Waves Cryptocurrency Overview

The concept of Web 3.0 involves the privacy of users and the control of the Internet community over large organisations. The new stage in the development of the Global Web clearly demonstrates the evolution of technology and the emergence of Web 3.0, opening the door to the era of decentralised systems. Distributed registry technologies are impacting the Internet, and changes in the structure of the World Wide Web require the modernisation of existing crypto-platforms and the creation of new ones. One of the pioneers in this area is the Waves project, a cryptocurrency and toolkit for developing Web 3.0 applications and decentralised solutions.

Features and characteristics of Waves Cryptocurrency

The founders of the cryptocurrency Waves believe that the adoption of blockchain technology will go faster and cover more areas of human activity if the following problems are solved:

Blockchain’s primary objective of providing value transfer through “tokenisation” of digital assets is often overshadowed by other considerations, such as a focus on smart contracts. The Waves platform makes it easy to buy and sell various digital assets on crypto platforms, regardless of which fiat or cryptocurrency dominates any part of the world.

The platform includes the Waves Decentralised Exchange (DEX), which allows you to exchange digital tokens for a Waves coin or any other token created on the platform. DEX supports the exchange of digital currencies for paper currencies such as US dollars or euros.
The blockchain must be scalable and decentralised. Waves uses the Waves-NG protocol to improve network capacity, reducing block creation time and the likelihood of unnecessary branching.

Smart contract mechanisms must be optimised to handle different assets. The Waves platform proposes to simplify this task with a special smart contract language called RIDE, which allows the creation of categories such as “smart assets” and “smart accounts”.

Waves aims to be a one-stop solution for different uses of blockchain. It is based on the ‘coloured coin’ method, which involves the management of real-world assets through their association with addresses in the blockchain. Waves-based tokens can be linked to fiat currencies and other real-world assets such as bonds, intellectual property and stocks. The Waves architecture allows third-party developers the flexibility to create and execute new types of transactions in an environment similar to the app shops that most users are familiar with.

Creating custom tokens means simplifying interactions, as tokens are customisable to the needs of users and investors involved in an ICO. They can be used as a share in a decentralised voting model or as part of a rating system. And also when launching a customer loyalty program or reward-based discounts. For example, Burger King customers were able to receive one Whoppercoin token for every ruble spent in restaurants.

In early 2021, the project team integrated a new version of the Waves 1.3 protocol with an extended set of tools for working with decentralised applications. The platform has launched the blockchain game Waves Ducks, whose main characters are unique digital pictures of ducks made in the form of non-exchangeable tokens. Buy duck eggs, share them with other players, collect and breed ducks to get a unique and very valuable digital item that will bring you tangible profits in the future. You can read more about this game on the official website at https://waves.tech/.

The developers of the Waves blockchain project intend to work for the benefit of the entire blockchain community, i.e. ordinary users who are interested in distributed ledger technology. They have laid out their ideas in a short manifesto. Let’s list them point by point:

Waves cryptocurrency is not a hype, but a serious digital product with a wide scope of practical application. At this stage of formation and development of the crypto-industry, its main purpose is to process all kinds of crowdfunding projects.

The developers of Waves should support other, promising blockchain start-ups, rather than focusing all their attention on promoting domestic cryptocurrency.
Traditional financial structures will continue to perform their functions in the future, but only if they are more proactive in adopting innovative payment technologies and becoming more transparent and open.

Decentralised networks should play a leading role in the global financial system.
Distributed registries should be ubiquitous in all areas of human activity, including public institutions.
Acting as a cryptocurrency crowdfunding platform, Waves allows any verified user to issue their own digital currency, raise funds by selling it to others, and exchange the new asset for Waves tokens. All new tokens made publicly available can be verified using the official WavesGo blockchain researcher. The Neutrino protocol enables stable coins backed by the ecosystem’s base cryptocurrency and other synthetic assets.

Coins created from the platform can be exchanged through a decentralised service. The Waves Exchange (formerly Waves DEX) is a fast and secure decentralised trading platform for assets launched on the Waves blockchain and other supported cryptocurrencies. The Waves token is used to pay for all transactions made on the platform.

Waves Cryptocurrency Company Development History

Waves Cryptocurrency was founded in 2016 by entrepreneur Alexander Ivanov. During the ICO campaign, it managed to raise 30,000 BTC ($16 million). The combination of a revolutionary idea and a set of in-demand technologies sparked increased investor interest.

The following year, Waves entered into a cooperation agreement with the Indacoin exchange, allowing users of the network to access bank card transactions. The ability to buy cryptocurrency with fiat attracted many new customers. Waves then launched DEX, a decentralised exchange for exchanging various types of tokens without intermediate transactions into Etherium and Bitcoin virtual coins.

The Account leasing update, enabled owners of Lite Client crypto tokens to lease their assets to full network nodes to mine Waves coins on the Proof-of-Stake algorithm. A payment gateway has also been activated to buy Waves for Eurocurrency and US dollars.

As of December 2017, Waves is headquartered in Switzerland. It is the country with the most favourable environment for blockchain projects. Link to Waves official website https://wavesplatform.com.

Waves project team

The CEO and founder of the blockchain system Waves is Alexander Ivanov. He graduated from Moscow State University with a degree in Theoretical Physics and is a postgraduate student at the University of Leipzig. He has experience in developing virtual payment networks and neural systems for making predictions on financial markets. He has worked on the NXT blockchain project. He created one of the first Coinomat exchanges, the CoinoUSD fiat token and the Coinoindex digital currency exchange index, as well as the Cryptoasset venture capital fund.

