Wikipedia describes digital assets as:
A digital asset, in essence, is anything that exists in a binary format and comes with the right to use. Data that do not possess that right are not considered assets. Digital assets include but are not exclusive to: digital documents, audible content, motion picture, and other relevant digital data that are currently in circulation or are, or will be stored on digital appliances such as: personal computers, laptops, portable media players, tablets, storage devices, telecommunication devices, and any and all apparatuses which are, or will be in existence once technology progresses to accommodate for the conception of new modalities which would be able to carry digital assets; notwithstanding the proprietorship of the physical device onto which the digital asset is located.
Waves is an open-source blockchain platform that allows users to launch their own custom cryptocurrency tokens, a type of digital asset native to blockchain technology. Whilst popular cryptocurrencies such as Bitcoin and Ethereum can be traded on external exchanges, and Ethereum allows users to create new tokens on the platform using a smart contract, Waves includes this functionality in its core software and wallet. Users can create, transfer and exchange blockchain tokens on a peer-to-peer basis, paying transaction fees in the native WAVES token.
The platform has a fixed supply of 100 million WAVES and uses a network consensus algorithm based on Bitcoin-NG, updated for proof-of-stake networks, called Waves-NG. Waves uses trusted gateways to issue blockchain tokens backed by fiat money and digital currencies for use on its own platform.