- 1 Waves is a proof-of-stake blockchain network, decentralized exchange, and wallet.
- 2 The Waves protocol has smart contract capabilities along with several other features.
- 3 It allows individuals to create their own coins as well as exchange and trade cryptocurrencies.
Waves is a community-based multipurpose blockchain platform that seeks to support a compilation of decentralized open-source technologies to build scalable, user-friendly apps.
Waves aims at creating a comprehensive blockchain ecosystem that provides several features required for business adoption.
WAVES is the native token of the Waves blockchain. Block generators seek to obtain block rewards and transaction fees in WAVES. This aims to promote generators to maintain and develop the blockchain network system.
The more WAVES a generator holds, the better chance they get to add another block to the blockchain. Blocks are the data structures within the blockchain database.
Founders and Developers of Waves
Alexander Ivanov, also known as Sasha Ivanov, is a Ukrainian scientist who founded Waves in June 2016.
Ivanov was active in the crypto space even before the founding of Waves. He has founded the instant exchange Coinomat and the indexing site Cooleindex. He was also involved in the creation of an early version of a stablecoin, CoinoUSD, tied to the USD.
Ivanov named the platform Waves based on Albert Einstein’s gravitational waves theory.
Ivanov was publicly active in the promotion of Waves through events such as frequent interviews on the platform and trends in the wider blockchain industry.
As per the marketing documents issued by the company, it has approximately 200 people at locations including Moscow and Switzerland.
Working of Waves
Waves is a decentralized, open-source blockchain platform used for the development of dApps and custom blockchain token processes.
It uses its own programming language, called RIDE, and a modified proof-of-stake (PoS) protocol called Leased PoS. It also has its own on-chain governance.
Waves holders can vote on on-chain reforms known as Waves Enhancement Proposals (WEP). An approval of a minimum of 80% is required in order to support any changes to the protocol.
The WAVES token is an inflationary asset that offers a reward for every block mined. The reward was initially set at six tokens. Every 100,000 blocks, or roughly 70 days, token holders can vote on whether to change the mining reward by 0.5 WAVES or leave it unchanged.
The platform was developed as a smart contract, application-based platform that uses the colored coin approach. It allows the development of new dApps with their own coins that are customized or colored.
Waves has generated several purpose-specific applications for running decentralized applications. Some use cases for the protocol include decentralized exchanges (DEX), stablecoins, and blockchain-based games. WAVES offers fixed-fee transactions without the need for gas fees.
WAVES Tokenomics and Price Statistics
Initially, tokens were distributed among the development team, strategic partners and backers, post-ICO bounties, early supporters, and token sale participants.
The market cap for the WAVES token is $206,965,076 with a 24-hour trading volume of $21,865,353. Its fully diluted valuation is $206,965,076. The circulating supply and total supply are 100,000,000 tokens. It has an uncapped maximum supply.
Uniqueness of Waves
As one of the first offerings in its field, Waves is established to improve on the early blockchain platforms and products.
From the outset, it has aimed to appeal to prospective business clients interested in using blockchain to improve processes or create new services.
Waves supports smart contracts and dApp development, ensuring that speeds and ease-of-use surpass competition at that time.
After this, so many other products have appeared, including Gravity, a cross-chain and Oracle network, and the decentralized finance (DeFi) focused platform Neutrino. The Waves DEX is a decentralized cryptocurrency exchange.
In 2020, Waves announced that its platform would be interoperable with the Ethereum network by releasing the Waves token as an ERC-20 standard asset.
Characteristics of Waves
Token Creation
Waves facilitates token creation in less than a minute by filling in details, including token issuer, name, etc.
Decentralized Exchange
The Waves decentralized exchange is one of the only decentralized exchanges that offers multiple fiat to crypto gateways. On the DEX, users can exchange USD, EUR, or CNY for various cryptocurrencies, and all of the tokens created on Waves are automatically listed on the DEX.
Waves Wallet
Waves exchanges are designed in such a way that they facilitate direct trades through desktop or mobile devices. Google Chrome extensions allow users to create, transfer, and sell their digital assets.
Some of the other characteristics of Waves are as follows:
Simple
Waves enables NFTs, DAOs, and other new business models to support users.
Scalable
Waves claim to deliver extremely fast experiences with extremely low costs.
Eco-friendly
Waves aims to make the most of the block with a reduction in energy consumption and a reduction in the carbon footprint.
Open
Waves bridge other ecosystems for easy interoperability.
Benefits of Waves Protocol
The Waves protocol offers various benefits to DeFi apps:
Fixed Fees
All network fees are fixed, besides network overload. This feature was made feasible by designing the protocol and its smart contract language.
Swift Transactions
The protocol seeks to enable up to 1,000 tps. This is essential for DeFi apps with many users and often small transactions.
Staking
The Waves protocol seeks to enable WAVES tokens to collect income from staking their tokens.
User Friendly
The Waves ecosystem aims to provide a single-entry point, which can benefit its users.
Ecosystems and developers
The Waves ecosystem seeks to offer various tools, products, and components to streamline the process of building and running dApps.
Conclusion: Recent Developments in Waves
In 2022, Waves developers announced their transfer from the 1.0 to 2.0 plan. This transfer includes a new consensus with EVM support, new governance models, cross-chain finance, and the Level 0 Inter-Metaverse Protocol.
It is also accelerating to increase the dominance of the Waves blockchain as well as the massive adoption of blockchain technology.
FAQs
Where can the WAVES tokens be brought?
The cryptocurrency exchanges that currently trade WAVES tokens are Binance, OKX, Bybit, DigiFinex, and Bitrue. It usually has the highest volume on Binance and Huobi Global.
Which is the most common trading pair?
Waves usually form pairs with other cryptocurrencies, stablecoins, and fiat currencies.
What is the all-time high for the Waves token?
The all-time high is $18.07, marked on December 17, 2019.
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
