✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
The cryptocurrency environment has become one of the most attractive ecosystems for entrepreneurs. And it is that more and more startups like Waves have decided to bet on the creation of virtual currencies to finance their projects or increase the income of their companies.
Following this line, Waves was born as a way to make the world of cryptocurrencies much more accessible and simple. This platform can be the difference between launching a successful and a less successful financing through ICOS. That is why here we will talk about Waves.
✨ What is Waves?
We can easily define Waves as it is a Blockchain platform which aims to become a decentralized technology solution for companies in search of financing. That's right, Waves seeks to help you launch an ICO through various functions, that is why we can summarize it in the following two points:
- Launch of ICO's: One of the main functions of Waves is to help startups, in the early stages, to finance themselves. For this, it has everything you need to be able to launch an ICO and finance yourself without having to create a Blockchain from scratch.
- Purchase of cryptocurrencies: The second function it offers is to make the purchase of cryptocurrencies much simpler, since many times this can be complex. Thus, it seeks to make the process much easier by allowing cryptocurrencies to be purchased through the use of fiat money.
To offer these tools, Waves uses its own Blockchain system which allows companies or Startups to create Blockchain and Token. Compared to the competition, Waves makes the whole process of developing a Blockchain much easier, in addition to changing the concept of “project financing”.
✨What are the highlights of Waves?
- Decentralized: The problem with centralized cryptocurrencies is the excessive control that they can generate, as well as the high risk they run in terms of vulnerability and hacks. In order to solve it, Waves has created its own 100% decentralized Exchange, Waves Dex.
- Features: As we already told you, Waves offers a large number of functions to its users. You can create a Token without the need to develop a Blockchain from 0. You can also promote an ICO to finance your Startup, in addition to having its own Exchange and Wallet inhouse.
- Smart contracts: If we compare the smart contracts of Ethereum with those of Waves, we can see that the latter are much simpler, but just as powerful and efficient. This thanks to the use of a base called Non Turing Complete which makes the contract simpler, but without losing its quality.
- 1 minute: Developing your own Token and your own Blockchain could take you a long time, something that does not happen in Waves. In just 1 minute you will be able to create your own token choosing parameters such as the name, how many you want to create and what percentage of the tokens are you going to keep.
- The best of two worlds: Another great advantage of Waves is the fact that all transactions, both from cryptocurrencies to fiat money and vice versa, are registered on the Waves Blockchain. In this way, it is possible to mix the best of two worlds with a decentralized and centralized platform at the same time.
- Operational capacity: What's more, Waves has a great operational capacity which allows to support the creation of Tokens simultaneously and with good capacity.. This reduces the risks of errors or crashes in the system that may affect the operations of its users.
✨ How does Waves work?
To work, Waves uses a structure built under the Scala programming language which is based on the Proof of Stake algorithm.. This is one of the main differences compared to Bitcoin, since it operates through the PoS algorithm instead of using the PoW.
The mining process, in the same way, is different, since it does not require the great computational potential that characterizes Bitcoin. That's how it is, You do not need great Hardware or ASICS, since here the creator of the new block of the chain is chosen randomly or by the age of the coins.
To function, Waves uses as fuel its own Token, Waves, which allows operations to be carried out on the network. In addition, it integrates its own Exchange to the platform which operates in a decentralized way, which allows you to exchange different coins in the same place.
Thanks to its construction which allows having a Blockchain, cryptocurrency, Exchange and Wallet platform in the same place, Waves makes operations simpler and safer. As if that were not enough, having everything in one place reduces the advertising spam generated by other exchange houses.
The miners are in charge of maintaining and validating the blocks of the Waves chain. While this is similar to other cryptocurrencies, the process actually changes. We can see this, for example, in the algorithm, since Waves uses the PoS algorithm and not the Bitcoin PoW.
Another way that both mining processes change is that Waves requires much less computational power to mine tokens. Of course, the process is simple, since by helping to maintain the network and generate blocks (as in many cryptocurrencies) you receive a payment or reward.
✨Does it have a future?
Clearly Waves has one of the most promising futures in the world of cryptocurrencies. This is because it is not limited only to being a cryptocurrency but goes further by offering a series of unique tools to users.
In addition to looking to the future, with the option of creating your own Token, Waves has anticipated the future change from traditional money to digital. Its approach to startups and the way in which it allows to generate ICOS are two more reasons why it will have a future. As if that were not enough, it has allies such as Microsoft and the Moscow Stock Exchange.