Waves Platform - Crypto Academy S5W7 - Homework Post for @imagen
(1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
Blockchains are platforms which use a decentralized system where users have all rights and the need for third party intervention is not needed. Decentralized Finance (DeFi) are exchange platforms where the system is decentralized and there is no central authority overlooking and controlling every transaction. DeFi platforms and eco-systems seek to innovate the technological world of banking and finance.
With the WAVE platform, it uses the blockchain technology and thus seeks to help users of the decentralized world by providing several functions such as exchange, development, storage, and the issuance and the distribution of digital tokens in a convenient and secure manner. The Waves platform was created by Alexander Ivanov in 2016 and its objective was to create an ecosystem where users can access digital currencies and perform their activities in a decentralized manner that has no central authority and control and involves transparent transactions.
With the Smart Contracts system on the Waves platform, users of the platform are able to create their various dApps using the logical language "RIDE".
On the WAVES platform, the consensus mechanism used is the Leased Proof-of-Stake(LPoS). The LPoS mechanism is consensus mechanism where the users on the WAVES platform are able to lease their assets and tokens to full nodes and earn percentage rewards from the payouts. With the LPoS consensus mechanism, all users and token holders of the WAVES platform are able to participate in the network maintenance process of the WAVES platform. They are able to be part of the network maintenance process because the token holders of the platform can lease their stakes to the full nodes of the platform and then receive rewards from the leasing process.
With the Lease PoS, the full node operators are able to use the leased tokens and the mining power of other users in order to create and validate new blocks on the blockchain. All of this is done without the assets leaving the assets of the other users. This means that, the token owners can stop the lease process at any time of their choice. The user can also decide on the screening process for the node operators which he intends to lease his assets to. The more transactions the node operator carries out on the platform, the more rewards will be earned by the user who leased.
The differences between the Lease PoS and PoS are as seen in the following table.
| - Only the full node operators can create blocks on the platform. | - All node users of the platform can create a new block. |
| - There are rewards from leasing to full nodes. | - There are no lease rewards. |
| - Users of the platform can either be a full node or lease to a full node. | - Users of the PoS platform are only full nodes. |
(2.) Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
Logging into my Waves.exchange account.
The first step will be to go the Waves.exchange platform.
Since I do not have an account on Waves.exchange, I will select Sign Up so as to create a new account.
From there, I will select sign up with Email because it is the Recommended sign up.
After that, I will write my email address which I will use to create this account. Then, I write my password and confirm it, and click Create account.
I now go to my email address and copy the verification code sent to me and I use it in the boxes in the above screenshot.
From there, my account is created, I will now click Log In to log into my account.
I write my email address and my password and click Continue.
I am now logged into my account.
Exploring the various options in the platform.
Wallet.
The wallet shows all the various assets which are owned by my account. But since this is a new account, I have no assets or balances. All the tokens on the platform are shown with their available balances.
Buy Crypto.
On the Buy Crypto page, the user can buy several crypto assets from foreign exchange platforms such as Binance, Kucoin etc. The crypto assets that are being bought are USDN, WAVES, BTC, EGG and OGG.
Trading.
On the Trading page, we can access Spot Trading for all crypto currency pairs available on the platform. We can also find the WAVESUSDN swap trading. And lastly, there is Swap DeFo where we can swap decentralized foreign exchange currencies.
Pool.
Here, there liquidity pools where we can stake our tokens and assets in order to get rewards. There are different pools where we can deposit and thus, earn rewards at various percentages from the liquidity pools.
Investments.
Here we can find the various investment opportunities that are available on the waves.exchange platform. Some of these investments; liquidity pools, lambo investments, algorithmic trading, LP staking, Neutrino staking, WAVES staking, Neutrino Governance, Neutrino Pools.
The various investment modalities.
a. Liquidity Pools.
This investment tool is about increasing the APY of the user when the user stakes tokens in the liquidity pools that are available. The APY for liquidity pools is up to 228%.
b. Lambo investments.
This investment strategy is done by investing USDT and then getting USDTLAMBO in return which will in turn bring profits. The APY is up to 64%.
c. Algorithmetic Trading.
The Algorithmetic trading is an investment platform on waves.exchange and with this investment strategy, crypto assets like BTC, ETH, USDT, USDC are acquired in order to get ALP tokens that prove authenticity. Profits are made from this process of acquiring crypto assets and keeping them in the WAVES platform. The APY here is up to 153%.
d. LP Staking
Here, you can invest in staking crypto assets and getting profits. When staking BTC, you get BTCLP tokens in return with which you can earn. The APY is up to 21%.
e. Neutrino Staking.
