What is Waves (WAVES)?

What is Waves (WAVES)?

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Waves is a multi-purpose blockchain-based platform and cryptocurrency project. Waves is renowned for its wide range of applications, including decentralized apps (DApps) and smart contracts, among others.

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With the help of one of the cryptocurrency industry's early initial coin offers (ICO), Waves was founded in June 2016 to improve the first blockchain platforms by enhancing speed and usefulness while also improving usability and user-friendliness.

The platform has undergone several adjustments and has been enhanced with additional spin-off features to improve on its initial concept.

 

Component Waves (WAVES)
Technologies WavesNG
Market Capitalization $1.56 Billion+
Open-Source Yes
Consensus Mechanism Proof of Stake
Smart Contracts Yes
Founders/Authors Alexander Ivanov
Launch Date 2016
Circulating Supply of Coins 107,094,304 WAVES
Maximum Coin Supply None
Mining-based Coin? No
Is Waves a Stablecoin? No
Does Waves have a burn rate? No
Does Waves have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Waves

Waves launched smart contract features to the Waves Mainnet in 2018, allowing third-party developers to create decentralized apps (DApps) and custom tokens.

That is when Ivanov founded Waves Platform AG, a for-profit corporation based in Moscow with the mission of driving and funding the development of a new blockchain network.

In April 2016, the Waves team launched an initial coin offering (ICO) for their WAVES native token, generating an estimated $22 million (30,000 BTC). Waves premiered soon afterward, in Q3 of 2016.

Additionally, in 2019, the platform's creators started marketing Waves Enterprise, a version of the network geared for institutions.

 

What makes Waves unique?

Waves is a blockchain-based platform that allows users to easily build unique cryptocurrencies and smart contracts that power decentralized applications (DApps).

Waves, like other cryptocurrencies, uses a blockchain in addition to a decentralized ledger. Waves employ Leased Proof of Stake (LPoS), which is an altered version of the conventional proof-of-stake (PoS) consensus method.

LPoS allows lite wallet users to engage in the block verification process by leasing their WAVES tokens to mining nodes. Lessors of WAVES gain a share of the bonuses if their node is chosen as the validator.

Waves' strength is in its Smart Assets, which are tokens with added functionality owing to asset scripting. These may make Smart Assets non-transferable (burned) or freeze once the Waves blockchain achieves a specific block height.

An Issue Transaction is created by entering some basic details and paying a 1 WAVES charge to launch the token from the account.

 

What are the main uses for Waves?

The Waves platform may be used to create and deploy sophisticated decentralized applications (DApps) for almost any purpose. The Waves token is utilized for transactions on the Waves Exchange and third-party controlled exchange platforms.

 

What is the future potential for Waves?

Among the platform's future developments are enhancements to the Ride programming language that will enhance its DeFi capabilities, the opening of lending pools on the Waves-powered liquidity pool Swop.fi, and the launch of synthetic assets related to Bitcoin and equities through the DeFo protocol.

 

Price analysis on Waves

Waves were initially launched in 2016, and its price analysis over the past five years are as follows:

 

  2017 2018 2019 2020 2021 to date
WAVES Price High $16.03 $14.28 $3.1 $8.98 $35.9
WAVES Price Low $0.18 $0.98 $0.53 $0.73 $5.56
Market Cap $1.60B $1.36B $418M $932M $3.77B

 

Price prediction on Waves

By the end of 2024, the Waves price is expected to surpass $50. The anticipated highest price is $55, while the estimated lowest price is $37.49. Analysts forecast a 35% price hike on Waves by the end of 2024.

A long-term rise is anticipated based on future projections and historical data; the price forecast for 2026 is $97.96. With a five-year investment, revenue is predicted to increase by around +223.19%.

 

Which wallets are the best option for storing Waves?

The following crypto wallets are the best option for WAVES tokens:

  1. Waves.Exchange
  2. Waves FX
  3. Trust Wallet
  4. Exodus
  5. Ledger

 

1. Waves.Exchange: Waves.Exchange provides customers with an integrated platform for trading WAVES, ETH, BTC, USDT, and a wide selection of other cryptocurrencies and fiat currencies. Additionally, the Waves.Exchange wallet enables you to keep your digital assets securely.

 

2. Waves FX: Waves FX is an officially supported desktop client for Windows, macOS, and Linux. Waves FX is an open-source Waves wallet that offers users all the services necessary for trouble-free operation.

 

3. Trust Wallet: Trust Wallet is a reputable multicurrency wallet that has played a significant role in the cryptocurrency sector for over three years. It is a mobile software wallet that supports a variety of cryptocurrencies, including WAVES, BTC, and ETH.

