Waves is an open source decentralized blockchain protocol that was launched in 2016. Throughout the years, Waves has developed into an ecosystem with blockchain platform for token customization, smart contract platform and has its own decentralized exchange (DEX) called Waves Exchange.
Waves uses a variation Proof-of-Stake (PoS) consensus mechanism, which are WavesNG and Leased PoS (LPoS). WavesNG helps in increasing scalability and fasten transaction confirmation, while LPoS allows users to lease their WAVES token to Waves node and receives reward.
WAVES is Waves network's native token. It is used across the ecosystem for transaction, and can be staked to earn reward.