So waves is an exchange and also allows for ICOs to be performed somewhat like Ethereum.
... but What exactly is the Waves token used for?
There are 2 types of tokens:
1)Tokens, used for creation of custom tokens.
2)Waves community tokens.
Look, i have visually summarized token rights and major business points here:
https://medium.com/@StorifierCo/what-is-waves-8bfe8dd7b8a6I hope this helps!