Waves platform

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Waves Platform
Waves logo.svg
Original author(s) Alexander Ivanov
Developer(s) Waves Platform
Initial release 7 June 2016;2 years ago (2016-06-07)
Stable release
0.14.4 / 10 September 2018;11 days ago (2018-09-10)
Repository https://github.com/WAVESPLATFORM/
Written in Scala
Operating system Full node available for Linux, Mac OSX & Microsoft Windows. Wallet available online and as a Chrome app.
Type Cryptocurrency, Blockchain, Decentralized computing
License Apache 2.0
Website https://wavesplatform.com

Waves Platform is an open-source blockchain platform, which is designed for ease of use and mass adoption. Since its launch in 2016 [1] by Alexander (Sasha) Ivanov, Waves has been working to fulfill its vision of creating a truly unique blockchain product that will be an industry standard in providing the most versatile and straightforward tokenization tools for everyday use [2] .

The open-source model is a decentralized software development model that encourages open collaboration. A main principle of open-source software development is peer production, with products such as source code, blueprints, and documentation freely available to the public. The open-source movement in software began as a response to the limitations of proprietary code. The model is used for projects such as in open-source appropriate technology, and open-source drug discovery.

Blockchain distributed data store for digital transactions

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Waves Platform allows users to launch their own cryptocurrency tokens. While other popular cryptocurrencies such as bitcoin and ethereum can be traded on external exchanges, and ethereum allows users to create new tokens on the platform using a smart contract, Waves includes this functionality in its core software and wallet. Users can create, transfer and exchange blockchain tokens on a peer-to-peer basis, paying transaction fees in the native WAVES token.

Cryptocurrency digital medium of exchange

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.

The current Waves ecosystem provides all the necessary features for business adoption and consists of Waves Node, the technical kernel of the platform; Waves Client, available both in desktop and mobile versions; a multi-purpose Decentralized Exchange platform (DEX); and Waves Gateways.

Waves works on the principle of decentralization, so there is no exclusive operator for the platform. Control is distributed between full nodes (participants of network) which change in number and location. The WAVES token was originally distributed to users via an ICO.

Waves Platform has subsequently developed into one of the largest tech communities and formed partnerships with a variety of renowned international organizations, from Deloitte to Astana International Finance Centre.

The platform has a fixed supply of 100 million WAVES updated for proof-of-stake networks, called Waves-NG. Waves uses trusted gateways to issue blockchain tokens backed by fiat money and digital currencies for use on its own platform.

Waves was founded in 2016 by Alexander Ivanov, a Russian physicist, with development funded by a crowdsale held in April and May 2016. Waves’ community and development is international, with a wide range of initiatives built on the platform and based in different locations around the world.



Waves was proposed early in 2016 by Alexander Ivanov, who had previously founded the Coinomat instant cryptocurrency exchange and had been involved with the Nxt cryptocurrency platform. Waves was created to address a number of the perceived barriers to wider blockchain adoption [3] , including speed, scalability and user experience. Development was funded by a crowdsale that raised the equivalent of $16 million. At the time, Waves was amongst the largest successfully crowdfunded blockchain projects [4] , collecting almost 30,000 Bitcoins.


Nxt is an open source cryptocurrency and payment network launched in 2013 by anonymous software developer BCNext. It uses proof-of-stake to reach consensus for transactions—as such there is a static money supply and, unlike bitcoin, no mining. Nxt was specifically conceived as a flexible platform around which to build applications and financial services.


