Waves, an open source blockchain platform, is shifting to a self-regulating monetary system, thereby permitting Waves community to calculate the quantum of reward for block generation and corresponding coin supply.
The startup firm provided an update to protocol version Node 1.1, which reckons a method of block generation rewards along with the existing transaction charges.
“Every generated block will add another 6 WAVES to the overall circulating supply, which was previously limited to 100,000,000 WAVES. The reward for block generation is to be agreed by network participants via a voting process that concludes every 100,000 blocks, or around 70 days. Block rewards can be increased or decreased by 0.5 WAVES each period or left unchanged.”
The latest model will supposedly benefit miners as it will permit them to convey their choice in monetary decisions and boost their revenues by a maximum of 5% annually. Sasha Ivanov, Waves Founder and CEO, opined that the model will serve as an example to traditional monetary systems in the future.
Ivanov said “Cases of sustainable, self-regulating monetary systems like ours serve as an example of how traditional monetary models may evolve in the future on a global scale. In this context, blockchain can provide mechanisms for decentralized economic governance by a greater number and breadth of financial agents than simply a country’s central committee.”
The Waves team also introduced new blockchain, named “stagenet,” with stable testnet. Both mainnet and testnet will have similar versions and update at the same time. Waves stated that it will provide reward generators with further WAVES tokens with each created block for which the quantum of reward will be decided by voting of miners.
Earlier this month, Waves and blockchain gaming platform The Abyss collaborated to jointly introduce a blockchain powered marketplace of digital items and in-game products.
The integration of Abyss Tokens with Waves blockchain will permit game creators to integrate Abyss Token operations straight away into their Waves-powered games.
In late August, Waves started supporting Ethereum (ETH) based ERC-20 standard compliant tokens to its decentralized exchange. Of late, the Waves team also unveiled a unique gateway with backing from Vostok and Ergo tokens.
At the time of writing this article, the WAVES token was trading at $1.07, down $0.60 in the past 24 hours.
