Wave is a name for a whole system, which comprises the Waves platform, Waves open-source blockchain platform, and its own custom cryptocurrency tokens. In this Waves review, I am going to give detailed information on the Waves ecosystem. Like many other financial instruments, there are lots of risks involved. Therefore, it is of importance to study such instruments carefully before you start using them and perform your own research. Otherwise, there is a great risk of losing money.
Waves Coin: Introduction
The Waves cryptocurrency is part of a global platform open to public use, based on Blockchain technology. The Waves decentralized exchange is also used here.
The Waves platform is a cryptocurrency project based on the principles of decentralized work and integration of Blockchain technologies. Waves is a decentralized blockchain platform that facilitates trading financial instruments, including its native Waves’ tokens. It was primarily created to simplify the tokenization process as well as crypto and fiat currencies’ transfers, but now it also supports smart contracts. Tokes are issued on the same platform. It supports fiat currencies as well as a broad range of cryptocurrencies and also enables decentralized trading.
Waves are generally used to mint tokens, conduct transactions, and reward miners. Using Waves is focused on carrying out user operations of marker chains. At the same time, the process of currency transfer is provided through the use of the Waves Blockchain.
Getting started with the Waves project will enable you to store, buy, sell and exchange your own cryptocurrency assets in an environment of increased security and confidentiality. In 2017, the project entered into cooperation with the Deloitte company, which allowed the development of legal frameworks for deeper integration of Blockchain technologies. In the same year, the Waves dev. The team introduced the Lite client – a system that helps to replenish the account with USD.
Waves’ main concept
The main concept of the Waves project since its establishment in 2016 has always been the mass adoption of blockchain technologies and crypto-assets. To do that, the Waves team members are concentrated on the overall users’ experience in all sectors.
As developers of Waves coin declare, their main goal was to provide a common infrastructure for users who will be offered a highly functional and simple toolkit and transparent terms of cooperation, which will make the Blockchain platform accessible to everyone. One more goal is producing custom coins on the platform. The coins are exchanged for custom tokens and other assets. One token is issued in less than a minute.
Nowadays, the Waves platform leads the parade in the crypto community thanks to being one of the first decentralized exchanges and maintaining business relationships with various institutions.
With Waves’s market cap, which is more than 1 billion US dollars, Waves can be purchased at the following rate: as of April 3, 2018, the price of Waves’ token is 3.98 USD, which is the Bitcoin equivalent is 0.00054340 BTC per coin.
A few words about Waves development team
The developers of the Waves platform want to provide cryptocurrency users of an ecosystem with a free and perfect economy with instant payments.
The creator of the platform wasn’t a novice in the crypto world and led other projects. Before creating Waves Platform AG, Sasha Ivanov co-founded the Coinmat cryptocurrency exchange platform. He also took part in creating a Waves platform predecessor called NXT. His main goal was to find and eliminate possible difficulties in operations with cryptocurrencies. He found out that operations with cryptocurrencies are quite difficult for users and require much time and attention. Therefore, they must be simplified.
The other problem was the skepticism of institutions towards decentralized systems. According to them, they pose a high risk to users. That way, those who consider integrating cryptocurrencies into their businesses may be fraught with problems.
As of the year 2018, the team consisted of fifteen members.
Aim of the Waves platform
As we stated above, the mission of Waves is the creation of a cross-functional and user-friendly platform with a convenient interface. The company collects feedback from around the world to ameliorate its service. Ivanov even created two additional projects to meet all business standards. All these factors bolstered the reputation of Waves Enterprise, notably in Russia, known for its strict crypto regulations.
Initial coin offering
ICO for Waves coin took its place from April to May of the year of creation. It helped to raise more than sixteen thousand dollars. As Waves blockchain has its own token, the coins went straight to the Waves’ platform. The Waves network was launched a bit later.
The Waves’environment optimizes three blockchain protocols at a time: a decentralized exchange, a Defi platform, and a cross-chain oracle network.
The Waves blockchain is based on the Waves platform. It is created to help users deposit fiat currencies and cryptocurrencies with the help of outward service providers. After that, custom tokens can be converted into their initial fiat or cryptocurrency. These functions are available in the Waves browser extension.
Although much time has passed since it was introduced, the Waves blockchain retained the same structure as at the beginning. Its coding language is Scala, and its platform is Scorex which uses the network state as a disjunctive to the history of transactions. This feature helps Waves to avoid troubles typical for other cryptocurrency exchanges.
The Waves blockchain comprises two levels. The first one is the main body of the blockchain. It is centralized and consists of node points that are responsible for the registration of all operations in the blockchain. They also have computing power.
The second level is the ‘outward’ layer of the blockchain. It registers only recent transactions and passes this information to the node points and then to the Waves blockchain.
How to send money via Waves
The waves’ address represents the analog of the number of your bank card, under which you provide the opportunity to send your funds to the card. In this case, the role of the card is a cryptocurrency wallet.
