Waves (WAVES) is a Russia-based, decentralized and comprehensive exchange platform built on the Scorex framework.
The platform provides its users with simple tools for creating, publishing and transferring assets and private tokens.
One of the main goals of the platform is to provide a stable Blockchain environment to its users, enabling them to transfer fiat money over the blocky currency without any instability issues. This method is especially attractive for investors who invest in crowdfund projects or those who want an effective way to create their own digital currencies and in-app money systems.
You can create your own token in just a few minutes. However, keep in mind that when registering your account, you will be asked to save your secret statement (SEED) and protect your account with a password.
How does the Waves platform work?
Waves generally aims to develop a network client software on the typical Blockchain protocol, which should be updated with every new transaction type known as hard fork. In short, new transaction types are implemented via plugins on top of the core software.
The platform also works with smart contracts, but these are not much in common with other contracts like Ethereum's. Smart contracts are written by built-in plugins, thus simplifying the whole process. Custom Application Tokens (CATs), decentralized exchanges (DEX) and various anonymity features, some types of applications available in the core software.
Custom Application Tokens - CATs
One of the platform's main goals is to ensure easy creation and effortless transfer of private tokens. Tokens can be created using your mobile device through Android and iOS apps or via the web client. Alternatively, you can do this by installing the WavesLiteApp extension in your computer's Chrome browser.
Waves also has a desktop wallet. But keep in mind that this is very experimental. The platform allows you to customize these tokens to the extent that they can represent almost anything. Please note that creating a token is subject to 1 WAVE fee.
Decentralized exchanges - DEX
Decentralized exchanges enable customers to exchange BTC, ETH or other cryptocurrencies with Waves. Alternatively, Waves can be exchanged on the platform for other token issues. The main benefit of using the decentralized exchange offered by Waves is its enhanced security features and you have complete control over your funds and account. Since there is no stock exchange center, it means that third parties are not included in these transactions.
The platform's decentralized exchange system uses an automated matchmaker to match buy / sell orders and exchange tokens. As expected, the most popular transactions in DEX are between Waves and Bitcoin. The CoinMarketCap site has a complete list of trading pairs.
Tokens are responsible for all transactions on the platform. Waves tokens secure the network and all assets on the particular platform. For example, the same tokens are used when you want to transfer assets or want to withdraw various assets in the currency into your wallet.
Waves also uses a two-tier architecture to avoid scaling problems. This type of architecture uses both lightweight and full nodes to protect the network. These nodes are completely different from what most cryptocurrencies are currently using.
How does the Waves token work?
Light nodes are largely dependent on full nodes for transaction confirmations, as they never download Blockchain. Their connections are made possible with the help of the Scorex platform. Simply put, light nodes use the current network state as opposed to downloading the full history of transactions. Network status is used to identify the details behind the payment verification process.
Currently, there are approximately 1 million Waves tokens held in place by a Proof of Stake (PoS) algorithm. This Proof of Stake system allows you to receive your bet by temporarily giving your tokens to all nodes. You need 10 thousand WAVES to run a full staking mode. Even if you don't have the required amount of tokens by renting your WAVES to one of the multiple public mining pools, stacking can still be achieved.
The team behind the project has a big goal, which goes through developing everything to develop Blockchain tokens. Waves tokens are also really easy to use, while they are really simple. Most team members have been interested in NXT for a long time. However, due to an unfortunate ICO, controversial development decisions, all of the team members decided to quit their existing projects and start their own projects.
The team launched the Waves project from scratch; For this reason, Waves naturally differs from NXT and places a stronger emphasis on fiat integration. Another notable fact is that the company recently partnered with Deloitte and the Russian National Settlement Depository (Russian National Settlement Depot), which is among the four major accounting companies.
How to buy Waves?
When it comes to buying WAVES, you have multiple options, including some of the most popular crypto exchanges like Tidex, Binance, BCEX, Exmo, Bittrex and Livecoin. In addition, the platform's in-house decentralized exchange exists at DEX. If you prefer external cryptocurrency exchanges such as Binance and Bittrex, you must first purchase Bitcoin or Ethereum to trade for WAVES.