Waves Enterprise System Token (WEST)

The platform’s system token is a universal tool for accessing all operations and services on the main network, as well as on hybrid sidechains

Why do I need WEST tokens?

The system token is the fuel for the platform’s mainnet. It is necessary for securing the LPoS (Leased Proof-of-Stake) network, as well as paying fees for transactions

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Usage within the network

The token is used to pay transaction fees, as well as to purchase services on the main network

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Mining

Miners on mainnet must hold a balance of WEST tokens to generate blocks

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Leasing

Token holders can lease WEST to miners and receive additional tokens

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Licensing

The token can be used to purchase or rent a license to use Waves Enterprise software

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Leasing

A WEST token holder can collect more tokens by leasing out their balance to a network miners’s nodes or to other mining pools that participate in network maintenance. Based on the amount of leased tokens, the owner can collect a proportion of the tokens that the node, in turn, receives from transaction fees on the network.

The approximate amount of tokens received from leasing WEST can be calculated using the following formula:

Number of tokens received

Number of leased tokens

Total generating balance

Number of transactions per month

Fee amount

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The list of recommended leasing pools and the number of tokens received from leasing can be viewed in the client

How do I lease tokens?

To start collecting more tokens, you need to have an account in the Waves Enterprise client and some WEST tokens.

How to create an account
  • Register via the Waves Enterprise client
  • Activate your account. You will receive an email with an activation link
  • Create a wallet address on the Waves Enterprise main network. To do this, go to the menu item “Сhoose address“, enter your password, then click ”Create address"
  • Select "Create new address". Be sure to save the secret phrase. You will need this passphrase to access the address on another device or if you reset your password. Carefully write it down and keep it in a safe place, or copy it. If the secret phrase is lost, access to the address cannot be restored
  • Enter a name for your new address and enter the 15 words of the secret phrase
  • Click "Use Address” – this activates the address for the current session and allows you to perform operations using this address
If you already have WEST tokens
  • Log into your account via https://client.wavesenterprise.com/
  • Select the address that you want to work with and that has a balance of WEST tokens. To do this, go to the menu item “Choose address”. After selecting the desired address, enter the secret phrase that you saved when creating the address. Click “Use address”
  • Go to the “Tokens" menu item. Select "Leasing" and then “Lease token"
  • Enter the recipient’s address or select an address from the list of network nodes
  • Specify the amount of tokens that you want to lease. Please note that the amount must not be less than 0.01 WEST
  • Click "Next" to make sure that all the information you entered is correct. If you want to change anything, click “Edit”. Once you are sure that everything is specified correctly, click "Next"
  • That's it, you've leased your tokens. Click “Close”
If you don't have any WEST tokens

You can purchase WEST tokens on the following exchanges:

Become part of the main network

You can participate in the Waves Enterprise main network economy in the following ways

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Install the network node

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You can set up and run your node to participate in maintaining the main network, executing smart contracts, generating new blocks and receiving WEST tokens as transaction fees. To do this, you must submit a request. You can find details on how to set up and connect your node to the mainnet in the documentation.

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To connect a node to the Waves Enterprise mainnet, you will need to undergo KYC (Know Your Customer) procedures

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To connect your node to the Waves Enterprise mainnet and start mining, your account balance must be at least 50,000 WEST

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Organize a leasing pool

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Information about recommended leasing pools is published on official Waves Enterprise resources.

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You can also organize a leasing pool. If your node is connected to the mainnet, you can start accepting leases from other WEST token holders. Tokens leased to your node by other users will increase the generating balance of your mining pool.

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A leasing pool is a node of the Waves Enterprise main network that participates in maintaining the network and creating blocks, and to which other users can send tokens for leasing in order to receive a proportional share of the node’s remuneration for creating a block. Information about recommended leasing pools is published on official Waves Enterprise resources.

To organize a leasing pool based on your node, you need to:

  1. Connect a node to the Waves Enterprise main network
  2. Send a request to west@wavesenterprise.com

The potential number of recommended leasing pools may be limited, and applications are considered on a competitive basis.

Optional

Licensing

The WEST token can be used to purchase or lease a license to use Waves Enterprise technology, both within the Waves Enterprise main network and in the customer’s own private solutions.
There are several types of license:
License type

Purpose of use, restrictions

Purchase

Rent

Waves Enterprise mainnet

Private network

Test

Testing the technology

Works for up to 30,000 blocks (approximately 15 days). A test license is provided automatically when creating a new private network

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Mainnet

Participation in supporting the main network, creating blocks, and launching commercial projects on mainnet

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If tokens are held in balance

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Commercial

Launch of commercial projects using Waves Enterprise technology

6 months;

1 year;

3 years;

Perpetual

If tokens are held in balance

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Nonprofit

Launch of non-commercial projects using Waves Enterprise technology

6 months;

1 year

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How do I purchase a license?

Each license for connecting to the main network or deploying your own private infrastructure is issued on an individual basis. To purchase a license, leave a request, or contact us by email: sales@wavesenterprise.com

Listing of the WEST token on exchanges, and other market operations, is handled by DLTech Ltd, an entity which is legally distinct from Waves Enterprise.