2 Jun 2022
Waves blockchain intro
We are user and big supporters of Waves blockchain. Both on Drivechain.club and JNK.design.
The Waves network is intended to allow users to build and launch their own crypto currencies.
Waves enables the creation and trading of cryptocurrency tokens without the need for complex smart contract implementation. Tokens can instead be produced and controlled by scripts that run under Waves user accounts.
The aim is that creating new tokens (and the apps that control them) should be similar to establishing a standard web application.
Programs and apps are executed as attachments to these transactions to achieve this purpose, and new assets are assigned a unique identity. Scripts may only be attached when the asset is created.
These assets are intended for trading within the Waves ecosystem, which includes its own decentralized exchange (Waves.Exchange)
The Waves blockchain supports two types of nodes for running its software: full nodes and lightweight nodes.
Full nodes maintain a complete history of transactions, whereas lightweight nodes rely on full nodes for transaction confirmation and network interactions.
Waves use leased proof-of-stake, a variant of the proof-of-stake (PoS) consensus method, to keep its distributed network in sync (LPoS).
The Blockchain Waves LPoS
Any node that decides to lock up tokens can be eligible to add blocks to the blockchain in a typical proof-of-stake fashion. The likelihood that a node will be allowed to contribute a block increases or decreases based on the number of money held in a particular contract.
Waves-NG is the protocol that chooses which node has the privilege to generate the next block, and it is a variation of an idea that was initially suggested (but rejected) for Bitcoin (BTC).
Waves-NG divides the Waves blockchain into two categories: "key blocks" and "micro blocks." A randomly selected proof-of-stake miner creates key blocks.