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Launched in 2016 by Ukrainian scientist Alexander Ivanov (a.k.a. Sasha Ivanov), Waves is an open-source blockchain platform that supports the development of decentralized applications (dApps), which require a higher level of decentralization and security.

WAVES, the native coin of Waves blockchain, is an inflationary crypto asset with an uncapped supply. WAVES holders can lease out their tokens to nodes and participate in Waves governance by voting on Waves Enhancement Proposals (WEPs).

Waves has a developer-friendly programming language called RIDE. All dApps and smart contracts deployed on Waves are created using this language. Furthermore, it uses an enhanced version of the Proof-of-Stake (PoS) consensus algorithm called Leased Proof-of-Stake (LPoS), which facilitates distributed consensus for maintaining Waves network’s security. Nodes responsible for transaction validations on Waves can use leased tokens for generating blocks and earning mining rewards.