What is Waves (WAVES)?
Future of WAVES Cryptocurrency and know how to buy WAVES

What is WAVES?

#1 - What is WAVES?

WAVES: The Basics

  • WAVES is decentralized, blockchain based platform, which can be used for trading and various other exchanges. The platform is fueled by the cryptocurrency of the same name - WAVES.
  • It allows not only usage of various other cryptocurrencies for transactions but also give you the option of creating your own customized cryptocurrency using this platform. It also allows the usage of Smart Contracts.
  • The transactions on this platform can be done using the chosen token, but the fees of the transaction have to be paid using the WAVES cryptocoins.
  • WAVES was created by the Russian physicist, Alexander Ivanov, and officially launched in November 2016. Creation of own crypto-coins and Decentralized Apps (DApps) has been possible ever since the launch of the network.

#2 - What are the Benefits of Waves?

Technology:

  • The Waves platform uses the language Scala, and uses the proof-of-stake (PoS) consensus model. It uses an algorithm - WAVES-NG - to ensure safe gateways and fast transactions. It has incorporated not only other cryptocurrencies such as Bitcoin and Ethereum, but fiat currencies as well.
  • The transactions are currently done using peer-to-peer transactions, which ensure that there is no middle-man involved.
  • Like other cryptocurrencies, Waves is a blockchain based platform, which ensures that network is decentralized and not constrained to a single server, and is available for all to view. The information is stored in ledgers, and cannot be modified or deleted.
  • Waves not only allows building of own crypto tokens but also allows you to store them in your own wallet. The wallet also allows you to store other tokens, as well as provides safe gateways to fiat currencies. Smart Contracts can be used for transactional processes. They allow users to set terms for the contracts, and the contracts are only executed when the conditions have been met. While the contracts are Non-Turing unlike Ethereum, they are a safe way to ensure that all parties involved delivering.

Transactional Process:

  • WAVES provides a safe method for trading, currency exchange, and other transactions by the usage of Smart-Contracts, which are executed only when the terms given are completed. Smart Contracts cannot be changed without the consent of both parties.
  • DEX, or Decentralized Exchanges can function using the WAVES platform. This allows for other cryptocurrencies to be exchanged for WAVES tokens, and even exchange between different cryptocurrencies as well. The funds are transferred to the wallet and allows for transactions and withdrawals at will.
  • Creation of tokens can be done using the WAVES platform. These tokens can be used in the ecosystem that you have created them for, and all transactions can be done using them. However, transaction fees have to be paid using the WAVES cryptocurrency.

Adoption:

  • According to Forbes, WAVES will soon become the fastest decentralized platform internationally. This alone speaks volumes about its application in the corporate world.
  • DEX itself can be used for various exchanges. It ensures that the information is not kept only on one server, but is distributed to the public. It allows for cheaper and fixed rates and ensures that the transactions are done quickly.
  • Smart Contracts ensure that no party is at loss during the deal. Creation of own cryptocurrency with fixed values for fiat currency can be used to create a virtual ecosystem, and the tokens can be exchanged for rewards or money.
  • Use of peer-to-peer transaction ensures that the need of a middle man, and the unnecessary cost associated with them, is eliminated. 

Value Proposition:

  1. Waves has become popular as it allows the creation of new cryptocurrencies on its platform. This can be used to create many self-sustaining ecosystems, as well as reward systems.
  2. It is a fast and safe method for transactions and exchange. Usage of Smart Contracts, peer-to-peer transactions, and DEX ensures that all transactions are recorded.
  3. Usage of gateways for fiat currency ensures that the transactions between crypto and fiat currency is done securely.
  4. Waves has its own wallet which enables users to store both the existing cryptocurrencies, as well as the cryptocurrencies created by them.  

 

#3 - How to Buy and Store WAVES?

How to buy Waves

  1. WAVES can be purchased from major cryptocurrency exchanges Bittrex, Binance, by using both fiat currency and using cryptocurrencies like BTC and Ethereum. It is, however, most often paired with other cryptocurrencies, making fiat purchases difficult.
  2. CoinSwitch, best cryptocurrency trading platform is an ideal resource to exchange your cryptocurrencies for WAVES, as it shows multiple exchange rates, allowing the user to select the best possible option, as well as allows storage of virtual currency in one’s own wallet.
  3. Exchange and purchase of WAVES can also be done using the WAVES platform, which provides a safe gateway.

Storing Waves

WAVES has its own wallet, which goes by the fairly obvious name of Waves Wallet. It allows for storage of not only the WAVES Token, but also one’s own cryptocurrencies. It also allows incorporation of other popular cryptocurrencies, such as Bitcoin, Ethereum, etc.

 

#4 - What is the future of Waves?

WAVES is well on its way to becoming one of the more popular cryptocurrencies. It has many benefits, including usage of the WAVES platform to create own tokens, which makes it a good choice for the creation of self-sustaining ecosystems.

Companies such as Microsoft are willing to use the WAVES platform on Azure. Other partners include Deloitte and National Settlement Deposit.

Having launched back in 2016, the Waves cryptocurrency has generated significant wealth for its investors. Those having bought into it in July 2016 at around the $0.15-0.17 range were richer by 73 times as it was trading at over $11 in January 2018.

Also Read: Complete Analysis of WAVES | Live WAVES Price Charts & Predictions

Waves price history

Date

Open

High

Low

Close

Volume

Market Cap

Jun 1, 2018

4.21

4.24

4.06

4.16

26,609,800

421,112,000

Feb 01, 2018

7.7

7.79

6.35

6.67

27,774,000

769,864,000

Jan 01, 2018

12.63

12.7

11.77

12.57

43,302,300

1,262,600,000

Sep 01, 2017

5.95

6.1

5.72

5.74

9,556,080

595,498,000

Apr 01, 2017

0.376644

0.380867

0.347324

0.350208

312,547

37,664,400

Jan 01, 2017

0.250866

0.252416

0.216586

0.221322

35,423

25,086,600

Sep 01, 2016

0.163984

0.165407

0.15307

0.161095

48,630

16,398,400

Jul 01, 2016

0.139274

0.151516

0.130633

0.144888

233,053

13,927,400

 

#5 - How is Waves different from other cryptocurrencies?

  1. What sets WAVES apart is the ability to create one’s own cryptocurrency on the WAVES platform. The newly created cryptocurrency can be stored in the platform’s own wallet.
  2. It is built on the Proof-of-Stake model, as opposed to the Proof-of-Work model of Bitcoin. This means that the number of Waves token you own reflects your Waves mining power. The coins are fully premined, so no new Waves mining can actually take place.
  3. While it allows Smart Contracts, similar to Ethereum, they are Non-Turing based. However, these are just as quick and safe for transactions.
  4. It allows the exchange of various cryptocurrencies on its own, rather than on an external platform. It also allows buying of the WAVES cryptocurrency on the internal platform and provides safe gateways for fiat currency.

 

#6 - Should you Invest in Waves?

  • While the popularity of the WAVES token is growing, analysts suggest that it has still not reached its peak. Chances are that the corporations and companies, especially those involved in trading and exchanges, will employ the use of WAVES platform even more intensely in the future.
  • As WAVES offers one the ability to create own cryptocurrency, it can be used for loyalty points, a token economy reward system, or even for internal purposes on many companies.
  • Waves also allow usage of DEX and Smart Contracts to ensure that the benefits of the blockchain technology can be exploited to the full extent. Thus, WAVES platform might be soon employed by many corporations and agencies, including those offering trading facilities.

With quite a handful of USPs on offer, expect a steady growth in the price of the Waves token.

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