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The Waves ecosystem: Services

Introduction to Waves

General

What is Waves?

Waves established in 2016.
They have a vision to make blockchain accessable to ordinary, not technically educated people and cut away complexity.
Waves is strong with mobile apps, browser plugins and a secure wallet. The waves community is growing fast and their slogun is 'blockchain for the people'.
The Waves blockchain handles huge amounts of transactions. It is based on the LPOS algorithm. With the smart accounts and smart assets capabilities Waves paves the way for an ever changing landscape where we need adaptable bockchains. They also  have an integrated exchange in the wallet and the mobile app to trade and transfer assets.

What is a Waves full node?

A full node stores the blockchain data, pass along the data to other nodes, and ensure newly added blocks are valid. Validation entails ensuring that the format of the block is correct, all hashes in the new block were computed correctly, the new block contains the hash of the previous block, and each transaction in the block is valid and signed by the appropriate parties. Full nodes may also act as mining nodes (i.e., generating new blocks), The mining node checks that each transaction is self-valid since the other nodes would reject the block if it included invalid transactions.
Any node may propose new transactions, and these proposed transactions are propagated between nodes until they are eventually added to a block.

The Waves ecosystem: FAQ

Introduction to Waves

Waves wallet

What is a Waves wallet?

A Waves wallet is a virtual wallet which holds your crypto currencies which belong to you. You create the wallet with the help of the Waves desktop client or the Waves mobile client.
With the wallet you can do;

  • currency transactions

  • currencies trading

  • issue your token on Waves

  • register an alias to a wallet address (like dns on internet)

  • safely store multiple crypto currencies (not only Waves)


During creation​ of the Wallet you get a private key in the form of a SEED. No body will ever be able to get into your wallet if they do not have this key. Only you as the owner has access.

Where is the Waves wallet stored?

The Waves wallet itself is a customer friendly interface to your account balance. This interface is one of the Waves apps. They have the desktop client, the mobile app and a browser plugin.

However, your account balance itself which belong to your Waves wallet is stored in the Waves blockchain. This is protected by your private key and no one but you is able to transfer your funds or doing exchange trades.

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So the Waves wallet app is just stored on your devices like on your notebook, ipad, iphone or pc. And your account balance is decoupled from your personal devices and safely stored in the distributed blockchain.

The Waves ecosystem: FAQ

Introduction to Waves

The Distributed Exchange (DEX)

What is the Waves Distributed Exchange (DEX)?

The Waves wallet has an integrated feature to trade currencies. This is the distributed exchange, in short the DEX.

This feature is comparable with trading on traditional exchanges where you would buy or sell euro for us dollar or chinese renminbi for euro.

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With the DEX you can place buy or sell orders between currencies.

You can trade Waves for Bitcoin or vice versa or you can buy Waves with Fiat currencies like Turkish lira, Euro or Us dollar to name some.

A demo interface of the Waves DEX is available here: Waves DEX demo

What is the benefit of the Waves DEX compared to Central Exchanges?

A central exchange is owned and controlled by one company. They are in control of your funds and your assets which are stored on their equipment. This imposes a security risk;

  • The exchange can be hacked and your funds can be stolen

  • The exchange can go bankrupt

  • Central policy change can be deterministic about your account

  • You need to create a login account and pass a basic identification check 

  • Availability can be low if the platform is badly deployed

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The Waves decentralized exchange does not require you to trust them with your money: your wallet is not controlled by a single entity. Orders are digitally signed directly by you, as an authorization process. You control your fund solely yourself.

And last but not least, to start with the Waves DEX, you can create a Wallet and start trading with the DEX. There's no need to do an identification check. This is only needed if you want to connect a bankaccount to be able to transfer Fiat money to the wallet.

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In short the Waves DEX is the opposite of the mentioned security risks of a central exchange.

The Waves ecosystem: FAQ

Introduction to Waves

Leasing

What does 'lease your Waves' mean?

The Waves blockchain runs on the 'Leased Proof of Stake' algorithm. In short LPoS.

LPoS is an enhanced version of PoS. In a regular PoS, each node that holds a certain amount of cryptocurrency is eligible to add the next block to the blockchain. With the Waves LPoS system, users can lease their balance to full nodes. This means that your Waves amount is added to the balance of the full node. The node owner will share the transaction fees of all forged blocks with you. On top  of the fees, there is also a miner blockreward that the node receives. Depending on the node owner, this can be shared too. This will be done ratio wise and the node owner determines the share percentage.

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Example

The total balance of my node is 20000 Waves. You start a lease of 500 Waves to my node. I share 92% fees.

Suppose this month we forged 15 blocks with total 1.5 transaction fees. By voting, the blockreward is 6 Waves.

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Calculation

  • Total fees shared : 92% * 1.5 = 1.38 Waves

  • Total blockreward : 92% * 6 * 15 = 82.8 Waves

  • Your ratio : 500/20000 * 100% = 2.5%

  • your monthly earnings : 2.1045 Waves

Are my Waves safe if I lease them to a full node?

Yes, absolutely.
Leasing your Waves is completely safe. They stay in your Wallet and you stay in control. Only the amount of Waves you are leasing, is added to the amount of the Waves wallet of the full node. This is secured as one transaction in the blockchain. After 1000 blocks (~17 hours) your leased amount is accountable for revenue sharing. That's it.

