Developing applications in the Web3 era has become significantly easier. The introduction of WAVES has unlocked the potential for anyone to become a developer and create applications, cryptographic tokens, wallets, and projects on the blockchain. This article delves deeper into Waves Crypto, which enables the seamless development of decentralized applications (dApps) in the Web 3.0 era.
Article Summary
- ⛓️ Waves is an open-source platform that utilizes blockchain technology to facilitate the creation of cryptographic tokens and the distribution of decentralized applications (dApps).
- 💨 The Waves platform offers various features, including fast and cost-effective transactions, straightforward token creation, and decentralization achieved through the Leased Proof of Stake (LPoS) consensus protocol.
- 📑 Between 2016 and 2018, around 16,000 tokens were generated on the Waves platform.
- 💵 To create a token on the Waves platform, users need WAVES tokens, and the cost is just a single unit of the WAVES cryptocurrency.
What is Waves Crypto?
Waves is an open-source blockchain platform that empowers the creation of Web 3.0 decentralized applications (dApps) through smart contract solutions. The Waves protocol is designed to provide user-friendly access, even for those with limited programming and digital currency knowledge. With Waves’ architecture, users can easily initiate, distribute, and transact their own cryptographic tokens, facilitating the transfer of value in a decentralized, transparent, and auditable manner.
Read more: What is Web 3.0?
Who Founded Waves Crypto?
Alexander (Sasha) Ivanov, a Ukrainian entrepreneur and graduate of Moscow State University with a bachelor’s degree in physics, is the founder of Waves. He established Waves in Moscow, Russia in 2016. With his background as a physicist, he has been instrumental in the development of software and online payment infrastructures.
In April of the same year, Ivanov led an initial coin offering (ICO) for the WAVES digital currency. During this ICO, WAVES successfully accumulated $22 million in capital, and by the third quarter of 2016, the WAVES blockchain was officially operational. Subsequently, in 2018, WAVES raised an additional $120,000,000 in funding from Dolfin.
What Makes Waves Different?
The developers behind Waves are optimistic that Waves will have a strong appeal in the tokenization sector due to the numerous benefits it offers, such as:
| Highly Accesible | Clean, Familiar UX | Chrome app or html lite client | No blockchain download necessary | |
|---|---|---|---|---|
| Fast, low-cost scalable | One-minute blocks | Low (0.001 WAVES) transaction fees | Pay transaction fees in tokens | up to 1,000 txs/second |
| Fiat transfer | Fully compliant, licensed gateways into and out of the blockchain | EUR blockchain tokens, with USD and other currencies on the way | Tokens fully backed by fiat deposits | Bitcoin gateway and tokens also available |
| Easy token operation | Launch a new crypto token in under a minute | Tools for mass token distribution | Ideal for crowdfunding | |
| Decentralized exchange (DEX) | Peer-to-peer trading from within the client | Trade any pair of Waves tokens | Near-realtime order matching | Blockchain settlement for security |
| Smart contracts | Non-Turing complete (designed to maintain security and be more efficient) | Powerful but secure |
How Does The Waves Crypto Works?
The blockchain ecosystem of Waves is based on a dual architectural framework, comprising of full nodes and lightweight nodes. In terms of its algorithmic functionality, Waves operates using a consensus algorithm similar to the proof of stake method, known as the Leased Proof of Stake (LPOS) consensus protocol.
Within the scope of the Leased Proof of Stake (LPoS) consensus mechanism on the Waves blockchain, Lightweight Nodes have the ability to lease tokens to Full Nodes. Using the LPoS protocol, nodes that lease tokens are beneficiaries of a portion of the payments. As a result, all nodes participate in the LPoS consensus, either directly or indirectly.
