Waves is a multi-purpose blockchain platform that aims to combine on-chain governance and blockchain-based programming with formal verification capability. It's an open Leased-Proof-of-Stake (LPoS) blockchain in which individuals with a fixed number of tokens can act as forgers (validators) or lease their tokens to validators. The consensus technique also includes a community-driven monetary policy, with forgers deciding on block rewards and an activation procedure for voting on new network features.
Waves employs WavesNG, a modified proof-of-stake method. The concept is based on Bitcoin-NG, a scaling proposal by Cornell University developer Emin Gün Sirer, a well-known Bitcoin enthusiast.
Waves' smart contract programming language, Ride, was inspired by Scala and designed exclusively for the production of dApps.