Waves (WAVES) is a Russian, decentralized, and broad-range exchange platform that’s built on top of the Scorex framework. The platform provides its users with simple means for creating, issuing, and transferring assets and custom tokens.
One of the platform’s main goals is offering its users a stable blockchain environment, allowing them to transfer fiat currency over the blockchain without any instability issues.
This makes it particularly appealing to investors looking to crowdfund projects, or to those who want an efficient way of creating their own digital currencies and in-app currency systems.
Starting out with Waves
Your own token can be created in just a few minutes; however, note that when registering your account, you will be asked to save your secret phrase (SEED) and to protect your account with a password.
How does the Waves platform work
Waves aims to improve upon the typical blockchain protocol, where a network client software needs to be updated with each new transaction type, usually known as hard forks. In short, new transaction types are implemented through plug-ins, as extensions, on top of the core software.
The platform also works with smart contracts, but they don’t have much in common with other types of contracts, such as those from Ethereum. The smart contracts are written by built-in plug-ins, thus simplifying the whole process.
Custom Application Tokens (CATs), decentralized exchange (DEX), and various anonymity features are just some element types included in the core software.
Custom Application Tokens – CATs
As mentioned before, one of the platform’s main goals is the easy creation and effortless transfer of custom tokens. Tokens can be created using your mobile device, via Android and iOS apps, or through the web client. Alternatively, it can be done by installing the WavesLiteApp extension on your computer’s Chrome browser.
There’s also a desktop wallet available. However, do keep in mind that it’s highly experimental.
The platform allows you to customize these tokens to such an extent that they can represent almost anything. Please note that it costs 1 WAVE to create a token.
Decentralized exchange – DEX
It makes it possible for clients to exchange their BTC, ETH, or other cryptocurrencies for Waves. Alternatively, they can be exchanged in return for other token issues on the Waves platform.
The primary benefit of using the decentralized exchange offered by Waves is the improved security and the fact that you have full control over your funds and account. Since it’s decentralized, it also means that there are no third-parties involved.
The platform’s decentralized exchange system uses an automated matcher in order to pair buy/sell orders and to exchange the tokens. As expected, the most popular trades on the DEX are between Waves and Bitcoin.
A full list of trading pairs is available on CoinMarketCap.
Waves Token
The tokens are responsible for all transactions on the platform. The Waves tokens will be securing the network and all assets on that specific platform. For example, when you want to transfer assets, or when you want to withdraw various assets in the form of currency to your wallet, the same tokens will be used.
Waves also uses a two-tier architecture, mainly to prevent scaling issues. This type of architecture uses both lightweight and full nodes in order to maintain the network, which is radically different from what most cryptocurrencies are currently using.
The lightweight nodes are highly dependant on the full nodes for transaction confirmations, as they never download the blockchain. Their connection is made possible with the help of the Scorex platform. To put it simply, the lightweight nodes use the current network state, as opposed to downloading the complete history of transactions. The network state is used to establish the details behind the payment verification process.
Currently, there are about 1 million Waves tokens in circulation, held in place by a Proof-of-Stake consensus algorithm. This Leased Proof-of-Stake system allows you to stake your tokens by temporarily granting them to the full nodes.
To run a full staking mode, you need 10.000 WAVES. Participation in staking can still be achieved even if you don’t have the required amount of tokens by leasing your WAVES to one of the multiple public mining pools.
The Team
The team behind the project has one big goal in mind, and that is to improve everything there is to improve on blockchain tokens, and, while Waves tokens are indeed simple, they’re also extremely easy to use.
Most of the team members have been involved with NXT for a long time. However, an unfortunate ICO, controversial development decisions, and rotating development teams have all lead to the decision of leaving and starting their own project instead.
The team has started the Waves project from point zero; hence, Waves is inherently different from NXT, with a stronger emphasis on fiat integration. Another noteworthy fact is that the company has recently partnered with Deloitte and with the Russian National Settlement Depository.
How to buy WAVES
When it comes to buying WAVES, you’re provided with more than one option, including some of the most popular exchanges out there like Tidex, Binance, BCEX, Exmo, Bittrex, and Livecoin, but also the platform’s in-house decentralized exchange, DEX.
If you’re opting for external exchanges like Binance and Bittrex, then you first need to purchase Bitcoin or Ethereum and only after trading them for WAVES.
Price Prediction
The cryptocurrency started very positively, it could increase its price very much compared to BTC and to the US dollar. Later it kept very much stable, which is a good sign. Of course it had its ups and downs but always within a clear range – between $2.5 and $5.5.
When all the virtual currencies and Bitcoin (BTC) expanded at the ned of December 2017, and the beginning of 2018, the Waves reached $16 dollars. At the moment is being traded around $4 dollars.
In the future we can still see similar behaviors. The price pattern keeps repeating itself during time. We can easily see it moving above $8 in the next upward movement, that seems that it just started. For the long term, the price seems also heading up.
Of course, we need to take into account that virtual currencies are very volatile assets. If there is an important event which causes the prices to plummet, then Waves would follow the trend.
Conclusion
Waves (WAVES) is a promising crypto project that managed to attain a noteworthy market capitalization in a very short time. The platform provides you with a straightforward way of creating your own tokens, with all the adjacent blockchain-related benefits. Waves also operates as a decentralized exchange, and the fact that it has a fixed supply of 100 million is also bound to make it even more popular in the following period.
The team behind the project seems keen on taking the project to new great heights, and meaningful partnerships with the Russian government are sure to help the product’s image with future investors.
Waves Contacts and Additional information:
- Website: https://wavesplatform.com/
- Whitepaper: https://blog.wavesplatform.com/waves-whitepaper-164dd6ca6a23?gi=682fcdccf2c1
- Telegram: https://t.me/Wavescommunity
- Blog: https://blog.wavesplatform.com/
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