Waves is a blockchain network that allows clients to generate their own forms of tokens. Based on information from the wave’s website, users can customize tokens in little over a minute. However, one should take their time and work out a good blueprint for their token.
How Waves Works
Token creators on the platform can conveniently exchange their tokens for either fiat currencies or cryptocurrencies. Tokens created on the platform are transferred as attachments on blockchain transactions. However, this tactic has an intrinsic glitch. In a mainstream blockchain platform such as Bitcoin, each different transaction reflects in an update in the network. This is ordinarily referred to as a hard fork.
Waves is alive due to this fact and has outfitted new transaction types via plug-ins. These plug-ins are added as an extension to the main software. Thus, users without the plug-ins can nonetheless convey transactions through the platform.
There are three types of transactions on the main software:
- Custom Application Tokens (CATs)
The fundamental aim of Waves is the development and exchange of custom tokens. Users can create a token directly through the lite client, which is accessible through the internet or on Android and iOS. Due to the fact that one can create a coin themselves, it is very easy to eliminate the middleman in transactions. Coins may also signify whatever one wishes. At the moment, one requires 1 WAVE to form a token. This is an estimate of around $13.40 USD.
- Decentralized exchanges (DEX)
This ensures that user’s wallets directly amass finances, minimizing any loopholes for hacking. Further, decentralization maximizes a user’s control over their account. This is owing to the fact that there exists no administrator to impose limits or freeze funds. DEX applies a programmed matcher to align buy/sell orders and transfer tokens accordingly when orders are completed.
Despite a requirement to issue KYC/AML information so as to access the fiat gateways, crypto- crypto transactions on DEX are absolutely anonymous.
Waves has a unique design compared to other blockchains. It applies a two-tier technique that has both lightweight and full nodes. The lightweight nodes do not attach the blockchain but rather rely on the full nodes for transaction approvals and relations on the site.
Again, the platform employs an exceptional PoS technique to sustain the networks veracity. This is by creating a Leased Proof-of-Stake technique where clients can venture their tokens by ‘leasing’ them to the full nodes that operate the site. One can lease his WAVES to public mining pools if they do not have the required minimum to operate a full staking node- 10,000 WAVES. Suggested pools are WavesGo and Wavesnode.NET.
The Waves ICO was concluded in July 2016, having raised over $16 million. Instantaneously after the ICO, the cost of WAVES plunged by nearly 80% before stabilizing at around $0.20, an equivalent of 0.0003 Bitcoins.
WAVES can be purchased on exchanges such as Binance or Bittrex, or be exchanged on DEX. As for those who would only like to acquire a few, faucets like Wavesdrop could help them acquire around 0.0001 WAVES in an hour.
The team Behind it
The WAVES team is spearheaded by Sasha Ivanov and contains several former members of Nxt. Among its most recent achievements is a partnership with Deloitte to supply customers with ICO services. The team is also working hand in hand with the Moscow Stock Exchange on a potential blockchain asset distribution platform.
The company provides a lite wallet which is essentially the most favourable and safe place to store WAVES.
Waves grants clients, even those with little blockchain technological know-how, with a simple platform on which they can tailor tokens. Additionally, the decentralized exchange technology provides users with the much needed enhanced security in the crypto community. Forbes has claimed that Waves evolve to being the fastest blockchain. Hence, this is a clear indication that Waves is indeed going in the right direction.