Waves is a Proof-of-Stake platform (in contrast to bitcoin’s Proof-of-Work consensus model) that uses an adapted form of Bitcoin-NG [5] called Waves-NG, Bitcoin-NG was designed to increase transaction throughput on the bitcoin blockchain: ‘the system can at best achieve a modest transaction throughput, rising from ~3 transactions per second to ~6 transactions per second if the block size is doubled. This is far from the 30,000 transactions per second necessary to compete with the likes of VISA transactions. The same fundamental limitations apply to Ethereum, Litecoin, Dogecoin, and all other currencies that share Bitcoin’s blockchain management protocol. In Bitcoin, the system generates a retrospective block that encases in cryptographic stone the transactions that took place in the preceding 10 minutes. In Bitcoin-NG, the protocol is, instead, forward-looking: every 10 minutes, NG elects a leader, who then vets future transactions as soon as they happen. The former is necessarily limited by the block size and block interval, while the latter approach can run as fast as the network will allow [6] .’ This approach has been adapted to Waves’ proof-of-stake model, theoretically enabling hundreds of transactions per second [7] .

Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age. In contrast, the algorithm of proof-of-work-based cryptocurrencies such as bitcoin uses mining; that is, the solving of computationally intensive puzzles to validate transactions and create new blocks.

A Proof-of-Work (PoW) system is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer. The concept was invented by Cynthia Dwork and Moni Naor as presented in a 1993 journal article. The term "Proof of Work" or PoW was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels.

Since version 0.13.3 Waves POS was modified as Fair Proof of Stake to improve relative equity of mining block rewards for nodes as well as a claimed reduction in possible attack vectors against the protocol.


Waves Platform

Waves Platform is a blockchain and distributed database technology company. The two primary areas of activity it is involved in are; A public distributed permissionless blockchain platform (Waves Platform) and private permissioned blockchain services for large enterprise and government bodies (Vostok). Waves Platform is internationally based and operate out of several offices around the globe. [8] It was founded in 2017 by the current CEO, Alexander "Sasha" Ivanov [9] .


Vostok is a universal blockchain solution for scalable digital infrastructure designed for large enterprises and public institutions. [10] Based on the Waves Platform software, Vostok is a product offering private, permissioned blockchain based databases, distributed computing and integration services. Alexander Ivanov attended the 'Digital Capital of the World' event in the City of London, on 31 May 2018 where he presented an outline of the Vostok business model and, in his view, its raison d'etre.

Partnerships and Initiatives

Recent moves by The Waves Platform indicate a pro-regulation stance on blockchain technology and applications. In July 2017, The Platform announced a partnership with Deloitte, aimed at clarifying and shaping global blockchain crowdfunding regulation, and creating a clear framework for businesses to operate within.

Waves has also partnered with the National Settlement Depository (NSD), the central depository for the Moscow Stock Exchange, to develop a digital blockchain platform for digital tokens and crypto assets. [11]


  1. "Decentralized Crowdfunder Waves Launches Following $16m ICO". bitcoin.com. Retrieved 17 September 2018.
  2. "Blockchain Technology's Next Big Superstar". huffingtonpost.com. Retrieved 17 September 2018.
  3. "11 CEOs and founders on whether cryptocurrencies will be mainstream in 2019". cnbc.com. Retrieved 21 September 2018.
  4. "Decentralized Crowdfunder Waves Launches Following $16m ICO". news.bitcoin.com. Retrieved 21 September 2018.
  5. "Researchers Tackle Tomorrow's Blockchain Problems With Bitcoin-NG". coindesk.com. Retrieved 17 September 2018.
  6. "Bitcoin-NG: A Secure, Faster, Better Blockchain". Hacking Distributed. Retrieved 8 January 2018.
  7. "Waves Set To Become 'Fastest' Decentralized Blockchain Platform Globally". www.forbes.com. 8 November 2017. Retrieved 24 December 2017.
  8. "Waves Expands Operations with Offices in Amsterdam and Moscow". financemagnates. Retrieved 12 June 2018.
  9. "Russia eyes cryptocurrency dominance". CNN. 7 November 2017. Retrieved 12 June 2018.
  10. "Blockchain startups woo enterprises with a private chain audit trail". TechCrunch. Retrieved 22 June 2018.
  11. Allison, Ian (11 August 2017). "Russia's central securities depository and Waves building blockchain platform". Ibtimes.co.uk. Retrieved 8 January 2018.