WAVES is the native token for the Waves blockchain which is owned by the company Waves Platform AG and is headquartered in Moscow. The token is used as a method of payment for its platforms and has an uncapped supply. It launched in 2016 with one of the industry's first ICOs. The blockchain is multi-purpose with smart contracts which aims to simplify the process for developers to make their own projects, as well as providing a cost-effective way of doing so. The blockchain also doesn’t have gas fees for transactions and uses specific languages to increase the system's predictability and security. Another key feature of the protocol is the Leased Proof-of-Stake (LPoS), which is an enhanced Proof-of-Stake consensus algorithm. This LPoS system allows token holders to “lease” their tokens to other nodes which then pays back a certain amount in reward without giving up control of their WAVES tokens.