The Waves platform is a decentralized blockchain that allows participants on the platform to design and launch customized cryptocurrency tokens.
Unlike most of the other regular cryptocurrency-based platforms that require extensive programming before smart contracts are created, Waves allows this with ease. The tokens on the network are created and managed by the participants on the network through a script system that is run in the accounts of participants on the Waves network.
The concept in operation is the development of new tokens, along with their governance system should not differ from the process involved in launching traditional web applications.
In order to achieve this goal, the system attaches programs and applications to the transactions. Thus, new digital assets on the network are given a unique identifier.
The tokens that are designed on the waves network can be traded within its ecosystem. This includes the decentralized exchange built into the system.
Who are the Founders of Waves (WAVES)?
The Waves network was founded by a Ukraine-born scientist known as Alexander Ivanov in 2016.
Before establishing the Waves ecosystem, Ivanov was already deeply involved with cryptocurrencies and blockchain technology as a whole. In the days before creating Waves, Ivanov created Cooleindex, an instant exchange platform that is now non-functional. In addition to those, he also created a stablecoin with US dollars backing known as coinoUSD.
Alexander Ivanov, also known as Sasha Ivanov is well known for his public promotion of the Waves system by frequently giving interviews on the platform and also making it a trend in the world of cryptocurrencies.
The Waves system has its headquarters in Moscow and has grown its workforce by over 180 and is present in other locations around the world, including Switzerland.
What is Waves (WAVES) used for?
The Waves blockchain has several different use cases. For starters, the network allows for its software to be simultaneously run by two different types of nodes. These are lightweight nodes and full nodes.
Full nodes are useful because of their storage property. They keep a full history of all the transactions executed on the platform at a particular point in time. Light nodes on the other hand are dependent on full nodes to operate. They are responsible for the confirmation of transactions and also create a system for interaction on the network.
In order to constantly keep its distributed network in sync, it uses a variation of consensus mechanisms which also serve as protection for the network.
The waves ecosystem, similar to other cryptocurrencies, is also equipped with a valuable token system that can be traded with other cryptocurrency pairs with the goal of making a profit.
What Is the Unique Point of Waves (WAVES)?
The Waves network is considered a pioneer among other cryptocurrencies in that its design is based on improvements on the shortcomings of its predecessor. Right from when it was founded, the system had its target on clients of prospective businesses which are interested in using blockchain technology to improve their business process and carve out new services that would appeal to the clients.
The waves ecosystem supports the creation of smart contracts, as well as the designing of decentralized applications. However, in the Waves network, these services are offered to participants at high speeds and with ease of use.
Ever since Waves entered the world of cryptocurrencies, it has led to the development of other similar platforms such as the oracle network and gravity. The system also has its own dedicated decentralized cryptocurrency exchange which is known as Waves DEX.
Waves announced in 2020 that it would be compatible with the Ethereum network by releasing its native cryptocurrency Waves under the ERC-20 standard.
How many Waves (WAVES) coins are in circulation?
The creators of Waves began the platform at a fixed supply of 100,000,000.
In 2016, the Waves team had an initial coin offering for its Waves cryptocurrency. The process raised a total of 30,000 BTC, an amount that was worth $22 million at the time. For its apportionment, 85% of the tokens were assigned to interested participants on the network. Other apportionments were 4% to the partners, 9% to the developers, and 1% for bounty schemes and early supporters of the platform.
In 2019, the network decided to remove the supply cap and allow for the integration of mode tokens. The decision-making power was also transferred to the participants around the same time.
Presently, the system operates with a block reward of 6 WAVES. Also, all changes being executed on the network have to come in the form of votes. As such, the participants are expected to choose by hour much the block reward will be reduced after every 110,000 blocks.
Is the Waves (WAVES) Network secured?
The Waves ecosystem is secure by an enhanced proof-of-stake consensus algorithm known as Waves-NG. The development of the algorithm is based on the Bitcoin-NG scaling proposal which was designed by Emin Gün Sirer, a developer from Cornell University.
The Waves-NG protocol operates in such a way that its protocol determines which of the nodes gets to produce the next block after the execution of a transaction.
The system is also protected by a modified version of the regular proof-of-stake consensus mechanism, known as the leased proof-of-stake.
The team behind the creation of Waves made it in the form of an open-source platform. This implied the system was more trustworthy and secure for the participants to enjoy.
How do I buy Waves (WAVES)?
The Waved network brings several services to the table. However, one of its most grand services is its functionality in the creation of cryptocurrency tokens. This has led to an increased rate of adoption for the token and also its inclusion in several exchanges. To buy WAVES tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your trading account.
* Wait for your deposit to be confirmed and Buy WAVES through your trading account.