About Waves

Waves Coin Review: Mining Guide, Price & Analysis of Waves Cryptocurrency

Waves is an open blockchain platform supporting various functions, including smart contracts and DApps. Waves' blockchain ecology serves as a launch token platform, a Decentralized exchange (DEX), and as a cryptocurrency. Upon its inception, Waves primary purpose was to enable the Custom application Token (CAT) creation.

The platform enables users to issue cryptographic tokens in seconds and to raise funds through crowdfunding. The platform circulating supply is 103,810,924 Waves coins.

Waves token mainly targets trading, withdrawal and exchanges. Its block reward is currently at 6 Waves, and its total supply is 100 million. The company partners include; Deloitte, Russia's central securities depository, NSD and Microsoft Azure.

History of Waves Coin

Waves started by being a fixed-cap token and was aimed at improving the existing blockchain platform by creating a user-friendly interface, improving utility and speed. Its blockchain was coded in a JavaScript modification version known as Scala.

It reported integration of dollar payment access into Lite Client, a move which would enable wallet users to replenish their accounts in USD. This move occurred in June 2017. The team upgraded the network in September 2018. This upgrade saw an integration of various features like token freezing, multi-sig addresses support, atomic swaps, Oracles and voting.

On October 2018, Waves set the record, having processed the highest number of transactions of a blockchain project in one day. Analysts, on this day, registered transactions of 6.1 million.

In 2019, the platform removed their supply cap, and this choice has been left open for participants. The company announced its platform's interoperability with Ethereum network in 2020. They released Waves as tokens as ERC-20 conventional asset. The Waves Company has over 180 employees in various global locations.

Developers’ team

Alexander Ivanov launched the Waves platform on 6th June 2016. Other team members include Guy Brandon, Peter I, Alan Dubla and Evalina Lavrova.

The well-experienced team used a powerful development toolset of Web 3.0 decentralized solutions aimed at raising reliability, speed and security of systems in IT. To this end, there was a great success.

Waves Algorithm

Waves' blockchain uses a proof-of-stake algorithm known as WavesNG, which rewards users with the commissions from transactions. The system comprises of a two-tier design of both full nodes and lightweight nodes manning the network. This strategy was championed by NXT project which integrated NXT SuperNet lite client for efficiency.

The first layer uses full nodes which are miners validating transactions and adding new blocks. These are the nodes that stake Waves for rewards.

Lightweight nodes in the second layer speed up communication and transactions within that network. Since these nodes do not download the blockchain, they are faster. However, they rely on full nodes for interactions and confirmation of transactions.

Lightweight nodes extract the current state of the network from full nodes through Scorex platform. The two-tier design aims at helping the platform deal with scalability problem Linux, Windows and MacOSX support the company operating system.

Privacy and security

To keep the network secure, Waves deploys a hybrid consensus strategy known as Leased Proof-of-Stake (LPoS). Waves protocol encompasses elliptic-curve cryptography laboriously typed Non-Turing Complete smart contract language which fortifies its security.

Ride language is based on tech stack planned to circumvent programming mistakes that could result to severe errors. Users can make use of the hardware or cold wallets to safeguard their Waves. Such wallets include Trezor and Ledger.

Mining Waves coin

Mining is done via a novel strategy known as Leased Proof of Stake. Every full node on Waves blockchain has an equal chance to produce a single block, in proportion to its balance. For mining purposes, a generating node has to have at least 1000 Waves.

Miners on the network run nodes for network security and they get awards of fees proportional to the number of Waves in use. Lightweight nodes are able to 'lease" their stake to a full node of choice. Leasing is possible on any mobile device or computer that is browser-enabled. The fact that Waves, through its lite client solution, does not require miners to store the whole blockchain makes leasing possible.

By leasing, chances that a full node produces a block and get a reward are increased. The award is after that shared amongst lightweight nodes who leased their stake. The full node does not necessarily have to share the reward in Waves but can as well do it in the form of other tokenized assets.

Performance

Waves performance in the crypto market is consistent with the majority of other cryptos. Two weeks after its launch in 2016, its price fell from around 2 $ USD to 20 cents. This price was constant till 2017-2018. Waves became a major crypto by a market cap of approximately 19 $ USD.

The platform is among the top 100 cryptocurrencies. Waves is also working on improvements in areas such as atomic swaps, non-fungible tokens, smart assets, Turing-complete computation on the blockchain, decentralized voting and tokenomica- a straightforward venture capital network.

The platform has widely been used for loyalty campaigns, crowdfunding and new ICOs. The main competitors against Waves include; Lisk, BitBay, Clams, BlackCoin, RubyCoin, Neblio, Radium and Sentinel.

Advantages

• Easy to use
• Nil-fee structure for developers
• No ceiling limit for transactions
• It offers a platform for own tokenization
• It is a gateway, allowing conversions between fiat and cryptocurrencies.
• Transactions anonymity
• Waves blockchain does not have to be fully downloaded into the users' computer.

Disadvantages

• Waves- built token are not technically robust as compare to Ethereum tokens.
• Some coins created in the platform are defunct.
• A user will require AML/ Know your Customer (KYC) for depositing or withdrawal of fiat money.

Our take on Waves Coin

Waves technology stands out due to the convenience it offers through the exchange platform. Now, more than ever before, individuals and companies looking for a platform where they can create their token can exploit this platform.

The company's robust technology also makes it a viable investment platform, and investors should not shy away from having their stakes here.

There is also an additional allure that this platform offers; if a user is not interested in mining MRT (reward for maintaining a processing node) or creating customized tokens, they can lease them and still earn profits in the long run.

However, some controversies are surrounding the entity. For example, it is not clear why Waves has partnered with the legal institution of finance, like banks and payment providers. This strategy appears to beat the logic of why the crypto exists in the first place. The fact that the circulating supply is equal to the total supply, whereas not all the token have been mined, also doesn't seem to add up.

How to buy Wave coin

Waves are tradeable in third-party retail exchanges such as Binance, Bitfinex, OKEx, Biki, Huobi Global and Binance.KR.

Final Verdict

Waves has done a commendable job in delivering over and above its to-do list. Achieving mass adoption of cryptos is no small fete, and they deserve credit on this. They have given users the option of what to do with their tokens and conveniently access blockchain technologies.

Despite having some glitches, the platform appears to be having a promising future, more so if it outperforms upcoming cryptos built on the same protocol. The longevity of coin, based on their style of operations, is largely inconclusive. Make the right decision by following a sober guide before investing in any coin.