Waves Cryptocurrency: Decentralized Platform Review

At its core, Waves is a blockchain platform that was created for the opening of cryptographic tokens, exchange and crowdfunding.

Waves cryptocurrency was created with the participation NXT development team .

Waves uses a modified proof of stake (PoS) method or proof of ownership of shares with an additional consensus Account leasing, when users can rent out their balance to other nodes - LpoS.

In 2016, an ICO was held, during which the company collected the equivalent of $16 million (that’s 30,000 BTC at that time).

After this, the project took 7th place among the most successful crowdfunding campaigns.

Contents:

• Platform Features
• Waves Benefits
• Disadvantages of Waves
• Wallet Waves

The supply of the Waves cryptocurrency is 100 million coins, of which 85% were sold through the Initial Coin Offering , and the remaining 15% were kept in reserve.

Waves cryptocurrency: what is the project about?

This is a cryptocurrency project launched by a team of Russian developers led by entrepreneur Alexander Ivanov. The company that launched this blockchain platform raised $16 million during its ICO, which is still one of the best results of a public token sale.

waves project team

To understand what the Waves project is, it is enough to know its main functions, there are two of them:

• The ability to launch, distribute and trade your own digital token. The bottom line is that each of us can create an ICO based on the Waves platform in a few minutes to finance our projects anywhere in the world. You don't even need programming or management skills to do this. You create your startup, and the platform acts as a gateway to create a business on your own. There is really one peculiarity. To create your own tokens, you will first need to purchase some WAVES cryptocurrency.
• Decentralized exchange of digital assets among themselves, as well as for fiat currencies. The platform has its own decentralized exchange. Read more about it below.

Technology

Waves technology has several technical differences from classic cryptocurrencies:

1. The code is written in the Scala programming language. Bitcoin and analogues are written in C++. The Scala language appeared in 2003 based on Java and is easily compatible with Java products. The justification for using such an unpopular platform is not specified.
2. The transaction fee is fixed. Waves is similar to Bitcoin, but different from altcoins like Monero. Today the commission is 0.001 WAVES (at the latest rate - $0.003). Not a bad indicator, considering the capitalization of over $300 million (19th place in the CoinMarketCap ranking).
3. Mining is a temporary measure. For now, miners are paid for connecting capacity, but in the future, when the blockchain platform becomes autonomous and profitable, the need for miners will disappear. There is no fixed reward for a block.

Decentralized exchange Waves DEX

In April 2022, the project team launched a decentralized platform for exchanging digital tokens and fiat currency - DEX. All the main functions that are available in Waves are implemented there.

Pros and cons of the DEX cryptocurrency exchange from Waves

pros

• High level of security. An advantage that distinguishes any decentralized exchange from its centralized competitors. Decentralized platforms operate on the basis of a distributed registry. This means that neither user funds, nor their keys and wallet addresses are stored on the servers of the exchange itself. It simply acts as a system for finding matches between buy and sell orders.
• Support for fiat currencies. Not all cryptocurrency exchange platforms work with fiat money (this means that in order to top up your account balance, you need to purchase cryptocurrency through a third-party service; you can also only withdraw cryptocurrency from the exchange). This may not always be convenient for everyone.
• Availability of a mobile application. An important tool for those who want to have control over their assets 24 hours a day.
• High speed. The Waves-NG protocol has been implemented on the platform, thanks to which transactions are carried out almost instantly.
• Low commissions. The transaction fee is only 0.0003 WAVES.

Minuses

• Possibility of issuing counterfeit and unregistered tokens. Due to the fact that anyone can issue tokens, panic and negativity towards Waves DEX often arise in the crypto community.
• Lack of some trading options. For example, it is not possible to place a stop loss order on the exchange. In the current high market volatility, this tool can save you from large losses.

The exchange interface is simple and intuitive, in addition, there is a version in Russian.

Road map

Conclusion

Waves is a highly regarded member of the cryptocurrency ecosystem. This allows any user to launch their own digital token in less than one minute and then trade that digital token as a cryptocurrency asset.

Although Waves only launched in 2016, the platform has already been home to many success stories, including Tokenomica and Upcoin.

Stay tuned for more information as startups continue to use Waves to introduce tokens into the digital economy.

Waves cryptocurrency wallet

For storing Waves cryptocurrency, as for most others, crypto wallets that support ERC-20 tokens are suitable. Despite this, the project has its own client that allows you to hold a digital asset.

Waves Client provides several features that set it apart from other cryptocurrency storage services:

• Allows you to store not only your own tokens, but also Bitcoin, Litecoin, Zcash, Ethereum, as well as dollars and euros;
• It has a built-in version of the decentralized exchange DEX, where you can instantly exchange cryptocurrencies, including fiat money;
• Provides the opportunity to earn Waves tokens by renting them to a mining pool for a fee;
• The ability to create your own blockchain-based tokens, which can be exchanged with other users and even traded on the exchange;
• It has mobile versions for Android, iOS, desktop versions for Windows, MacOS and Linux, as well as a browser version for Chrome.

Now you understand why the word “wallet” used for Waves Client is a little misleading. After all, this is not just a program for storing tokens, but also a full-fledged platform for the functioning of all the advantages of the platform.

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How to create a Waves Client wallet?

Computer wallet

To do this, go to the official website of the Waves platform - wavesplatform.com. There are two client options available on it.

