Waves Platform - Crypto Academy S5W7 - Homework Post for @imagen
Hey Steemians,
Good afternoon to everyone,
Greeting to #steemitcrytoacademy -The most engaged community on the steemit platform.
I'm @hdnakum. At very first, I would like to thank @imagen for producing a very informative lecture on wave blockchain. In this homework, there are five questions asked by professor @imagen and asks us to write down the answer to every question with screenshots. I will try to give my best to write the answer to every question.
In the blockchain world, A block caring a certain amount of transactions (data) can reach a consensus (validated) by using one of the various well-known consensus mechanisms listed below. As you can see, each blockchain uses a different consensus mechanism to reach thier requirement in terms of Scalability, TPS and Security.
| Blockchain | Native Coin | Consensus mechanism |
|---|---|---|
| Bitcoin | BTC | Proof of Work (PoW) |
| Binance Smart Chain | BNB | Proof of Staked Authority (PoSA) |
| Steem | Steem | Delegated Proof of Stake (DPoS) |
| Algorand | Algo | Proof of Stake (PoS) |
| Waves | Wave | Leased proof-of-stake (LPoS) |
There are many more examples of blockchain following some other consensus mechanism but we are going to discuss only Proof of Stake (PoS) and Leased proof-of-stake (LPoS) consensus mechanism strictly.
1) Leased proof-of-stake (LPoS)
Leased proof-of-stake is a modified version of the Proof-of-Stake consensus mechanism and it is only supported by the Waves platform so far.
In the Leased proof-of-stake (LPoS) algorithm, any user can transfer his balance (waves) on lease to full mining nodes, and later, mining nodes will share a profit with the users. In short, this consensus mechanism, token holders to earn passive income from mining without even mining.
In this algorithm, a miner runs the node to validate the transaction and secure the network (here wave network) and in return, they get block rewards (wave token). The number of rewards depends on the number of native tokens used to mine the block. More is the native token a node operator has, the more rewards he/she gets.
Particularly in this LPoS algorithm, unlike the PoS algorithm, token holders (user) can lease thier token to the random trustworthy node operator thus, heightening the chances of generating the next block. If the node is selected for the next block mining, high block rewards will be received from the network which is later shared between leasers and node operators.
One of the best things about leasing the native token of the platform to the node is the token never leave (locked) the leaser's wallet and the leaser have all the control of their funds. The leaser can lease or cancel the lease at any time.
On a wave platform, one can run the node if he/she has 1000 WAVES of thier own or leasers have leased him/her. The Block rewards will be distributed to the leasers as per terms and conditions between leasers and Node operators.
2) Difference between PoS and LPoS
| Proof of Stake (PoS) | Leased proof-of-stake (LPoS) |
|---|---|
| In the PoS, miners of the new block are chosen based on the number of native tokens staked to the network | In LPoS, a node of the new block is chosen based on the amount of native token (own + leaser's) used to mine the block. |
| In the PoS, Network only rewards a block validator who has the majority of the stakes, and completely neglecting the smaller users | In LPoS, a small user can even earn block rewards by leasing their tokens to a node operator who mines a new block |
| Small users/holders can not earn passive income from the network via stacking | LPoS allow all users to earn rewards by leasing |
| PoS is a kind of more centralized consensus algorithm than LPoS where most the whales operate the entire blockchain | LPoS give power to each user/token holder to elect node operator. In any case of fraud, the leaser will cancel their leasing, resulting in a new node operator. |
As I have never used this wave platform, I will make an image tutorial for you guys to sign up for the wave.exchange android app. and then we will move to the desktop version of the wave.exchange to explore it in detail.
1) Signing Up in Wave.exchange (MobileApp)
In this section, I have included the signing up process in simple image form. To do so, first, download a wave.exchange android app from the google play store and just install in the same way we do usually does. Now follow the below-listed steps to sign up first.
Step 1 Click on Wave. exchange app Icon.
Step 2 Choose language and click on continue.
Step 3 Now agree on terms and conditions and then click on continue.
Step 4 Now click on EMAIL to sign up.
Step 5 Enter your email id and choose a password - click on Continue.
Step 6 Verify your email by entering an OTP received on your Email id.
Step 7 The wave.exchange will verify your email - intelligent verification will take place.
Step 8 Set an In-app password for wave.exchange app.
Step 9 You have successfully signed up - Congratulations
2) Logging in and Exploring Wave. exchange (DeskTop)
After signing up, let's explore the Wave.exchange on the desktop. To do so, Visit the Wave.exchange - You will be redirected to the official website of the Wave.exchange.
To log in, click on Log in, Choose Email (Blue box) and then enter your email and password in the newly appeared wave.exchange window.
I. Buying/Selling
Once you are login into Wave.exchange, you will see a Trading page where you can buy or sell your digital asset very easily.
II. Buy Crypto directly through Credit or debit card
Most of the Decentralized exchange does not have this facility of buying crypto directly through credit or debit card except wave.exchange DEX, however, you have to do KYC for using this facility.
III. Pools
One can earn passive income by providing liquidity to the various pool option provided by the wave.exchange. On the Pool page, you can see there are many options such as Pools, Stacking/Boosting, Dashboard, status, Governance, IDO, and Early birds
Pools: You can provide liquidity to the various pool and can earn APY around 90%.
Stacking/Boosting: You can stack WX token and can earn great APY along with gWX token. You can boost your earnings If you lock WX for the long term.
Dashboard: It will show all detail about your wallet investment.