Here, the user gets daily profits from staking Neutrino tokens. The APY for neutrino staking is up to 12%.
f. WAVES staking
This investment is done by staking WAVES tokens to the liquidity pool and getting profits from the staking. The APY here is up to 4%.
g. Neutrino governance.
Users can purchase and hold NSBT tokens in order to have influence and also take part in the governing process of the platform.
h. Neutrino pools.
This investment gives the user profits when he buys USDN and then invests in any stable coin pool in the Neutrino pools. The APY for Neutrino pools is up to 12%.
(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.
In order to perform my transaction, I will use the Kucoin mobile app. All the following screenshots are from the KuCoin mobile app.
To begin, I had a total of 12 USDT which I decided to use all to perform my transaction.
I searched for the trading pairs involving WAVES and selected the currency pair WAVESUSDT because I am doing my trade with 12 USDT.
I now placed a Market Order of 12 USDT for the purchase of WAVES tokens. At the current market rate,
Since I initially had 0.7 WAVES in my account, this transaction increased the waves in my account to 1.5 WAVES worth about $22.
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)
In order to deposit assets into the Waves platform, the following steps will have to be followed.
Step 1.
The first step will be to go to the wallet page in your waves.exchange platform and click on Deposit/Withdraw as highlighted in the above image.
Step 2.
At the deposit/withdraw page, we then select the crypto you wish to deposit. I chose USDT. After that, you select the deposit method. I selected Metamask ERC20.
Step 3.
After that, enter the amount to be deposited and click on Deposit.
Step 4.
Then lastly, confirm the transaction using your Metamask wallet and if there are sufficient funds in the account, the transaction will be a success.
(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.
The WX token refers to the native governance coin of the waves.exchange platform. This token is used on the Waves.Exchange ecosystem for the Liquidity pool investment product. The WX token is made up of 8 decimal places and a total of 1,000,000,000 WX tokens were emitted.
Some of the functions of WX token which is the governing token of the Waves.Exchange ecosystem are as follows:
- The WX token can be used for investment in the liquidity pool on the Waves.Exchange system.
- Another function of WC token is that, it can be traded with other crypto coins on the platform, since WX token is registered and verified token.
- WX token can be locked for a period and the token holder earns in gWX.
- It is best for paying trading fees on the platform because of its better rate.
From the above screenshot, we can see that, as at the time of making this post, the WX token had the following information.
- The price is $1.69.
- The market capital is $11,198,431.
- The fully diluted market capital is $1,687,740,840.
- The 24hour volume is $82,342.
- The maximum supply is 1,000,000,000 WX and the total supply is 14,794,520 WX.
(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves Ducks refers to a digital gaming platform where users are able to earn through the Staking process as well as play-to-earn activities that give them collectibles and rewards in the form of NFTs that are in the form of ducks. With these platform, users are able to play games such as farming EGG tokens, and breeding ducks(NFTs) and later on selling these NFTS in the marketplace.
On Waves Ducks, the native coin is EGG and for a user to get this token, WAVES can be exchanged for it using the waves.exchange platform and then sent to the Waves Ducks platform. When a user has egg tokens, he can go to the marketplace and buy NFTs like ducks in order to start breeding ducks. When the user breeds these ducks, he can then later on sell the duck NFT to the marketplace for more EGG tokens.
From the above screenshot, we can see the analysis of Waves Ducks's native coin EGG. It is seen below.
- The price is $570.59.
- The market capital is $25,191,002.
- The fully diluted market capital is $570,242,804.
- The 24hour volume is $18,684.
- The maximum supply is 1,000,000 EGG and the total supply is 989,212 EGG.
In order to access the Waves Ducks platform, we will need to go to this website.
From that page, we will click on Start Playing in order to proceed to the next page.
Since I have an account, I will input my email and my password and click on Log in.
I now verify the process by solving the puzzle.
After all that, I have successfully logged into my account and access Waves Ducks to begin my EGG farming and duck breeding.
(6.) Conclusions.
The Blockchain world is evolving daily and one of these developments can be seen in the Waves platform. The waves platform uses a customized consensus mechanism - the Leased Proof of Stake. This LPoS is really helpful to the users of the platform that are not chanced to be full time nodes, so they are able to lease their mining capital to the full nodes and in turn, receive rewards from the leasing process.
The Waves platform also has several coins and tokens that are used for governance and liquidity pool mining. With the waves.exchange platform, users can access so many processes such as investments, pools, as well as trading. The Waves platform is a very profitable platform for those who have the knowledge of the abundant investment opportunities that are available.
Thank you for reading and Happy New Year!
CC: @imagen