WAVES is a multifaceted blockchain platform that permits users to create, transfer, and trade custom tokens, including those tied to fiat currencies through regulated gateways. Established to expand the use case of blockchain beyond Decentralised money, it leverages a two-tier architecture with lightweight clients to ensure accessibility and scalability. The platform supports smart contract capabilities and features a Decentralised Exchange (DEX), fostering asset-to-asset trading without the need for intermediaries. WAVES employs a novel consensus mechanism known as Leased Proof of Stake (LPoS), which enhances network security and transaction efficiency by allowing users to lease their balances to full nodes.