Crypto Academy S5W7 - Homework Post for @imagen
Assignment
(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 a purchase of WAVES for an equivalent amount of 10 USD from your verified account. Describe the process. Show Screenshots.
(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
1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
Leased proof of stake, well this is something new and you must be asking the question, whats this all about? and how different is it from the proof of stake that we know? You'll get the answers to those questions in this section.
So what is the leased proof of stake??
The leased proof of stake is a type of Consensus Mechanism, or rather a version of the proof of stake Consensus mechanism, basically an upgraded to that version, thats common to the Waves users. In this system, users can lease a portion/all of their tokens to another user(mostly a node; full time or partial), and earn rewards with respect to the percentage of their leased tokens when the nodes validate new blocks.
The leasing party gets to earn rewards from the new blocks created all without having to risk their actual tokens. That is to say that the tokens doesn't necessarily leave their wallet, they are still the owners of the tokens and can choose to terminate the contract at any time they wish. The leased token in the nodes wallet helps to increase their stake weight and chances of being chosen to add to the block even though the leased tokens can't be transferred or traded with by the nodes.
So how does the nodes validate new blocks? Well its important to know that anyone with a minimum balance of 1000wave tokens can become a node on the Waves platform, leased or owned. This gives everyone an opportunity to become a node.
Sopposing I lease some of my tokens, say 200 waves, to another user having just 800 waves token, the user doesn't own my tokens but his balance now shows that there's a minimum of 1000waves token in his wallet. This gives him the chance to become a node and create new blocks. Upon creation of the new blocks, there's some rewards for the node. He doesn't get all the rewards as I have leased some tokens to him, so a percentage of this will come to me, while I haven't really done anything but add up virtual balance to his own. In this case I'll get a reward of about 20% of the total rewards.
So how is the lpos different from the traditional pos that we know?
Well the difference should be clear for all to see at this stage, some may even argue that it's an upgrade to the pos concensus mechanism and therefore better, that depends on your own perception of the systems, Here are the Differences;
More decentralization is fun
In the traditional PoS, the chances of you being a validator depends largely on the amount of tokens staked. The higher amount of staked tokens you have, the greater your chances of being chosen as the next validator. In the lpos any one can participate in the validating process. You can choose to be a full node of lease some of your tokens to a node, either way each user has an opportunity to participate.
Security is vital
So yeah, there are some bad nodes and when they are being punished, they are not alone, the tokens of others in their possession get slashed too, ouch. Well lpos is different, the nodes are not in possession of your tokens, you still retain full ownership and therefore more security. Also the chances of the 51% attack is reduced when compared to the PoS.
Availability of your tokens, anytime
You know how it is with the PoS mechanism, when you wish to 'unstake' your tokens right? Well if you don't already know, its quiet time consuming, you have to wait for some time before actually being in possession of the unstaked tokens.
This is quiet different when we come to the lpos, when you choose to terminate your contract with a node(unlease), they are available to you immediately. This is good news to the users especially those who may want to use the tokens for some other purposes.
(2.) Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
Waves exchange, just like many other exchanges, allows one to make crypto transactions as well as to provide you with a wallet option to store all your assets, the exchange has some cool features which we will talk about in this section.
It's important to know that the exchange is has four major sections, we have the Wallet section, Buy crypto, Trading and then investment, although this is not the order in which they come.
Buy crypto
In section users get the opportunity to buy any crypto of their choice, so long as its listed on the exchange. There are two ways through which you can buy crypto on this exchange, you can either choose to buy from you account using your debit/credit card or use the systems OTC method, and exchange on coin for another( usdn for usdt or vice versa) through smart contracts.
Wallet
This feature allows one to store assets bought or gotten from other exchanges, just like the traditional wallets you know. Clicking on an asset will display all the necessary information you need to know about it. There are also some forms of asset, including the verified, unverified, gateway, etc. You could also see the deposit and withdrawal information of an asset in this section.
Trading
This section offers you the chance to trade the assets on you wallet. You choose from the different trading options available to you in the platform. This includes spot trading, DeFo Swap,leverage, Waves - USDN Swap. You can take advantage of the difference in price of various coins and earn from them.
Investments
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This option gives the the chance to gain passively by putting you Cryptos to work for your good. There's some ROI which are attractive as they are relatively high and somehow manages to maintain the high percentage even when they float.
