Waves Platform - Crypto Academy S5W7 - Homework Post for @imagen
Introduction
(1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
The modified version of proof of Stake consensus mechanism that is used on the waves blockchain network that permit holders of token to lease out their tokens to full nodes and earn some percentage reward that is gotten from payout is what is known as Leased proof of stake. In a nutshell, Leased Proof of Stake is describe as an enhanced version of proof of stake that allow users to lease out their token to miners in other for mining nodes to share part of what is earn with leaser. Leased proof of stake is one of the newest way for one to make profit from mining cryptocurrency without to spend time trying to mine the cryptocurrency yourself.
Currently Leased Proof of Stake is supported by waves blockchain network. Unlike proof of stake that requires a node to holds some specific amount of tokens before a block can be mine.
How Leased proof of stake Works
In waves transactions can o my be validate by full nodes. And validators are been selected from full node owners depending on how theie stake os. For you to be able to participate in the Mining process, a lite users would have have to assist a full node owners to be chosen as a validator by he/she leasing leasing out a WAVES tokens to them.
In Leased proof of stake (LPoS) there are two types of transactions that are involves which are:
Leased transaction:
Leased transaction is what activates the process of leasing tokens. Holder of the token is the one that will initiates a lease transaction,state the address of the node, and the amount of tokens that is to be lease.Leased Cancel transaction:
Leased cancel transaction is the type of transaction that stops the process of leased that is about to be process or already in process.
Features of Leased Proof of Stake
There are a lot of features that is attached to leased proof of stake that allow users to make profit by leasing out their coins that is on their wallet to miners. Some of this features are;
Token are Fixed:
One of the good feature about leased proof of stake is that tokens are leasable and fixed. The tokens is leased are locked in the account of leasers which means it cannot be transferred out nor traded unlike their stop the leasing process.
It is Decentralized:
Another features to look on LPoS is in the area of Decentralized. Leased proof of stake, it rewards are linearly distributed according to the amount that is stake which doesn't requires mining pool.
Transaction fee is giving as a Rewards:
Miners receive transaction fees in leased proof of stake as a reward for the block their processed which is different from what other blockchains network reward.
Advantages of Leased Proof of Stake
Processing Speed is higher and faster
The system of leased proof of stake are very fast an not consuming extra time since few nodes are involved in validating of transaction. This makes Leased proof of stake to be more of advantage to the use of PoW that make use of 4.6 transactions per second which seems to be lower compare to LPoS.
One can Earn using few Tokens:
Another Advantages of Leased proof of stake is that its allow holders with small token to earn by leasing out their small tokens to full node owners. With this holders of token will then get a percentage from the profit that is generated from full node as I have earlier said.
The Energy consumption of lesser
Leasing of transaction can be activated using mobile phone. A single nodes can then do the process that will take several nodes with high computing power to do using mobile phone.
Differences Between Leased proof of stake and Proof-of-Stake (PoS)?
| S/N | Leased proof of stake (LPoS) | Proof of Stake (PoS) |
|---|---|---|
| 1. | In Leased proof of Stake users are allow to lease out their stake to miners. With this one can be chose one he/she has accept a lease from other users | in Proof of stake validators are choose based on their Stake, which may make the system not to favour some nodes as some might be re-choosed again |
| 2. | In Leased proof of stake the higher the amount that is leased by users that is the more Advantages the full node would chose to produce the next block. And if the node is chosen, the users will then receive a percentage of the transaction fees that are generated by the node. | In proof of Stake every node holds a certain amount of coin and is qualify to add the next block into the blockchain. |
| 3. | In Leased proof of stake users can lease out their Waves to another through their wallet. | In proof of stake there is always a constraints to avoid some kind of attacks apart from the 51% attacks there is a minimum amount of WAVES that is to be generated which is 1000 WAVES. |
(2.) Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
At this point since is my first time of visiting Waves.Exchange I didn't just Login and start exploring the site. The first thing I do was to Sign up so I can have and account on Waves.Exchange by going through the steps below;
Step 1: I open my browser and searched Waves.Exchange, where I was the taken to the official website https://waves.exchange/. At the top right hand side of the homepage I click on the three lines, before I then click on Sign Up that is Indicated on the screenshot below.
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Step 2: After I have click on sign up a new window page then pop up telling me to sign up using my Email address or Seed phrase, Keystore file and Private key. I then click on Email sign up as indicated from the screenshot.
Step 3: After I have selected email sign up a new page then appear on my screen where I then enter by email address, password twice. After inputting my data I then click on the small box which say "I have read and agreed with the Privacy Policy and Terms and Conditions" before I then click on Create Account.
Step 4: As soon as I finished clicking on create account as I was then taken to another page which requested me to Verify my account. I then minimize and open my email and copy the six digits code that was send and enter it at the space which is shown on the screenshot.
Congratulations!! My account has been successfully created as shown from the screenshot below.
Indicate your functionalities or options
There four (4) different options that is available on Waves.Exchange which am going to list an discuss about.
- Buy Crypto
- Trading
- Pools and
- Investment
Buy Crypto
This is the number one functionality of Waves.exchange, that allow users to buy USDN with Credit card or debit card. With this functions users can buy several coins like Stablecoin USDN which I have mentioned, Bitcoin, WAVES EGG and many others cryptocurrency with the use of their credit card or debit card.
Trading
Trading which is the second functionalities in the list. This functions involves Spot,Swap,Defo and Swap WAVES/USDN. It allow users to exchange one coin for another coins as a means of swapping.Tarde function has a chart that show the movements of a certain cryptocurrency with also and option that allow one to quickly Buy or Sell crypto.
