kWaves Platform - Steemit Crypto Academy - S5W7 - Homework Post for @imagen
Hope you are all doing well and so am I. We are gradually learning new concepts in the academy . Thanks to all the professors. Today I am writing homework task for professor @imagen which is about Waves Platform.
Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
Leased Proof of Stake and Proof of Stake are consensus mechanisms adopted by different blockchaims to maintain the integrity of the blockchaims. Let's begin by briefly introducing consensus mechanism and than PoS and LPoS.
Consensus algorithm is a system of well implemented codes on the blockchain that serve the purposes like verification of transactions before recording ( we know none of the transaction on blockchain is recorded before being verified) , storage of transactions in small interconnected units called blocks, and after successful completion aid in rewarding miners and therefore maintain integrity of the blockchain. So keeping this thing in mind, let's move on to PoS.
Proof of Stake (PoS)
Proof of stake is a consensus mechanism adopted by some altcoins to circumvent the shortcomings of proof-of-work. The miners who are entitled to validate the nodes for choosen on the basis of amount of tokens stackd. More the number of token staked, more are the chances of qualifying as a miner contrary to proof of work where anyone who holds the mining rig qualifies as a miner.
The mining rights in POS blockchains that follow proof of stake mechanism is proportional to the share of token holded by miners. Theoretically, we can understand it like this, if there are two miners, one of them holds 5% of the coins and other stakes 10%, they will therefore get chance to mine 5% and 10% of the blocks respectively. This consensus mechanism is known as proof of stake because the miners need to stake the tokens to qualify as validators of blocks. PoS was first adopted by Peercoin.
Leased Proof of Stake (LPoS)
Leased proof of stake is a consensus mechanism adopted by Waves Network in 2017. To begin with, Wave network also started with Proof of stake mechanism in 2016 but later adopted LPoS. In LPoS, the users of network who do not have sufficient tokens to act as miners or validators of blocks are given an opportunity to share the rewards of the network . They do so by leasing their WAVES token to other nod3s that act as miners or validators (Full nodes). The block rewards are shared by full nodes with the partners who lease their tokens to them proportional to the amount of tokens leased.
it is important to mention here that , the leased tokens are not transferred to the full node but they are locked in the leaser's account. Leaser cannot use or trade the leased tokens but are under their full control A leaser can unstake the tokens at any time and use them for any other purpose but then unlocking will deprive him of mining rewards.
Networks that follow LPoS have been able to ensure better security because the tokens can be leased from cold wallets of users and thereby risks posed due to being online are mitigated. A full node that runs online can be choosen on the basis of leased tokens staked on cold wallets. Secondly, more the tokens staked by full node, more difficult is it to launch 51% attacks because attackers need to have more tokens than sincere node validators.
Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
We can explore waves exchnage from official website or from mobile app. I'll log in through mobile app to explore the exchnage. Login with the help of email id and password. App also helps to secure the exchange by PIN and fingerprint scan. Once we log in, we land into the wallet of the app. So let's explore each feature.
Wallet.
In wallet section, at top right corner we get to see all the transaction details like sent, received, issued etc. At top left corner, we get to see our deposition address.
On the main interface of wallet section, we can withdraw and deposit compatible tokens by single click . For deposition, click on deposit and next we need to select token and than network. Than we get deposition address. Copy the address and paste from where tokens are to be sent. Similarly, for withdrawal we need to select the amounts, network and address to which tokens are to be sent. I'll show it for deposition as below.
In addition, users can create their own tokens and can store their tokens as well.
INVESTMENT
In investment, we have option to stake USDN as well as waves token. For USDN staking, interest rate is 6.25% per year . We also get to see transaction details of staked tokens . The other staking types are Lambo Investment, Algorithm trading, Nuetronic and Trading, LP staking. Each of these staking pools is a means of generation of passive income.
Trades
Users can trade different tokens on the waves from this section. Spot trade option allows users to trade tokens on spot price. Through swap option, users can swap tokens for each other and than trade their desired tokens.
