FAQ

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Contents

General

What is the total supply of Waves?

100'000'000 WAVES. As there is no inflation in Waves, this number will remain the same forever.

How long will transactions take?

The current block time is 1 minute.

How many transactions can fit in a block?

Currently, the block size is limited to 100 transactions per block.

How much does a transaction cost?

The current fee for sending WAVES or a token is 0.001 WAVES. Token issuance costs 1 WAVES. Order matching is charged with 0.003 WAVES.

Where do I get support?

If it's rather urgent, join our Slack and write a message in a suitable channel. If you don't want to use Slack, write an e-mail to support@wavesplatform.com.

Where can I find my Waves address?

You find it in the top center of the Lite Client.

How can I check my account without logging in?

Use a block explorer, for example WavesGo and enter your Waves address. It will show your balances and all transactions from and to your account.

How can I buy WAVES?

You can trade Bitcoins for WAVES on numerous exchanges, check here for a full list. There is also the possibility to buy small amounts of WAVES with credit card, please check out this tutorial for more instructions.

Do I still need the 1W pre-fix?

No, the pre-fix has been deprecated. You don't need to ever use it again.

What is a SEED?

Waves uses a brain wallet - every account is secured by a string of 15 English words or a custom made password. Back up your SEED! Losing your SEED means loss of access to your funds. You can find more information about it here.

How do I back up my SEED properly?

First things first, always have two back ups of your SEED. We recommend at least on of these to be a physical back up, for example a piece of paper stored in a safe place. If you keep a digital copy, make sure it is encrypted or held in a password manager.

What security do Waves accounts have? Passphrase? 2FA?

The Waves Lite Client asks users for a password to encrypt the SEED. Your SEED is never sent to the network without encryption. Also, we are working on a decentralized 2-FA method.

Why are you using PoS rather than PoW?

Proof-of-Work might be more secure in theory, but it is still considered by some to be an inelegant solution to the problem of consensus due to the wasted computational resource. Something better will come in time. Meanwhile, Proof-of-Stake is the way to go.

What is special about the Waves platform?

We want to move payment systems and crowdfunding onto the blockchain. There will be fiat currencies like USD/EUR/CNY in your wallet and an integrated crowdfunding platform, so it can function like a decentralized Kickstarter. The end-user client is very lightweight, so there is no need to download the blockchain – you just install it from the Chrome store.

Can you summarize Waves in a sentence?

Decentralized, financial platform with emphasis on custom token creation, transfers and trading, with deep fiat integration and focus on community-backed projects.

Is there a white paper?

Yes, you can find it here. Also, Sasha Ivanov is one of the authors of the "Improving Authenticated Dynamic Dictionaries with Applications to Cryptocurrencies" paper.

What is Waves’ advantage over traditional crowdfunding platforms?

Waves is a coloured coins blockchain platform with an integrated decentralised exchange. Our unique selling point compared to Kickstarter is the ability to exit your pledge. If you pledge funds on Kickstarter you have to wait for the product to launch – you can’t transfer your stake to another user. Also, you can start a campaign much faster on Waves than on Kickstarter, because there are no moderators to approve your campaign. Fees are much lower too – essentially zero compared to Kickstarter’s fees.

What is the difference between Waves and Ethereum?

Ethereum is developing bitcoin scripting for smart contracts. It’s powerful but makes certain things very complicated. We took another road where things are simpler: it’s very easy to add all the functionality you need using plug-ins, so you don’t have to code complicated contracts. Also, our focus is on mass adoption. We’re specifically targeting two markets: fiat transfers on the blockchain and crowdfunding on the blockchain. They are ripe for disruption, and we’ll be offering a product for a very general audience.

What is the difference between Waves and BitShares/OpenLedger?

BitShares differs from Waves in two fundamental ways. First, its consensus algorithm is DPoS, meaning that only a limited number of 'delegates' have the power to validate blockchain transactions, as opposed to the PoS consensus where every full node is able to do it. This means that the Waves platform supports full decentralization. The second difference is the feasibility of OpenLedger's 'market peg' for its fiat assets. This is of course open to discussion, but it is doubtful that any bank or large corporation will ever be happy to trust their money to such an approach.

All current coloured coins implementations have severe limitations. Bitcoin blockchain-based tokens are restricted by the 10-minute confirmation times. In Ethereum, it's quite difficult to create a decentralized exchange. OpenLedger is a web-interface to BitShares blockchain; it is not a coloured coins protocol. Waves is focused specifically on custom blockchain tokens. We want to do for blockchain tokens what Ethereum is doing for Bitcoin scripting – develop and perfect it.

Is Waves similar to Ripple? What is the difference?

Waves is similar to Ripple only in its approach to handling fiat. As in Ripple, fiat assets will be backed by third parties, payment systems and banks. We will have fiat tokens on our blockchain soon after launch and are in talks with several payment systems already.

Where do those free tokens in my portfolio originate from?

If you’re holding WAVES inside the Waves wallet, you may have noticed several assets entering your portfolio. These tokens could come from various sources like Airdrops, Faucet withdrawals or by leasing your WAVES.