 

4. Exodus: Exodus is a popular digital currency wallet that supports more than 80 crypto assets. In 2019 Exodus announced that it would support WAVES. The wallet has a user-friendly user interface, and users can store, send, receive, and exchange different cryptocurrencies.

 

5. Ledger: Both the Ledger Nano S and the Ledger Nano X can store WAVES as well as a variety of other cryptocurrencies. Ledger's Ledger Live functionality enables you to manage, transmit, and store WAVES, as well as many other currencies and ERC-20 tokens, securely via a hardware wallet.

 

Where can you buy Waves?

WAVES can be bought, sold, and exchanged on the following popular crypto exchange trading platforms in the crypto markets:

  1. EXMO
  2. Waves.Exchange
  3. Swop.fi
  4. Coinsbit
  5. STEX

 

1. EXMO: EXMO was founded in 2014 and is mostly based in London. The site now supports 182 cryptocurrencies and is accessible in more than 200 countries. Its daily trading volume exceeds 24 million dollars, making it one of the biggest cryptocurrency exchanges on the web.

 

PROS CONS
The exchange offers multilingual 24/7 customer support The platform does not accept United States clients
The exchange supports a range of payment options, including bank transfers There is a limited selection of cryptocurrencies when compared to competitors
The platform supports a range of crypto assets that can be traded Deposit and withdrawal processes can be slow
There is a low fiat trading fee of 0.2% The platform applies strict restrictions on transactions and transfers
The platform is simple to navigate There are high deposit fees charged
There is enough liquidity provided through high 24-hour trading volumes  

 

2. Waves.Exchange: Sasha Ivanov founded Waves in 2017, intending to create a “cryptocurrency ecosystem” for traders. Waves' primary emphasis is on developing unique cryptocurrencies known as smart assets and using smart contracts to power a diverse collection of web 3.0 DApps.

 

PROS CONS
The platform is extremely user-friendly The exchange does not accept fiat currency withdrawal
There is a low and competitive fee structure The platform has low liquidity, and it is still a new exchange
Traders have access to a vast selection of crypto assets  
Waves.Exchange is a reputable decentralized exchange that is based on solid blockchain technologies  

 

3. Swop.fi: Swop Finance (Swop.fi) is a distributed financial system powered by the Waves blockchain, and it was launched in February 2022.

The system is well-documented, managed by its community, and backed by an incentivized liquidity provider (LP). Swop.fi is an Automated Market Maker (AMM), which enables users to execute trades without the need for orders or execution.

 

PROS CONS
The system is backed by the Waves.Exchange  The exchange is still very new
The system is community-driven and is backed by liquidity providers that are rewarded for participation  
There is no need for an order book or intermediaries  

 

4. Coinsbit: Coinsbit is a cryptocurrency trading platform based in Estonia that was started in August 2018. The platform has made a name for itself in the cryptocurrency sector, flourishing in over 73 active crypto marketplaces with millions of active users.

Apart from prominent currencies like Bitcoin, Litecoin, and Ethereum, Coinsbit also supports popular stablecoins such as Tether, Paxos Standard, and others.

It is one of the few crypto trading platforms that offers two tiers (classic and pro), each with unique features tailored to the users' crypto trading experience.

 

PROS CONS
The platform features over 100 coins and new ones are added frequently as projects are released Withdrawal fees that are charged are high
The platform offers crypto trading, staking pools, crypto lending, and IEO projects  
There are a plethora of trading opportunities offered  
There is an innovative in-app marketplace where users can buy real-world products using digital currency  

 

5. STEX: The Spot Trading Exchange, or STEX, is an online platform for exchanging and trading cryptocurrencies. It supports all major cryptocurrencies and tokens, as well as many dozens of fiat currencies.

 

PROS CONS
There is a wide range of digital assets to choose from that can be exchanged with fiat currencies There are no demo accounts or solutions offered to beginners
The platform offers robust security including 2FA, PGP key, Web authentication, and more  
Customer funds are kept in cold storage  
The platform offers access to TradingView  
The platform offers some of the best stability  
There are high-profile advanced charting features offered  

You can buy Waves safely from these cryptocurrency platforms.

What is Waves’ largest Competitor?

The largest competitor of waves is Stellar.

Stellar is an extremely popular open-source cryptocurrency network founded by the Stellar Development Foundation, a non-profit organization.

Lumens (XLM) is the currency's name (XLM), and according to some analysts, this asset is comparable to XRP because of its lightning-fast and low-cost transactions.

