Waves (WAVES) – What You Should Know Before Start Trading
What is Waves?
Waves is an open-source, permissionless platform which allows anyone to issue and distribute their own tokens. It has its own decentralized exchange (Waves DEX) were Waves-based tokens can be traded in a peer-to-peer fashion, and it offers Bitcoin- and fiat-Gateways.
It is aimed towards mass-adoption of crypto tokens and provided a clean and easy-to-use interface, and its primary use-case is the ability to create, distribute and trade your own custom tokens.
The consensus mechanism is Waves-NG, a slightly changed form of Bitcoin-NG, which was an alternative scaling solution for Bitcoin, proposed by Emin Gün Sirer, among others. It works with every 10 minutes a “leader” is elected who then vets future transactions as soon as they occur.
This increases throughput and reduces latency. Waves-NG was upgraded to support a Proof-of-Stake environment; PoS is Waves consensus mechanism.
The Scala programming language was sued to build the Waves platform, and the native asset is the WAVES token, which is used to pay for the issuance of tokens or transactions.
Users can stake their tokens to help secure the network and get up to 5% in tokens as a reward. The higher your WAVES balance, the higher the chances you get chosen to attach a new block to the blockchain.
It has a block time of one minute and claims that it is able to facilitate up to 1000/txs.
Additionally, there are two more tokens, MRT (Mining Reward Token) and WCT (Waves Community Token). MRT is a bonus token that is distributed to every participating miner with every block created; it was created for the purpose of rewarding nodes for processing nodes to validate transactions of newly created tokens on the Waves platform.
WTC is build for crowdfunding campaigns on the Waves network and is airdropped to WAVES holders.
It was founded by Alexander Ivanov, and 16 million USD was raised through a crowdsale in April/May 2016.
It was officially launched in November 2016, a Bitcoin Gateway was launched in April 2017 and a USD Gateway in June 2017. Waves NG was activated on 22 December 2017.
Can it be mined?
No, but since it uses Proof-of-Stake, you can stake your balance to help secure the network and earn additional tokens as compensation.
What differs it from other Cryptocurrencies?
It differs from other cryptocurrencies in the way that Waves main purpose is providing the ability to issue custom tokens. You can pay for transaction fees in tokens.
Additionally, it allow fiat-transfers on its DEX, and you can create tokens that are fully backed by fiat-currency. Smart contracts are planned to be implemented in 2018 and are non-Turing complete.
How much is it worth today?
What is the total and the circulating supply?
The total and the circulating supply at the time of writing is 100,000,000 WAVES.
Where can you buy WAVES?
You can buy it on several cryptocurrency exchanges, most notably Binance and decentralized Exchange.
Can it be sold for cash?
You can sell it for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Upbit and Decentralized Exchange.
Development is very active. It aims to implement smart contracts, multisignature functionality and a blockchain messenger in 2018. Additionally, the team works on a project called “Tokenomica,” which is a centralized platform build on top of the Waves blockchain.
Tokenomica will offer legally complaint frameworks for the hosting of token sales.
Verdict and Rating
Nice project with a very specific use-case. Instead of offering 1001 functionalities, it sticks to his primary qualities and steadily improves them.
It could play a front-running role in the coming tokenization of various assets.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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