What is Waves Platform (WAVES)?

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What is Waves Platform (WAVES)?
What is Waves Platform (WAVES)?

Since the inception of cryptocurrencies, we are fast losing track of the number of altcoins in crypto space. Even new investors seek to create their own digital currency for various purposes, and the result is simply more altcoins.

True, the prospect of creating your own digital currency may seem a little complicated for someone who is not skilled in programming and coding, and even more complicated for a computer rookie.

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To meet these needs, a platform has been developed to help an average individual with no knowledge whatsoever in coding to create a customized altcoin, which can be used to crowdfund any project, build an in-app currency, etc.

Meet the Waves Platform!

What is Waves Platform?

Waves platform is an open-source blockchain that anyone can use to create their digital token for crowdfunding, creating a loyalty reward scheme, etc. The platform is designed to be fully decentralized, transparent, auditable, and user-friendly.

Users on the platform can create, transfer, and exchange blockchain tokens on a peer-to-peer basis.

In fact, just in a matter of minutes, an individual can launch an ICO without any prior knowledge of coding.

Features of Waves

Tokenization: Waves platform allows an individual to easily and conveniently develop an altcoin in a matter of minutes at a very cheap rate (1 wave token). An individual, after that, can modify their new token with the provided customization features on the platform.

Easy Smart Contracts: With Waves, establishing smart contracts is not as complicated as it is in the Ethereum blockchain. A new crypto investor can set it pretty easily and also count on the fact that the wave smart contract is robust and very secure.

Fiat Gateways: Waves offer gateways for the exchange of cryptocurrencies to fiat currencies and vice versa.

Fast, Less Expensive, and Scalable: Transactions on waves platform is swift, and it is done at a relatively low cost. The fee per transaction is 0.001 waves token, and the number of transactions the network can handle per second is 1000.

History.

The idea was first conceived in early 2016 by Alexander Ivanov, founder of coinomat instant cryptocurrency exchange. The Waves Platform was officially launched in November 2016. The idea behind the platform is to address the barriers encountered in wider blockchain adoption which includes: speed, scalability, and also to enable users to develop ICOs.

So far, the platform has launched several gateways for the exchange of cryptocurrencies and fiat currencies, they include: Bitcoin gateway (Wbtc) launched in March 2017, the decentralized exchange in April 2017, Euro gateway in May 2017, a US dollars gateway launched in June 2017, an Ether gateway still in June 2017, etc.

How does the Waves Platform work?

The platform creates plug-ins as an extension to the core software, thus allowing users to easily create new tokens, and transfer it on a peer-to-peer basis. With this method, clients that don’t have the plug-in can still relay with the custom transaction through the network. This differs from the hard fork type of transaction on the bitcoin network, where the network client’s software needs to be updated with each new transaction carried out on the network.

There are three types of transactions on the Waves platform, they include:

  • Custom Application Tokens (CATs).
  • Decentralized Exchange (DEX).
  • Anonymity Features.

Custom Application Tokens (CATs)

The primary objective of Waves platform is to create custom tokens through lite client software available on the platform. These tokens can be bought, sold, and exchanged without the services of a middleman. Building a new token on Waves platform costs 1 Waves token which is about $2.95 as of the time of writing this article.

Decentralized Exchange (DEX)

This is built into the waves blockchain. The DEX allows users to trade their tokens including WAVES, BTC, and any other digital assets on the waves platform without any risk associated with a centralized system of exchange. Waves’ DEX is safe, secure and fast.

Anonymity Features

This enables all crypto-to-crypto orders on the DEX to be completely anonymous. Although, one would need to provide KYC/AML information to be able to use the fiat gateways.

Where to Buy Waves Tokens?

Waves tokens cannot be bought directly using fiat currency. It can only be purchased by exchanging either BTC or ETH for Waves coin.

To do this, one would have to acquire BTC or ETH from coinbase.com and then exchange it on any of the exchange platforms that supports Waves coin like Binance, Bitttrex.com, shapeshift.io, changelly.com, etc.

Where to Store Waves?

The best place to store your Waves coin is on the official wave lite wallet apps for Android and Apple phones which is available for download on Google Play Store or IOS store.

Conclusion

Since the Waves platform allows an average user with no programming knowledge to develop a customized altcoin for various purposes, it is quickly gaining attention and could lead the altcoin creation space in the not too distant future.