Waves (WAVES) Review – Crypto Coin Judge
What is Waves?
Waves is a multifunctional blockchain platform with the primary objective of generating custom tokens on the platform. These are used to develop and transfer in the exchange of custom and fiat tokens as well as assets through the blockchain.
Creating custom tokens through this platform means that you will be able to launch your own cryptocurrencies, and decentralize trading as well as crowdfunding, as it comes integrated with fiat currency gateways, such as EUR/USD/CNY, right in your wallet.
Tokenization is not the only striking feature. It also comes with a decentralized exchange, which allows the creation of a more pleasant trading environment as well as additional features.
The platform recently deployed Waves-NG, which significantly enhanced the transaction speed of the platform enabling it to tackle hundreds of transactions per second — thus making it the fastest blockchain to date.
With this blockchain platform, you can simply and safely store, manage, publish and trade your digital assets. The system takes advantage of the Bitcoin’s infrastructure that is open-source blockchain (block-chain) infrastructure. Remember that the company does not want to work as a substitute for Bitcoin, rather it aims to come up with a platform where crypto currencies like Bitcoin, Hcash, Bitshares, etc., fiat currencies, crypto money, and other all sorts of real-world assets can be modified, transferred and arranged in a completely decentralized manner.
The history of Waves
Sasha Ivanov is the founding father of Waves Platform. He founded it at the beginning of 2016 after the NXT developers displayed a change in their strategy causing a lot of controversy among digital asset investors. Originally, it was built to deal with a number of perceived barriers to wider blockchain adoption, such as scalability, speed, and user experience. Its development was funded through a crowdsale that was able to collect the equivalent of $16 million. The platform then showcased the second-largest blockchain project to be successfully crowdfunded, with a collection of around 30,000 Bitcoins.
How is Waves different from previous approaches?
The concept of this innovative blockchain platform was inspired by the ideas of other crypto projects like NXT, BitShares or SuperNet, particularly in view of the fact that the original community is a break-off from SuperNET and NXT. Nevertheless, they continue to review its every feature and code it from scratch, in Scala, for further improvements.
Key features of Waves cryptocurrency
- WavesDex: Built on the blockchain, this decentralized exchange enables users to trade BTC/ETH/etc in exchange for Waves (or any other asset token the Waves platform has issued).
- Smart Contracts: It does not have smart contracts as complex as Ethereum.
- Tokenization: The platform allows you to create your own custom tokens or cryptocurrencies in one minute. You need to have a minimum of 1 WAVES token to make it possible.
The platform also allows you to name your token, decide on how many crypto tokens you want to issue, and how many decimal fractions you want to keep. In fact, this works well for crowd funding.
- Fiat Gateways: Using fiat gateways like EUR/USD/CNY, you can exchange any token issued on the platform as well as any other crypto coin, such as ETH/BTC for “real” money, which can be deposited in a bank.
- Best of both worlds: The platform will store all transactions made between fiat to cryptocurrency or cryptocurrency to fiat. This means mixing the best of both worlds (i.e. decentralized systems and centralized systems).
- KYC/AML: The users need to have KYC/AML if they want to withdraw and deposit fiat money. However, there is no need of KYC for cryptocurrency transactions.
Process to issue your own token
You can use the platform to issue your own tokens regardless of your needs.
With the release of a token, you can create an internal digital currency through the blockchain.
This way, it is possible to leverage the blockchain to make payments for the goods and services within projects or even crowdfunding. In addition, the platform allows you to be creative with your tokens, such as using them for loyalty programs, discounts, or even voting. The platform currently has 4,635 tokens, which means that it is not just useful but also becoming popular among crypto-enthusiasts.
Issuing your tokens on Waves
To issue your tokens on Waves, you will need to follow these steps:
- Go to the Wave client page.
- Click on the tab for Token Creation.
- Fill in the required details, such as: your name, token description, how many tokens you want to create, token decimals.
- Tick the block, and then hit the Submit button.
- In case you want to redo it, you can click Clear, and restart the token creation process.
For token creation, you need to pay 1 Waves, and then your token will be able to be traded on the DEX.
The platform also allows you to fix an amount for your token for which you will need to choose the option of a larger fee to Airdrop. The selected amount will be reflected in every holder of Waves.
The blockchain platform is an LPOS Cryptocurrency, which means that those who hold their tokens are able to lease them to miners and earn interest. If you are looking to mine Waves, you must have at least 10,000 Waves in your wallet plus download and create a node.
The team is planning to reduce the mining amount to 1000 Waves in the near future so more people will have the opportunity to mine Wave tokens.
The Waves cryptocurrency works for all operations taking place on the platform. You can use this digital currency while trading with other fiat or cryptocurrencies ( Lisk, Komodo, Dogecoin, etc.) represented there as tokens.
You can also use it while transferring assets and withdrawing asset in the form of currency to your wallet. This currency can also be used when you want to issue the asset.
Moreover, when other projects are using this platform, it can be utilized for all their operations.
The company is also planning to make other currencies compatible with the platform. It has already decided to collaborate with entities that deal directly with banks.
