The wasteboard makes up the table surface on which you mount the stock that you are milling. It can be somewhat sacrificial, meaning that you may occasionally intentionally or (more likely) unintentionally cut into it.
It should of course be flat, relatively millable in case your bit cuts into it, and ideally have some convenient means to rigidly mount your stock.
For my CNC Beta 01, I chose to use 3/4" MDF with a grid of threaded inserts to use with stock hold down clamps. Here's what the finished wasteboard looks like:
Here I am inserting the threaded inserts. I inserted these in the back of the board, and then flipped it over when installing it. This provides more MDF to accidentally cut into before hitting the metal of the insert.
You can now use any clamping method that uses M6 bolts to thread into the wasteboard. I made some out of wooden shims cut down to about 6" long, a couple M6 bolts, an oversize M6 washer, and another of the threaded inserts. I have to be a little careful not to hit the metal parts with the endmill but otherwise they seem handy.
I made these out of some surprisingly sturdy and dimensional shims I found at Lowes:
And yes, of course, I cut these on the CNC. :) I made a little fixture that bolted down to the wasteboard and held one cut-down shim in a repeatable position:
For a second batch of hold-downs, I used a 4" drill press clamp. I used two spacer sticks to keep the shim elevated from the clamp, and on the far end used a hold-down to act as a stop. This made the positioning easily repeatable for cutting out multiple hold-downs. This worked great, although extra care was needed to make sure I didn't do something dumb and run the bit into the metal clamp. :)
I first used Easel, and then Fusion 360 for the second batch. It is just a 9mm hole for the threaded insert and a 7mm slot running around 70mm long.
The gcode I used can be downloaded here: stock holddown v2.nc, although it may not be that useful directly since your shims or mount may be different.
If you do use this gcode, orient the shim's long axis along the Y axis with the least deep (tapered down) end to the left. Use a 1/4" bit. Start by setting the bit's Z height to just above the thickest part of the shim (right side) and zero out the Z axis. Then, move the bit to the lower-left corner of the shim (the skinniest part), and zero out the X and Y. Finally run the gcode. Note I have a movement in the Y direction at the end to provide access to the finished part.
As always, please wear eye and ear protection and keep your hand on the power switch in case things go bad!