Waves Cryptocurrency: Overview of the Blockchain Platform
Waves is a cryptocurrency that, from the very beginning of its existence, has distinguished itself by a rapid take-off and was able to find its place within the uptrend, having thoroughly fixed there.
History of the creation of Waves
Official sources have very little information about the creator of the Waves platform, Alexander Ivanov. It is known that he was born in Ukraine. Then he studied at Moscow State University at the faculty of theoretical physics. And he continued his studies already at the graduate school of the University of Leipzig.
After completing his studies, he began his career with the development of software for payment systems and neural networks to predict financial markets. We can only assume that Alexander Ivanov was independently interested in developing programs and trading on the exchange, and so acquired the necessary knowledge. Although, who knows what is actually taught at Moscow State University at the Faculty of Theoretical Physics.
Around 2013, Ivanov discovered the world of cryptocurrencies and decided to go into it with his head. So he became the first to launch the Coinomat fiat cryptocurrency exchange exchanger, create a token with reference to fiat currencies CoinoUSD, launch the Coinoindex stock exchange index and open the Cryptoasset cryptocurrency investment fund.
But apparently all of this was not enough for him, and in 2016, Alexander Ivanov announces the creation of the Waves blockchain platform. To launch which in April 2016, a successful ICO was conducted. Tokensale ended on June 1, 2016 and its result amounted to 30 thousand BTC or $ 16 million, at the exchange rate at that time. By the way, Alexander Ivanov got the idea of Waves from the NXT cryptocurrency, and some of the developers of this project eventually switched to Waves.
Cryptocurrency Waves never intended to overtake any other cryptocurrencies or destroy the existing financial system. Instead, the platform has chosen the path to creating a tokenized economy that will be integrated into business and government to make the international economy more efficient.
To achieve these goals, the Waves team has already implemented the following developments:
- A blockchain platform that supports Waves cryptocurrency and allows the issuance of custom tokens.
- An easy wallet for a computer or smartphone from which you can conduct transactions, create your own tokens or trade on the DEX decentralized exchange integrated in Waves.
- Smart contracts that will allow developers to create decentralized applications on the Waves blockchain. These smart contracts are limited in scope and inferior to those used in Ethereum, but they have great security.
- An extension for the Waves Keeper browser, through which you can manage your cryptocurrency account directly from the browser. A version for Chrome is already ready, a program for other popular browsers is on the way.
- Smart assets are user tokens that have the functionality of smart contracts. At the moment, this technology is available only in the test network.
In addition, the Waves team plans to create a global financial infrastructure called Tokenomica, which will be based on the cryptocurrency exchange in Malta. And cooperation with business and states will be carried out through the Vostok platform. This is a closed blockchain that can be integrated into the system of state registers, logistics, electronic voting, banking and more. Vostok guarantees the confidentiality of financial and other information, and Waves blockchain is responsible for its scaling and security.
Let’s take a look at a few features of the Waves blockchain that make it truly revolutionary.
The Waves cryptocurrency network is capable of processing over a thousand transactions per second and at the same time uses the honest and decentralized Proof-of-Stake mining algorithm. Everyone can become a validator in the Waves network, for this he needs to run a full node of the network and have 1000 Waves coins in his account.
Other users can also earn on mining by leasing their cryptocurrency. The user selects the node and the amount of coins that he wants to lease and in return receives a percentage of the miner’s income. The node operator does not have access to the leased cryptocurrency, and its owner can withdraw coins at any time.
Another important point is that to access the issue of tokens and trade on a decentralized exchange, it is enough to install a light wallet. At the same time, in addition to its own cryptocurrency and tokens issued on the platform, the Waves wallet also supports other cryptocurrencies such as Bitcoin, Litecoin, Dash, Monero, Ethereum, Zcash and Bitcoin Cash, and also has a gateway for replenishing fiat currencies.
On the decentralized exchange DEX, you can trade the cryptocurrencies listed above, as well as user tokens. Each user chooses the price and the trading pair, and at the same time all the coins are stored not in his wallet, and not on the exchange account.
And to create your own token on the Waves blockchain, you just need to indicate the number of coins issued, the name and pay a commission in Waves. The whole process takes no more than a minute and a new token can be immediately sent to a decentralized exchange. True, you yourself will have to prove to customers that this coin is worth something. In the same way, tokens can be created for ICOs.
Waves cryptocurrency has a limited issue and amounts to 100 million tokens, of which 85 million were sold during the ICO, and the remaining 15% of the coins are held by developers.
Today Waves cryptocurrency costs $ 2.03. The maximum cost falls on last year’s December cryptocurrency boom, then Waves managed to reach $ 18.