The project’s leading experts are:

Maxim Pertsovsky – Chief Operating Officer. Graduate of Farminers Project Academy. Founder of Green Garage platform where “technology meets art”.
Philip Eryushev – head of marketing. He is responsible for developing digital expertise for online users and running advertising campaigns.
Phil Philipak is a developer. Uses the computer languages JavaScript, Python and Bash. In charge of interface and platform functionality development.
Artem Kalikhov – Head of Technical Department since December 2017. He has been working in IT since 2009. Main responsibilities: architectural design, product management, human resources.
The project management provides financial, technical and marketing support to developers creating solutions on Waves. The network is focused on hosting dApps, currently the most promising segment for mass adoption of blockchain technology.

Waves mining

The Waves ecosystem first worked on the Proof-of-Stake (PoS) consensus algorithm. But, later, the developers released a modified LPoS (Leased Proof-of-Stake) protocol. In classic PoS, each user must keep a certain amount of tokens in an official wallet in order to participate in mining. The LPoS algorithm used by Waves makes it possible to lend wallet balances to full nodes that are responsible for keeping the network operational. The miners build balances at the expense of the other users and give them a portion of the profit for doing so.

You can either run a full node on your PC or lease the coins to other users. The full-nodes in the Waves system process transactions and generate new crypto-blocks. The “fatter” a miner’s wallet is, the more likely he is to be trusted to create another block.

Benefits of LPoS:

Leasing does not at all imply transferring funds to a node’s wallet. The coins stay with you, you just need to activate the leasing and select the miner.
The income depends on the efficiency of the node. You can terminate the lease whenever you want without the agreement of the node, and give the funds to another mining operator.
Rents can be paid in WAVES coins as well as other tokens issued within the platform.
LPoS has a minimum personal balance threshold of 1,000 WAVES miners, it is possible to raise additional funds by running a pool.
Since all Waves coin are issued, miners only profit from the processing of financial transactions. Accordingly, the amount of payment to the lessor depends on the number of transactions included in a given block.

The Waves-NG protocol, developed based on Bitcoin-NG, reduces transaction latency and increases throughput without sacrificing network security. The scalability problem is solved by continuously managing the block during the mining process in a continuous mode. The liquid block era is extended until the next key block is created, enabling the processing of micropayments without delay.

Thanks to Waves-NG, the system withstands the increased load of Airdrop and ICOs.The protocol concept is based on the separation of blocks into two types:

Key Block;
Microblock.

The formation of the Waves-NG chain structure takes place as follows:

Node is allowed to create a new block.
Key Blocks are generated. The volume of the Key Block is minimal, it only includes the Miner’s public identification key, which is necessary for the formation of the Microblocks.
The miner processes the transactions and includes them in microblocks, which are generated every 3 seconds. Each of the blocks has a header that contains the cryptographic hash of its predecessor.
Microblocks are created until the next Key Blocks referencing the liquid block are released. After checking, the microblocks are merged with the key block and the new block is displayed on the Waves explorer. The Key Blocks generation period is 30-60 seconds.
If a double spend is attempted, the miner loses the reward and the commission is transferred to the node that detected the attacker. In addition to full nodes, Waves blockchain also has master nodes. They are designed to perform transactions over an encrypted channel. A list of public nodes is available via the REST API https://nodes.wavesnodes.com/api-docs/index.html.

Buying and selling Waves coins

Waves digital currency is traded on 45 exchanges. These include:

Binance;
Bittrex;
Kraken;
EXMO;
HitBTC;
YoBit.

WAVES coins can be exchanged for Bitcoin, Etherium or other cryptocurrencies, as well as fiat. Binance supports the exchange pair WAVES/USDT and also offers WAVES/BTC, WAVES/ETH and WAVES/BUSD pairs. For full-fledged trading, a simple verification and set up account security

Decentralised exchange Waves DEX moved to Waves.Exchange on December 2, 2019. You can register on the site and get a web wallet address or import your existing WAVES client details and exchange Waves tokens for traditional money or digital coins. The link to the registration page is https://waves.exchange/create.

The Waves.Exchange app is available to install on your smartphone. You can store cryptocurrency and fiat money in it and make quick exchanges when needed.

Secure wallets for Waves

The WavesFX wallet is designed to be installed on your computer. Its function is to store and make transactions in the Waves cryptocurrency. It can also be used to trade on an exchange. Waves wallet FX is a light version of the wallet. By installing it, you will not be able to participate directly in mining.

To download the full node. go to https://docs.wavesplatform.com/en/waves-node/how-to-install-a-node/how-to-install-a-node.html and follow the developers’ instructions.

As an alternative wallet the developers suggest using SIGN. This web application only works in a browser with the Waves Keeper extension installed. It is available for Chrome, Firefox, Edge and Opera. Waves Coins supports the Ledger hardware vault of any modification.

Waves cryptocurrency outlook and forecast

At the end of the review, let’s take a look at the prospects of Waves cryptocurrency and try to predict the future of the project. Of course, our forecast cannot be 100% accurate, but in principle, Waves is no worse than Ethereum. It is just less promoted and still belongs to the category of undervalued projects.

As the head of the company, Alexander Ivanov, said:

The team is working on creating a closed ecosystem, in which business corporations will be able to attract additional assets, receive expert services and test their product, before further promoting it on the market. Hopefully, in 5 years, Waves will become a solid multipurpose blockchain platform for businesses.

Many experts were confident that Waves currency would quickly rise in value, but the 2019 crypto winter has made adjustments to such optimistic predictions. However, the project continues to grow and is in the top 100 of Coinmarketcap in terms of capitalisation. The future fate of Waves is the professionalism and cohesion of the development team. They quite rightly believe that running a leading distributed will bring more dividends than the momentary income from selling tokens, as some one-day projects do. But whether Alexander Ivanov’s team will be up to such an ambitious task is hard to say. We shall have to wait and see.

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