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Waves Cryptocurrency Guide- Making ICOs Easy?
Waves is a new blockchain platform which first appeared in 2016, with a stable release in February 2018. The main idea behind Waves was to tackle the existing issues with Bitcoin, and other new ICOs that surface the world almost on a daily basis. Waves are trying to solve the main issue with buying and selling crypto-assets, and that issue is limited access to Euros, US Dollars, or Chinese Yuan. Their main idea is creating a decentralized channel for trading and crowdfunding, by utilization of tokens.
What is Waves Coin?
Waves Platform is an open-blockchain platform that utilizes Bitcoin’s blockchain. It creates an exchange market for digital assets, and In addition, it creates a crowdfunding solution. In short, it gives you the opportunity to launch, distribute and trade your own crypto token. Waves was created in 2016 as a crowdfunded project, and in the process, they raised around 30,000 Bitcoin. Today, they still operate as a fully decentralized, auditable and transparent platform. They are based in Moscow. The team behind waves is:
- Sasha Ivanov – Founder and CEO
- Maxim Pertsovskiy – COO
- Mariya Borovikova – CFO
- Natalya Malyova – Head of Communications
- Alexey Kofman – PM of Development Team
- Ilya Smagin – Scala Developer
- Alexey Koloskov – Scala Developer
- Phil Filippak – Lead Front-End Developer
The company can be contacted via e-mail at firstname.lastname@example.org
Waves was built in a programming language called Scala. It uses a modified Bitcoin-NG form which is called Waves-NG, this enables high transaction volumes and short confirmation times.
Waves created an ecosystem that encourages participation from the users via Miners Reward Token (MRT) and Waves Community Tokens (WCT).
Miners Reward Token – MRT:
- A supplementary reward for miners.
- Can be used for voting on Key Network Parameters.
- MRT gets its value from businesses and other initiatives in the ecosystem. This means that these organizations want to motivate miners to accept their own tokens as transaction fees. In addition, they reward MRT holders by distributing a share of tokens.
Waves Community Token – WCT:
- It is distributed on a monthly basis to waves holders. It is a proportion of the average balance of the previous month. The idea behind it is to encourage long-term holding of waves.
- It will also be used as a due diligence for new token projects.
Waves created their blockchain consensus on the base on the Bitcoin-NG and called it Waves-NG. The principal was created by Emin Gun Sirer. It was designed to increase the transaction throughput on the blockchain. It is the same principle that is utilized by Ethereum, Litecoin, Dogecoin and other cryptocurrencies that are based on the Bitcoin-NG. The system increases the ~3 transactions per second to ~6 transactions per second, given that the block size is doubled. It theoretically can enable hundreds of transaction per second. This launched Waves on the top of the pyramid, securing its spot as the fastest blockchain right now.
- Accessible – Clear, Familiar UX. No blockchain download required, Chrome app and Mobile apps are easy to use.
- Fast – One minute block time, around 1000 txs per second.
- Low Fees – Each Transaction costs 0.001 Waves coin
- Decentralized Exchange – DEX, peer-to-peer trading within the client. You can trade any pair of Waves token/coin.
- Fiat Gateways – Fully compliant, and licensed gateway. It enables you an easy access in and out of the blockchain. wEUR, wUSD, wBTC are only a few of the already implemented currencies.
- Crowdfunding – Easy to use marketplace, which enables an easy start-up and token distribution through a secure marketplace.
- KYC/AML (Know Your Customer & Anti-Money Laundering) – KYC/AML is needed to deposit and withdraw fiat money. However, when making cryptocurrency transactions, KYC is not necessary.
- ICOHUB – One of the most popular features of Waves Platform is their ICOHUB. It creates a crowdfunding platform, where you can vote on popular projects, or start your own project to begin an ICO. The winner of the competition will receive help from Waves directly by hosting and conducting their ICO.
Waves launched their ICO on 12th of April, 2017 and ended it at 31st of May, 2017. It raised around 30 000 BTC, making it the 7th most successful ICOs ever. The success of the ICO can be seen in the immense growth of 700% in the last two years.
Waves smart contracts
Waves utilize smart contracts, and they are to be fully implemented in Q1 of 2018, while the Smart Contracts – Turing is to be implemented to the Waves Platform by Q4 of 2018. Sasha Ivanov, the Founder of Waves Platform, stated that Waves Smart Contracts are not yet fully turing, due to security reasons. This emerged after the exploit in The DAO and the subsequent hardfork of the Ethereum Blockchain. Waves Smart Contracts are different than Ethereum’s, mainly due to simplicity. Waves make it easy to use smart contracts with built-in plug-ins. The same tasks which on Ethereum are lengthy and complicated will be completed fast and easy by utilizing the plug-ins of Waves Smart Contracts.
