Recapitulation of Waves Protocol AMA event held at AMA LOVERS CLUB
Date: Friday, 13th November, 2020
Time: 20:00 UTC
The Waves Protocol team was represented by @Luckyhenrychuky. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, including your role in Waves Protocol? And if you have other team members, pls introduce them.
Ans : My name is Lucky Henry, I’m the Africa regional lead at Waves protocol. My main task is to help Africans get going with the Waves protocol
I am founder at Qurulab.com - a web. mobile and dapp development lab based in Nigeria
I am a software guy, blockchain expert.
I am also co founder of Muna Wallet - a crypto version of bank apps that pays daily interest to stakers. It leverages on waves technology
in short, am an African Waves tech guardian
providing technical and several forms of help for anyone willing to explore the Waves eco system
I get closely involved with several African blockchain communities and local communities, to help them understand and properly implement tech on Waves protocol
Q2 : Can you introduce the Waves Protocol? What critical problems does it solve that existing solutions are not solving and what’s the competitive advantage over other solutions?
Ans : Waves is a decentralized protocol, launched in April 2016.
It’s a blockchain ecosystem with 3 big protocols, all surrounding the same mission. Waves always had its vision aimed at achieving mass adoption for blockchain technology with a mantra of Blockchain for the people
For anyone to build permissionless financial solutions.
Waves protocol is governed by Waves association. For anyone to build permissionless financial solutions. Waves protocol is governed by Waves association
Critical problems that Waves solves:
Looking at several popular blockchain platforms, none seems to be paying attention or working towards improving adoption in terms of good user experience
Current blockchains are so complex and this is a very big barrier for a higher number of folks getting into blockchain
But, Waves simplifies everything
For example, it provides waves.exchange, a decentralized exchange available to web. desktop and mobile devices
Waves lets anyone easily create their own cryptocurrency even without coding skills
see simple video here: https://www.youtube.com/watch?v=UWF7NYI-LZk
Waves offer good speed, decentralization and huge developer resources for anyone to get started wit building DeFi applications
There are more, we will explore them as we move
Q3 : Can you briefly describe the top milestones Waves Protocol has achieved? What are the next goals you want to achieve, or products you’re working on?
Ans : Waves launched in 2016, over 4 years ago.
- Since then we launched the core protocol was launched, Waves protocol. This chain is acting as the foundation or base infrastructure for all other technology to operate on. It’s a Leased Proof of Stake consensus algorithm, allowing for almost instant and extremely cheap transfers.
- Waves built Waves.exchange, a decentralized exchange, on top of waves.protocol, to allow for decentralized, but fast trading (contrary to what ethereum was capable of at the time when WAVES was launched WAVES)
- since then, there have been huge expansion and supported the development of NEUTRINO protocol - an tokenization protocol, focused on allowing the creation of stable assets, backed in value by $WAVES. It allows for a stablecoin, like for example USDN, or even NGNN, to be created and generate a stable, yet high APY%
Currently more than 7 stable coins have been created with the Neutrino protocol including the Nigerian naira which currently has a market cap of $100,000+ (around #40million plus)
See data here: https://wavescap.com/asset/NGNN
- Also, Waves team is supporting the development of gravity.tech - a blockchain agnostic protocol focused on chain interprobility. This protocol is possible to allow cross transfer of asset from one blockchain to the other
it launched mainnet alpha with integration with Binance smart chain, see news here: https://medium.com/gravity-protocol/gravity-mainnet-alpha-launch-with-waves-bsc-as-target-chains-e110b59a01b8
There are several tools and amazing features built,we should explore as we go
2nd Segment: TWITTER QUESTIONS
Q1 : How do I get WAVES? Can it be mined, staking and yield farming? How do you handle security issues in your project? and is there any advantage for the developer if they get a bug on your platform?
Ans : Great question!
Currently anyone can run a Waves node to mine Waves. Miners need to have atleast 1000 Waves balance to mine blocks. You can run Waves node on Digital Ocean, Heroku, Contabo, AWS and other VPS service providers
Waves is a decentralized platform without single entity over the control of the network and platform
Also, the entire codebase of products, Waves node, libraries are all open sourced on GitHub, anyone can check and verify codes there
You can see it here: https://github.com/wavesplatform
Q2 : What are the benefits of the LPoS (Leased Proof of Stake) consensus algorithm to Waves? Why did you choose LPoS over other algorithms, such as PoS, DPoS, PoW, or others?
Ans : I like this one.
LPOS means Leased Proof of Stake.
LPOS is a variety of POS.
