Waves is a decentralized blockchain which can be used for trading and exchanging multiple cryptocurrencies. Is uses its cryptocurrency named WAVES to pay for transaction fees, but you can use and cryptocurrency and create your own customized coin. The platform also allows the programming of Smart Contracts.
Launched in November 2016 by the Russian physicist, Alexander Ivanov, it has been modified in September 2019 to become a self-regulatory monetary system. The community behind WAVES can now determine the value of the block generation reward and the coin supply. The compensation for block generation is agreed via a voting process that involves network participants. Such process concludes every 100,000 blocks mined or around 70 days. Block rewards can be increased or decreased by 0.5 WAVES each period or left unchanged.
It is a model that tends to favor miners who can express their preference in monetary policy and increase their revenues up to 5% every year.