The Stellar network is protected by a specific contract that prevents holders of large sums of Lumens from selling them temporarily. Stellar acts as an exchange platform where Lumens is used to cover a tiny transaction charge.

The initiative is very decentralized and ensures equality for all members. In addition, Stellar is also one of the largest blockchain-based projects today in terms of market capitalization.

 

What is the Staking Process involved with Waves?

The Leased Proof-of-Stake (LPoS) consensus mechanism is an “improved” version of the Proof-of-Stake model that works in conjunction with the WAVES tokens.

Rather than maintaining a full node, users may “lease” their tokens to the network's complete nodes for a charge of 0.002 WAVES per leasing. After acquiring 1,000 WAVES tokens, a complete staking node is formed.

Even if a user lacks the requisite number of tokens, they may participate in staking by leasing tokens to a mining pool.

 

What can Waves smart contracts do?

Waves Enterprise is a hybrid solution service network. In addition, Waves is also an innovative private network to Mainnet and is supported by its decentralized infrastructure.

Data transport may be necessary to run applications or smart contracts in the Waves Enterprise blockchain platform network. This feature allows all potential participants, including outside developers and network users, to utilize the infrastructure in new and innovative ways.

One of the prominent infrastructure services that Waves offer involves data oracles. This service is an important component because smart contracts cannot derive data from external sources outside the blockchain.

If there are updated oracles offered with accurate information, it can expand the scope of use cases associated with smart contracts.

 

Is Waves a Good Investment?

Yes, Waves is a good investment.

Waves is one of the digital currencies that has a very clear use. A platform that enables anybody to build their own token is very valuable, and these unique tokens may be utilized in an infinite number of ways.

Waves have not garnered much interest so far, with a daily trading volume of $20 million for the WAVES token. However, if Waves can attract more users and companies to the platform, tremendous growth is possible in the future.

 

What is the supply and distribution of Waves?

WAVES launched as a 100 million-token fixed-cap token for the Waves platform.

In its initial coin offering (ICO), which collected 30,000 BTC, 85% of the supply was distributed to sale attendees, 4% to affiliates and adopters, 9% to the developers, and 1% to early backers and reward programs that happened after the ICO.

Its usefulness rose over time, and in 2019, the supply limit was removed, and decision-making was passed to network members.

 

Is Waves a viable Alternative Coin?

Yes, Waves is a good alternative coin.

  • Traceability – While all transactions are kept on the public ledger, the true identities and location of users remain undisclosed.
  • Technology – Waves incorporates some of the latest technology.
  • Future Uses – If Waves' use cases increase, it is set to increase in value, and its future uses will subsequently increase.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Waves And Bitcoin?

While Bitcoin (BTC) led the way in financial decentralization as well as several innovative permissionless services, Waves pioneered the ICO revolution (ICOs).

Unlike Bitcoin, which is a medium of exchange and store of value, Waves wants to make it easy for projects and businesses to issue customized tokens on its network. Thus, it has aided the ecosystem's growth by providing solutions and services.

Bitcoin has a separate blockchain network than Waves, and they are distinct and unconnected, meaning that users cannot utilize the Waves network with Bitcoin and vice versa.

With Waves, a massive ecosystem (ICOs, tokens, assets, and smart contracts) can be established, but not with Bitcoin. To do so with BTC, users will need to employ tools like sidechains.

Waves were developed to let corporations and developers establish their own coins and projects on top of Bitcoin's network.

 

  Bitcoin Waves
Price change 20/21 +400% +130%
Market Cap $800 Billion+ $1.56 Billion+
Past Hacks None $6 million hack in 2018
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #76

 

What are the differences between Waves and Ethereum?

Differences between Waves and Ethereum include:

  • With the Waves Platform, smart contracts help regulate personal cash flow without third-party interference. The Ethereum blockchain employs smart contracts to complete essential commercial transactions.
  • Waves employs the “Proof of Stake” method, while Ethereum uses the “Proof of Work.” In terms of blockchain, both are useful, but in terms of complexity or issue solving, proof of work outperforms the former.
  • Either token may be used to build a crowdfunding platform and distribute the coins to raise funds for a startup or TSE company.
  • Decentralized exchange – The Waves platform DEX tokens are easily convertible into cash or other cryptocurrencies. However, Ethereum 2.0, which will introduce decentralization to the Ethereum Blockchain, is still in the works.
  • Both blockchains have a clear audit clearance method since they keep transactions in a ledger. So there's little chance they will abandon records, and they encrypt data using public and private keys, which facilitates audit clearance.
  • Open-source platform – Waves is an open-source platform where users can develop and link their crypto wallet to a token for investment. Meanwhile, Ethereum ERC20 tokens offer wallet integration, allowing users to store their cryptos efficiently. In addition, ETH is a medium of exchange that can be used for purchases.

