The developers of Waves (WAVES), a leading platform for creating decentralized applications (dApps), have proposed “a new protocol for decentralized asset verification.”

According to Waves’ development team, the main “idea is that, alongside other data providers such as BetterTokens,” the blockchain network’s “community itself will provide information” regarding whether (or not) “tokens are safe and reliable.”

“A Decentralized Version Of Better Tokens”

As noted in an official blog post, published on April 29th, 2019 by Waves’ management, the new token rating system “initiative is similar in some ways to a decentralized version of BetterTokens.”

However, Waves’ team also stated that “the idea in this instance is for the community to provide a collective rating score, rather than undertaking a full legal review.” This particular type of token rating system is being launched, in order to “receive feedback from a wide cross-section of the community about the quality of different tokens and projects.”

Additionally, the new tools for assessing tokens and their respective projects “provide a means to gauge and aggregate the opinions of the entire Waves community,” the smart contract platform’s developers mentioned. Waves’ team added that “anyone with a balance of at least 1 Waves Community Token (WCT) (and 0.001 WAVES as a transaction fee) can participate” in the newly proposed token rating system.

Waves Keeper Must Be Installed Before Users Can Rate Tokens

In order to participate, users will need a copy of Waves Keeper (a browser extension that “allows users to manage their private keys and interact securely and seamlessly with Waves-enabled web services”) installed in their browser. Currently, the tokens can “only be rated from desktop browsers (for mobile versions of browsers, the service is available to read only),” the Waves team clarified.

To begin rating tokens after Waves Keeper has been installed, the Waves team noted that users will be prompted to select the token they want to rate on the voting website. Alternatively, users can find the token they want to rate by “using the search bar, [and] then clicking on 1 to 5 stars, depending on how [the user] views the quality of the asset.”

“Users May Only Have One Active Vote For Each Asset At A Time”

After completing these steps, users must “click the Rate button and sign the transaction using Waves Keeper,” Waves’ official blog noted. During the voting process, “WCT are not transferred” and “only an existing balance is required to vote.”

Moreover, each vote from users is “weighted according to the number of WCT” in their account. Each user account can “only have one active vote for each asset at a time.”

“All Votes Applied After 24 Hours”

Users also have the option to update their vote “with a different score” in the future (if they feel it’s necessary). According to Waves team’s blog, all user “votes will be applied after 24 hours so there may be a delay in updating the token’s score.”

As mentioned by the Waves platform’s management:

In the future, this ratings system may be integrated with Waves’ decentralized exchange (DEX), though for now it is just a standalone website. We have [also] implemented the Token Rating oracle that records each token rating to the Waves blockchain using DataTransactions! This means that third-party projects on Waves will be able to make use of a transparent and public token rating system in their dApps and other blockchain-enabled projects. [At a later point,] we may also consider using ratings data to manage suspicious tokens in the Waves client.