Waves is an open blockchain platform that promises to bring blockchain technology to the people. Find out everything you need to know about Waves and how it works today in our review.
What is the Waves Platform?
Waves is an open blockchain platform – similar to the bitcoin blockchain. The goal of the blockchain is to create an exchange for digital assets while also providing a crowdfunding solution.
Basically, anyone can use Waves to launch, distribute, and trade their own crypto token.
Waves first came to prominence in 2016 when it achieved the 7th most successful crowdfunding campaign to date. Over the course of its crowdfunding campaign, Waves raised roughly 30,000 BTC.
Today, Waves continues to work as a fully decentralized, transparent, and auditable platform. The company is based in Moscow. Let’s take a closer look at how it works.
How Does The Waves Platform Work?
Waves lets anyone make their own digital token, then easily trade that digital token for fiat currencies or cryptocurrencies. You can use Waves to launch your own digital token in less than one minute.
The Waves Platform relies on fiat gateways run by compliant operators. These operators are organizations (like payment providers) that allow users to easily convert fiat currencies into digital tokens. The digital tokens aren’t tokens like Ethereum or Bitcoin: they’re digitized versions of fiat currencies with names like wUSD or wEUR. These fiat tokens can then be transferred on the blockchain itself.
Why would you do that? Well, the fiat tokens ca be transferred on the blockchain more quickly than a traditional bank transfer – and at a much lower fee. Users can then withdraw tokens for fiat currencies once they’re received. Other cryptocurrencies can also be tokenized on the Waves blockchain. There’s even a wBTC.
The digitized fiat currencies – as well as the wBTC token – are traded at a 1:1 ratio.
All of these features are accessed through the Waves client, also known as the Waves Wallet. The wallet can be downloaded as a Chrome extension or as a mobile app for Android or iOS.
Calling the Waves Wallet just a “wallet” is a bit misleading: it’s a fully-featured lite client that lets you access all features of the Waves platform. It offers fiat integration, fast speeds, an intuitive interface, and custom tokens. It’s also constantly being updated.
You can download the Waves software here. There are three versions of the client, including the Waves Lite Client (available on the Google Play Store or through GitHub), the Waves Mobile client (available for iOS or Android), and the Waves Full Node (available on GitHub). All three versions are available to download through the link above.
In order to create custom tokens on the Waves platform, you’ll need to buy some WAVES tokens in the first place. WAVES tokens are traded on Tidex and Bittrex.
Some of the key features of Waves include all of the following:
Accessible: Waves promises to offer a clean, familiar UX. The Chrome app and mobile apps are easy to use, and no blockchain download is required.
Fast: Waves has a one minute block time (up to 1,000 txs per second).
Low Fees: Each transaction comes with a cost of 0.001 WAVES (yes, transaction fees can be paid in tokens).
Fiat Transfer: Fully compliant, licensed gateway that provides access into and out of the blockchain. EUR blockchain tokens are already available, and USD and other currencies are planned in the future. The tokens are fully backed by fiat deposits. Bitcoin gateways and other tokens are also available.
Easy Token Operations: You can launch a new crypto token in under a minute (seriously). Waves also has tools for mass token distribution.
Ideal for Crowdfunding: Waves is becoming an increasingly popular crowdfunding platform. It makes it easy for startups to plan and distribute tokens through a secure, easy-to-use marketplace.
Decentralized Exchange (DEX): Waves offers peer-to-peer trading from within the client. You can trade any pair of Waves tokens. Users enjoy near-realtime order matching and blockchain settlement for security.
Smart Contracts: Waves plans to implement smart contracts into its platform starting in Q4 2017.
Waves is led by founder and CEO Sasha Ivanov, a Moscow-based physicist by education who previously worked in internet payment systems software development and neural network prediction software for financial markets. Prior to starting Waves, Sasha launched the first instant cryptocurrency exchange at Coinomat.com, the first fiat blockchain token (coinoUSD), and the first tradeable cryptocurrency index (CoinoIndex.com).
You can view Sasha’s Crunchbase.com profile here.
To date, Waves has attracted several major startups and businesses. One of the best Waves success stories is Tokenomica, a venture capital organization. There’s also Upcoin, a political engagement initiative, and ZrCoin, a green manufacturing technology business. Other key members of the Waves economy include MobileGo (a marketing drive for a mobile gaming platform), EncryptoTel (a VoIP and telecom provider), and Incent (a blockchain loyalty scheme).
Waves is headquartered in Moscow, Russia. The platform launched in 2016. By April 2016, it had earned $22 million in two rounds of funding. You can contact the company by email at [email protected]
Waves Platform Conclusion
Waves is a highly-regarded member of the cryptocurrency ecosystem. It allows anyone to launch their own digital token in less than one minute, then trade that digital token for fiat currencies and crypto-assets. Although Waves just launched in 2016, the platform has already been home to a number of big success stories – including Tokenomica and Upcoin. Stay tuned for more information as startups continue to use Waves to introduce tokens to the digital economy.