• Desktop version . Not only the wallet itself, but also the entire cryptocurrency blockchain is downloaded to your PC. It takes up a fairly large amount of space on your computer (about 35 GB), but this greatly increases the reliability of storing funds.
• Online or Lite version. A browser client that does not download the entire blockchain to your PC, but because of this, the reliability of cryptocurrency storage suffers.

I’ll look at the example of creating an online wallet. To do this, on the main page of the website wavesplatform.com, click the “online client” button.

Selecting a wallet address

After choosing the required wallet version, you need to read all the required rules in order to understand what phishing is and how to protect yourself from it.

To do this, select an avatar on the page that appears. You can choose any one, they are no different from each other, except for the picture and wallet address. This is something like choosing a phone number - the operator does not change, only the numbers are different. Click the “continue” button.

Seed code generation

After this, a window appears where you are asked to come up with and enter a nickname and password. After entering, click “continue”. Then you are asked to write down a Seed phrase; this can be done right now, or postponed until later.

A seed phrase is a code that allows you to import your wallet to other devices and restore your account if you lose access to it. Be sure to save it, preferably on paper and in several copies.

In order to save the Seed phrase, click “save now”. After this, a page appears with the phrase itself. For this wallet, these are 15 English words that are in no way related in meaning. After you have recorded and saved them, click the “I wrote everything down” button.

You will actually need to save the phrase because the next window will check your integrity.

Mining Waves

Wave mining is carried out using Proof of Stake technology, in other words, in order for mining to take place in your wallet, you just need to hold tokens. The mined cryptocurrency will contribute to the emergence of a new one.

The absence of mining pools is another feature of the selected consensus project. The mined cryptocurrency does not need support beyond high power

Within the network, there are so-called Waves Nodes for dividing rewards between miners.

How to buy WAVES cryptocurrency

Today there are very few exchangers that support the purchase and sale of this token. Therefore, the most obvious option is to purchase a token on a cryptocurrency exchange. I already said above that there are exchanges that support working with fiat, and exchanges that work only with cryptocurrencies. Therefore, there will be two purchasing options.

• Buying WAVES on the exchange for Bitcoins
• Buying WAVES with fiat

However, if it is more convenient for you to purchase waves for dollars, euros or even rubles, you can do this on the following exchanges:

• Binance
• Bittrex
• EXMO (on this exchange it is possible to purchase cryptocurrency for rubles);
• Yobit;
• BitFlip;
• Livecoin;
• Waves DEX and others.

Current coin rate

In order to get acquainted with the history of changes in quotes, as well as track the current rate of the Waves cryptocurrency, it is worth taking a look at the following online chart showing the price in rubles and dollars.

The chart shows that the Waves rate at the time of the ICO was approximately 0.2 USD, and by the end of 2022 it set a historical maximum of $16 (December 19, 2017). That is, for early investors, in less than a year and a half, the profit on investments amounted to 8 thousand percent or, in other words, the invested capital increased by 80 times!

Then, in 2022, the rate began to fall against the backdrop of general stagnation of the crypto market and formed the bottom at around 1.75 USD. Time will tell what 2019 has in store for the Waves rate, but we can say for sure that the coin is undervalued and cheap, so it has high investment attractiveness.

At the beginning of 2022, according to the CoinMarketCap website, Waves ranks 23rd with a rate of 2.57USD and a capitalization indicator of $256.8 million.

WAVES forecast and prospects: pros and cons

It is almost impossible to unambiguously assess the prospects of a particular cryptocurrency project. But facts and indicators will help you form your own opinion, and you will need to build on it when you decide to invest in a particular cryptocurrency.

Forecast and reasons why the rate will rise

• Real significance and availability of the finished product

I often recommend paying attention to this factor before deciding to purchase tokens of a cryptocurrency project.

Above, I already talked about the advantage of Waves as a decentralized exchange. This platform has many advantages, the main ones of which I would highlight anonymity and reliability. In addition, it is already functioning quite successfully, and its popularity among users is gradually growing.

But the main advantage is that the project has a real platform for creating its own tokens. Waves can serve as the easiest platform for implementing an ICO. Thus, it becomes one of the most accessible tools for running a business and raising funds.

• Availability of key partnerships

The project has several strategic partners:

• Auditing company Deloitte . In July 2017, an agreement on cooperation and strategic partnership was signed. Its goal is to help projects issuing tokens on the Waves platform and going to ICO.
• Russian National Settlement Depository. The partnership agreement was signed about a year ago, after which it was announced that they would begin working together in the field of post-trading services for digital assets.
• Gazprombank. As part of this cooperation, the companies intend to promote comprehensive services for conducting ICOs.

• Active work of developers . The project is constantly updated, new tokens are added to the exchange, and the Client is improved.

• Limited issue of tokens . A total of 100 million WAVES coins have been issued. Limiting the release of tokens implies that over time, as demand grows, their value will only increase.

Reasons why the exchange rate may not rise

• Lack of legislation to regulate ICOs in many countries. What is important is not that now ICOs as a form of raising capital are not regulated in any way in many countries. Problems may arise when the relevant legislation appears, because there is a possibility that raising funds through the issuance of tokens may be prohibited. Then one of the main functions of Waves will simply be useless.
• Competition Firstly , Waves is far from the only project on whose platform tokens can be issued.
  Blockchain giants such as Ethereum and NEO are already operating in this niche. On the other hand, issuing tokens on Waves is much more affordable and this advantage can push the project forward. Secondly , the decentralized exchange of the project, which I described in detail above, also has competitors. In September 2022, the largest cryptocurrency exchange Binance announced the launch of the same service. Until this time, there were no such serious competitors to Waves DEX on the market.