What is Waves Platform (WAVES Coin) | Open-Source Blockhain Platform
WAVES Coin Price
What is Waves | A Quick Summary
Waves platform is a way for users to launch their own Cryptocurrencies on a decentralized open-source blockchain platform.
Users can exchange tokens on a peer-to-peer basis in their wallet paying a transaction fee in the form of waves.
The History of WAVES Coin
In 2016 Alex Ivanov, creator of Coinomat an instant Cryptocurrency exchange, proposed the idea for WAVES.
Alex wanted to create waves to address the problems of speed, scalability, adoption and more insides of Cryptocurrency.
After a $16 million success crowdfunding, waves started its launch.
On November 2016, the Cryptocurrency launched its decentralized platform. They released both the full node capabilities and the ability for users to create their own tokens.
Then in March 2017, they created a Bitcoin gateway where users could hold wBTC on the Waves Network.
Throughout the rest of 2017, they created a Decentralized Exchange (DEX) and added various gateways such as:
The WAVES Founder
Alexander Ivanov - Linkedin
Alexander started with the creator of coinomat an instant cryptocurrency exchange.
He also was involved in the creation of the NXT cryptocurrency platform.
The Purpose of Waves Platform
Waves was created to address the looming isolation that regulation people face from Cryptocurrency.
With the creation, the team intended to make crypto open and available for all.
The different payment gateways added allows the ability for anyone to create a token they set out on their path.
As of today waves has launched many new tokens and continues to do so.
The Features of Waves Cryptocurrency
Waves are made up of three different users:
These are the primary users of this platform.
Developers use the Scala language and are able to easily make tokens.
This happens with high network capacity, low latency, and low transaction fees.
Using WAVES decentralized exchange (DEX) traders can securely store assets and trade them.
By issuing their own token, it can give a business a head start.
This allows organizations to do crowdfunding, loyalty programs, voting, and much more.
WAVES-NG Unique Consensus Protocol
This takes block creation in the blockchain and changes it from retrospective creation to forward-looking creation.
Every 10 minutes the protocol elects a leader vetting future transactions before as soon as they happen.
This approach is paired with WAVES proof of stake model of consensus.
Custom Token Creation and the WAVES Token
Not only does it help incentivize good behavior, but it makes spam and the like not use WAVES.
Then when creating a token on the platform or in the wallet client, transaction fees will use the native token.
Incentives via MRT and WCT
Miners Reward Tokens (MRT)
When a new block is created, tokens are distributed to the creator.
These MRT tokens serve as a way to reward increasing transaction fees while giving miners the power to vote on network parameters.
Waves Community Tokens (WCT)
On a monthly basis, WCT tokens are distributed to Waves users.
This encourages users to hold Waves long-term and in an open wallet on the network. This WCT token will also be needed for proposing new tokens and ideas, allowing the community to vote for them.
Unique Wallet and Platform Features
A decentralized exchange integrated within the wallet. Using centralized ‘matcher’ nodes users can trade peer-to-peer using waves for the transaction fee. Then the ultimate finalized transaction is stored in the blockchain.
By leasing WAVES tokens to miners, users can receive a reward because they are allocating their additional mining power.
Token ID numbers are unique, allowing users to create any name they want after filling out a short form.
Each token has a short description which can’t be changed after issuance.
Otherwise, supply and other characteristics are completely editable by the issuer.
What We Think of WAVES Coin
Waves is a development platform, but one that lets anyone create a token.
This is both a good and bad thing because currently, it can mean a saturation of the market and clutter.
Although, giving users a truly free market is definitely a plus.
We at GCA currently do not hold waves and will consider it in the future as its price has had steady gains.
If you liked this review and want to help support the academy donate some Waves below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is NXT Coin? | A Beginner’s Guide NXT Coin Price NXT Cryptocurrency Overview NXT is a blockchain platform built on the foundations of previous Cryptocurrency platforms like Bitcoin. NXT has many features including decentralized asset exchange, marketplace, voting systems and NXT itself being a currency system. It is easy to use, open-source, permissionless and…
What is Rchain (RHOC Coin)? RHOC Coin Price What is Rchain? A Quick Overview Rchain is a blockchain decentralized application (Dapp) platform aiming at achieving the scalability of Facebook and transaction speeds of Visa. They are a smart, versatile blockchain that scales with use by using a programming language called Rholang; utilizing the Rho-Virtual machine.…
What is Aeternity (AE Coin)? AE Coin Price What is Aeternity? | A Quick Overview Aeternity is a scalable smart contract blockchain technology, which interfaces with real-world data. Using a scalable and trustless turing-complete blockchain, Aeternity combines proof-of-work with proof-of-stake for a peer-to-peer decentralized global network of nodes. The History of Aeternity Coin Aeternity started…