Waves Node Specification

The Waves cryptocurrency is of Russian origin. The project was funded in 2016. Like Ethereum, Waves allows the production of user tokens. For programming of decentralized applications it uses a specially developed programming language RIDE. For confirmation of transactions between nodes it uses a modified protocol Proof-of-Stake, which is called LPoS.

Public crypto nodes are the most important element of Waves infrastructure. Blockchain nodes providers are rewarded for providing network security and confirming transactions. Each Waves node stores a full copy of the blockchain, transmits the data over the network and adds it to the blockchain after checking transactions. The Proof of Stake algorithm is used. To start mining, Waves node places a minimum deposit of 1000 WAVES on a special wallet. The required amount can be attracted by other members of the network who rent out their WAVES coins. The higher the deposit amount, the higher the chances of a WAVE node to get the right to process the transaction and get a reward for its efforts. In addition to a reward for the calculation of the block signature, WAVE nodes will also receive fees from all transactions included in the block. Support of a dedicated public node is also necessary for those who are going to launch their project based on the Waves blockchain.

Waves-NG protocol is needed first of all to improve the scalability of the Waves blockchain. Also, by using Waves-NG it is possible to confirm transactions between WAVE nodes in a few seconds. To do this, each block, whose signature calculation time takes 1 minute, is divided into the so-called micro-blocks. The microblock is enough to confirm a transaction in 3 seconds. This approach makes blockchain resistant to one-time loads, for example during tokens or airdrops distribution. The main problem with micro blocks is that they allow them to create blockchain forks. Therefore, there are both a fine for the miner that creates the fork and a reward for the miner that helps to detect the fork.

The Waves infrastructure consists of a large number of different tools, applications, and components. They rely on the WAVE nodes as well as smart contracts to work. The REST API is the main interface for interaction between Waves nodes. Thanks to the collection of Client Libraries for different programming languages, it is possible to build decentralized applications. Calling dApp or transferring tokens using smart contracts requires that blockchain nodes providers sign the transaction with the sender's private key. If the application is accessed by multiple users, the transaction can be signed via the Waves Keeper browser extension or via the Waves SDK for Android or iOS. Verifiers for dApp can check if the transaction meets the conditions, and then confirm or reject the transaction. Since the public crypto nodes have a limit on the number of operations, the developer of a popular application is recommended to run his own Waves node.

Waves Smart Contract is a script written in RIDE language. A script can be linked to an asset or account number. The RIDE language directly addresses WAVE nodes and can add, modify, or delete contract data. There is a fee for script execution, it is small and the fee is known in advance. A large algorithm can be divided into several smart contracts or transactions. For developers of smart contracts, there is a set of Waves IDE and Testnet tools that can be used to test the application before it is deployed in a fully functional network.