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Introduction
Hello hello everyone, it's another opportunity to dish out what i got as concerns the Waves platform a course given out by our highly esteemed crypto professor @imagen. In a bit, I'll begin answering the questions related to this task. God bless you as you read.
Describe the Proof-of-Stake Lease (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
Before we talk about the Leased Proof of Stake, let's recall what the Proof of Stake normally is. We remember that in PoS, holders with higher amount of coins have a upper hand to influence blocks and those with lower coins have a least chance to influence blocks. So no matter the number of small stakeholders, they won't ever have the opportunity to influence blocks. This makes things easy for large stakeholders and indirectly deviating from decentralised to centralized.
Now the LPoS is derived from the PoS. It is a kind of consensus mechanism which works like PoS but is improved by including the "leasing" option. This leasing option has a particular function of lending to the small stakeholders so they can be able to also partake in a block. For example, if i am a small stakeholder, and i can't get involved into a Blockchain, i will lease my tokens to another node. The amount of tokens i send to a full node can be recovered at any time because I have full control over it.
The tokens are then blocked by the consensus test while these tokens are rented out. This process eliminates the possibility of negotiation which couples to be an advantage in the generation of income no matter how small the capital used. This process is fast, high efficient and scalable which gives a correct definition of a decentralised platform.
To prove the decentralisation, there's is thee restriction of the 3rd party in the LPoS, the transactions are done by P2P transaction. This P2P transaction has two sides. On one side there is the cancellation of the rental process and on the other hand is the activation of the rental by attaching the the amount of tokens to the address.
Differences between PoS and LPoS
| POS | LPOS |
|---|---|
| Participants with little amount of tokens are not able to earn rewards from blocks | participants Can earn block rewards no matter how small their tokens are. |
| Addition of nodes can be done by anyone on the Blockchain | not everyone can add nodes, it's either you run full nodes or you lease your tokens to the full nodes. |
| Profits are rewarded directly to the user in possession of the token | Profits are divided between the person renting and the person who owns the node. |
Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
I'll present this in steps. And since it's my first time of hearing about this platform, i will have to go to their site https://waves.exchange/ and create an account.
- So i first clicked on the icon at the top right corner of the site and clicked on sign up.
- chose the email verification and clicked continue
- created my password and confirmed it
- received a confirmation mail and inserted
- finally my account was ready.
All this process is summarized in the modified screenshot below.
edited by Adobe spark postAfter this process i could now begin with exploring the platform efficiently.
We still click on our top right hand corner and we notice that we have5 main menus which are subdivided. I'll be looking into the first one which is the wallet
Wallet
- Tokens
Here, we have a list of all registered assets on the waves platform. We have on
each of the registered tokens 2 options which is either to deposit or to withdraw. So here is where tokens are either deposited or withdrawn from the platform.
- Deposit and withdrawal transactions
In this section we have a brief history of deposits and withdrawals. Since i just created my account, i have no transactions yet.
- Internal transactions
We also find history of internal transactions here and this includes exchange, contracts and internal transactions. Mine is still empty because I haven't yet begun using this
- Create Token
Amazing this last option is, here we can create our own tokens and give them specifications as seen in the screenshot below
Pools
In this section we are able to spot out the stacking based on investment in the liquidity pool, and also we can observe that the current liquidity of the platform is given. There are also many tokens to choose from and for each pool, we have their statistics showing the kind of token invested, the growth price, etc. There is also the governance which as in every platform is the option which allows the voting of new pools
Investment
Here we find many forms of investments which can be made on waves. Which are for example, Lambo Investments, Algorithmic Trading, LP Staking, Neutrino Staking, WAVES Staking, Neutrino Pools and Neutrino Governance. All these are forms by which a trader can invest to make profit on the platform.
Buy Crypto
Here the trader has the possibility of buying crypto tokens of any kind, some of them are; Bitcoin, WAVES, USDN and EGGS using the fiat kind of exchange by debit cards.
Trading
In this option, we have the possibility of exchanging one asset to another effortlessly. Combined to each asset is it's graph which shows their price trends and movements to help the trader in his exchange.
Make a purchase of WAVES for an equivalent amount of 10 USD from your verified account. Describe the process. Show Screenshots.
To answer to this question, I'll have to get to https://gate.io and begin the process.
I already had 11.93 USDT available so i went to the market option and searched for waves and when that was done, i punched in 11.917 as the amount of USDT to convert.
The price for 1 wave was at 15.104 USDT.
Screenshot from gate.ioOnce that was done, i clicked on buy and a confirmation message came up for me to confirm my order.
Screenshot from gate.ioOnce my confirmation was done, i could see the total amount of wave in my possession as 0.7878 wave
That was all for the buy order.
Screenshot from gate.ioHow to send waves to official waves platform
Firstly, i get back to the waves official platform and click on wallet as seen below.
After clicking on wallet, i click on that little blue icon at the top left corner.
After clicking on that a window shows up and i select the type of token i want to deposit. In this case, Waves .
Once that is selected i can then click on the waves and once the address pops out, i can click on copy.
I can then go back to the gate.io platform and click on withdraw, where the address of the receiver is the one i just copied and that is all.
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.
WX token is the governance token of the waves platform. It functions just like an exchange currency on the waves platform. I call it the "polyvalent token" because it is used to pay gas fees and also it serves as investment token during stacking.
This token though polyvalent as i describe it, it cannot be reissued once it has been given out again.
I can say as functions, that this token since it is verified, it can easily be traded on the official wave platform. In addition to that, it can be used to pay trading fees since it has a preferably low rate. This token can be locked up for a particular period of time before getting profits in the form of gWX.
The marketcap of this token is actually at $1,676,531,063 with a very low price of $1.68 the summary of this is shown in the screenshot below from coinmarketcap. We see from this screenshot that this token has decreased at a rate of 4.71% at the time of writing this post.
Screenshot from CoinmarketcapDescribe Waves Ducks What is this project about? How is it accessed?
Waves ducks is an NFT game which is based on a cartoon like representation of ducks. This project is a non-fungible project and the waves duck is the NFT token of this project. This NFT consists of a token which is known as EGG which i earlier mentioned above as one of the tokens which the wave platform supported. This EGG is like the linkage which allows the interaction in the game in question.
The game includes ducks of different kinds which can either be exchanged or breed. Since ducks are of different types, the more rare the duck is, the more expensive it is. This is the basis on which the investment is made. I can breed a duck from a newborn to a very rare breed and then i sell it a magnanimous price.
The access to the waves duck platform is quite easy. The first thing is to get to the official platform which is https://wavesducks.com/ and begin the exploration.
Immediately i clicked on the link, i was redirected to a page and in that page, i clicked on start play
https://wavesducks.com/After that i signed in with my email and password.
https://wavesducks.com/A captcha appeared and i passed it then finally,
https://wavesducks.com/ Finally i could see my lil duckling waiting for me to begin to play with it.
https://wavesducks.com/ Conclusion
The Wave platform is one of the best NFT games which possesses a stable network and has a token which is growing very fast. Also coupled to the fact that it is purely decentralised. A place where any investor could get what he or she wants from the platform with respect to profit making.
I thank our able professor @imagen for his nice lecture full of insight. It's was a great time researching about the Waves platform and i have just increased my knowledge on one more crypto. Thank you all for reading and God bless you.
NB: unless or otherwise stated, all unsourced images are from https://waves.exchange/
CC: @imagen