Waves Platform - Crypto Academy S5W7 - Homework Post for @imagen
Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
The LPoS (Leased Proof-of-Stake) system grants users access to loan their crypto assets in other to participate in node mining, without the loss of power over their crypto-assets, since these cryptocurrencies are hindered in their account, without the access of transferring or exchanging them. These users are otherwise called the leasers and its process is called leasing.
Each of the system nodes validates network transactions, which all participate in a raffle in other to verify the data.
The amount of cryptocurrencies covered by a node determines the possibility of the node to be chosen, therefore receiving the task rewards.
Likewise, the more WAVES are consumed in system security, the more arduous it is to obtain attacks, and this is because the attacker would require more tokens to be eligible to try a 51% attack, in which the attacker would have sufficient energy to enhance the transactions.
benefits produced by the nodes are dispersed among their leasers from time to time, In this way, new tokens are earned for users for loans with the holding of their coins.
Users need not be experienced in the system in other to participate, this helps to maintain the waves network.
Having too many cryptocurrencies is not necessary because even with capital as little as receives proportional rewards for contributing in the leasing.
I would also be talking about Some of the basic variations between the LPoS and PoS, the are as follows;
DIFFERENCES BETWEEN LPoS & PoS
| SN | Leased proof of stake | Proof of stake |
|---|---|---|
| 1 | No matter the amount of tokens a user has in LPos, they have the choice to allot their contributions to a miner, who serves as the validator | Users need a specific minimum of crypto currencies in the PoS in other to participate in node mining |
| 2 | Users lend their crypto assets in LPoS in other to mine the nodes, this is otherwise known as Leasing | Nodes are mined with tokens in the PoS system |
| 3 | Payments are divided proportionally between miner and users who donated their tokens as loan | The entire rewards are collected by the miners which is correspondent to their nodes |
Login and explore Waves.Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots
The Waves.exchange is an open blockchain protocol available for users to trade or invest. The waves exchange was established in 2016 with the purpose of enhancing the exchange, issuance, and tradinh of various tokens on blockchain technology.
Waves exchange obtained over $16,000,000 in its preceding coin offer in 2016.
Users can as well establish their custom token, not just to trade in the waves platform. This token can operate as a native token of any particular application, or can be used to crowdfund a particular scheme.
In other to access the wave platform, we would first create an account. In other to do this, click on create new account, if you just downloaded the wave exchange app and you don't have an existing account. But if you do have an existing g account on waves, click on import to input your seed phrase.
I was asked to fill in my account name, password, and confirm password. I also clicked on the small box indicated by a small red box which says “i agree with terms and uses”.
I selected a unique address avatar as indicated above by a red circle, after that I clicked on continue
Next, I carefully wrote down my seed phrases as warned, then I clicked on i have written it down
Next, I inputted my seed phrase accordingly into the box provided. Then I clicked on continue
Next, I was asked to create a passcode which I did. And I was again, asked to verify my passcode
Done!! My account has been successfully created.
Exploring the Wave exchange platform and indicating the functionalities or options
On entering the waves exchange platform, we would see different options on the main page. Some of them are; **Trading, Buy Crypto, Pools, Wallet and Investments.
WALLETS
There are different sub-options In the wallet section functional for users. They are; Tokens, Deposits & Withdrawals transactions, Create Token & Internal transactions
Tokens
The Tokens feature is where we get to see our transaction details in the platform. We can see tokens that we have and their different balance in our account. A 24hr change of the tokens is displayed for users as well.
Deposits & withdrawal transactions
Every withdrawal and deposit transactions are shown here including pending transactions, completed transactions, on hold or rejected transactions as well. No transactions have been made yet.
Create Tokens
One unique features of waves.exchange is the aspect that it allows users create their own custom tokens.
A form is filled by the user with the Asset’s name, total amount of the asset to be created, Description of the asset, and decimals. And this process requires a transaction fee that would cost 1 WAVE
Buy crypto
This feature grants users access to obtain any of the listed cryptocurrencies, which are Bitcoin, Waves, USDN, and EGG, or users can perform an OTC transfer with other users.
The OTC transfer grants users access to instantly exchange cryptocurrencies. In other to obtain any of the listed coins, click on the token or coin to buy.
Trading
As the name implies, this feature grants users access to trade listed crypto currencies on the platform. There are also different forms of trading available in the platform, the are as follows; Spot Trading and Swap
Spot Trading
The spot trading feature allows users to either buy and sell any token of their choice at the recent price, this is also known as the spot price
Swap
The swap feature allows users at their own time and space to exchange crypto assets for another without leaving their wallets.
This are the following processes, Select the crypto asset you want to send and receive, input the amount of the asset you wish to sell, and the corresponding amount of the other asset would come out, then Click on swap.
Investment
Users can choose to Invest any of their crypto asset, either by staking(new), or WAVE staking. The investment features consist of liquidity pools, Lambo investments, and others.
A transaction fee worth 0.001 is paid while staking your WAVE.
Message
The wave.exchange also contain a feature where users could communicate with some of the platform developers In case the have any question, or encounter one problem or the other. This feature is sort of a service provider feature.
Make from your account a purchase of WAVES for an equivalent amount of 10 USD from an available exchange (Binance is not allowed). 3.1) Describe the process. Show screenshots. 3.2) Show how the process is carried out to transfer the asset to the official Waves platform. (The demonstration is mandatory but the transfer is not)
Make from your account a purchase of WAVES for an equivalent amount of 10 USD from an available exchange (Binance is not allowed)
Using Houbi exchange for my task, here is my Huobi account
I have no money in my account, I would have purchased WAVES on the spot market using the WAVES/USDT pair.
In other to do this, I clicked on Market at the top of the page and clicked on exchange.