What is WavesDex?
The DEX (Decentralized Exchanged) is integrated into the Waves Wallet. The main idea behind DEX is to offer users a peer-to-peer trading of tokens. It offers security by running the ultimate settlement on the blockchain. In addition, the DEX uses centralized Matcher Nodes, which will pair and execute trades in almost real-time. WavesDEX can be used by installing the Lite Client of Waves. And their idea to keep and exchange decentralized assets on decentralized exchanges. Here, you can trade your BTC/ETH/other altcoins and fiat gateways EUR/USD/CHY for Waves Coin.
Waves grew over 700% since its initial release. Near the end of 2017, Waves Platform, and their Waves Token received a boost, and their future looks bright. Waves growth is due to a few factors:
- Great Market Valuation- Due to big investors waves value has been on the rise from November 2017 to this day and it is projected to grow further.
- Fixed Supply of Waves – Waves has a fixed supply of 100 million units. Due to this fact it has the potential to grow a lot, given its current relatively low price.
- Utilization of DPOS – Because Waves is on DPOS, it is not possible for it to receive a chain split. This comes with a contrast to other leading cryptocurrencies that are yet to move to POS.
- Lease of Waves – You as an investor, can lease your Waves, without moving them. This comes with nice rewards for leasing your coins.
- Easy platform to host and launch new ICOs.
- Their DEX – With the current trends, speed of processing and decentralized market exchange Waves has the potential to grow, as they are utilizing some of the finest technologies in today’s cryptocurrency world.
- Great partnerships: Deloitte, Russian Central Depository in Moscow, Russian Gazprombank.
What is the WAVES token?
The token can be used to perform various different transactions, ICO creation, and Mining. You need one (1) Waves Token to start your own ICO on the Waves Platform. You can start staking waves after you download and launch the node, and have 1000 waves in your wallet by staking. Currently, a total of 11,385 tokens were created and released on Waves.
How to Buy Waves
- Waves/BTC – Offered through every exchange market
- Waves/ETH – Offered by Binance, Livecoin, YoBit, COSS, Bittrex
- Waves/USD – Offered by YoBit.
The most popular way to buy Waves Coin is to purchase them directly from the Waves Wallet.
Buying waves through the Waves Wallet:
- Download the Lite Client from the Waves Platform Website. You can choose a Chrome Extension or an Android/iOS app.
- Create a new account, most importantly – SAVE your SEED somewhere safe as this is the only way to recover your wallet.
- Assign a Name, Password and click on Register.
- Click Deposit on the Waves Wallet Area. Deposit an amount of EUR/USD.
- Click Buy
- Pay using the secure gateway.
- Your Waves will be credited to your Waves Wallet.
Waves Wallet is the official wallet of the Waves Platform.
Buying waves on an exchange market like Binance:
- Register for Binance account.
- Verification of the account for security purposes. Make sure to activate 2FA in order to keep your account safe.
- Load your Binance account with some Bitcoin (BTC). You can do this by going to “funds” link of your Binance account, and you need to search for Bitcoin. When you find Bitcoin, click “Deposit”. Send the amount you wish to convert to Waves (Good practice is to send a little bit more, to cover transaction fees).
- Click on Exchange, and select the “Basic” option.
- Find the Waves/BTC pair. And in the “Amount” Box write the number of Waves you wish to purchase. You can also click on the 100% button and it will automatically exchange all of your Bitcoins into Waves.
- Click on the “Buy WAVES” button.
A practice you should always follow is to move your newly acquired Waves Tokens to your Waves Wallet, to keep it safe. If you store your Waves in an exchange market, you might expose yourself to hackers.
Waves Platform is a very important part of the Cryptocurrency world. It will allow you to create and launch your own digital token within one minute. They are mixing the best of the two worlds (centralized systems and decentralized systems) by recording cryptocurrency to fiat and fiat to cryptocurrency transactions. Currently, they are in top 40 Cryptocurrencies by the market cap, and with Waves price still relatively low, they have projected a stable growth. With the released roadmap of 2018, the future looks bright for Waves Platform and Waves Coin.
Thank you for reading, I hope this article was helpful.