Waves Blockchain Revolutionizes Rewards with Community-Driven Monetary System

Waves’ Shift to Self-Regulation

The Waves blockchain platform is taking a bold leap into the future by transitioning to a self-regulating monetary system. In a recent announcement shared on September 19, the company outlined exciting developments with the launch of protocol version Node 1.1. A key element of this update is the introduction of a mechanism for block generation rewards, enhancing the existing transaction fees.

Voting for Rewards

Here’s how it works: every generated block will contribute an additional 6 WAVES to the circulating supply, a significant jump from the previously fixed limit of 100,000,000 WAVES. Furthermore, the network participants will have the power to weigh in on the reward size through a voting process, which will take place every 100,000 blocks or roughly every 70 days. This means that miners have a say in whether rewards increase or decrease by an increment of 0.5 WAVES or remain unchanged.

Empowering Miners

For the miners on the network, this new model could translate into better profits and a maximum revenue boost of up to 5% annually. Sasha Ivanov, the founder and CEO of Waves, emphasizes that sustainable, self-regulating monetary systems like this one could redefine how we envision monetary policy worldwide. He argues that blockchain could enable a more decentralized approach to economic governance beyond traditional central banking.

The Stagenet Launch

Simultaneously, on the same day, the Waves team also unveiled a new blockchain dubbed ‘stagenet.’ This improved testnet will maintain synchronization with the mainnet’s version updates. Each time a block is generated, miners will also gain additional WAVES tokens, with the reward amount subject to the results of their collective vote.

Recent Collaborations and Developments

But wait, there’s more! Earlier in September, Waves teamed up with The Abyss, a blockchain-based game distribution platform. This partnership aims to create a marketplace for digital goods and in-game items, allowing developers to seamlessly incorporate Abyss Token features into WAVES-based games. Additionally, Waves expanded its reach by adding support for ERC-20 compliant tokens on its decentralized exchange and recently introduced a new gateway for Vostok and Ergo tokens.

The Market Reaction

Despite the promising developments, it seems the WAVES token isn’t having the best day on the market. According to Coin360 data, the token’s price has dipped over 7% in the past 24 hours, settling at approximately $1.06. It’s a volatile world out there, leaving traders on the edge of their seats!