Waves Cryptocurrency- An Introduction
The Waves platform is designed with ease of use in mind and it allows any of the Initial Coin Offering (ICO) or startup companies to issue their own tokenized cryptocurrencies as a way to raise funds for developing their projects.Waves first came to prominence in 2016 when it achieved the 7th most successful crowdfunding campaign to date (Waves raised roughly 30,000 BTC). The company is based in Moscow. Buy Waves (WAVES) India – BuyBitcoin.
Waves is a blockchain platform you can use to create your own custom token. Whether you want to crowdfund a project, build out a loyalty rewards program, or create an in-app currency, the Waves platform may be worth looking into.
In simple words, you can create your own token in as little as one minute
Waves also offer a decentralized exchange, DEX. DEX is a platform where you can trade your coin but only in a trading pair with any other Waves token.
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How is it different from Bitcoin?
Cryptocurrencies are a unique application made viable by the blockchain. However, there are a large number of other uses for this new technology. The Waves platform is focused on creating a system which makes it easy for developers to create all kinds of blockchain-based applications.
What is the relation between WAVES cryptocurrency and Waves platform?
The cryptocurrency is a part of the larger Waves platform. Unlike bitcoin, which exists solely as a cryptocurrency, Waves has multi aspects. It basically is a software framework made up of many different tools to help developers build applications. And if you want to run those applications, you have to pay fees using the WAVES tokens.
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How does it all work?
In simple words, new token that a user creates and transfers using the Waves platform are completed as attachments on blockchain transactions. And, this is where the problem lies. the network client software needs to update with each new transaction type. This is more commonly known as a hard fork.
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To tackle this problem, Waves deploys new transaction types with the help of plug-ins. These plug-ins act as extensions over the core software. And due to this, clients missing the plug-ins can still trust on the custom transaction through the network.
However, there are very few transaction types included in the core software:
- Custom Application Tokens (CATs)
- Decentralized exchange (DEX)
- Anonymity features
Looking to use Waves? Knowing this will Help
Developers interested in using Waves will be happy when they hear its blockchain relies on a proof-of-stake algorithm. This means that participants are rewarded based on the commission from transactions. The new proof-of-stake consensus algorithm increases the network bandwidth so hundreds of transactions can occur each second without any lag.
The developer has no need to create smart contract to release tokens or to execute deals on the DEX. It is because the transactions are done natively on Waves. Another positive news for developers is that the transaction fees is low and fixed both.
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