Waves Platform - Crypto Academy S5W7 - Homework Post for @imagen
Hello everybody.
Welcome to this post. Hopefully, all of you will be good and happy and enjoying your health with the grace of Almighty Allah. Today, I am here to present the homework post for dear professor @imagen in Week 7 of Season 5 of Steemit Crypto Academy. The lecture was nicely explained by the professor and I will make homework for it. So, let's move toward our task without any wastage of time.
There are some questions that are asked by the professor as the homework for this week. I will explain all of them in the given order.
(01)
Describe the Leased Proof-of-Stake (LPoS) consensus mechanism. What are the differences with Proof-of-Stake (PoS)?
As we all know that the blockchain technology is growing day by day and new blockchains with unique and more advanced features are coming into view. There is a number of consensus algorithms on which different blockchains are based. Widely used mechanisms these days are Proof-of-Stake (PoS) and Proof-of-Work (PoW). But the blockchain developers are working hard to introduce different and more advanced consensus mechanisms. One of these mechanisms is the Leased Proof-of-Stake mechanism which is used by the Waves platform.
Let's have a look at the Leased Proof-of-Stake mechanism (LPoS) in detail.
Leased Proof-of-Stake (LPoS)
The Leased Proof-of-Stake mechanism, abbreviated as LPoS, is a consensus mechanism that is used by the Waves platform, a blockchain-based exchange, and token-developer platform. Leased Proof-of-Stake is an extension of the Proof-of-Stake mechanism. In PoS, the investors stake the respective tokens and can act as a node to validate the transactions and blocks. But Leased Proof-of-Stake is something different from the PoS mechanism.
Leased Proof-of-Stake, as referred to by the name, is a consensus mechanism in which the investors can lease their crypto assets (tokens) to the node validators that use these tokens to proceed out the transactions that are made in the platform. Here, leasing means to give the tokens to a particular node operator on rent and get a percentage of the earned tokens as a reward.
In LPoS, the investors can stake the tokens and lease them to the node operators and when these tokens are used by the nodes for mining purposes, the profit will be transferred to the leaser (token giver). When a leaser leases some tokens to a node, it does not mean that the tokens are transferred to the node address, but these tokens remain in the leaser's wallet and the leaser has full control over them.
The reward which is given to the leaser could be in the form of WAVE tokens or other tokens that are runnable in the platform. It is very important to select a node that can reward the leaser with high profit, as there are different node operators that are rewarding different percentages of reward. The reward of the leasers also depends on the leased amount of the investor. The more will be the leased amount, the more will be the reward that is given to the leaser as profit.
The leasers can cancel the leasing whenever they want as they have full control over the leased tokens. I am repeating that the selection of node operators to lease the tokens is a very important factor to get more profit. The more the transactions are carried out by the nodes, the more will be the reward for the leasers. And the node operator is rewarded with the mining reward. In this way, both bodies can make profits. The Waves platform uses this consensus mechanism to improve the scalability of the network (increasing the on-chain scalability rather than the lightning technique).
Comparison between PoS and LPoS
As we have discussed before that the Leased Proof-of-Stake mechanism is the extensive version of the Proof-of-Stake mechanism. So, now we will discuss the difference between both consensus mechanisms.
The first and the main difference between Proof-of-Stake (PoS) and Leased Proof-of-Stake (LPoS) is that LPoS provides opportunities to manage the system to all the users of the platform (Waves) while PoS provides these opportunities only to the high stakeholders.
In PoS, only the investors that stake much amount of tokens are able to add blocks in the network (Act as a node) while in LPoS, the low stakeholders can also act as a node by receiving leased tokens from the leasers (lenders).
The high stakeholders can lease the tokens to the multiple nodes in LPoS but in PoS, high stakeholders can act as a node by themselves and add new blocks to the network.
In LPoS, node operators and the leasers get a percentage of the reward that is earned by the nodes (reward is distributed among the nodes and investors) while in PoS, the investors can get the whole of the mining reward as well as transaction fee.
LPoS is more friendly with the minor users than PoS as in LPos, they can also add new blocks to the chain by leasing tokens from the investors.
The scalability of the blockchains that are based on LPoS is also more positive than those that are based on PoS.
(02)
Login and explore Waves.Exchange. Indicate its functionalities or options. What are the investment modalities that it offer to its users? Show Screenshots.
