Waves Transitions to Self-Regulating Monetary System

Published on by Cointele | Published on

Open source blockchain platform Waves is transitioning to a self-regulating monetary system, allowing thus the community to determine the block generation reward size and coin supply.

Waves announced the development in a press release shared with Cointelegraph on Sept. 19.

"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 Waves team presented new blockchain, dubbed "Stagenet," with the testnet stabilized.

The Waves testnet and mainnet will thus have the same versions and will update simultaneously.

Waves stated that it will award generators with additional WAVES tokens with each generated block, for which the value of the reward will be determined by miners' voting.

The integration of Abyss Tokens with Waves blockchain will allow game developers to incorporate Abyss Token operations directly into their Waves-based games.

In late August, Waves added support for Ethereum-based ERC-20 compliant tokens to its decentralized exchange.

Recently, the Waves team also launched a new gateway with support for Vostok and Ergo tokens.

According to data from Coin360, the price for the WAVES token is down over 7% over the past 24 hours to trade at around $1.06 at press time.