Crypto-platform for asset/custom token issuance, transfer and trading on blockchain.
Waves launches balance leasing in lite client
Leased proof-of-stake (LPoS) allows WAVES holders to profit by using their balances to secure the network — while retaining full control of their funds.
Custom tokens platform Waves has implemented balance leasing within its lite client, allowing all users to take part in securing the network and profiting from transaction fees — without requiring any additional technical knowledge or the need to download the blockchain.
Rather than opt for a bitcoin-like approach, in which miners are rewarded for securing the network with new blocks of coins, or a vanilla proof-of-stake approach, in which staking nodes are rewarded in proportion to their coin balances, Waves has implemented a consensus system called Leased Proof of Stake (LPoS).The network is secured by active nodes, which require a balance of at least 10,000 WAVES to generate blocks. Whilst anyone can run a mining node if they have this amount, it is possible for users to lease their balance to a node, giving them additional ‘weight’ in the network. The extra rewards earned by the node are then shared with those who have leased balances to them, and nodes will naturally compete to offer leasers the best deal. Leased WAVES remain in the full control of the account holder, and can be transferred or exchanged at any point.
There are two main revenue streams for nodes and leasers. The first is the transaction fees that are paid for any operation on the Waves platform. ‘As our platform and ecosystem grows, we will see hundreds of thousands of transactions per day on Waves,’ explains CEO Sasha Ivanov. ‘With many new major businesses coming on board, mining will become more and more profitable.’ The second is the Miners Reward Token (MRT), which is distributed to miners with every block created. This can be used to vote on certain network issues that affect miners. It will also be used as a means for new token issuers to reward nodes for processing transactions, using their own token as a fee. As a Waves token, MRT can be transferred and traded freely on Waves’ decentralised exchange (DEX).