Leased Waves can not be traded or transfered. You first need to cancel your lease. This is one transaction and takes about a couple of seconds.

Your lease can be started and canceled from within the Waves client apps.

Why would I lease my Waves?

If you lease your waves, you are contributing to a decentralized network. This has some benefits;

  1. The Waves blockchain becomes more secure
    The more nodes on the waves blockchain and the more leases are devided, the more resistant it becomes against tampering

  2. By leasing you get a share of the transaction fees.
    Just for free and without any action needed when you turned on the lease

  3. Leasing is comparable with earning interest of a bank
    Storing your Waves is like banksavings and leasing is like getting interest for the Waves amount.
    NOTE
    Your Waves stay in your Wallet and are controlled by you. No one, not even the full node owner, can steal them. That is the nice thing about leasing.

What is 'Plukkieforger'?

Plukkieforger is the name of my personal full node running on the Waves blockchain. You can lease your Waves to my node and get periodic rewards with revenue sharing.
See this link for more info about my node.

The Waves ecosystem: FAQ

Introduction to Waves

Buy and Trade

How can I buy Waves?

There are several options how to buy Waves coins. Here's a list of some options.​

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  1. Buy Waves from within the Waves desktop client with EUR or USD
    If you haven't created a Waves wallet yet, please follow tutorial "Create Waves wallet with desktop client" first.
    If you have a Waves wallet, login, go to Assets, click on Waves and on Receive.
    There's the option 'Card' and you can select 'usd or eur' to pay with.
    After some hours your Waves are dropped in the wallet.

  2. Buy Waves from within the mobile client app with EUR or USD
    If you haven't created a Waves wallet yet, please install the mobile client on your phone and create a Wallet.
    After that, login, click on Waves and on Receive.
    There's the option 'Card' and you can select 'usd or eur' to pay with. After some hours your Waves are dropped in the wallet.

  3. Deposit money from your bank to your Waves Wallet
    If you haven't created a Waves wallet yet, please follow tutorial "Create Waves wallet with desktop client" first.
    If you have a Waves wallet, login, go to Assets, click on Receive.
    Then click on 'Bank'. You can select which currency you want to use (USD, EUR, TRY).
    Now follow the instructions to identify yourself and to transfer the money. This can take a couple of days before you receive the money in your Wallet. When received, you can buy Waves coins via the DEX feature in the Wallet.

  4. Buy Waves with other crypto currencies on the DEX
    If you have already coins like BTC or ETH, you can just trade Waves/BTC or Waves/ETH via the DEX feature in the Wallet. You first need to send these other coins to the coin address in your Waves wallet.
    To reveal the BTC address: go to assets, on the Bitcoin asset, click Receive. Below you see the BTC wallet address.
    To reveal the ETH address: go to assets, on the Ethereum asset, click Receive. Below you see the ETH wallet address.

  5. You can also buy Waves on various other exchanges, like:
    - Waves.Exchange
    - Binance
    - Kraken
    - Tidex
    - Litebit
    - for a full list see coinmarketcap

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Be advised that buying and trading fees can differ on different exchanges.

The Waves ecosystem: FAQ

My full node 'Plukkieforger'

What is 'Plukkieforger'?

Plukkieforger is the name of my full node running on the Waves blockchain. It's a highly available system with an encrypted filesystem. It's protected against DDoS attacks and hardened against intrusion attempts. The system was deployed in june 2018 to the Waves blockchain and is officially part of the Waves Leasing Pools.

How can I lease my Waves to node 'Plukkieforger'?

To lease your Waves open your wallet. Then go to option 'leasing' and click on 'start lease'. In 'recipient' field you can type the alias name or the address of my node, whichever you ike. If you use the address, it's advised to select and copy/paste to avoid typo's:

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  • alias: 'plukkieforger'

  • address: '3P7ajba4wWLXq6t1G8VaoaVqbUb1dDp8fm4'

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In the field 'amount' you can click on 'Max' and it will copy all your Waves amount. If you want to lease less you can adjust the number as desired. The more you lease, the more you earn.

Then click on 'start lease' and confirm the transaction. After 1000 blocks your lease is accountable.


NOTE

Leasing to Big nodes or Small nodes doesn’t matter related to the earnings you will get as a leaser. It does however raises the Waves blockchain security level if you lease to smaller nodes (like my node).

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See the video Start a lease

What is the payment policy?

  • Monthly payouts (every 43800 blocks or  ~every 30.4 days)

  • I share Waves fees and also Blockrewards

  • I invest my own lease profits back into the lease, therefore do something extra for the leasers and building on a more secure blockchain and increase blockhits

  • You can join my telegram payment channel to get notified when payment occured : https://t.me/plukkieforger_payments

  • Sometimes I give presents, like for christmass I gave 250% fee sharing to my leasers

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See for details regarding percentages of revenue sharing the leasing pool site: plukkieforger

What is the node name or address for leasing?

  • alias​ name: plukkieforger

  • address: 3P7ajba4wWLXq6t1G8VaoaVqbUb1dDp8fm4

What else do we do in the community?

  • creating tutorials about crypto currency material

  • active in various telegram groups to support user questions

  • crypto evangelist

  • on a basic level develop tooling and scripts

  • maintain an improved version of the LPoS distributer script for forgers:
    https://github.com/plukkie/WavesLPoSDistributer 

The Waves ecosystem: FAQ
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