Waves wallet provides the user with the following features:
- Independent control of funds;
- The possibility of creating multi-currency wallets;
- Instant transfer of funds;
- Increased security system.
First, you will need to send fiat currency to your wallet. To start a Waves’ exchange, you have to pay by your credit card or use a provider like Simplex. Just as Waves receives the payment, the money goes straight to the wallet. Then the fiat currencies are converted into custom coins. Then the coins can be converted into a fiat currency again. This exchange system is straightforward, as all crypto regulations do not concern Wave but only service providers. A user can create a custom token with a fee of only one wave. It is a small commission when compared to other centralized exchanges. Then new tokens can be traded with other crypto coins within the same platform. This makes the interaction between network members time-efficient.
In addition to standard sales operations, you can operate Waves coins on stock exchanges to generate income when playing with asset rates. Waves coin is supported by several companies that provide cryptocurrency exchange services and other tools.
How to store Waves
It is important to reflect on where you can store and exchange Waves. You can download the Waves wallet directly from the official website. Mobile version is also available:
- Android app – https://play.google.com/store/apps/details?id=com.wavesplatform.wallet;
- iOS app – https://itunes.apple.com/us/app/waves-wallet/id1233158971?mt=8;
- Application for working in online mode – https://waveswallet.io.
At the same time, you can find all the sub-items of each client on GitHub by clicking the link https://github.com/wavesplatform/WavesGUI.
Also, you can consider choosing between Trust wallet and Atomic Wallet. If you prefer to store cryptocurrencies in hardware wallets, think about Ledger Nano S or X.
Waves’ price is considered relatively stable when compared to other currencies. In the beginning, the Waves used to be quite cheap. However, by the period 2017-2018, it became one of the most valuable currencies by market cap. As of the summer of 2021, the Waves’ price is around twelve dollars and a half.
Advantages and Disadvantages of the Waves Platform and Cryptocurrency
If we talk about the pros and cons of working with the project, the main drawback of Waves can be called the youth of the product, which implies the need to refine some technical issues and the lack of full software for all possible devices.
Among the advantages of the project is to allocate a whole list, which significantly prevails over the drawbacks:
- The possibility of using the built-in exchange service DEX;
- The possibility of trading without any volume restrictions;
- The possibility of decentralized trading;
- Instant crediting of funds when replenishing the balance, as well as instant withdrawal on demand;
- The minimum amount of commissions which makes the transfer of cryptocurrency convenient;
- Extremely high network speed due to lightweight nodes;
- Unlike huge teams such as Ethereum, the blockchain is centralized within the Waves’ development team;
- Low transaction fees;
- Low mining rewards;
- It maintains a mechanism called Leased Proof of Stake;
- High level of security and confidentiality;
- The possibility of conducting a large number of operations every second;
- The possibility of investing funds to develop their own projects;
- The possibility of expanding the client base for your product;
- The possibility of issuing own coin (Waves coin) and conducting an ICO.
The Waves perspectives
If we talk about the Waves’ prospects, they possess massive potential. It is worth noting that the Waves platform is developing quite rapidly and has not even gained its full strength yet.
As the developers promise, the forecast for the Waves coin should be more than positive. In this connection, they will please users by launching the extended functionality of the platform, which will include new UI and UX, multi-signature, smart contracts, obtaining advanced statistics, and many features. Although cryptocurrency is often considered a hard-to-operate financial instrument, Wave greatly simplifies the operating process.
Is waves crypto legit?
It is perfectly legit due to the fact that crypto regulations, such as Know Your Customer (KYC) and Anti Money Laundering, are shifted to gateway servers. What is more, Waves is high-ranked among users and is very secure due to its decentralized structure.
Is waves staking safe?
Yes, it is. All the transactions are public, while your personal data is safe. The staked bitcoins are controlled by an open-source smart contract. Staking itself is a very safe, profitable option. It is available in various crypto wallets. As soon as you stake coins, you are added to the mining pool.
Where to buy Waves?
There is a multitude of ways to purchase Waves. These coins are available in a range of centralized or decentralized cryptocurrency exchanges, such as Binance, FTX, Upbit, EXMO, and others. You can also purchase Waves through the app directly, using fiat currencies. This is considered the most convenient way.
How to create a Waves wallet?
It is effortless. To do it, you should download either a desktop extension or a mobile app. Click ‘Install wallet,’ think of a secure password, write down a fifteen-word seed phrase and keep it in a safe place, back up your wallet. As soon as you follow these instructions, your Waves wallet is ready to use.
How to buy Waves with USD?
You need to choose an exchange or a wallet. If you use Waves wallet, it is straightforward, as there is an in-app function supporting purchases in USD. If you choose a currency exchange, you need to make sure whether it supports purchases by a credit card or not.