The States and China are undoubtedly leaders in the blockchain industry, but we also have something to say. The Waves project, founded by Russian businessman Alexander Ivanov in 2016, successfully develops and today bypasses Ethereum in a number of ways.
We offer you an overview of the Waves blockchain platform, which is not going to kill the broadcast, like EOS, Cardano, NEO and others. Actually, it shows how to create a more scalable, convenient and functional system for solving real business problems.
Creation
Waves should be considered exactly as a platform, although they also have a cryptocurrency of the same name. The project is based on the NXT blockchain idea (a decentralized network with the ability to issue user tokens). By the way, some of the NXT developers moved to Waves.
To launch the Waves 1 on June 2016, a successful ICO was held, during which 30 000 BTC or 16 $ million were attracted at the exchange rate at the time of fundraising. The ICO participants received for their use 85 million WAVES tokens, the project team kept the remaining 15 million tokens.
To date, Waves have already launched a decentralized cryptocurrency exchange, lightweight desktop and mobile wallets, tools for issuing tokens and conducting ICOs. Plans to improve the existing functions and add new ones.
Platform features
The Waves team calls its platform an ecosystem for solving real-world problems. Let's see what they offer:
- DEX is the first decentralized crypto exchange. The advantages of DEX are that the user's funds are stored on his wallet, you can independently set trading pairs, transactions are carried out quickly and with minimal commissions (a fixed fee of 0,003 Waves per order).
- Multicurrency wallet. In addition to platform tokens, Waves Wallet supports other cryptocurrencies (BTC, LTC, ZEC, ETH and XMR) and has a gateway for replenishing and withdrawing fiat currencies (USD and EUR).
- Issue of tokens - without exception, all Waves users can issue their own tokens and sell them as part of the ICO.
- LPOS-Mining – A modified Proof of Stake protocol is used to confirm transactions. Only owners of full nodes with an account balance of at least 10 WAVES can mine, and other users of the platform can rent their coins to miners in exchange for a part of their income.
It is noteworthy that in order to gain access to the full functionality of the platform, it is enough to install a lightweight wallet for a PC or mobile device.
Waves vs Ethereum
With all due respect to Vitalik Buterin and his offspring, but in some matters the Waves essentially jumped around Ethereum:
- The air processes 20 transactions per second and while Acne promises to increase their number to 1 million, the Waves blockchain already supports 1000 operations per second.
- Extremely simple ICO - it takes one minute to create your own token on the Waves platform. Fundraising can be carried out for cryptocurrencies and fiat, and tokens can be immediately added to the DEX crypto exchange.
- Waves is already on POSmining on fair terms for all users of the platform.
More Waves promise to release their own smart contracts by the end of 2018, without the drawbacks of smart contracts on the air.
What's next?
According to the roadmap of the project, in the near future, Waves is waiting for a global update of the Blockchain OS 2.0 platform, Tokenomica service for transparent crowdfunding using KYC procedures and, as already mentioned above, smart contracts of a new generation.
In addition, the head of Waves and his team are actively working to find partners in the real economy sector. As noted in the platform manifesto, Waves is not going to stand up to banks and existing technologies. The idea of the project is to create an ecosystem for interaction with the current financial system, for joint evolution.