Where can I find information about the Waves API

API technical documentation can be found here or on our GitHub page.

ICO

What is an ICO?

ICO stands for Initial Coin Offering. It's basically the crypto version of an Initial Public Offering (IPO) where a real-world firm sells equity to the public to raise money. Normally, an ICO sells an idea in order to receive funding to realize it.

How much funding did Waves receive?

29,636 bitcoins were crowdfunded from 5,790 participants in April and May 2016, with a market value of around $16 million at the time the ICO ended. You can find a detailed report here.

How do token holders gain a return on their investment?

WAVES will be the fuel for everything in the platform. There will be options to pay these fees with other currencies but it's up to each forger to decide which currencies he wants to accept. This includes transfers, issuing and trading assets. If you have a node up and running, you will receive transaction fees as a reward. The bigger your stake, the higher your chance of generating a block and getting the transactions fees in it.

Asset Ecosystem

What is the identifier or asset ID?

The identifier, also called asset ID, is the only criteria with which you can securely identify the right asset. Names are not unique whereas the asset ID is. Whenever your are looking for an asset within the Lite Client, especially the decentralized exchange, search for it by using the identifier. Check this tutorial to find an asset ID.

I can't find my tokens in the Waves Lite Client.

Check the portfolio tab. Press the second icon in the navigation bar from the left to access it.

I get an error when trying to transfer a token, why is that?

Transferring a token requires a tiny amount of WAVES to pay for the transaction fee of 0.001 WAVES. If you don't own any WAVES, get some from a faucet.

Will investors need to comply with KYC requirements?

KYC/AML is needed to deposit and withdraw fiat. It is not necessary for cryptocurrency transactions. There will likely be two ‘tiers’ of users: those who limit themselves to crypto transfers and those who will want to withdraw tokens to fiat.

If your tokens represent fiat value, doesn’t this require cooperation from banks or other payment processors?

Yes. At the beginning, we will mainly partner with payment operators. Our ultimate goal is to facilitate banks’ engagement with blockchain technology. We are collaborating with entities that deal with banks directly, and ultimately will work with banks themselves.

Can I use the tokens that represent fiat money outside of the platform? For example, can I use fiat tokens on the Waves platform to send real money to my bank?

We will facilitate fiat <> crypto exchange: this is the core of Waves’ vision.

How is Waves affected by IVTS (informal value transfer system) regulations?

If all goes well we will be registering a UK company with a financial license and a Waves foundation company in an offshore jurisdiction or quasi-offshore, like Holland.

How can you be sure that the creator of an asset – like a fiat-equivalent or gold-backed token – is legitimate and reliable, and will redeem it when a user requires?

Anyone can create coloured coins or assets. However, due to our sometimes negative experiences with other platforms, we will be incorporating a reputation (karma) system where those with a positive track record will have more reliability at the time of asset issuance. Anyone who purchases an asset/coin from a zero-reputation issuer does so at their own risk. There are other ways we may offer ‘guarantees’ for tokens that are theoretically backed by physical (or other) assets, such as notarised documents (proof of existence). This is still in the early stages of development and represents a big gap to fill, since we would have to go through legal systems and work together with licensed professionals. In the beginning, then, the reputation system will be the most reliable way to know if an asset is legitimate. To summarize: Do your due diligence!

Leasing

Why should I lease my WAVES?

Leasing your WAVES allows you to 'mine' WAVES and other Waves assets without having to run your own node. By leasing your WAVES you are also helping to secure the network.

What is minimum amount of WAVES I can lease?

You can lease any amount of WAVES.

I'm leasing WAVES already, but want to lease more. Do I start a second lease?

For low amounts (less than 500 Waves) it's better to consolidate as you may end with a lot of postponed transactions from small leases (total rewards are too low to make a good transaction on the blockchain). In the end the result will be the same.

What do I 'pay' for transactions of my leased balance?

In the beginning of leasing transactions were paid with Waves. The transaction fees were deducted from the actual payout. On July 23 2017 most node owners came to an agreement, a free NodeTX token was created. This token has no value so leasers would no longer pay for their own payouts. This leading to bigger amounts of Waves and other mineable tokens to be paid out. Also smaller leasers would get a payout from this moment on. Please check websites of the pool you want to go leasing to, to see if they do their payouts with NodeTX as fee.

If I lease all of my WAVES, do I still receive Token Airdrops?

Yes, your WAVES will never actually leave your wallet so you will still be getting all airdrops.

Is leasing safe?

Of course! There are no risks associated with leasing. Simply because your WAVES never physically leave your wallet by leasing them. Furthermore cancelling a lease is free of charge. Keep in mind that starting a new lease takes 1000 blocks to be active, so you will lose some generating time.

Can I trade my leased WAVES?

No, if you want to trade your leased WAVES you will have to cancel the lease first.

How long does it take for a lease to be active?

After the leasing transaction, it takes 1000 blocks for it to be added to the generating balance of the node. When you cancel a lease, you can immediately use your WAVES again.