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What Is Waves ($WAVES)? Waves Explained

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Programming and launching own tokens is a difficult task for most development teams. The Waves team is ready to give a helping hand to the developers. They have created a platform with a universal set of tools sp that anyone can quickly start the project and issue tokens. We invite you to learn more about the Waves platform and what advantages it offers.

What Is Waves?

Waves is a decentralized and open platform for issuing custom tokens and building decentralized applications. This platform is often compared with Ethereum, which also provides a service for releasing digital assets. However, Waves differ in several characteristics that make the project popular. Users are not forced to write smart contracts to issue their own tokens. Instead, users can issue tokens by creating an “Issue Transaction” in which all the necessary information is written, such as the name, ticker, decimal number, etc. They will need to spend only 1 WAVES on this procedure.

Ordinary users and entrepreneurs who have decided to launch an ICO project can use the Waves platform. In addition, game developers can also launch in-game assets and NFTs. The internal Waves.Exchange only improves and complements the work of the entire platform. There, the creators and investors of ICO projects will be able to exchange and sell tokens among themselves in a decentralized way. The introduction of payment gateways had a strong impact on the popularity of Waves so that investors can purchase project tokens in any convenient currency: US dollars, euros, Bitcoin, and so on. The main feature is that each user, without exception, can create their own token, and it will immediately appear on the Waves exchange.

The spheres of application of tokens can be completely different. You can use custom tokens, for example, to provide various loyalty programs or voting, for payments, and so on. In addition, Waves allow you to create smart tokens with which you can configure the necessary functionality. For example, smart tokens can be configured so that only certain addresses can transfer them.

Waves’ Consensus Algorithm

The Waves blockchain operates on an advanced Proof of Stake model, where users can lease their tokens to full nodes, thereby servicing the network. In return, they receive a certain percentage of the node’s remuneration. Here, new blocks are created only by those network participants selected by the system based on the account balance. Only full nodes can mine new tokens. To become a full node, you need to have more than 1,000 tokens in your account. At the same time, the more tokens a node has (both its own and leased), the higher its chances of being selected to generate the next block. The node operator independently adjusts the conditions of deductions to their leasers. The leasers hand over tokens for temporary maintenance to be able to receive part of the reward from mining, but they do not participate in the process itself.

Waves 2.0

To date, Waves already has a fairly extensive ecosystem that includes various projects from different fields. For example, the algorithmic Neutrino stablecoin, the play-to-earn game Duck Waves, the native crypto exchange, etc., are successfully functioning on the platform. Furthermore, the growth of DeFi projects on the Waves blockchain led to almost $1.7 in TVL with 50% of the staked tokens. But as they say, there are no limits to perfection, so Waves developers decided to upgrade the blockchain and release Waves 2.0 by the end of 2022.

Waves 2.0 will become the most convenient and efficient platform for developers, creators, and ordinary users. The improved blockchain will support the Ethereum Virtual Machine and change the consensus algorithm to Practical Proof of Stake Sharding, which will achieve even more significant speed and security. Also, the developers have revised the current governance model and intend to eliminate injustice among the participants in the process. In the new model, users who actively participate in the development of the protocol will receive additional benefits. In addition, the developers are setting up a Gravity Bridge, which will allow you to quickly transfer applications from EVM-compatible blockchains to Waves. Moreover, the project team intends to launch a revolutionary protocol that will help create connected metaverses. With the help of the Inter-Metaverse Protocol, users will be able to transfer any in-game items between different metaverses and games.

What Makes Waves Unique?

  • Ease of use. For network participants to create their tokens, they do not need to learn a particular programming language or anything else. All they need to do is download the official wallet, follow the simple instructions, select the appropriate settings, and then pay a small commission. Such an algorithm of actions greatly facilitates the work of users who wants to create their own ICO with a tokenized system.
  • Ease of investment. When investing in any ICO based on the Ethereum platform, each participant must first transfer their fiat money into ETH. This, in turn, gives investors some inconvenience. Waves decided to fix this problem. Therefore, if the ICO uses Waves as a platform, then, in this case, investors will be able to invest money in the project directly in fiat currencies.
  • A more powerful blockchain. The Waves network can withstand a large load and the number of simultaneous transactions. At the same time, the Waves blockchain remains eco-friendly and cost-effective.
  • Own exchange. Waves has its own exchange and wallet, allowing you to conduct transactions without accessing third-party platforms.

Where to Buy $WAVE Token?

Send, swap and receive $WAVE using SimpleSwap, an exchange with no tiring sign-up and KYC procedures, and with 450+ variety of currencies at your service!

 

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