It is worth noting that Waves has already shown good growth on the order of 10% several times when the project team launched a new technology on the market, and right now at the time of writing this article, it is making + 34%. Therefore, this cryptocurrency is attractive not only for long-term, but also for short-term investments.
Remember that you need to go to the cryptocurrency market only after you weigh the pros and cons. Because he is extremely cruel to untrained novice traders.
The essence of the Waves blockchain is to create a platform on which Bitcoin, Ethereum and other cryptocurrencies will be freely circulated and will be available to both ordinary users and all types of businesses. This is an extremely important task, because today the distribution of cryptocurrencies is largely limited due to the fact that it is difficult for ordinary Internet users to work with them, and no one wants to spend time on training. But everything will change if operations with cryptocurrencies become as accessible and understandable as sending money from one mobile number to another.
At the moment, the project team is confidently moving towards its goal and has already laid a solid foundation for the implementation of its plans. But only time will tell whether they can fully attract business and states to work on their platform and how they will withstand the competition against other decentralized platforms for the exchange of crypto assets.
How to mine Waves: PoS – mining, LPoS – leasing
The creators of Waves abandoned the PoW algorithm in favor of PoS. So, the probability of the block opening does not depend on computing power, but on the number of coins on the balance. True, there should be no less than 1000.
If there are enough funds, the matter remains small:
- Download the Waves node from the GitHub repository (link here).
- Install it on a PC and connect with a previously installed client.
- Receive coins.
True, the reward for the opened block may vary. It depends on the number of coins on the balance sheet and the overall activity of the network. You can calculate the reward on the official website of the developers.
There is good news. In addition to WAVES, miners also receive bonus MRT tokens: 60 coins for the first 70 blocks and 30 for each next one. Then these coins can be sold on Tidex.
If you do not have 1000WAVES in your account, you can “rent out” your assets to other users. More precisely, whole nodes that open blocks. For this, a special LPoS algorithm is built into the system (“leased confirmation of a share”, it is easier to lease).
How to do it?
- Install Waves Client.
- Deposit funds into the balance sheet (minimum 0.002WAVES).
- Open the “Lease” tab and enter the address of the node you want to lend coins to.
- Once a week, receive a percentage of the earnings of the nodes.
You can withdraw your funds at any time, without waiting for the accrual of profit. But you need to remember that each node sets its own leasing terms. Of the well-proven nodes, it is worth noting Wavesnode, Wavespool, LeasingWaves and WavesFullNode.
Where to buy Waves and how to store
Cryptocurrency is well represented on exchanges. It was quickly accepted by Bithumb, OKEx, HitBTC, Bittrex and other top sites. Most often, WAVES trade in conjunction with BTC, and the daily turnover of operations is $ 20 million. True, the bulk of trading will fall on two exchanges: Binance (35%) and Tidex (10%).
Coin storage is also doing well. The WAVES client, available for download on the project website, already contains a multi-currency wallet on which you can also hold fiat money. There are versions for Windows, Linux, and MacOS.
By the way, you can buy cryptocurrency not only on the exchange, but also directly through your wallet. You need to fund your account in BTC, ETH, LTC, ZEC, dollars or euros, and then convert them to WAVES.
From a technical point of view, everything looks good. But let’s analyze the market indicators of the token and the mistakes made by the developers.
Waves cryptocurrency: prospects and forecasts
If Ivanov and the company correct technical defects and expand the scope of Waves, the cryptocurrency has every chance to grow in price. In favor of this alignment is evidenced by several factors.
- Developers from Waves Platform are actively looking for partners in the world of blockchain technology. The platform is already used by the well-known company Mycelium, which creates bitcoin wallets, and the top cryptocurrency service BitScanPty. Next in line are ZrCoin, BankCoin, Primalbase and many others.
- In January, it became known that the cloud platform Microsoft Azure Marketplace will switch to Waves smart contracts.
- Cryptocurrency integrates into the real economy. Already this year, WAVES tokens can be used by Gazprombank of Russia and Chronobank, the law firm Incent, pharmaceutical startup Bioviva and other enterprises.
- This year Waves is planning a full transition to its “native” programming language RIDE. This will not only eliminate technical bugs, but also expand the functionality of the platform.
In addition, experts predict that in 2019-2020, interest in decentralized cryptocurrency exchanges will sharply increase. This alignment clearly plays into the hands of Waves with its convenient internal exchange.
But factors that can inhibit the development of the project and reverse the positive trend cannot be ignored. Crucial to the success of the platform is Ethereum. If Buterin’s project goes up dramatically, Waves will have less chance to prove himself. But so far, everything is going well.
Analysts expect that in the next six months the price of the coin will gradually increase to $ 5. Peak rise is expected next year. Therefore, now it is quite worth considering a strategy to buy WAVES at a low price and set aside coins for the long term.