The Waves Community Token (WCT) is intended to provide a tool for community assessment of crowdfunding campaigns launched on the Waves platform, and incentivize long-term holding of Waves.
Waves platform is all about customizable tokens and community based projects. Basically, anyone can use Waves to launch, distribute, and trade their own crypto token.
To foster community engagement in the platform, the Waves Community Token was distributed to Waves token holders starting January 15, 2017. Through WCT members can offer community-based ratings for new projects. This decentralized voting mechanism gives an accurate reflection of community sentiment about new projects without putting funds at direct risk.
Initially, 20 percent of the WCTs was distributed across all existing Waves wallet addresses based on their average WAVES balance between 1st and 15th January 2017. This was followed by 8 similar distributions in tranches of 10 percent each time.
The concept of Waves Community Token is not something new. The Ethereum platform had earlier introduced Decentralized Autonomous Organization (DAO) with limited success, and Waves platform has learned from shortcomings of its counterpart to design a much better system.
Other than giving voting rights for newly launched projects, asset issuers on Waves can seek services from the WCT community by distributing a portion of their crowdfunded tokens among them.
- Business side verification.
- Proof of Concept verification.
- Token specs advice.
- Help with testing.
- Help with product and services integration.
- An introduction to community.
WCT TOKEN USES.
There is not a clear use case for WCT at the moment. However, by making WCT holders eligible for a constant stream of asset rewards, the creators behind Waves platform have ensured lifetime value to WCTs. The asset rewards and the phased distribution process encourages community members to hold on to their crypto tokens in local wallets instead of exchanges or trading platforms.
Also, with the upcoming voting functionality, WCT holders will be able to vote for different projects.
Unlike Ethereum that focuses on smart contracts, Waves is a custom tokens platform where tokens can be easily created, transferred and traded.
It was designed for easy crowdfunding, with a more-or-less self-contained ecosystem of elements and services to support that:
- Straightforward token operations. It takes less than a minute to create your token, and there are tools that make it incredibly easy to distribute new tokens and carry out various other activities like buying back and burning.
- Fast transactions and future-proof scaling. Few platforms have really solved the blockchain scaling issue, despite the fact that this is absolutely vital for long-term success and mass adoption. Waves has solutions already in place and being implemented, backed by strong and ongoing research. Without this, no platform can gain critical mass.
- Instant access to an exchange via DEX. Whilst it was once simple to have a new coin listed on an exchange, this process has become much harder. With increasing regulation and a number of high-volume coins already giving them significant profits, exchanges are less and less interested in new projects. They now act as gatekeepers, often requiring a large fee, and their decision to list or ignore a coin can have a major impact on its success. Waves DEX solves this problem by enabling secure, high-speed trading.
- Fiat Gateways. Gateways such as USD/EUR/CNY will allow you to exchange any token issued on the Waves platform (or any other cryptocurrency like BTC/ETH) for “real” money, which can be deposited in a bank.
WavesGO is a Waves Platform blockchain explorer. Its operators issued the WavesGo asset on the Waves blockchain, a token that features a profit sharing system where WGO token holders will receive a share of earning from the ad space renting, selling WavesGo tools, white label solutions for faucets or LPOS pools, API, BI system premium access and any other future service that requires WGO. Token holders will also receive a share in Miners Reward Token (MRT) from the earnings generated by the pool. The WavesGo asset was airdropped to Waves token holders.