
As we all know that one of the integral, principles and underlying features of the blockchain technology/project is the consensus mechanisms. These unique protocol define the functionality of cryptocurrencies block. Among many of the consensus mechanism that we have is the LEASED PROOF OF STAKE which I will be talking about briefly. This leased proof of stake (LPoS) is a notable consensus mechanism that is being commonly used on the waves.exchange platform. The leased proof of stake is an upgrade to the popular proof of stake (PoS) consensus mechanism. Though similar but they both have their unique functions which will be discussed subsequently. One major function of the LPoS consensus mechanism is that it enables waves token holders to lease their token to the other users or to mining nodes. After this waves token has been leased, it will be locked in the holder's account meaning it will be in the user wallet. However, this locked token cannot be used for anything until it is cancelled. With the use of LPoS, users can now earn a percentage of payouts which serves as a form of compensation. It is to be noted that a user who has leased his token usually gets more rewards when more or bigger transactions are made in the network.
DIFFERENCES BETWEEN THE PROOF-OF-STAKE (PoS) AND LEASED PROOF OF STAKE (LPoS)
| PoS | LPoS |
|---|---|
| It is a consensus mechanism that allows crypto holders to stake their coin outrightly. | The LPoS is an upgrade on the PoS, here crypto holders are allowed to lease their token to other persons in the network. |
| You need to own a certain amount of the native token before you can be able to stake and become a validator. | Here, everyone is permitted to participate inrespective of what they have. Although one needs to have a mininum of 1000 waves in order to operate a node. |
| New features such as leasing, earning passive income is absent | New features like leasing, earning income and better security have been incorporated. |
To start with, the waves.exchange is the official crypto wallet for the waves token. It provides some functionalities such as investment, staking token, trading token and assets, buying and selling of crypto coins and as well as selling and receiving of the wave coin.
To explore this platform:
STEP 1: I visited the waves.exchange site as seen below
STEP 2 : I need to sign up first before I can login so I clicked on the sign up button.
STEP 3: I chose sign up by Email.
STEP 4: I filled my details and clicked on 'Create Acct'
STEP 5: A code was sent to my email which I used to complete my registeration
STEP 6: My registration is successful, so I can log in now.
STEP 7: I was able to login with my email and password and this was the first page that popped out
STEP 8: To check investment modalities, I clicked on the three horizontal lines at the top right corner and I saw this
You can see the investment modalities as indicated in the screenshot above. The page also shows a lot of functionalities of the waves.exchange
STEP 1: To purchase wave, I clicked on BUY WAVES as seen below.
STEP 2: It brought me to this deposit page.
STEP 3: I chose wave asset and the deposit method as waves network.
But unfortunately, the waves network wasnt available at this point for me to complete this transaction. Although I can copy my waves address as seen below
This address can be used to receive the waves token from any exchange.
The WX token is the waves.exchange native token. This token performs a lot of functions within the waves ecosystem which I will be highlighting below.
The Wx Token can be used for liquidity pools which serves as an investment modality. This allows the users or coin holders and liquidity providers to earn passive income.
The Wx Token can be locked for some duration of time, this is done so as to earn rewards from exchange fees and other investment modalities.
The Wx token also function as a major payment option i.e this token can be bought and also used as purchase for other assets on notable exchanges and some investment/business accepts waves as mode of payment.
We can also trade the Wx token on waves.exchange and not only that, this token can also be used to pay transaction fee.
MARKET CAPITALIZATION, CURRENT PRICE AT THE TIME OF WRITTING
As seen above, the following are the cuurent market details of the Wx token as at the time of writting this post.
| Waves.exchange Token Details | Figures |
|---|---|
| Market Cap | $11,230,918 |
| Current price | $1.69 |
| Volume | $75,409 |
| Circulating supply | 6,602,287.67 |
| Rank | #4500 |
WAVES DUCKS
This is a decentralized blockchain innovation that provides NFT gaming services for game lovers. Interestingly, this game allows a player to earn (in Eggs) and also stake Duck. But to eligible to play this game, the user will first need to buy the EGG and wave coin, this two coin can be bought on the waves.exchange. After the user has gotten the EGG, then he can now proceed to wavesDucks.com and sign up to start playing the NFT based game which is WavesDucks.
The project aims at integrating blockchain innovation and products using the waves platform, it also generate income to the players as there are lot of game incentives attached to the games.
HOW IT CAN BE ACCESSED
- This NFT can be accessed by going to the site : WavesDucks.com
- It displayed this page and I proceeded to click on start playing
- Next thing I did was to create my acct first using my email and unique password.
- Then I was able to log in below using my email and password.
- I was redirected to this page again and I clicked on 'START PLAYING'
- This page popped out as seen below
The waves platform is a unique crypto platform that has served many purposes ranging from staking, leasing, investment, trading, buying and selling of assets etc. It operates using the 'Leased Proof Of Stake' consensus mechanism making it a unique crypto platform that's a bit different from others. The Wx token which is the native token of this platform has also been very useful with a lot of future prospects.
Have been able to learn a great deal about waves platform by the virtue of this course. Special thanks to professor @imagen for this wonderful piece.