A i explained above, miners require a server and atleast 1000 Waves balance to mine blocks on Waves protocol but in cases where someone can't run a node due to lack of technical know how, server cost or the likes, Waves provides staking/leasing feature which lets you lease your own WAVES to other existing nodes and for every reward they generate, lessors receive a share
NOTE: node can not run away with your WAVES coin when you lease to them, your leased token never leaves your wallet
Technically, LPOS allows the community to get into the governance of the protocol. This allows community members to quickly and easily support and protect the network even without running personal nodes which in reality allows for people, newer to blockchain, to interact with this new technology in an easy, but still safe way.
Q3 : What motivated Waves Technologies to work actively in the African market? What potential do you think the economy of this region holds with respect to blockchain and cryptocurrency technology?
Ans : First we have to agree Africa is a huge market. Also, technical awareness and comprehension is not so high
Africans need fast and decentralized blockchains that would need to utilize remittance on cross border payments, Waves offers this!
Simplicity and good user experience is a default feature of Waves protocol, this will foster the speed at which we onboard Africans to blockchain
Cheap transaction fee is another factor we can't underestimate as far as African market is concerned
it cost 0.001 WAVES (approx. #1.6) to make transactions on Waves which gets confirmed within 5-10 seconds 😅
Obviously Waves offer good features that makes it best suite for African developers to build on, for African projects and businesses to build on too
3rd Segment: LIVE QUESTIONS
Q1 : Hello Mr. @Luckyhenrychuky
I am a newbie crypto , have little knowledge of cryptocurrency and I am interested in Investment.
My question :
What is the business model of this project? what is main goal in make this project? Is it to solve new problems in cryptocurrency or make innovations that other projects haven't had before?
Ans : Amazing question, WAVES offers both
There are several investment opportunities available for anyone using Waves. Passive income.
You can stake stable coins and earn upto 10-12% interest per year paid our daily
Waves the scalability problem ETH is facing, it offer swift fees
Waves invented Decentralized Forex (DeFo), it allows users to swap stable coins pegged to national currencies easily
also these currencies can be staked and reward is paid ut daily
Q2 : Is Waves Africa the official Community of the Waves Exchange or just a fan of Waves?
Ans : Waves Africa is an official community of African users, developers and community members who support, use or build on the Waves protocol
waves.exchange has a dedicated support available 24/7 to help anyone with their queries of complain with the product
Q3 : Why should we create our cryptocurrency in Waves, what benefits does Waves offer that another similar project does not offer? Waves takes some kind of commission to allow users to create their own cryptocurrency or is it totally free?
Ans : Developers and business owners can decide to take advantage of the tools, libraries, resources Waves protocol offer by default
it cost 1 WAVES to create your own cryptocurrency on WAVES protocol
Q4 : There are so much tokens that got listed on Waves exchange and price was very high and after some period their price got dumped very hard and people loose funds.
Is there any requirement or research Waves do before listing tokens on Waves exchange?
Ans : This is an important question!
When assets are created on waves protocol, these assets are AUTOMATICALLY listed for trading on the waves.exchange becos it is a decentralized exchange and no one has full control over it
waves.exchange has a spa filter which is used to hide SCAM or SPAM assets
Q5 : Through Waves it is possible to create custom tokens (smart assets) and decentralized applications, it is so easy to use, can you explain how we can benefit from these options?
The Waves platform also has its decentralized exchange (DEX) in which you can trade and invest in traditional crypts, as well as custom tokens and created smart assets, can you tell us a little about this?
Ans : Nice question:
this video answers all the question you might have: https://www.youtube.com/watch?v=uJAFu_U2LuA
Q6 : NSBT, USDN, WAVES, so many tokens on waves protocol, why do you have to establish lots of coin, what are their use cases and how they differ?
Ans : Another important question:
NSBT is Neutrino Base Token - is used as a governance token for the neutrino protocol. holders can use it to vote for listing assets on the protocol or making decisions on the protocol. After voting period, voters will receive their NSBT back
USDN (USD Neutrino) is a stable coin minted with neutrino protocol
WAVES is the fuel toke for the Waves protocol
Please before signing out, do you have any Final Words for community. And please greet us in Pidgin or Yoruba or Igbo before going
Ans : Ndeh ewo ni o!
It is my pleasure to be here and share with you about Waves protocol
Personally i have been building on the blockchain since 2018, I highly recommended for anyone who intend running a project.
Also, am always available to help you fix any blockchain challenge both technical or otherwise anytime.
Follow Waves Protocol on their platforms:
... Waves Africa: https://twitter.com/waves_africa
... Website: https://waves.tech/
... Telegram: https://t.me/wavesafrica
... Medium: https://medium.com/wavesprotocol
... Twitter: https://twitter.com/wavesprotocol
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