Two tiers of users
The platform will have two tiers of users,
● First tier: confine themselves to crypto transfers.
● Second tier: want to withdraw fiat.
The first tier users don’t need to reveal their personal details, whereas the second tier users need to go through a KYC step. Everyone is allowed to create colored coins or assets because the company has already incorporated a reputation (karma) system, which allows people with a positive background to have more reliability while issuing assets.
How to buy Waves
The process to buy Waves coins is easy to follow:
1. You can take advantage of either its decentralized exchange to find them, or you can use a number of centralized exchanges.
2. You can also buy it through its feature of Waves client using either your credit card or paid partnership. This way, you can buy the cryptocoin with a variety of fiat currencies and cryptocurrencies.
3. One of the simplest ways to purchase it is by purchasing either Ethereum or Bitcoin, and thereafter exchanging these for Waves on an exchange.
How to create your Waves Wallet
Before you start creating your Wallet on this platform, the first thing you need to do is to write down your seed words. If you lose them or forget your password, there is no one who can recover your wallet.
Now follow the 10 steps set out below to create your wallet:
- Go to the website: https://waveswallet.io/
- Click on new account.
- On clicking the “I Understand” button, you will be taken to the page that will ask you to Register Account.
- Here, you have to fill out all required details, such as your wallet name, a password etc.
- Again, do not forget to copy down your wallet seed words and never share them with anybody.
- Keep your seed words secure, preferably on a piece of paper, or a USB flash drive offline.
- In case you forget to save your sensitive information, you can always find them again.When you click the wallet address, it will be automatically copied to your clipboard.
- Next, go to the wallets page, log in with LinkedIn or Facebook and paste your address in the comments section.
How does the platform work?
When new tokens are created and transferred through the platform they are sent as attachments on blockchain transaction. This strategy though has an inherent problem. Using the typical blockchain protocol, the network client software is required to update with each new transaction type. This is generally called a hard fork.
In order to prevent this, this open blockchain platform has implemented new transaction types via plug-ins as an extension on top of the core software. This means that clients who miss or have missed the plug-in are still able to relay the custom transaction with the help of the network. Only a handful of transactions types are included in the core software that are as follows:
- Custom Application Tokens (CATs)
- Decentralized exchange (DEX)
- Anonymity features
What the company plans to do in the near future
- The platform is planning to launch Tokenomica.com, a new platform that will be working on the Waves blockchain framework to facilitate exchanges.
- Its smart contract implementation is still undergoing development.
- Anonymous transactions have already been included in the Waves roadmap.
Popular Waves Wallets
- Mobile Wallet: Waves Wallet (Android), Waves Wallet (iOS).
- Browser/Web Wallets: WavesLiteApp (Chrome Extension), Waveswallet (Web).
- Desktop Wallets: WavesGUI (GitHub).
- Hardware Wallets: No hardware wallet currently supports Waves.
The team behind Waves
Sasha Ivanov (CEO and Founder): Sasha has worked in payment systems’ software development. Leveraging blockchain technology, he introduced the first instant cryptocurrency exchange coinomat.com.
Martin Spodymek (Head community manager): Martin was highly inspired by blockchain technology and cryptography. He provides marketing and tech support in the existing company.
Alexey Kiselev (Back-end developer): Alexey is a passionate programmer who began programming 8-bit processors. He graduated from Moscow State Technical University.
Sergey Ishchenko (Front-end developer) Sergey is a software engineer with more than ten years of experience, specialized in Java. His key responsibilities on this project include the Lite Client Development and Distributed Team Coordination.
This platform was built with a view to mass production right from the very start. Many of its features are still under development, and we can only anticipate their results.
From the investment point of view, it can be said that until its decentralized exchange comes into existence sometime during 2018/2019, there is hardly anything that indicates that the crypto community is taking interest in it.
Moreover, when the company will implement its smart contracts in 2018 and when the rule requiring 10,000 Waves tokens to set up a node is changed to only 1000 Waves, the price is set to increase.
Therefore, it may be wise to invest in this platform if you are looking towards future profits.
Waves in Media
Cryptoslate: Exploring Waves — A Blockchain Platform
Forbes: 2018 Will See Many More Cryptocurrencies Double In Value
Finextra: Waves establishes presence in Amsterdam
Waves link: https://blog.wavesplatform.com/
Pre-mined Currency with own Blockchain including Exchange
Currency Code: WAVES
Max Supply: 100,000,000 WAVES
Transactions/second: Up to 1,000
Transaction Fee: 0.001 WAVES
Consensus: Leased Proof of Stake (LPoS, similar to NXT)
Block Time: 1 minutes
Want to know more about Waves?
Waves WebWallet: https://waveswallet.io/
• All Wallets: http://www.wavesplatform.com/downloads.html
• Waves Faucet (0.0001 .. 0.001 WAVES, once per hour): http://www.wavesgo.com/faucet.html
• Staking (Leasing) with the WavesGo Mining Pool: http://www.wavesgo.com/mining.html
• Lease Calculator: http://www.wavesgo.com/stats.html (Click on Tab “Mining Stats”)