First of all, let's discuss a little about the Waves.Exchange platform. Waves.Exchange is actually a decentralized exchange platform that is used to exchange a number of crypto assets that are available in the exchange. It allows the users to store WAVES tokens and other crypto-assets as well. Besides decentralization, It is also a very secure crypto exchange where the users can store and trade the assets efficiently.
Signing Up in Waves.Exchange
- First of all, visit the official website of Waves.Exchange and click the Sign Up option in the top right corner.
- Now, you will see a number of Signing Up options but I will go with Email.
- Now, enter your e-mail address and set a password. After confirming the password, click the Create Account option.
Then, after verifying the Robot verification, a code will be sent to your mail. Enter the sent code.
- The account will be successfully created. Now, click the Login option.
- After that, enter the mail and password of your account and click the Continue option.
- The account will be successfully logged in. You can check my logged-in account in the below screenshot.
Features and Options in Waves.Exchange
As we have discussed the login process in the above segment so now I will explore the important features that are available in this exchange platform. So, let's have a look at them.
- Buy Crypto:
The first feature of the platform is the Buy Crypto feature. This option allows the users to buy different crypto assets (stablecoins) via different payment methods like Bank Account, other crypto assets. Users can purchase a number of coins that are available in the exchange through this feature very efficiently and securely.
- Trading:
From the Trading feature, the users of the exchange can trade different tokens that are available on the platform. The users can trade these tokens in three ways, Spot Trading, Swap, Swap (WAVES/USDN). We can also check out the price chart of different crypto pairs from this feature and also add technical analysis tools like indicators on the price charts.
- Pools:
This is another interesting feature of the platform. The investors can provide liquidity to different Liquidity Pools that are available on the platform by depositing their tokens in the pool of their interest. They can check out their Dashboard if they have deposited to any liquidity pool. Users can also see the Stats of the WX token. They can also access the options like Governance, Boosting, IDO, Early Birds, etc from this feature.
- Wallet:
This feature allows the users to check their available balance in the exchange wallet. Users can see the tokens that they own in the exchange. They can deposit and withdraw different tokens from the Waves.Exchange to different exchanges. The users can also explore their Deposit and Withdrawal history in this feature.
=>Create a Token:-
Another interesting option that is available in the Wallet feature is Create a Token option. The users can create their own tokens and provide an initial supply of the tokens. This is really a very fantastic option for this exchange platform. \
Investment Modalities
The Waves.Exchange offers a number of investment opportunities to its users. The users can make remarkable profits by adapting these investment opportunities. These are shown in the below screenshots.
The users of the Waves.Exchange can enjoy a number of investment opportunities.
They can deposit their tokens in the Liquidity Pools and get a profit by providing liquidity.
They can also make investments in the Lambo Trading and take a profit.
They can also invest their assets in the Algorithm Trading and get good rewards.
Users can also stake the tokens in the LP Staking and make a good profit in reward.
Neutrino Staking is the staking of Neutrino tokens and stable coins to earn profit.
Waves Staking means staking the WAVES tokens and leasing these tokens to the nodes for getting percentage rewards.
Users can also invest in Neutrino Governance to participate in the decision-making process of the platform.
Users can also invest stable coins in the Neutrino Pools and earn daily rewards.
(03)
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.
I am using the KuCoin crypto exchange to purchase the WAVES token. Let's have a look at the following steps.
- First of all, login into the KuCoin and search WAVES token in the search bar. Click the Trade option next to the token symbol and select WAVE/USDT pair. This is shown in the below screenshot.
- The Trading Window will open. Now, in the Spot menu, open the Market option and select the percentage to 100% as I want to buy WAVES token for all available ($14.94) USD. Then press the Buy WAVES option. This is shown in the below screenshot.
- You can see that I have bought WAVES tokens for $14.9. You can this in the Order History.
- You can also see that WAVES tokens are available now in my account.
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)
As I have bought WAVES tokens in the KuCoin exchange. So, now I am going to transfer the WAVES tokens from KuCoin to the Waves.Exchange. So, let's follow these steps.
- First of all, open and log in to the Waves.Exchange and select the Deposit and Withdraw option at the top right corner.
- Now, search the WAVES in the search bar.
- Now, select the Waves Network and copy the Deposit Adress of WAVES token.