Governance: The gWX token you receive when stake WX will be useful while voting. Voting decides APY, Pool Stacking rewards.
IDO/Earlybirds: You can also take part in a new project by investing through IDO/early bird.
Status: This Page will show you a schedule of the WX token releases.
IV. Investment
In the Investment option, there is various kind of pool for different kind of digital assets. As shown in the below image, one can invest in Lambo investment, LP staking, Waves Staking and Algorithm trading.
V. Wallet
In this section, one can have an idea about their fund present in thier wallet. It has many options such as Assets, Deposit or withdrawal, internal transactions. There is one more option about creating a new token by yourself. By spending 1 Wave token you can create your token on the Wave platform.
In short, Wave.exchange has a lot more options to earn passive income. You can invest your digital asset to earn passive income.
1) Buying Waves from Kucoin
In this section, I will demonstrate how to buy Waves from Kucoin. To do that first sign in to Kucoin and follow the steps listed below.
Step 1 Sign into Kucoin and search for waves
Step 2 Click on Waves/USDT pair.
Step 3 The chart of Wave/USDT will appear - Click on Buy
Step 4 Select order type, (Limit or market), enter order quantity and then click on buy waves
Step 5 Waves successfully ordered, you can see it in the order book
Step 6 The waves are successfully brought, Check wallet.
2) Transfer of waves token from Kucoin to wave.exchange wallet
Now to transfer your already brought Wave from Kucoin to Wave.exchange wallet, you have to perform the following
Step 1 Open your wave.exchange App and in the wallet section, Click on the Blue box
Step 2 Now search Waves
Step 3 In the new window, select Waves
Step 4 Select Wave network.
Step 5 Copy your Wave address and then go to the Kucoin app
Step 6 In the Kucoin App wallet section, Click on Withdraw option
Step 7 In the wallet section, Search Waves
Step 8 Now a detailed wave withdrawal panel will open, Paste the Wave address that you had copied earlier, select wave network, and enter the quantity of wave you want to withdraw - Click confirm
Step 9 Confirm your withdrawal order one more time by clicking on the confirm.
WX token is the native token of Wave. exchange Decentralized exchanges build a top of Wave blockchain. With WX one can perform several tasks as listed below.
Providing Liquidity to the WX/USDN Pool
With a WX token, One can earn passive income by providing liquidity to the WX/USDN Pool. The APY is around 90-200% for just providing liquidity.WX Staking/Boosting
WX stacking/boosing is one the best facility Wave.exchange has. It allows users to earn more WX tokens by just stacking the WX token to the platform with HIgh APY. One can boost the APY by locking the WX token for a certain pre-decided period. The more time you lock the WX, the better your APY will be.
When someone stakes their WX token to the platform, they will get a gWX (governance WX) token in return along with the WX token. By locking WX you constantly earn gWX and WX as per APY. Every gWX holder can vote for governing the platform. As said above, the Wave platform offers every small user an edge over another PoS platform.Governance
As said above, When someone Lock WX on boosting mode (for a long time), they will get gWX for voting and receive regular governance rewards as a gWX holder. The more you lock, the stronger your vote is and the more WX you get.
Holder's of gWX can influence pool's APY, new pools launching, WX token release rate, fees amount, and a lot more.Status
On the status page, one can get an idea about the WX release date. As shown below so far, a $54 M token is released and
more token release is scheduled until 2026 when the total circulating supply of the WX token reaches $1 b.
As we check the WX token information on Coingecko and Coinmarketcap, there is no solid data provided by both websites. According to coinmarketcap, the Price of WX, total Marketcap and Rank are $2.05, $13,576,063 and 3754, respectively at the time of writing this homework task.
As there is no solid evidence about the total circulating supply of Wave tokens. I searched the official Website of the wave exchange and got the specific number about how many tokens are released so far.
According to Website data, 19,932,888 WX tokens are officially released making a total market cap of $40,862,420 considering $2.05/token.
1) What is Wave ducks is all About?
Waves Ducks is a Decentralized NFT play to earn game built on the Wave blockchain. In the Game, Ducks are the NFT collectable that earn native tokens EGG as rewards (Farming EGG) )when the game is played. Moreover, this EGG token can be used to buy an NFT Ducks. With an EGG token, one can buy genesis Duck which then can be bred to get rare ducks.
The great thing about this project is the user can modify ducks through breeding. unlike, Axie Infinity, one can buy new NFT Ducks from the marketplace using an EGG token and not by native token (Wave) of Wave blockchain. This way games will be able to play, and earning the EGG token will be later used to buy more NFTDucks. Games can also trade these newly earned or bred NFT ducks.
2) Accessing Wave Ducks?
TO access Wave Ducks follow the below-listed procedure.
Step 1: Visit their official site wavesducks.com/. Once you are redirected to thier official site click on Start Playing.
Step 2: By clicking Start Playing, You will be redirected to the login page. Enter Your Email id and Password and then click on Log in
Step 3: Now as you are logged in, it will take you to the My duck page as shown below. There are many options such as you can check incubator, breeding, marketplace, and play to earn options.
In this homework, We have seen how the PoS and LPoS are different based on their Modus Operandi. Leased Proof of stake (LPoS) seems more decentralized than proof of stake because LPoS empowers the smallholder. After all, this smallholder can decide/elect a good node operator. We have seen how the Wave. exchange works in an absolutely fun way. We also have discussed all the related stuff such as staking, leasing, voting, Waves Ducks. All thanks to professor @imagen for his amazing lecture on wave protocol.
