Technical description of the platform

Tokens of the Waves Enterprise blockchain platform

When you use the platform connected to Mainnet the WEST system token is used:

  1. Each transaction in the Waves Enterprise Mainnet blockchain is charged a fee in WEST.

  2. Miners and smart contract validators receive a fee in WEST for a block creation or a smart contract execution transaction, respectively.

In addition to the system token, you can create and use other tokens – so-called native tokens.

Unlike blockchain platforms where you need to publish a ERC-20 standard smart contact to create a new token, the Waves Enterprise blockchain network provides the native way to issue tokens via a token issue transaction.

After a token issue transaction is accepted by the blockchain network, the issued token can be transferred to another network member or mass transferred) to multiple network members within a single transaction.

In addition, native tokens can be reissued after creation, if the reissuable parameter was set to true when they were released, and burned, which cannot be done with the WEST system token.

A native token can be sponsored, that is, provided with the system token. This allows you to pay fees for transactions on the network in native tokens, for example, for marketing purposes to attract new users.

Not only users can manage tokens, but also smart contracts.

See also