What is Leased Proof of Stake (LPoS) (Waves)?

Leased Proof of Stake (LPoS) is a modified version of Proof of Stake (PoS) that allows network participants to lease out their stake to validating nodes on the protocol. In return, these nodes share a certain percentage of their earnings with the leaser, allowing users to profit from block-producing nodes without actually having to participate in network validation themselves. Leased Proof of Stake is the consensus method that the Waves platform makes use of. It combines with the Waves-NG protocol to facilitate scalability and transaction throughput.