What Is Waves
The WAVES platform (WAVES) is an open blockchain protocol supporting decentralized solutions and allowing users to create their own custom blockchain tokens operations.
WAVES is one of the earliest altcoin projects founded in 2016 by Sasha Ivanov.
The WAVES blockchain is designed with a development toolset optimized for fostering mass adoption of decentralized finance and distributed ledger applications. It aims to raise the security, reliability, and speed of IT systems.
The Waves platform is designed with ease of use in mind and allows users to create and swap cryptographically secured digital tokens without the need for extensive smart contract programming.
The idea behind the WAVES platform is to create an infrastructure that makes it easy for developers to create all kinds of blockchain-based applications. WAVES supports the creation of tokens and enables transferring as if they were "attachments" to new transactions on the blockchain.
The network was designed to appeal to business partners interested in finding blockchain solutions to their enterprises' challenges and issuing their own fiat currencies.
WAVES Founders
The founder of Waves is Alexander (Sasha) Ivanov, a theoretical physicist whose appreciation for gravitational waves reportedly inspired the name. In 2016 Ivanov created the Waves platform to serve the needs of businesses building and operating decentralized applications.
In 2017, Waves launched the Waves Lab designed to provide expertise and resources to projects wishing to build on the Waves platform.
At the time of writing, the company behind Waves reportedly employs over 180 staff members worldwide at offices in Moscow and Switzerland.
In 2013 Ivanov had already built Coinomat, a decentralized business on the Nxt blockchain project, and CoinoUSD, an early stablecoin pegged to the U.S. dollar. However, WAVES was meant to surpass Nxt's limitations and become the dominant platform for issuing custom tokens and all smart contract use cases.
How Does Waves Work
WAVES token is the native cryptocurrency of the network's distributed ecosystem. Users pay fees using the WAVES token to run applications on the platform. The tokens are also used to create new tokens or stake for rewards.
The Waves infrastructure includes its own decentralized exchange, DEX, that allows users to trade bitcoin, WAVES, or any token issued on the Waves platform directly on a peer-to-peer level.
DEX is one of the fastest decentralized cryptocurrency exchanges in the world. It enables fast transactions and secure settlements on the blockchain with low fees. The platform integrates an automated matcher to pair buy and sell orders and exchange the tokens when orders are fulfilled.
WAVES price is affected by the value of its ecosystem and the businesses conducted on it. It is also influenced by the cryptocurrency exchange market prices and strategic global macro factors, such as central bank interest rates for fiat currencies.
The ecosystem relies on a two-tier architecture with both lightweight and full nodes maintaining the network's security.
The Waves blockchain is secured with a proof of stake (PoS) algorithm called “Waves-NG”. The proprietary technology was created by adapting Bitcoin-NG to the requirements of the Waves ecosystem.
Bitcoin-NG is a scaling proposal originated by Cornell Computer Science academics Emin Gün Sirer. The idea behind Bitcoin-NG was to raise security standards for the Bitcoin blockchain while decreasing its energy consumption and environmental impact.
Waves is an open source blockchain protocol and provides full blockchain ecosystem including smart contracts language called RIDE. You can use it to build your own decentralized applications.
In 2020, Waves upgraded its platform to support interoperability with the Ethereum (ETH) blockchain by releasing the WAVES coin as an ERC-20 standard token.
Where Can You Buy Waves
Check our step by step guide on how to buy waves.