 

  Ethereum Waves
Price change 20/21 +880% +130%
Market Cap $460 Billion+ $1.56 Billion+
Past Hacks None $6 million hack in 2018
Popularity Very High Very Low
Altcoin Rank #2 #76

 

What are the differences between Waves and Dogecoin?

Dogecoin (DOGE) is a digital currency that was founded as a joke in the US in 2013. It became a popular cryptocurrency (DOGE) for tipping internet content producers (on Reddit and Telegram).

Waves is a programmable blockchain that employs robust technology and allows for token creation and launch, amongst several other services.

 

  Dogecoin Waves
Price change 20/21 +7,300% +130%
Market Cap $22 Billion+ $1.56 Billion+
Past Hacks None $6 million hack in 2018
Popularity High Very Low
Altcoin Rank #12 #76

 

What are the differences between Waves and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Waves, on the other hand, is fungible, which means that one WAVES token has the same value and characteristics as another WAVES token.

 

What are the differences between Waves and Solana?

Solana is a fast, secure, and censorship-resistant blockchain that enables worldwide adoption with an open infrastructure.

Waves is a comprehensive gateway blockchain protocol that advances today's technology boundaries for tomorrow's pioneering developers.

 

  Solana Waves
Price change 20/21 +9,300% +130%
Market Cap $54 Billion+ $1.56 Billion+
Past Hacks None $6 million hack in 2018
Popularity Very High Very Low
Altcoin Rank #5 #76

 

What are the differences between Waves and DAO Maker?

DAO Maker is a blockchain-based platform that provides scalable technology and financial assistance to tokenized companies. As a result, numerous retail investors and individuals have gotten engaged in venture capital.

The risks for both investors and companies are decreased when investing through DAO Maker. Waves is a blockchain-based platform that supports DApps and smart contracts.

 

  DAO Maker Waves
Price change 20/21 +30% +130%
Market Cap $275 Million+ $1.56 Billion+
Past Hacks $7 million hack in August 2022 $6 million hack in 2018
Popularity Very Low Very Low
Altcoin Rank #271 #76

 

What is Neutrino Protocol?

Neutrino Protocol, Waves' flagship decentralized application, is presently the most popular Waves DApp. It is a platform for the issuance of stablecoins and other fictitious assets.

The US dollar (USD Neutrino), the Japanese yen (JPY Neutrino), and the British pound sterling (GBP Neutrino) are all frequently used stablecoins (GBP Neutrino).

In contrast to traditional stablecoins such as USD Coin (USDC), Neutrino synthetics are backed by crypto assets such as Waves tokens.

One note on Neutrino is that WAVES coins must be overcollateralized to protect against volatility.

 

What is Waves DEX?

The Waves Exchange, previously Waves DEX, is a decentralized cryptocurrency trading environment where Bitcoin (BTC) and Litecoin (LTC) can be exchanged, in addition to Waves assets. Fiat stablecoins driven by neutrinos, such as EUR Neutrino (EURN) and GBP Neutrino (GBPN), are examples of other crypto assets that can be traded.

The Waves exchange is renowned for being the “Safest cryptocurrency exchange” and “fastest DEX,” with transaction charges of 0.003% for every filled order.

Waves Exchange takes Bitcoin (BTC) and USD Neutrino (USDN) credit card payments and allows users to stake a range of assets to earn a variable APR.

 

What are eco-friendly cryptocurrencies?

There is no disputing that cryptocurrencies have shaken the financial industry during the last decade. They have just surpassed gold as the most valued asset in most investors' portfolios.

However, a negative impact on the environment is one of the primary issues confronting the crypto world today.

Despite rising worry over the environmental effect of cryptocurrencies, experts expect that they will continue to expand in popularity over the next months and years.

As a result, a rising number of investors are on the lookout for more ecologically friendly cryptocurrencies. Some of the most eco-friendly cryptocurrencies include:

  • Algorand (ALGO)
  • BitGreen (BITG)
  • Cardano (ADA)
  • Chia (XCH)
  • Hedera Hashgraph (HBAR)
  • Holo (HOT)
  • IOTA (MIOTA)
  • MetaHash (MHC)
  • Nano (NANO)
  • Ripple (XRP)
  • Solarcoin (SLR)
  • Signum (SIGNA)