Waves is a new blockchain platform founded by Russian physicist, Alexander Ivanov, and was developed and operated by Waves Platform AG. The unique feature the Waves platform offers is that it allows users to create, distribute and trade their custom tokens in a transparent, auditable and decentralized form.
Waves launched their Bitcoin gateway in March 2017, which allowed users to hold and exchange the cryptocurrency on it’s network. The gateway for Ether was launched in June 2017 and Litecoin and Zcash gateways were launched in October 2017. The gateway for Euros and US Dollars were launched in May and June 2017, respectively.
Waves has many powerful tools and services and is highly accessible. The following are some of the features:
Low in cost, fast and scalable
Accessible fiat transfers
Easy coin operations
It provides a decentralized exchange
Waves has proven to be very successful and has garnered the attention of many organizations and social projects. This includes Upcoin, a political engagement initiative, MobileGo, a mobile gaming platform, Incent, a blockchain loyalty scheme, Tokenomica, a transparent venture capitalization organization, and ZrCoin, a green technology business.
The new tokens created by users are made through attachments on blockchain transactions and with each new token, the network client software needs to be updated with each new transaction type. This process is known as a hard fork, but to prevent this, Waves has implemented a new transactions type made through plugins, which are extensions on top of the core software. The transactions included in the core software are:
Waves primarily focuses on the creation and transfer of custom tokens. The token can be created by the lite client, available on Android, iOS, and on the Web. Once the tokens are created, they can be bought, sold and traded without the need for a middleman. It costs one wave to create one token and the coins can represent whatever the users chooses since the user is the one to modify it.
The decentralized exchange used by Wave reduces the risks that are associated with a central exchange. So funds can be stored in a wallet directly and there’s no chance of the DEX being hacked. Decentralization gives users complete control over their account and no administrator can freeze accounts or limit transactions.
The Waves fiat gateways are run by complaint gateway operators, organizations through which users can convert the fiat currencies to tokens. They can then be transferred on the blockchain, which is way faster than the traditional transfer of payments.
Multiple trading pairs are available on the DEX. This includes Bitcoin with Litecoin and Bitcoin with USD. The most popular trades on DEX are between Bitcoin and Waves. What’s best is that all crypto-to-crypto orders made on the DEX are anonymous.
Waves s different from other blockchain companies and the traditional architecture they share because it uses a two-tier architecture, which has both lightweight and full nodes that maintain the network.
To purchase Waves you have three options available:
Exchanges: Waves are available for trading on numerous Exchanges like Bitterex and Binance. First, you will need to purchase Bitcoin or Ethereum, then transfer your funds to the mentioned exchanges and finally you can trade them for Waves.
DEX: can also be used to exchange for Waves. The token can be traded with Bitcoin, EUR, and USD. It’s easier to trade with Bitcoin because it offers a higher volume.
Faucet: If you are on a strict budget and want to own only a few Waves, then Faucet is going to work for you. It’s free, and with it, you can earn up to 0.0001 Waves per hour.
To store Waves, you should use the lite wallet client, which is provided by the client. The wallet is available on Chrome as an extension and on Apple and Play store. Funds should never be kept in the exchange as this leaves them open for hackers.
This article was brought to you by the crypto dice game on MIntDice. Originally posted on MintDice.com.
