Waves Platform - Steemit Crypto Academy - S5W7 - Homework Post for @imagen
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1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
Proof-of-stake(PoS) and Leased proof-of-stake(LPoS) are consensus mechanisms that are legally taken by several blockchains to ensure its probity. I will like to briefly discuss the consensus mechanism, PoS and LPoS as follows:
Consensus mechanism: This is a situation in which a well-developed code(s) on the blockchain serves its purpose such as verifying transaction before it’s recorded and stored in a block. After these processes are completed, the miners get rewarded.
Proof-of-Stake: This is a consensus mechanism that is used in some platforms. Here, any user who could stake some certain amount in the platform can comfortably participate in the block verification. It’s true to say that not all users are allowed in any block verification platform that uses the PoS algorithm.
Leased Proof-of-Stake: The Leased proof-of-stake consensus mechanism is one in which the user on the platform can grant their asset to other users who have more standing in the ecosystem to carry out any activity on their behalf. It can also be called a modified or upgraded version of the PoS consensus mechanism.
Unlike the PoS, the LPoS allows users with little assets to lease them to users who have more assets in other to get a reward. Hence, they are distributed between leasers and the nodes that performed the task.
Differences between them:
In the Proof-of-Stake, users with a certain amount of assets are allowed to participate in the block verification while Leased proof-of-stake allows leasing of tokens to other users.
In PoS, the mining reward belongs to just the authenticator or validator while in the LPoS, the block reward is shared among the leasers and the authenticators or validators.
In PoS, users are verified based on the percentage they stake in the blockchain while in the LPoS, a user in the platform is not required to have plenty of tokens to mine rather check they lease it to the nodes.
2.) Enter and explore Waves. exchange. Indicate its functionalities or options, what are the investment modalities that you offer to your users? Show Screenshots.
- Wave.exchange homepage
From a quick look at the Wave.exchange homepage, we can conclude that Wave is a fully-fledged exchange with features such as Investments, Crypto purchases, pools and an option to download the Wave wallet.
Buy Crypto
Hovering over the buy crypto option reveals a list of commonly available cryptocurrencies on the Wave exchange as shown in the screenshot above, including USDN, BTC, among others.Trade
When you hover around the trade option, you can find that you can make spot trades as well as currency swaps from within the Wave.exchange.Pool
The pool option contains different pool-related services offered by the Wave.exchange platform. This includes staking and governance.Investment
This is one of the most interesting features of the Wave.exchange, as it provides users with a plethora of investment options within the Wave.exchange. As shown in the screenshot below, users can invest in numerous liquidity pools, lambo investments, algorithmic trading, LP staking, Neutrino staking, and other products such as the Neutrino pools and WAVES stakings.
- Additionally, the Wave.exchange also have mobile and desktop apps which users could utilize.
3.) Make from your account 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)
To make a purchase of waves I used Huobi. I selected Waves/USDT pair, clicked on market order and then 100% and the Buy option as seen below.
The order was executed immediately as seen below.
To make a swift transfer to the waves platform, I have to copy the address of the wave token from the wave platform, and then select the withdraw option on my Huobi for wave token, then paste the address of the wave token from the wave exchange platform, input the amount of wave token I want to transfer, and then click on withdraw and then other necessary authorization to make the transfer possible.
4.) What is the WX token? What are its functions within the Waves ecosystem? What is its value and Market Capitalization at the time of writing? Show Screenshot.
WX Token
The WX token means Wave.Exchange token is the native cryptocurrency for the Wave exchange. All key transactions within the Wave exchange must be carried out using the WX tokens. Investments, participation in pools, payments, governance, etc. can be carried out using the WX token.
Functions of WX Token within the Wave Exchange
Transaction fees: WX tokens are used to pay for deals. In this example, the WX token is the currency that would be charged at a better and more balanced rate during Swaps on the exchange.
Liquidity: The WX token contributes to the Exchange platform's liquidity, making it easier to fill deals. Users may simply deposit their WX tokens into liquidity pools in exchange for some sort of reward.
Governance: The WX token can let users can participate in crucial decision-making processes on the waves.exchange platform by simply voting.
Token Listing: Developers that wish to list tokens on the exchange can do so for a lower charge by using the WX token.
Investments: On the wave exchange, investments can be performed using WX tokens.
NFT transactions: NFTs could be purchased within the Wave Exchange using the WX tokens.
Value of WX Token & Market Capitalization
| Parameter | Value |
|---|---|
| Price | 1.69USD |
| Rank | 4504 |
| Market cap | $11,125,169 |
5.) Describe Waves Ducks What does this project consist of? How do I access it? Be as explicit as possible. Show Screenshots.
Waves Ducks is a gamified collection and staking platform built by the creators of the Wave exchange. Wave ducks are built with play-to-earn features in which users must collect duck pictures in the form of NFTs. Players may breed ducks, sell them on the market, and farm EGG tokens on the platform. Waves Ducks' in-game money is the EGG token, which can be exchanged for genesis ducks' hatching. After then, players can breed genesis ducks to obtain a rare duck that may be sold on secondary marketplaces, through which players can earn passive revenue.
Wave Duck Currency
The Wave Duck currency is known as EGG and it is worth 574.0USD at the time of writing with a market cap of $25,033,319 and a rank of 5471.
Wave Duck Project
The Wave Duck project is a huge project that incorporates a lot of fun features that allows users to earn while having fun. Within the Wave Duck project platform, users can stake, play to earn, sell their duck NFTs, join fun communities, and much more.
Access the Wave Duck Project
To gain access to the Wave Duck project, simply visit their website on https://wavesducks.com/. Here you can sign up and unlock more features and assess.
Conclusion
The Waves Ecosystem has a lot of potential because it provides a variety of DeFi and NFTs solutions. The waves.exchange is distinct, and it provides investment opportunities that make the ecosystem more appealing, as well as its Wave ducks platform, which allows users to earn money while having fun. This lecture was provided by @imagen; thanks again Prof for your efforts and good work.
