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How Waves (WAVES) Work & Features of ICO Platform

The world of cryptocurrency is something that will obviously change your life once you get to know the ins and out of the market. Well, most people venture in to it thinking of becoming billionaires in a matter of minutes. This is possible if you jump in to the right wagon. However, I urge you to be cautious with your transactions and take time before putting your money into any crypto since this is a world where the future in unpredictable.

The safest way to venture in to this crypto world is by thinking of joining a tech world that will change the future rather than focusing on the monetary value. This way, I bet you won’t bank your entire life savings just to dream of a position on the Forbes list. Well then, in this article, I would like to introduce one of the new altcoins (name for other digital coins that are not Bitcoins). This is still an upcoming cryptocurrency and is defined as a digital coin that intends to be decentralized for trading and crowdfunding by tokenization.

In this article therefore, we are going to discuss a brief history of Waves (WAVES), its founders and features. This will be all aimed at giving you a better understanding of the cryptocurrency.

History of Waves Platform

This cryptocurrency was developed by Sasha Ivanov in 2016, who is the founder of Coinomat cryptocurrency exchange platform. He was also involved in the development of the NXT cryptocurrency platform. This crypto was developed to solve some of the biggest challenges in the cryptocurrency world which include;

  • Larger blockchain adoption
  • Scalability
  • Speed
  • User Friendly experience

Other members of the team behind this brilliant innovation includes;

  • Maxim Pertsovskiy
  • Mariya Borovikova
  • Natalya Malyova
  • Alexey Kofman
  • Ilya Smagin
  • Alexey Koloskov
  • Phil Filippak

The creation of this currency was funded by a crowdsale which managed to raise sixteen million dollars. At that time, these numbers made Waves the 2nd largest crowdfunded success story in the blockchain world. The team behind this crypto was able to collect about 30,000 Bitcoins.

The cryptocurrency was officially launched in November 2016 as a decentralized network after the release of full nodes. The release also had an added feature where the users of the blockchain were now able to create DApp applications using tokens created.

Key Feature of the Waves Platform

WavesDex – This is a decentralized exchange platform for the waves cryptocurrency that is built in to the blockchain. Users are able to trade their Bitcoin, Ethereum among other cryptocurrencies to change for the Waves currency. This was a major step up since it made no sense why someone would opt for a centralized exchange while your currency is decentralized.

Additionally, the platform also allows fiat currencies like USD and EUR for those in love with the fiat currency. You can also install Lite client using the WavesDex.

Smart contracts – The smart contracts in this platform are as complex as the ones in Ethereum. They are secure and powerful. The contracts are also scheduled for updates in the first quarter of the year 2018 which can be a major improvement in the currency. This will in turn impact the market cap of this currency positively.

Tokenization – In this platform, users are given the ability to make their own custom cryptocurrencies or tokens in a matter of seconds. You will only require at least one wave just to do so. Moreover, you can also decide the name of your currency hence giving you a vast field of options to choose from. This is the perfect platform for ICO and crowdfunding.

Trading with Fiat currency – The waves cryptocurrency has an added feature known as Fiat Gateway which gives users the opportunity to exchange the waves tokens with real money through the same platform. This money can later be deposited to the bank. This gives the cryptocurrency an added advantage hence increasing the number of users in its platform.

Perfection of both Fiat and Digital – Transactions made through the platform are usually recorded in the blockchain system. This provides a perfect blend of both the digital and the real money hence mixing the decentralized with the centralized governance. Moreover, this blend gives users the chance to go through a smooth change from centralized to decentralized systems.

ICOHub – This is a community of the users in this blockchain where each member has the chance to vote on the projects of the waves platform that are seeking to being their own ICOs. Additionally, the winner gets help from the foundation of this platform and also direct hosting.

Wallets of the Wave Cryptocurrency

Wallets are platforms where you can store your cryptocurrency. Think of it like online banking, only that it holds private keys that resemble your cryptocurrency in a given blockchain system. Finding the right wallet can always be an uphill task especially if you are looking for the most secure option. I would urge you to be cautious about online wallets since they are vulnerable to hack attacks and you may lose your cryptos. All in all, here are some of the wallets you may consider;

Mobile wallets – Waves wallets for android and iOS users

Web wallets – Waves LiteApp for chrome extension and Waves wallet for web

Desktops wallets – WavesGui for GitHub

In conclusion, Waves cryptocurrency has managed to be among the top 40 cryptocurrencies in the world by their market cap value. This shows that this currency is worth banking on. However, the future is unpredictable especially in the digital currency world. Take your time and read through the white paper of any crypto before banking a penny on it. This might actually save you time and money.

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Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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