LPoS can now be deployed on a variety of platforms, including
| Custom Application Tokens (CATs) | You can generate personalized tokens and enable their transfer within the system by utilizing a lightweight client available for download on iOS and Android platforms. To create a token, you need to use WAVES and spend approximately one unit of the WAVES cryptocurrency. During the period from 2016 to 2018, around 16,000 tokens were generated on the WAVES platform. |
| Decentralized Exchange | Developers can build a decentralized exchange, enabling the mutual exchange of a variety of tokens or custom applications synthesized within the network. In addition, the exchange supports transactions in a variety of popular cryptographic assets, including Bitcoin/USD and Bitcoin/Litecoin pairings. |
| Governance | The LPoS protocol combines the advantageous aspects of the PoS network and incorporates various innovative protocols to enhance the efficiency of the process. Users engage in token staking by leasing to full nodes responsible for network management. The cost of leasing Waves is only 0.002 Waves, requiring minimal effort. |
| Staking Rewards | There are two categories of rewards that are derived from staking a node. The primary form of reward is offered in the form of Waves. The second reward is in the form of Miner Reward Tokens (MRT), with miners receiving 60 MRT for the first 70 blocks instantiated within a single day. After that, miners can earn an additional 30 MRT per block. What makes this process unique is that miners have the ability to lease WAVES to public mining pools, thereby sharing in the distribution of rewards. |
| WAVES Token | The WAVES token represents the primary cryptocurrency of the Waves network and serves as a medium of exchange. In addition, Waves tokens can be used to create new tokens or staked for rewards. |
| Wallet | Waves users have the ability to store cryptographic assets in a personal wallet. This wallet functionality allows users to store and trade tokens using Waves.Exchange, which offers minimal transaction costs. A unique feature of the Waves Wallet is its ability to generate a new private key on demand. If the digital wallet is damaged, users have the ability to reinstall the backup and regain access. |
Burger King launches Whoppercoin using WAVES protocol
Within the Waves ecosystem, a significant number of tokens, reaching tens of thousands, have been successfully created. Notably, Burger King, a renowned burger restaurant recognized for its iconic Whopper, is among the brands utilizing the Waves platform. In 2017, Burger King introduced Whoppercoin in Russia as a reward system for loyal customers. Every transaction made at Burger King entitles customers to receive Whoppercoins, which can later be exchanged or used as payment. To exchange a single Whopper burger, 1,700 Whoppercoins are required.
Conclusion
Waves is a blockchain infrastructure that streamlines the creation of decentralized applications (dApps) and demystifies the creation and distribution of cryptographic tokens. Built on a two-tier model and underpinned by the Leased Proof of Stake (LPoS) consensus algorithm, Waves enables both individuals and businesses to leverage blockchain technology with remarkable efficiency and simplicity. Its salient features, which include fast and economical transactions, tokenization capabilities, decentralized exchanges, and smart contracts, give Waves a level of accessibility and adaptability that is conducive to a wide range of applications.
How to Buy WAVES Token on Pintu?
You can start investing in WAVES by buying it on Pintu app. Here is how to buy crypto on Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for WAVES.
- Click buy and fill in the amount you want.
- Now you have WAVES as an asset!
Beyond WAVES, you have the ability to invest in alternative cryptographic assets, including BTC, BNB, ETH, among others, with relative ease and assured safety. All cryptographic assets included in the PINTU application have undergone a rigorous evaluation, underpinned by a principle of prudence.
In addition, Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by Bappebti and Kominfo.
You can also learn more crypto through the various Pintu Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice.
Disclaimer:
This content is intended to expand the reader’s knowledge. Always conduct personal research before investing and use funds that you can afford to lose. All buying and selling activities and investment in crypto assets are entirely the reader’s responsibility.
References
- Waves Tech, What you need to know about Wavesplatform, Medium, accessed on 21 June 2023.
- David Hamilton, Investing In Waves (WAVES) – Everything You Need to Know, Securities.io, accessed on 21 June 2023.
- Daniel Philips, A Deep Dive Into Waves: Enterprise-Grade DApps at Fractional Costs, Coinmarketcap, accessed on 21 June 2023.
- Badcryptopodcast, Sasha Ivanov, CEO of Waves Platform, diakses pada 21 Juni 2023.
- Crytowallet, WAVES USE CASE, accessed on 21 June 2023.