What is Waves?
Waves (WAVES) is a platform-based cryptocurrency and offers a completely decentralized exchange for cryptocurrency trading, with multiple advanced features including Smart Contracts and ability to launch user-created tokens that operate on its network.
History of Waves
Waves was launched by a talented team comprised of Sasha Ivanov, Martin Spodymek, Alexey Kiselev and Sergey Ishchenko. Waves was initially issued by ICO (Initial Coin Offering) from April 12, 2016 – May 31, 2016. A total of $16,436,095 (30,096.7 BTC) was raised during the ICO period. A maximum supply of 100 million WAVES was created upon launch of the Waves network.
Since its launch, Waves has enjoyed considerable success and is often used as a host for up-and-coming ICO projects. For the first year of its existence, Waves flew largely under the radar of most investors, but by June 2017, it had reached a $500 million market cap and surpassed the $1 billion mark in December of that year.
How Waves Works
Waves works almost like any other blockchain based cryptocurrency with some unique features.
Waves can be converted into a number of fiat currencies or other cryptocurrencies via a fully licensed Gateway. Fiat currency and several other cryptocurrencies can also be deposited into a user wallet on its platform, which is then converted into WAVES, the native currency of the network. Smart Contracts can also be used to automate transactions between different entities within the network. Thus, the Waves platform makes usage of other forms of payment more fluid than the vast majority of other cryptocurrencies.
Waves can also be used to create user-defined tokens which are supported on the Waves platform. Tokens are like personal currencies which can be used for crowdfunding projects (ICOs) or simply to pay for the services and goods within a particular project. With fast transaction processing times and low token creation costs, Waves is frequently the platform of choice for those looking to develop their own token.
Waves is a cryptocurrency, decentralized exchange and custom token building platform all in one. In this respect, it comes with several advantages.
- Issue Own Currency (Tokens): For a very small cost (0.3 Waves), users can easily create their own tokens, without any previous knowledge of coding or blockchain mechanics. These can then be utilized for ICO (Initial Coin Offering) or any number of purposes. Companies can also use tokens to pay for products and services within their own ecosystem built on the Waves API.
- All in One Client: The Waves client is simultaneously a multicurrency wallet, decentralized exchange and token release platform. Moreover, the client is lightweight and can be run easily on computers and smartphones.
- No Trading Limits: The decentralized exchange allows instant trading of leading cryptocurrencies and other assets with customized pairings. Moreover, there is no upper limit in transactions. Finally, trading charges are much lower compared to leading centralized exchanges such as Bittrex or Kraken.
- Fiat Gateways: Bidirectional fiat gateways are fully compliant and offer instant conversion between cryptocurrencies and fiat currencies. It is easy to add funds to Waves wallet and withdraw them in the form of real world currencies.