The blockchain industry has gradually broken out from its infancy stage. Its development and growth have kept it in the spotlight, causing great admiration from other industries. Its reasons for achieving success and recognition have been because of its simplicity, scalability, and low transaction fees. Many cryptocurrencies such as the Waves coin, which is a blockchain platform does not only possess these features but has also taken a bold step in granting users the right to make their tokens and generate their own ICO in its blockchain. Before we look at the benefits of Waves Cryptocurrency, let’s take a glance at the idea surrounding its existence.
What is Waves Cryptocurrency?
Waves Cryptocurrency is an open source and decentralized blockchain platform. It allows investors to create their tokens, build an app, perform a trade, and launch their own ICO. Waves was designed with ease and much simplicity in order to address the challenges faced by most investors in the areas of scalability and trading. The Waves platform was launched in the early part of 2016 by a physicist named Sasha Ivanov.
Before the Waves cryptocurrency was built, Sasha Ivanov was among the pioneers of NXT blockchain. His contribution to NXT blockchain made NXT platform see the light of day in the blockchain industry. As his interest and zeal grew, he saw much potential in the blockchain industry and set on a journey to start his coin called Waves. When the Waves cryptocurrency was successfully launched, its ICO made over $16million pushing it to rank higher above most coins in the coin market. But today Waves have been traded on most cryptocurrency exchange platforms like Changelly, Bittrex, Binance and a host of other exchange platforms.
Benefits of Waves Cryptocurrency
1. Ability to create your Token
The main idea of Sasha Ivanov is to create a system where users can generate their token- known as tokenization. Sasha Ivanov believed this idea of token creation would lead to growth in the coin market system hence generate interest from the average investors. Sasha Ivanov tokenization allows users to customize their token by giving it a name, describing it, and define the total supply of their token. This entire process of token creation requires a minimum of 1 Wave for completion.
2. Improving the quality of digital assets
The creation of tokens and digital assets follows a standard process. This standard method is to reduce the excessive flooding of tokens and to protect against fraud in the future. This standardization led Waves to commence its partnership with BetterTokens. This partnership aims to set up a standard way of creating tokens by carefully assessing the production of tokens making sure it follows guiding principles. BetterTokens will also be responsible for setting up tokenization standards, engaging financial regulators and outsourcing reviews of tokens.
3. A smart contract-type
Waves smart contract is ‘non-turing complete’ making it highly secured when setting rules and regulations for a contract. It launched its smart contract node on 10th September 2018. Its launching of smart contract account systems was to check if transactions meet certain conditions before they are added to existing blocks. With the use of smart contracts, users will be able to set different rules and parameters to check the validity of transactions before certain blocks are added. Also, its smart contract will allow users to control transactions through the use of 2FA, multisig and escrow system.
4. Highly scalable
One challenge faced by most coin projects is the issue of scalability. This challenging scenario was addressed in the Waves blockchain network. In other to prevent the challenge of scalability faced by other coin, Waves used both lightweight and full nodes. In this way, the lightweight nodes will depend on the full nodes for the confirmation of transaction thereby downloading only the current transaction instead of the entire block history. This process will lead to its scalability and sustain the entire transaction process.
5. An avenue for crowdfunding
Ever since the Waves crypto network has been in existence since 2016, more than 4,500 tokens have been created. The Waves blockchain network not only allows you to create your token but helps you start your crowdfunding process. Its lCO launching process is one of the simplest ways to raise capital for a new cryptocurrency or any other coin projects. This process makes it possible for early start-ups to distribute their tokens through a more secure platform and fund their existing project.
6. Lower transaction fees
The Waves cryptocurrency platform presents a relatively low transaction fee to its users. As an investor, you can enjoy a transaction fee as low as 0.001Waves using their tokens. Its relatively low fees have led to the growth of its blockchain and it has attracted more confirmations of transactions including the addition of more blocks.
7. Access to fiat currencies
Trading in Waves is not only limited to cryptocurrency. Its network was created to embrace fiat currencies through fiat gateways. Waves USD and EUR gateways allow anyone to deposit and withdraw fiat currencies within its platform in exchange for Waves’ tokens. In return, this exchange token can be traded for other tokens at a low price.
8. An easy mining process
Waves ranks high as one of the platforms with the easiest mining process. Its mining process can be carried out on any computer or smartphone device. The delegated proof of stake and leased proof of stake can be used in its mining process. In the leased proof of stake, miners can either choose to be a full node and use the mining power of other users. Also, in reverse, users can lease their mining power to other users in other to receive their share or transaction fees. This process of leasing out mining power to intended users creates flexibility in its mining method.
9. An easy system of trading
One of the leading advantages of the Waves blockchain is the ability to trade their tokens in exchange for other digital assets. Its trustless and decentralized service has made this exchange process entirely possible. Before carrying out your trade exchange, it is required to that you create your lite wallet and fund your wallet with either of bitcoin or ethereum before performing your trade.