After that, I searched for WAVES on the search bar and clicked on Buy
Show how the process is carried out to transfer the asset to the official Waves platform
In other to transfer the purchased WAVES token to Waves platform, I logged into my waves.exchange account, under my Wallet section i clicked on Deposits
As the front page of the platform, its deposit section is already there. I clicked on WAVE token since it is the asset I want to deposit.
Next, I saw two different deposit methods. I clicked on WAVES
Next, I saw my WAVE Token wallet address which I will be depositing my WAVES Token to. I clicked on copy. Meanwhile I can decide to scan the QR code if I wish to.
Then i copied my wallet address. After that, I logged back into my Huobi Exchange platform where I initially (meanwhile I didn't) bought the WAVES Token.
Here, I went to my wallet, if that I purchased the WAVES token, it would appear in the front page of my wallet. Therefore I can either choose to withdraw it as indicated or transfer it.
After clicking on withdraw, a withdrawal form would surface which you would fill together with the copied wallet address from the Waves.exchangeplatform.
Enter the proportion you wish to withdraw,then Click on withdraw to transfer your WAVES token to the Waves.exchange platform.
I hope we understood 😏
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?
Firstly, I would quickly talk on what I understand on WX token.
WHAT IS WX TOKEN
WX token is a governance token. A formal native token used by waves.exchange. The WX token has a board that consist of about 60 professionals who has tremendous understanding and knowledge of the blockchain technology working on WX token project.
WX token was published with the objective of enhancing the decentralization of wave.exchange platform.
The governance token initial purpose was to be tackle the issue of liquidity, listing of coins and market making.
There is a token IDO which where raised budgets to assist the development of waves platform.
These are the following ways in which the WX Token was distributed;
-Investors where allocated 5%
-15% of WX token was circulated to the smart-contract crew
-50% was allocated to the community
-Project marketing consumed 9.9%.
-0.1% was handed out to project early bird’s
-WX autonomous decentralized organization was offered 20%.
WHAT ARE ITS FUNCTION WHITHIN THE WAVES ECOSYSTEM?
There are lots of functions attributed to the WX token in the Waves platform In carrying out most operations on the system. The three (3) main activities it is used for are as follows;
Trading
Transaction fees
Staking
The WX token enables users to swap and trade other currencies in Wave platform.
Major transactions in wave platform are charged with WX token.
Rewards are earned and staked in wave platform using the WX token. The WX token can as well be locked on waves platform for some time.
Rewards are earned by users who stake their WX and gWX token, the gWX Token is the platforms governance token. Users earn proportional rewards to the amount of staked tokens.
WHAT IS YOUR VALUE AND MARKET CAPITALIZATION AT THE TIME OF WRITING YOUR POST?
The WX token is ranked 4553 on coinmarket cap with a recent price of $1.69 which declined about 4.76% in the last 24hrs.
The token has a market cap of $11,205,537.
| WX TOKEN | FEATURES |
|---|---|
| Rank | 4553 |
| Market Cap | $11,205,537 |
| Volume (24hrs) | $74,811 |
| Self Reported Circulating Supply | 6,610,778.12 WX |
| Max supply | 1,000,000,000 WX |
| Total supply | 14,794,520 WX |
Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible
WAVE DUCKS
Waves Ducks is portrayed as an NFT game where users play and achieve rewards at the same time. There are different strategies and mechanisms utilized by players in other to gain EGG tokens as a reward, which is also known as eggs.
EGG tokens are used to acquire “duck NFTs” which are used to play games. More ducks are purchased by Users in other to increase EGG rewards which can be used to acquire more ducks.
This strategy has motivated gamers into building and developing their duck farm. Ducks earned by gamers can be sold on the marketplace in other to ascertain more earnings.
EGG token is seen as the native token of the gaming platform.
The Waves ducks platform had become famous among other blockchain games. According to trading volume, waves duck trading volume on its NFT marketplace has developed and has amassed 10th position in the NFT marketplaces.
Wave duck has a daily trading volume of $17,463. Taken a look into the various digits in waves duck marketplacewe have the following details;
The platform growing enormously well, waves duck has about $2.9M monthly sale volume, it also have about 156,676 players and 140532 total collective farms investors.
The platforms most expensive duck is $245440, which is equivalent to 12,500 WAVES.
EGG TOKEN
Waves duck platform makes use of the native token known as EGG. EGG is used to obtain NFT, initiate transactions, and a lot more in waves duck platform. It has a recent price of $571.95 and is ranked 5470 on coinmarket cap.
| EGG | FEATURES |
|---|---|
| Rank | 5470 |
| Market Cap | $25,111,897 |
| Volume (24hrs) | $17,459 |
| Self Reported Circulating Supply | 43,906.00 EGG |
| Max supply | 1,000,000 EGG |
| Total supply | 989,212 EGG |
HOW IT IS ACCESSED
After creating an account on wave.exchange platform, same account is generated for the user in waves duct platform.
In other to access the platform, visit wavesduck.com, Click on start playing which is showing at the front of the page.
Next, login your details which you used in the waves.exchange platform.
Done!! I have been successfully logged in.
The leased proof of stake (LPoS) as I mentioned earlier is the mechanism that authorizes users with tokens to lease out their tokens to different nodes. These nodes serve as a block builder on the system which users gain a specific percentage of their returns as rewards
With a lot interesting features possessed by the Waves platform it has become an incredible blockchain system built-in the world of crypto.
The waves platform as I said consist of various amazing components that authorizes users to operate some certain activities such as; creation of token, leased proof of stake consensus engagement and a lot more.
Opportunities are as well offered to Users on this platform for them to receive rewards through their various investments and also through duck games played.
Thanks and Happy new year 🎄
CC:-