Cryptocurrency

What is Waves (WAVES)?

The Waves platform is a blockchain network used to create tokens.

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Bonarous

Turkey


  • 8th, September 2021 (4 months ago)
  • $ 0.00033984
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The Waves platform is a blockchain network used to create tokens. It aims to provide users with fiat money transfer without problems in the blockchain environment. On this network, you can develop tokens for yourself, your company, your project, your startup or just for fun (it may be popular these days :) ). The dApp (decentralized application) development process on the network is easy. Creating tokens on the Waves network costs a few minutes in terms of time. You can easily create tokens with the plug-in you install on your Chrome or Chromium-based web browser or with the plug-in you download from the FF Store. Ride script is used when creating tokens.

The platform also has a DEX, that is, a decentralized exchange. In other words, Waves also aims to facilitate the exchange of all cryptocurrencies with each other. In a way, it supports the transition from centralized systems to decentralized systems. You can swap with cryptocurrencies in Waves Dex, even if you have a good project and the token you produce has gained value, you can even swap your own token with different tokens. Another project of the platform is Waves Enterprise. Thanks to this application, businesses can directly interact with the Waves platform.

The project team (Sasha Ivanov) were the developers who worked on the NXT project before Waves. Problems in that project, problems during the ICO, etc. added, they left the team and decided to develop their own blockchain project, launching Waves. A total of 30,000 BTC was raised in Waves' ICO offering in 2016, which currently stands at $1 billion 650 million.

Waves platform gives importance to user experience and tries to offer as simple usage as possible. Although creating tokens on the platform is much easier than networks such as Ethereum, Binance Smart Chain, Polkadot Ecosystem, Solana Ecosystem, Tron Network, the tokens created here are very mediocre in terms of functionality. However, the Waves developer team continues to make smart contract integrations into the network. Although it is very difficult to catch the functionality of other quality networks, Waves also looks like it will be an easy and high quality network.

Features available in Waves Core software are Waves Platform Interface, Decentralized Exchange (DEX), Custom Application Tokens (CATs) and Smart contracts. The project has partnerships with the Russian National Settlement Depository and with Deloitte. Already Waves is a Russia-based blockchain network.

Waves is the 45th most valuable cryptocurrency with a market cap of $4 billion. All WAVES coins are in circulation and there are 105,012,610 WAVES in total.

Waves DEX (Waves Exchange)
Waves Dex, which belongs to the Waves platform and works on the Waves network, aims to continue to work actively and securely like other decentralized exchanges. Dozens of different cryptocurrencies can be easily swapped on the stock market, which has been open since 2017. Transactions are seen on the platform with the Waves Enterprise token. The platform's most popular USD stablecoin is Neutrino USD (USDN). Transaction fees on the decentralized exchange are very low. Waves Exchange has language support for English, Spanish, Italian, Chinese, Russian, German, Dutch and Indonesian.

Security
There are two different types of nodes in the network, full and light nodes. They do not use the traditional architecture established by similar networks. They avoid scaling problems by using full nodes and light nodes. The Scorex platform maintains the security between these types. Light nodes do not keep individual records of all transactions on the network, but instead, strictly needed information is recorded on these nodes. Because Waves uses open source code, anyone can see these transactions and transfers. Simplified payment verification is also done with this node. Leased Proof of Stake algorithm, which is a differentiated Proof of Stake algorithm, is used to ensure the security of the network, to guarantee the network and to protect its integrity. WAVES coins are staked to full nodes in the LPoS mining algorithm. The cost of this staking operation is 0.002 WAVES.

Although the PoS algorithm is used, it is not possible to mine because the total supply is certain. All 105 million coins are traded in the cryptocurrency market. However, the developers of the Waves platform offered the opportunity to become a Masternode. Those who have a minimum of 10,000 WAVES in their hands can get a hefty profit from transaction fees and network usage as a masternode. Those who do not have 10,000 WAVES can also get a share of the transaction fees by staking full nodes. Each transaction on the mainnet takes between 1-30 seconds.

The protocol that determines the receivable nodes according to the extraction of blocks in the network is the Waves NG protocol. The node that will extract the microblocks created with public keys allows to assign a random one among the PoS miners with this protocol.


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1 comments

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Bonarous
4 months ago
Waves platform includes Waves SDK (software development kit).

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