Pools
This is the functionality that allow holder of WAVES token to stake their token and earn rewards in Waves.exchange. Also this functionality allow users to vote for governance.
Wallet
Wallet is the functionality that is in Waves.exchange that allow users to store their crypto and access to send and receive token from other exchange or users. With this functionality users can be able to create their own token.
Investment
Waves.exchange has some investment opportunities that users can venture into which are; Lambo Investment, Algorithm trading, Neutrono trading, LP staking, Waves staking, Neutrono pools and Neutrono Governance.
What are the investment modalities that you offer to your users? Show Screenshots
The investments modalities that I offer to my users are;
- Lambo investment
- LP staking
- Waves Staking and
- Algorithm trading.
This is because there are the investments that I believe that if my users invested their funds into their will get back their return on investment within a short period of time.
(3.) Make a purchase of WAVES for an equivalent amount of 10 USD from your verified account. Describe the process. Show Screenshots.
My purchase of WAVES token was done in my verified Kucoin account using the process below.
Process 1:
I Open my Kucoin Exchange App,on the homepage, I then click on Trade which is shown from the below screenshot.
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Process 2:
After I have clicked on trade, I then click at the top and searched for WAVES then I select WAVES/BTC pairs as shown from the screenshot below.
Process 3:
I then enter my Order type as Market Price and the amount of BTC as 0.00020791 before I then click on Buy WAVES.
As soon as I clicked on buy WAVES the purchase was then executed immediately, which is shown on the screenshot below.
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3.1 Show how the process is carried out to transfer the asset to the official waves platform.
In order to transfer the asset to it official website which is the wave Platform, is for you to login into the platform and copy your Wave token wallet address. On your Kucoin exchange click on Asset and then click on withdraw as shown from the screenshot below.
After you have click on withdraw you,will be asked to input the address of you of the wallet you are withdrawing to. (I.e paste the address you have copy from the official platform of Waves token), and enter the amount of you want to transfer then click on Confirm and your exchange wallet will then ask your to confirm the transaction once you are done your transfer will become successful.
(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.
WX token is the native governance token that is essential for Waves.Exchange ecosystem. In other way round WX token is the native token of Waves.Exchange, that is very important for Waves.Exchange Liquidity Pools investment product. WX token has been in existence since 2017, which has achieved a lot of success on Waves.Exchange ecosystem, which includes investment tools, gateways and cryptocurrency exchange.
As at November 2021,as a way to achieve a strong and better decentralization Waves.Exchange launched a governance token, which is known as WX token as a means to settle the issues that is surrending listings, market making and liquidity. The WX token has just eight (8) decimal that is non-reissuable.
What are its functions within the Waves ecosystem?
There are several functions of WX token within the Waves ecosystem. Some of this functions are;
WX token can be traded on Waves.Exchange ecosystem just like other token that has been verified.
WX token can be use to pay for trading fees at a cheaper rate within Waves ecosystem.
WX token can be use to invest by depositing WX token in liquidity pools investment product and others products that is offer in Waves ecosystem.
What is your value and Market Capitalization at the time of writing your post? Show Screenshot
According to the data that is gotten from Coinmarketcap as at the time of writing this homework task. The value of WX token was at $2.33 USD with a 24hrs trading volume which stood at $242,207 USD USD. Within the last 24hrs WX token decreased with 2.03% with a market capitalization of $2,328,604,563.58 WX token as at then when this task was written was ranking #3932 in Coinmarketcap which is shown on the screenshot below.
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(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves Ducks is describe as a Decentralized project that is built on waves blockchain network. Waves Ducks is a Non-fungible Tokens play to earn game, which users make use of the NFT collectible game opportunity to earn some reward. It has it own native token which is known as EGG token. It's the token that is use to reward users,who has play the NFTs ducks games, users can also use the EGG tokens to purchase more NFT ducks. With the EGG token users can perform a lot of things on the platform which their can enlarge their farm.
What is this project About?
Waves ducks is specifically a smart contracts dApp that runs on Waves blockchain network. It offers users with instant transaction fee of 0.005 Waves which is very low. Waves Ducks project,is so unique is such a way that it allow users to build and modified their own ducks empire.
The main purpose of Waves Ducks project is to make sure that every gamers has his own assets, which is the main reasons why it makes use of Non-fungible Tokens to rewards gamers.
Waves ducks focused more on collectible digital duck images in the Non-fungible token. Users can collect ducks and share the ducks that they have collected with other players, and also their can breed their ducks to get a valuable items.
How is it accessed?
In order to access Waves duck, you have to first create an account on waves.exchange using the step which I have details above earlier. Although, should Incase you find it difficult to scroll up here is the website https://waves.exchange/ which you can create your waves.exchange account.
- Once you have created your Waves.exchange account successfully,that is when you can then access Waves Ducks using this website https://www.wavesducks.com. Once you have clicked on the website you will be directed to Waves duck.
- Once you are on the page, look at the bottom you will see Start Playing, click on it to enable you login. At this point you can then sign in with your account details as shown from the screenshot.
- Immediately, you have successfully login, that is when you can have full access to start playing games on Waves ducks. Click on Start Playing for it will then take you to a platform where you can start earning collectibles whenever you play game.
(6.) Conclusions
We can see from the difference between leased proof of stake and proof of stake. Leased proof of stake is more of important and more useful,in such a way that it even support the functionalities of proof of stake in other for users to benefits more rewards. Implementing of leased of proof of stake into wave platform has change the format of decentralized ledger. All thanks to professor @imagen for his wounderfu lesson which is the backbone of this homework task.