Waves is one of the latest open blockchain platforms that targets bridging cryptocurrencies to the world. For about a decade, the complex nature of cryptocurrencies made it very difficult for most people to understand let alone apply in their daily lifestyles. This has been cited as a flaw that could work against some of the top blockchain platforms such as Bitcoin. It is the focus to remedy these flaws that has made new blockchain platforms such as Waves to emerge. Here is a full review of Waves to establish all that you need to know about it.
- 1 What is Waves and its core objectives?
- 2 How does the Waves platform operate?
- 3 The main Waves Features
- 4 Pros of using Waves
- 5 Cons of Waves Platform
- 6 Waves Price
- 7 Where to Buy and Sell Waves in Australia?
- 8 Conclusion
What is Waves and its core objectives?
Waves is one of the latest blockchain platforms, just like others such as the Ethereum and Bitcoin. The core objective of creating Waves was to come up with an exchange for digital assets like Tether and Bitcoin while further providing a crowdfunding solution.
Waves was founded in 2016 by a Moscow physicist, Sasha Ivanov who had many years of experience in Software development on financial market prediction. Before launching Waves, Sasha had also launched another cryptocurrency exchange at Coinmat.com. It was the first conventional blockchain token (coinoUSD).
The platform allows everybody with the platform to launch, distribute and even trade in its crypto token. Today, Waves has attracted top businesses and start-ups. Some of the Waves members that indicate its success include the Tokenomica (a top venture based company), Upcoin (a political engagement organization), and MobileGo (a special marketing drive designed for the gaming world). These initiatives denote the expanding impact of Waves beyond the conventional financial world.
Waves operate as a fully decentralized, auditable, and transparent platform. Since its commissioning, its crowdfunding campaigns have raised more than 30,000 Bitcoins.
How does the Waves platform operate?
Waves operates by allowing users in the platform to generate their own tokens and trade them for either cryptocurrencies or conventional currencies. Unlike other blockchain platforms that are complex to understand and use, Waves allows interested people to join and start trading in less than two seconds.
Waves uses conventional currency gateways that are operated by licensed operators. The licensed operators are conventional organizations that allow users to convert the ordinary currencies to digital currencies. Note that the digital tokens are different from others such as Ethereum and Bitcoin. They are simply digitized versions of the conventional currencies for the Waves platform and include wEUR and wUDS that can be moved on the Waves platform.
The main reason for people preferring to use the digital tokens is because they can be moved faster within the blockchain compared to the conventional bank transfer. Once a user receives the token currencies, they can be converted to the common currencies. You can also tokenize other cryptocurrencies on the Waves platform. All the fiat currencies are traded at a ratio of 1:1 on the Waves blockchain technology.
All the Waves features are accessed using the Waves Wallet that is downloaded either as a mobile app for or Chrome extension. Here, simply referring to Waves Wallet as simply an e-wallet is a misconception. The wallet provides a lot of features for enabling users to access the entire framework. It provides faster integration, enhanced speed, an intuitive interface, and customized tokens. Besides, it is also updated constantly by different nodes on the network.
There are 3 versions of the Waves platform; the Lite Client, The Mobile Client, and the Full node. All the versions are available on Waves platform site. To start trading on the Waves network, you have to download one of the versions and buy some Waves tokens that are traded on Bittrex and Tidex.
The main Waves Features
The mobile and chrome apps
The main objective of Waves is providing clean and more familiar user experience. It is because of this that both the Chrome and Mobile app are light and easy to use without downloading the entire blockchain.
Decentralized Exchange (DEX)
Waves provides peer-to-peer trading for all users within the platform. This allows the user to trade in any pair of Waves Token. The Peer-to-peer reading further provides near rear-real time blockchain settlement for enhanced security.
Waves smart contract
This is one of the features that Waves has promised will be introduced in the third quarter of 2017.
Pros of using Waves
- Waves is one of the fastest blockchain technologies in the world today (about 1,000 texts every second).
- Its operational charges are very low: Every transaction is charged a very small amount (0.001 WAVES) and can be paid in Tokens.
- It allows users to implement conventional transfers: This is perhaps the greatest breakthroughs for Waves. By allowing users to link the conventional currencies with the Cryptoworld, everyone can now join and start trading.
- Waves has become a perfect place for Crowdfunding: Because of the ease of generating and trading in Waves tokens, many companies and individuals are finding it easy to raise funds for their projects.
Cons of Waves Platform
- While the blockchain platform is creatively working towards addressing key flaws in previous cryptocoins, it remains complicated to understand. You need to dig deeper into the ecosystem to operate smoothly.
- Users on individual mobile or Chrome apps are still vulnerable to attacks.
- The network is relatively new and yet to implement all the features. This could make some people hold on and wait to see how things unfold before investing fully in its network.
- The blockchain users can only trade after reaching the set minim of 10k waves token.
Where to Buy and Sell Waves in Australia?
Crypto Currency for Fun recommends buying Waves at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Waves and they offer Instant Delivery or your coins right into your account.
This is one of the most regarded cryptocurrency ecosystems in the world today. Because of the ease of access and trading in tokens, more people prefer it to raise funds for start-ups or simply as an investment. Besides, their focus on progressive improvement through new features has made the blockchain emerge as one of the most potential platforms to watch in the near future.