- Now, open the KuCoin and go to the Withdraw option. Enter Waves in the Search Box. This is shown in the below screenshot.
- Now, paste the copied address from the Waves.Exchange and enter the WAVES amount. Click the Confirm option and the WAVES token will be transferred to your Waves.Exchange.
(04)
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 Token:
WX Token is the native currency of the Waves.Exchange platform. This token is used for the Governance of the Waves.Exchange platform. This token can be used to take part in the decision-making process of the platform. This token was issued by the Waves.Exchange in November 2021 with a maximum supply of 1,000,000,000 WX coins. The purpose for issue this token is to improve the liquidity of the platform and market-making.
- Uses of WX token:
WX token is used for various purposes in the Waves platform. Some of them are as follows.
=> This token can be used for the payment of the trading fees in the platform.
=> WX token can also be traded on the exchange just like the other tokens that are present in the platform.
=> We can also invest the WX token in the Liquidity Pools that are available for WX pairs in the exchange platform.
=> We can also use this token for contract locking. We can lock the WX token on the contracts and in return, get the gWX (boost). The reward depends on the amount of WX tokens that are locked.
- CoinMarketCap:
I explore the CoinMarketCap of the WX token and get a number of information about this token. You can see this in the below screenshot.
The data gained from CoinMarketCap can also be expressed in the form of a table, as follows.
| Token Name | WX (Waves.Exchange Token) |
|---|---|
| Current Price | $2.05 |
| Market Cap | $13,730,876 |
| Current Rank | 3549 |
| Fully Diluted Market Cap | $2,049,238,556 |
| 24h Volume | $391,416 |
| Volume / Market Cap | 0.0303 |
| Self Reported Circulating Supply | 5,782,969.08 WX |
| Max Supply | 1,000,000,000 |
| Total Supply | 14,794,520 |
(05)
Describe Waves Ducks What is this project about? How is it accessed? Be as explicit as possible. Show Screenshots.
Waves Duck is an NFT project that is a digital gaming platform based on the Waves ecosystem. Here, the users can play games and earn the collectible in the form of NFTs duck images. These NFTs can be bred, farmed, and sold in different marketplaces. This EGG token can be exchanged on different exchange platforms.
The players of this NFT game can also farm the EGG tokens that can be easily swapped. The trading volume of this NFT is increasing day by day in the market. This is one of the most popular NFT projects at the time.
The CoinMarketCap of the EGG token is shown in the below screenshot.
The data gained can also be expressed in the form of a table, as follows.
| Token Name | Waves Ducks (EGG) |
|---|---|
| Current Price | $610.31 |
| Market Cap | $28,796,865 |
| Current Rank | 5376 |
| Fully Diluted Market Cap | $610,305,395 |
| 24h Volume | $35,024 |
| Volume / Market Cap | 0.0008035 |
| Self Reported Circulating Supply | 43,906.00 EGG |
| Max Supply | 1,000,000 |
| Total Supply | 989,212 |
Accessing Waves Ducks
The Waves Ducks NFT game can be accessed from the official website https://wavesducks.com/. Now, I will enter this platform. So, the following steps are followed.
- First of all, visit the official website of Waves Ducks and click on the Start Playing option, as shown in the below screenshot.
- You will be guided to a new page. Now, click the Sign Up option.
- Now, enter your e-mail. Enter the password and confirm the password. Then, click the Create Account option.
- After the Intelligence Verification, the account will be created successfully. Now, Log In your account by entering the mail and password. And click the Log In option.
- Your account will be logged in after the Intelligence Verification and now you will be able to enjoy the game, farm the EGG tokens and explore other features of this NFTs platform.
Conclusions
As we all know that the blockchain technology is growing day by day and new blockchains with new and interesting features are coming into view. Waves ecosystem is also a blockchain ecosystem just like the Ethereum ecosystem. It has its own exchange named Waves.Exchange. The Waves platform is based on a new consensus mechanism known as Leased Proof-of-Stake (PoS).
In PoS, the investors can stake the native token of Waves blockchain, WAVES token. These investors act as leasers and can lease these tokens to the node operators that can validate the transactions that are made in the chain and are able to generate new blocks in the chain. In this way, the leaser gets a percentage of the earned reward.
So, that's all about the homework for this week. Hopefully, all of you will like this post.
Regards: @steemdoctor1 (Crypto Student)