Liquidity Pools
Liquidity pools are investment products where users need to stake their tokens for specified periods and generate passive incomes from them.
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Exchange
On exchange tabs, we get to know the exchange by selecting any topic which we are interested in.
Make a purchase of WAVES for an equivalent amount of 10 USD from your verified account. Describe the process. Show Screenshots.
I'll make purchase of Waves from my Verified Wazirx exchange.
Open wazirx, from the landing page, click on "Exchanges" And next we get to see list of available tokens. At top right corner, we have search option, search for Waves token.
We have Waves/USDT option only. Click on the pair and we can see chart and details.
- From bottom panel, click on trade. Next choose buy. Enter amount as 10 USDT and hit buy button.
- Confirm the Swap and next we will find our order executed.
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 native token of Waves Exchange that was launched in 2021 with the aim to increase the waves use- cases. The majority of WX token is believed to be locked in smart contracte. Only part of it will be released into circulation in a decentralised manner based on release rate determined by users. To mitigate the inflationary devaluation, part of WX is burnt.
Before we discuss the use cases of WX token, I'll briefly mention ways to get it. To begin with, we can get it by trading any other token to which it is paired on Waves exchange. Besides the portion of token distributed at IDO and that distributed among waves team, WX can be obtained by staking in LP pools on the waves etc.
Functions within Waves Ecosystem
There is a mechanism to get more waves by possessing a booster token gWX. To get gWX, we need to lock WX token om Waves platform. The longer the staking duration, more is the amount of gWX recieved and so more is the WX obtained.
Waves platforms has WX based liquidity pools and so can stake WX in liquidity pools and generate additional rewards.
WX can ne used to pay trading fee. The advantage of using WX as a token to pay fee is the discount being offered by the platform.
WX can be traded on Waves exchange like other tokens.
As for coinmarketcap data is concerned, at the time of writing post, the price of WX was $1.80 and marketcap is $12 276 786 and rank is 3819
Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves ducks is a gaming platform run by wave ecosystem that gives users opportunities to earn in an adventurous manner, that is, by playing gane. Here a user need to buy ducks with Waves tokem and make these ducks breed together to yield new duck with better features and are profitable thereby . Parents ducks are rendered sterile and can't breed again. Each duck is basically an NFT having some value. The ducks can give EGGS when staked and each EGG is an in game currency. So ducks and EGGs are basically tokens that give benefit to gamers by selling these tokens. EGG tokens can be traded for any other token as well.
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We know that NFTs are unique digital tokens. In Waves Ducks, each duck is an NFT and can be bought or sold. Moreover, the value of each duck can be increased by making these eucks harbour unique features. Rarer the features ducks posses, more costly they become. These features can be adopted by ducks from Loot boxes. Loot boxes are rich in some rare features (artefacts) which when purchased by gamers can be introduced into ducks to increase their rarity in terms of features and making them more costly. Each loot box contains 1 to 10 artefacts. Users can buy and sell loot boxes or Indivldual artefacts and generate income from them. So gamers have multiple options to make money from waves ducks.
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To make game adventurous, duck wars are going on where we can send capable ducks in battlefields, the victorious ducks have upgraded features and therefore more valuable. Baby ducks can be sent on wars and when they are feeded regularly they grow into genesis ducks. Baby ducks are cheaper then genesis ducks. Genesis ducks can be obtained from incubator as well but are costly.
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Waves Ducks provides a customized marketplace where users need to select different featurrs of ducks like genes, breeding capabilities etc to buy or sell their ducks.
Users can supply liquidity of EGGs to 5he farms and earn passive income. These liquidity pools are better known as collective farms on waves ducks.
Conclusion
Waves is a decentralized blockchain based on leased proof of stake and empowers even minimum share holders of waves token to generate passive income by leasing their token through full notes. The blockchain was introduced to enable script based development of applications to reduce the barrier of entry into the Dapp space alongside the enhanced security offered by LPoS . With extending use cases to DeFi and entertainment, waves is well established and fuelled to propel.