Altcoin Waves makes the switch to a self-regulating monetary system

Open source blockchain platform Waves is switching to a “self-regulating monetary system.” The community can determine how many coins are put into circulation and how much reward miners receive.

Block reward possible

Waves shared this in a press release on 19 September. The company has released an update of protocol version Node 1.1. Among other things, it states that a block reward is possible, in addition to the already existing transaction costs:

Each generated block adds another 6 Waves to the circulating total. This was previously limited to 100 million Waves. Every one hundred thousand blocks can be voted on how many WAVES are released per block. One hundred thousand blocks corresponds to approximately 70 days.

More profit for miners

This is expected to yield five percent more profit for miners each year. Sasha Ivanov, founder and CEO of Waves:

Cases of sustainable, self-regulating monetary systems such as ours are an example of how traditional monetary models can develop on a global scale in the future. In this context, blockchain can provide mechanisms for decentralized, economic governance

Waves and gaming

Earlier this month WAVES worked together with The Abyss. The goal was to build a marketplace-like site on the blockchain. The products that are offered on this are digital goods and in-game items.

And now it becomes tricky: The integration of Abyss Tokens with the Waves blockchain allows game developers to use Abyss Token in games built on Waves.

What is Waves anyway?

Coinmarketcap sent an email last Friday explaining Waves. We like to play on loan:

• Cryptocurrency: WAVES
• Ranking: 56th ($ 107 million)
• Consensus: Proof of Stake (PoS)

What is it about?

• Waves is a blockchain platform where users can create their own custom tokens, conduct crowdfunding campaigns and buy / sell / exchange tokens.
• The Russian entrepreneur Alexander Ivanov founded Waves in 2016. Waves started as an ICO of 16 million dollars.
• The infrastructure to build on the Waves blockchain has been kept user-friendly and simple. Just like at Ethereum.

Why people follow Waves

• With a successful ICO, Waves has proven to be viable
• The Waves platform is equipped with a decentralized exchange, WAVESDEX, which ensures low costs and fast token / fiat trading within the Waves platform.
• Waves has a number of partnerships, with Deloitte, the Russian Central Securities Depository and Burger King (Russia). Waves also has strong ties with various Russian banks, allowing them to set up fiat gateways, allowing the platform to trade against fiat currencies such as the USD and EUR.

Why people doubt Waves

• There are already many blockchain platforms. You could even call the market saturated.
• For Waves to be widely accepted, they really have to do something about the platform. It does not have the most user-friendly interface.