We present the basic theory of the most natural algebraic counterpart of the ℵ0-valued Lukasiewicz calculus, strictly logically formulated. After showing its lattice structure and its relation to C. C. Chang's MV-algebras we study the implicative filters and prove its equivalence to congruence relations. We present some properties of the variety of all Wajsberg algebras, among which there is a representation theorem. Finally we give some characterizations of linear, simple and semisimple algebras....