Waves 101

Answers to the most frequently asked questions about blockchain and our protocol
Waves 101
Answers to the most frequently asked questions about blockchain and our protocol
What is Web 3.0?

Web 3.0 is a concept of the form the Internet will take in the future, powered by decentralized technologies — particularly blockchain. It is a vision of online services based on a decentralized and trustless model, maintained by users and code rather than by large centralized entities.

What is this ‘trustless’ model?

This term is well-known within the blockchain world. It indicates that transactions are made without trusted intermediaries such as Uber or Airbnb. Control over the conditions and execution of an agreement are enforced by code, not companies.

What is blockchain?

Imagine a ledger of accounts that is duplicated on thousands of computers. All the copies are fully synchronized, and every record is approved by each computer and remains unchanged forever. Everyone can check the validity of any record. Broadly speaking, that’s what a blockchain is.

What are a SEED phrase, private and public keys?

While anyone can read information from the blockchain, to write to the blockchain you need to own the correct private key.

  1. A private key gives you access to your wallet (address) and signs transactions from that address. In practice, a private key is a random sequence of letters and numbers that is inconvenient for users to remember. This why we hold the private key in the form of a SEED phrase.
  2. A SEED phrase is a set of 15 words that acts as a private key. You receive the SEED phrase when you create an account. You will need this SEED each time you import or recover an account to a device.
  3. A public key is generated from the private key (and thus there is no need to remember it). A public key is used to check the validity of signatures.
  4. An address is your wallet identifier. Share it to receive tokens in your wallet.

Remember: if you lose your SEED phrase, there is no way to recover it. Your SEED phrase and the private key associated with it should be kept secret. If someone discovers them, they can steal all of your funds.

What are dApps?

A decentralized application or dApp is an application whose backend code runs on a blockchain. Simply stated, it is blockchain-based online service. There is therefore no centralized database to hack or be compromised. dApps combine all the advantages of online services with complete control of your data. Everyone can build and use dApps.

How can you participate in Waves Ecosystem?

There are several ways to use the protocol:

  1. Maintain the network via mining WAVES
  2. Lease your WAVES to mining pools to support the network
  3. Build dApps and other solutions for Web 3.0 development
  4. Use dApps built by third-party developers
How can you mine WAVES?

You can run a full node and start to mine WAVES straight away. You decide how and where to set up your node — here are links to instructions. Each node that holds at least 1,000 WAVES (either itself or in leases) is eligible to add the next block to the blockchain and get some WAVES to their balance.

What is leasing and how do you lease WAVES?

If you don’t have enough WAVES tokens to run your own node, you can lease WAVES to a different node and get a part of their block award paid a percentage of the rewards they collect. Alternatively, you can set up a node and seek leases from other WAVES holders to reach the required amount.

What projects are building applications on Waves?

Businesses and individuals across many different sectors are using Waves protocol to build a decentralized future for everyone. You can check the most popular third-party projects built on Waves protocol here.

Waves protocol provides third-party developers with an extensive list of tools and features for building almost any app you could imagine. IoT project? Not a problem! There is a project built on the Waves protocol that combines blockchain and car-sharing business — Blockchaincars. There are even tools and functions embedded in the protocol enabling you to make your own decentralized exchange, and there is an example of such an implementation, which you can find on this page.

The protocol allows building an in-game market of gaming items thanks to built-in Non-Fungible Token (NFT) functionality. For example, there is an app enabling you to buy a Nyan cat (based on NFT) and play with it on Item Market. This enables you to buy and sell Nyan cats in the form of digital tokens.

Another example of a Waves community-based project is a messenger built on the Waves protocol that does not require any registration — Nolik. Nolik does not store any user data. To start chatting, just authorize the dApp using Waves Keeper.

There are extensive community resources dedicated to Waves Platform dApps. One of them is dApp Ocean.

How can I learn to build decentralized solutions on Waves?

We regularly conduct workshops and hackathons worldwide. You can find out more in our social media channels.

We also run free educational courses for anyone interested in acquiring hands-on knowledge of Web 3.0 technologies. Feel free to join Web 3.0 coding course on Stepik.

Finally, you can learn via the tutorials on our developer portal.

How to get WAVES?

A full list of available markets is available here.