Waves is an open-source Blockchain platform, developed and marketed by Waves Platform. The platform was launched with the aim of making it easy for people to store, trade, manage, and issue their own digital assets. The platform does not seek to replace other cryptocurrencies, but instead, extend their capabilities beyond the simple value transfer application.
Waves also strive to provide a platform where cryptocurrencies, fiat currencies, real-world commodities and other assets can be issued and transferred in a fully decentralized manner. It is also similar to Bitcoin in that it is a decentralized platform where different kinds of transactions can occur.
The platform also comes with a crowdfunding solution through its Lite client wallet.
History of Waves
Sasha Ivanov developed the Waves Platform in 2016, with the aim of reinventing entrepreneurship across the world. The platform was created to address some of the barriers that had stifled widespread adoption of the Blockchain technology.
Its initial development was funded through a crowdsale that managed to raise $16 million, representing the second most successful crowdfunded Blockchain project.
How Does Waves Platform Work?
While leveraging Blockchain technology capabilities, Waves Platform can process thousands of transactions per minute. The technology and transaction speed have propelled the platform to a position where it is able to compete with mainstream payment processors for mass market adoption.
In the Waves Platform, users are allowed to create their own Custom Application Tokens (CAT) and launch them as digital currency. In addition, users can also launch Initial Coin Offerings to fund projects of their choice.
WavesDex is a decentralized trading feature in the open source Blockchain platform that allows clients to exchange other cryptocurrencies, such as Bitcoin and Ethereum, for other resources such as the Waves token. Fiat Gateways, on the other hand, makes it possible for people to trade in fiat currencies such as USD, EUR, and CNY in exchange for other tokens issued on the Waves Platform. All exchanges between digital currencies and fiat currencies are recorded on the Waves Blockchain, allowing users to enjoy two universes of incorporated frameworks and decentralized frameworks.
Waves also provide Smart Contracts. Unlike other Blockchains, its smart contracts are written by built-in plugins that simplify the entire process.
Waves Token is the fuel behind the platform through which all the above operations are usually carried out. Any transaction that takes place on the network’s Blockchain is carried out using the Waves token. The token is used when transferring assets or withdrawing as other currencies are just supported on the platform.
The total supply of Waves tokens is 100 million, all of which were issued on the genesis block and distributed to users who participated in the first Initial Coin Offering. Token supply will never increase, thus a combination of Delegated Proof-of-Stake and Leased Proof-of-Stake is implemented, with transaction fees being the reward for staking. Waves can be mined on any computers or mobile devices that have an internet browser. Users in the Leased Proof-of-Stake environment can choose to be full node and use mining power of others to process transactions and be able to lease mining power.
How to Acquire Waves Tokens
Waves tokens can be acquired by exchanging for Bitcoins or Ethereum. You can acquire the tokens in numerous exchanges. You can also buy the tokens using the Lite Waves Wallet or Lite Waves Chrome app.