WAVES is a decentralized platform ?that uses custom blockchain tokens to represent value. Tokens can be issued by any platform user, ?and can be transferred, swapped, and traded ?on? an integrated decentralized exchange. Tokens may represent a share in a crowdfunding project, financial instrument, ?or any other ?item? with inherent value. Traditional centralized crowdfunding and trading platforms rely on a ?third? party ?to maintain? the platform, thus ?sacrificing? transparency and becoming prone to failures due to over-centralization. Blockchain technology allows ?the elimination of any centralized point of failure, storing all the platform data on all system nodes in a distributed fashion. It makes fully decentralized trading, crowdfunding and value transfer possible.