WAVES is the base currency that fuels the Waves exchange and platform, a public network and decentralized protocol that makes the process of developing and implementing decentralized applications and customized tokens simple and accessible. Waves features on-chain governance, Formal Verification for smart contracts, and Leased Proof-of-Stake to ensure network consensus. The Waves smart contract platform enables atomic swaps, oracles, voting, and more. Businesses can build tokens on the Waves platform that are used to make payments for goods and services within their ecosystem.
The digital currency and protocol were founded in 2016 by Alexander Ivanov, a Russian physicist, following an initial token sale that supplied the project with 30,000 BTC. The waves network launched later that year with a feature that promotes the creation and maintenance of digital currency. The following year, Waves began to work with Microsoft Azure and went on to form an official partnership with Deloitte. Towards the end of 2017, Waves released a new consensus protocol called Waves-NG. The new consensus protocol increased transactional throughput to 100 transactions per second. The Waves team also released a mobile application in 2018. The mobile application includes most of the platform’s most popular features.