The waves project is a platform to allow users easy token creation on the blockchain. If someone wants to create their own coin, they can use the waves platform to launch it without having to code their own blockchain. Waves uses smart contracts but on a more simplified level than Ethereum. Think of Ethereum like an operating system which gives users a more customized approach while waves is a very simplified, streamlined process. This opens up the crypto market to many businesses that would like to have their own crypto on the blockchain without requiring much knowledge. Waves also has a decentralized exchange called Dex (Decentralized Exchange) which links to its decentralized exchange via fiat gateways. A fiat gateway is a way to help people instantaneously purchase tokens with fiat which can create a ramp for different fiat currencies to be used on the platform.
Subscribe to Blog via Email
Lease Proof of Stake
Waves has a unique feature within its network. It has a lease proof of stake which allows a node to lease their waves to another node. This is useful for users who want to participate in the proof of stake. If someone has below 10,000 waves (below the minimum balance to participate in the proof of stake), another participant can lease their waves to allow that user to start staking. Having 10,000 waves allows a user to set up their own full node which grants them permission to start auditing in the network. It is very similar to mining in bitcoin; full nodes are auditing the network and the users are being paid fees for it.
What is the Waves DEX?
The Waves DEX is a completely decentralized exchange. The difference between this exchange and others is that funds are always in the participants control. All of the funds stay in the wallet until the order is executed. Users who want full control of their exchanges use this platform.
- Waves Client. The waves client is an all in one client that has a secure wallet, the DEX, and a tool to release tokens.
- Simple token creation. Easy token creation for virtually anyone wanting to partake in creating one. Waves provides an easy to use interface that simplifies the token creation process.
- Decentralized exchange. DEX allows users control of their own funds, no withdrawal limits, and purchased cryptocurrency immediately appears in the wallet balance. The exchange also has a very low fee.
- DEX upgrade.Waves recently upgraded their user interface of DEX which integrates TradingView charts.
- Partnership. Waves announced that the company is working together with Deloitte’s CIS department and several big market players on a self-regulatory body for ICOs. This regulation that this alliance is working on will set out to develop ground rules for all ICOs and not just those to be created on the Waves platform.
- Limited customization. Although waves provides a very user-friendly token creation process, they currently offer very few customizations for it. Maybe they will update their process in the future, allowing more customization to take place.
- Limited Gateways. DEX doesn’t have enough payment gateways which limits their ability to become more global. In addition, there are some problems and issues that arise with the payment gateways which can hurt user experience.
- ICO reputation. Currently there isn’t a reputation system in place for ICO’s.
- Few coin options. DEX lists very few coins/tokens with high demand.
Where can you buy the Waves coin?
*NOTE* If you are looking for a cryptocurrency exchange providing the best crypto-to-crypto rates on the market, check out Changelly. Note that exchange times may vary depending on network congestion.
Waves offers a very attractive token creation system for everyone. They are trying to integrate new ways to buy coins with payment gateways. Their decentralized exchange offers another different options for people who want more control over their coin exchanges. While waves is still developing, it could become a major competitor to Ethereum in the future.