There are some interesting investment options that are available on the waves.exchange platform. Amongst the host of them, I'll mention a few of the here;
Lambo investment
This investment option has some advantages which includes a relatively high roi, although this floats, and varies from time to time, its maintained high by some mechanism, this makes for a balanced risk/ reward. There's also a fixed risk for every investment, that is to say a person can not lose more that a preset percentage of the investments, this percentage is 10%. Another advantage is the flexibility of investment size. You earn lp tokens as a reward and proof of your stake.
Algorithmic Trading
This is a form of defi that functions by accumulation of all the investment funds and use them as a collateral for a trade on some of the top Centralized Exchanges like Binance, and then users get to earn Alp tokens from this as their reward. These alp tokens can be sold/exchange anytime.
In this investment option, there a very high roi of about 150% and then users have the option to choose the risk to reward ratio that suits them.
Lp staking
This option is similar to the algorithmic trading where there's the accumulation of investments but in this case, the accumulated funds are now staked on some of the defi products on the Ethereum networ6, like uniswap. Users earn rewards in the form of lp tokens as proof for their stake.
This system is just for holding coins and theres a great deal of transparency as well as an attractive roi of about 20%.
Some of the other investment options includes;
- Neutrino Staking
- WAVES Staking
- Neutrino Pools
- Neutrino Governance
All of which have their functions and special attributes.
###(3.) Make a purchase of WAVES for an equivalent amount of 10 USD from your verified account. Describe the process. Show Screenshots.
Well, so I got interested in this waves token and decided to make some purchase, I'll show you how I did it.
I made use of the Binance platform for my purchase as binance is one of the noteworthy exchange that has waves listed on it.
since I'm already a verified user on the platform after having done my KYC, I simply had ro search for the coin using the the search bar at the top of the screen.
- a list of available options came up and all i had to do was to select my choice of purchase. I opted to use the wave/usdt option.
- next, I made available some usdt coins and clicked on the waves/usdt section. This led to the chart of these pair, there you could see the price, trading volumes, as well as the buy and sell options, I simply chose to buy.
- This led me to the market page and i chose to buy the coins with usdt at a market price of about $14. This effectively made it a market order.
- I immediately got the tokens deposited to my wallet on the binance platform.
Heres my transaction history on binance;
So there you have it, this was how i got to buy the coins, now they're in my wallet I'll simply hodl and hope to make some profit in the near future.
(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.
In simple words, I'll say that the wx token is the native token of the waves.exchange platform. That is to say, its the currency of the platform by which you could buy other tokens, it also serves as the governance token. Its some form.of Defi that aims to revolutionize the traditional financial systems.
Asides from the fact that its the core of the waves exchange platform and a governance token, it also have some other functions on the platform like these ones listed here;
- Works are in motion make the waves exchange the best decentralized exchange possible through the use of the wx tokens.
- This token, in due time, will help reduce fees of the network as well as increase liquidity too. Market makers will not be left out of the fun of this too.
As of 30th of December, 2021, at about 6.48am, the price of the token was $1.98 and the market cap of the coin was $12,295,888.46. These stat were gotten from coin market cap.
(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves ducks is simply a game, some sort of nft like game. In the games users can play to earn NFTs in the form of duck images and then have the opportunity to sell these NFTs. There are also instances where you can breed the collected ducks and sell them in the in-game market features.
This game has it native currency as with most other platforms. Its native currency is the Egg token. This egg token is what'll be used to acquire ducks as well as other features on the platform. It can also be farmed and then hatched into ducks. Its important to know that these ducks all have different special attributes and are named accordingly. These special attributes are indicated by letters, like we have the first 8 letters being linked to the character's appearance, then next letters, separated by a dash is linked to the character's generation lastly another letter comes after the second, which is also separated by a dash shows thw background color (R-red, G-green, Y-yellow and B-blue)
You can simply access this game from the https://wavesducks.com/ platform after successful account creation.
6) Conclusion
There you have it, this session has come to an end. In this session, i was able to explain what the lpos mechanism means and how it functions, then i went on to buy some wave tokens which I showed the whole process of the purchase. I even explored the waves.exchange platform and showed you some of the awesome features on the platform as well as the exciting investment options that comes with signing up on the platform. So thats about it. See you next session.
▀▄▀▄ T̳̿͟͞h̳̿͟͞a̳̿͟͞n̳̿͟͞k̳̿͟͞s̳̿͟͞ ̳̿͟͞f̳̿͟͞o̳̿͟͞r̳̿͟͞ ̳̿͟͞R̳̿͟͞e̳̿͟͞a̳̿͟͞d̳̿͟͞i̳̿͟͞n̳̿͟͞g̳̿͟͞ ▄▀▄▀▄▀
🅱🅴🆂🆃 🆁🅴🅶🅰🆁🅳🆂
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