Steemit Crypto Academy / S5W7- [ Waves Platform ] - Homework Post for @imagen
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Greeting Everyone,
This is my homework post for the 7th week of Steemit Crypto Academy in which I will explain a renowned blockchain project called Waves. We will talk about its consensus mechanics, NFT game, its platform, and much more. The lecture was provided by @imagen who has previously taught us about several blockchain projects. So, let’s start with the exploration of the waves platform and what makes it so special.
(1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
(1.) Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
There are several consensus mechanisms in the crypto industry that are used by the blockchains to compete with others and prove to be better in terms of security, decentralization, scalability, and other features. Leased Proof-of-Stake (LPoS) is the consensus mechanism used by the waves. It is pretty much similar to PoS but before I start to explain its unique features, you must be familiar with PoS.
Proof of Stake is the most famous consensus mechanism which was established in answer to Proof of Work that was consuming a lot of energy and investment. PoS requires a person to simply stake its tokens to become an active block validator. It eliminated the requirement of a lot of investment and energy resources. Thus, it gained the huge attention of crypto enthusiasts and the major blockchain projects opted for it.
As for the Waves, it has modified Proof-of-Stake and renamed it as Leased Proof-of-Stake. This consensus mechanism allows the users to lease their assets to another user who can mine the blockchains. When the reward is received by the person for mining, it will be shared among the leaser and the node operator. LPoS provides 3 unique benefits to the users and that are as follow:
- Custom Application Tokens (CATs)
- Decentralized Exchange (DEX)
- Anonymity Features
Difference Between LPoS and PoS
Difference Between LPoS and PoS
There are a few differences between LPoS and PoS mechanisms that we will discuss in this part of the answer.
The best benefit of LPoS is that anyone with a certain amount of token can lease their assets to another user and earn handsome rewards. On the other hand, PoS is totally different as not everyone can participate in the platform as those with the required number of tokens are allowed. Thus, LPoS provides everyone with the opportunity to participate.
In LPoS, rewards are shared between the leaser and the node that mines the blockchain. That’s not the case with PoS as there is no leaser but a single person gets to enjoy the entire rewards.
Users can lease their assets through a cold wallet in the LPoS mechanism and use it for staking while a cold wallet can’t be used in the PoS mechanism.
(2.) Login and explore Waves Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
(2.) Login and explore Waves Exchange. Indicate your functionalities or options. What are the investment modalities that you offer to your users? Show Screenshots.
Now I will make registration and explore Waves Exchange. That’s not all, I will be also sharing details about each section and its purpose. We will also take a look at the investment opportunities that are offered to the users.
The first thing is to visit its official website which is www.waves.exchange.com and you will be taken to the homepage as shown in the below-mentioned image. I will click on the login to explore the platform to the fullest.
Now it will ask how you want to Log In so I will click on Email.
After providing the login credentials, I will click on Continue.
Now it will send a code on the registered email for security. Once done with verification, you will be logged into the platform.
Once done with the login procedure, you will get complete access to its services that we will explore one by one. So, let’s start with the wallet section.
Wallet
Wallet
The wallet section shows details about the asset a person is holding. It gives insight into the total balance, token price, and 24 hours change. You can also find out about the deposit & withdrawal transactions, including creating a token feature.
Investment
Investment
In this section, you can find numerous investment opportunities like liquidity pools, Lambo investment, Waves staking, LP staking, and much more. They have various APY and the procedure to invest is quite easy as all it takes is to deposit USDT token, invest those tokens, and get profit in return.
Pool
Pool
In this section, a user can stake assets in the form of liquidity and earn a handsome reward in return. There are numerous options provided like IDO, Governance, Pools, WX staking, and much more.
Buy Crypto
Buy Crypto
You can purchase cryptocurrency from this section. All you need is to create an account, verify & pay for the amount of USDN required, and you will get the amount of token in your wallet.
Trading
Trading
From this section, you can trade with your assets after purchasing USDN. It shows the chart of the asset along with pairs, buys & sell orders, volume, price, and much more.
(3.) Make from your account purchase of WAVES for an equivalent amount of 10 USD from an available exchange (Binance is not allowed).
(3.) Make from your account 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.
3.1) 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)
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)
I will now purchase the WAVES token for 10 USDT and show a screenshot of my trade as proof. I have an account and fund on Binance so I will be using this exchange.
First of all, I logged into my Binance account to make the purchase of WAVES.
I made a purchase of WAVE worth 10 USDT at the market price of 15.11.
You can see that my wallet reflects the number of WAVES purchased.
Now I will be demonstrating how these tokens can be transferred into the official waves platform. The procedure is quite easy and requires a few steps only. I have my assets in the Binance account so will be sharing details from this exchange platform.
First, you have to visit the wallet section that can be found on the header of the website. Once done, you have to click on the “Withdraw” that I have marked.
After clicking on the Withdraw, a form will be visible which requires you to choose the coin and provide the details like the address of your wallet of Waves exchange along with the network. It will show you the minimum amount of withdrawal, network fees, spot balance, and 25 hours remaining limit.
Once you have provided the required details, it will confirm the wallet address and withdrawal network confirmation, then the deposit will be processed.
(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.
(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 is the native governance token of the Waves exchange platform that is used for several applications. It was developed by the team to reward its users through their own native token. It has several functions within the Waves ecosystem that are as follow:
- Rewards of staking are given to users in the form of WX tokens.
- Activities relating to asset staking are done through the WX token in the Waves platform.
- Investment can be only done in the exchange through WX tokens.
- Fees are deducted through WX tokens.
Now I will show you the value of a single WX token and its market cap with the help of a renowned website called www.coinmarketcap.com.
The price of a single token at the time of writing is $1.69 while the market cap is $1,688,438,804. You can know more details like volume, max supply, fully diluted market cap, and much more from the below-mentioned image.
(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
(5.) Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves Duck is one of the most famous NFT play-to-Earn games which is built on Waves blockchain. In this project, users can simply play the game and earn rewards which are provided in the form of a token called EGG. These tokens are important because they are purchased to buy ducks which are used to play the game. So, everyone has to purchase EGG in order to play the game and earn handsome rewards.
This game uses smart contracts and allows the users to earn more rewards by growing their farms by investing more and more in NFT ducks. The best thing is that 2 users can combine their farm and make a duck empire which can help in earning more rewards. Players can also breed their ducks and sold them as NFT at valuable prices. Matches are held among players and rewards are shared between them. This game has gained the attention of millions of crypto enthusiasts for its remarkable reward system.
Anyone can access the game by visiting its website which is www.wavesducks.com. All you need is to visit its website and click on the Start Playing which is highlighted.
It will ask you for the login credential, so you have to provide your details and click on Log In. If you don’t have an account, then you can create one by clicking on Sign Up.
Once you have logged into the account, you will get to access the game and you will be all set to play and earn EGG tokens but the investment is required first.
(6.) Conclusions
(6.) Conclusions
I would like to conclude that Waves is a great platform as not only it offers to trade in crypto but provide profitable investment opportunities as well. The most unique thing that makes it distinguished from other blockchains is that it is based on Leased Proof-of-Stake due to which everyone gets to earn handsome rewards. I also got to learn about the renowned NFT game called Waves Duck where people are competing against each other and making profits. Thanks professor for this valuable lecture.
Thanks For Visiting My Post And Your Appreciation
Cc:
@imagen
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