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
Usage within the network
The token is used to pay transaction fees, as well as to purchase services on the main network
Mining
Miners on mainnet must hold a balance of WEST tokens to generate blocks
Leasing
Token holders can lease WEST to miners and receive additional tokens
Licensing
The token can be used to purchase or rent a license to use Waves Enterprise software
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
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.
- 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
- 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”
You can purchase WEST tokens on the following exchanges:
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.
Become part of the main network
You can participate in the Waves Enterprise main network economy in the following ways
Install the network node
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.
To connect a node to the Waves Enterprise mainnet, you will need to undergo KYC (Know Your Customer) procedures
To connect your node to the Waves Enterprise mainnet and start mining, your account balance must be at least 50,000 WEST
Organize a leasing pool
Information about recommended leasing pools is published on official Waves Enterprise resources.
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.
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:
- Connect a node to the Waves Enterprise main network
- Send a request to [email protected]
The potential number of recommended leasing pools may be limited, and applications are considered on a competitive basis.
Licensing
| License type | Purpose of use, restrictions | Purchase | Rent | Waves Enterprise mainnet | Private network |
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| 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 |
| 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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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.