Waves is an easy-to-use multi-purpose blockchain platform developed for users to create their own tokens, create decentralized applications (DApps) and execute smart contracts. The native cryptocurrency of the Waves platform is WAVES, which is also the name of the project. In this article, we will answer questions such as what is Waves, what does Waves do, what are the advantages of Waves.
What is Waves? What Does It Do?
With the Waves platform, users can develop Web 3.0-based decentralized applications (DApps) and smart contracts, as well as create their own private tokens. This means that cryptocurrency can be developed with very little knowledge in programming. On the Waves platform, users can also easily trade the cryptocurrencies they have created.
Yes, it is possible to create tokens with ERC-20 smart contracts on Ethereum. The difference of Waves here is that users can perform this process without coding knowledge. Users can generate cryptocurrencies by referencing scripts. Moreover, all of these cryptocurrencies are available on WAVES.Exchange, WAVES.Exchange, WAVES ‘s decentralized exchange (DEX). Waves supports the Proof of Stake model. In this way, users can stake Waves tokens and earn income in addition to the increase in market capitalization. In addition, the Waves project’s adoption of the Proof of Stake model is a reflection of their desire to reduce their carbon footprint .
WAVES, the native cryptocurrency of the Waves platform, is used to support the overall functioning and ecosystem of the platform. This includes concepts such as value transfer, transaction fees, DApp development, token creation, discounts and privileges.
Which Advantages Does Waves Offer?
The Waves project is a remarkable platform that offers a number of advantages for users and developers. These advantages are helping to make blockchain technology more accessible:
Fast Processing Time:
The Waves platform brings high trading speed. With its proprietary consensus mechanism called Waves-NG, it increases the speed of block generation and can process thousands of transactions per minute. This method is used for speed and efficient transaction processes.
Low Transaction Fee:
The fees charged for transactions on the Waves platform are low. Users who manage their accounts and perform transactions can do so at low cost. For example, the transfer of ERC-20 tokens to the Waves platform takes place at affordable costs.
Easy Token Creation:
On the Waves platform, it is easy for users to create their own tokens. Using Waves’ user-friendly interface, tokens can be created without the need for in-depth technical knowledge.
Decentralized DApp Development:
The Waves platform supports the development of decentralized applications (DApps). Smart contracts can also be written on the platform. Decentralized applications developed and smart contracts written can be shared with users on this platform. In this way, developers can work in a large ecosystem and have the opportunity to realize their projects.
Security:
The Waves platform offers a protected space for storing user assets with advanced security measures. Privacy is always at the forefront with the security mechanisms it provides for auditing smart contracts.
How Waves Works
Waves allows two different node software to run on its blockchain, full and lightweight. All transaction history is maintained by full nodes. Light nodes depend on full nodes for transaction confirmation and interactions within the network.
Waves uses a variation of the proof-of-stake (PoS) consensus mechanism known as proof-of-stake for rent (LPoS) to synchronize its distributed network.
Waves LPoS Blockchain
In a traditional proof-of-stake model, all nodes that choose to lock tokens can be available to add blocks to the blockchain. The probability of a node being able to add a block will rise or fall depending on the amount of virtual currency a node has locked in a private contract.
Nodes have the option to lease their balances to full nodes thanks to LPoS. This means that when a full node is selected and met to reveal a next block, nodes that lease tokens to the selected node earn a certain payout percentage.
Waves – NG
The protocol that determines which node is correct to generate the next block is called Waves – NG. This is a modified form of an idea that was first proposed (but rejected) for Bitcoin (BTC).
Waves – NG divides the Waves blockchain into two blocks: basic blocks and micro blocks.
Basic blocks are created by a randomly selected proof-of-stake miner. The public key contained in this block is preferred by other nodes to create a large number of micro-blocks containing transactions.
Smart Assets
At the heart of the Waves blockchain is the ability to create “Smart Assets” tokens with a script written in Ride, Waves’ proprietary programming language. Any token can be given functionality by adding a script. Since Waves allows users to issue tokens without any programming experience, transactions are accompanied by tokens and subsequent transfers. Different types of transactions are offered by plugins installed as extensions to the top of the blockchain.
Who are the Founders of Waves?
The Waves platform was founded in 2016 by Alexander Ivanov, a Ukrainian scientist. Alexander Ivanov has built a reputation in the blockchain space by creating successful technology companies, projects and products to help improve business, banking and public administration systems. He founded the Waves platform after more than a decade of developing electronic payment mechanisms.
Alexander Ivanov was aware of the difficulty of token creation and the process of listing a cryptocurrency on an exchange after it has been created. He launched the Waves project to make all these processes easier for everyone.
To summarize, Waves has become a platform that has attracted attention in the cryptocurrency world with its unique features and advantages. WAVES, the cryptocurrency of this project, is the cornerstone of the Waves blockchain.
The Waves platform also offers great flexibility for users to create and manage their own tokens. Users can create their own tokens on the platform and use them to trade, use them in their projects or for other purposes. This freedom and convenience mobilizes project developers and businesses to create their own token-based economy on the Waves platform. The Waves platform contributes to this goal with user-friendly tools, fast processing times and low costs.
The further growth of the Waves platform may lead to a wider reach of blockchain technology and the birth of new projects in this field.
What Other Things to Know About Waves (WAVES)?
To find out a little more about Waves, it is useful to look at the answers to some of the questions below.
Is WAVES a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. WAVES is a coin because it has its own blockchain structure.
Which blockchain is WAVES coin on?
WAVES coin exists on its own blockchain network. It is therefore based on Waves’ own standards instead of standard token protocols like ERC-20 or ERC-721.
Is WAVES coin being mined?
Waves’ consensus mechanism is a system recognized as “Leased Proof of Stake” (LPoS), a different approach to mining. Instead of a traditional mining process that requires mining hardware or energy consumption, coin holders “lease” coins on the Waves network, contributing to the security of the network and receiving their rewards. This is why WAVES is a non-mined cryptocurrency.
How to buy WAVES coins?
To buy WAVES coins, it is sufficient to create a membership on ICRYPEX. Once you have completed the membership process, buying and selling other cryptocurrencies including WAVES coin is fast, easy and secure.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.