Waves is a blockchain platform which allows anyone to create a custom token and perform operations on its network (if they have some WAVES tokens in their possession and pass the vetting process). It aims to promote the mass adoption of the blockchain by providing various easy-to-use features such as crowd-funding, cheap value transfer and a decentralized exchange. “Blockchain for the People” is its motto, as it makes creating a custom token easy and user-friendly. Anyone who wishes to launch their project on Waves must undergo public screening and approval. This vetting function exists as a virtual community organization and is powered by its own token (separate from the primary Waves token).
Waves Community Token (WCT) is the token of the Waves platform that enables users to vote on projects and incentivizes them to do so.