What Is Waves Crypto (WAVES) How It Works & Where To Buy It?

Waves is an innovative blockchain platform with multi-purpose functionality. The platform accommodates developers with the ability to create custom tokens and benefit from the speed, security, and scalability of the Waves blockchain.

The WAVES token is at the heart of the network, serving as the utility token used for interactions in the network and Waves ecosystem.

WAVES is currently the 57th largest cryptocurrency in the world by market capitalization.

How Waves Protocol (WAVES) Works

The Waves project comprises three main platforms: Waves decentralized exchange (Waves DEX), custom tokens created using smart contracts (Waves smart contract platform), and the Waves launchpad.

The Waves team envisioned accelerating blockchain adoption by providing viable solutions that would be necessary for blockchain adoption. Namely, implementing smart contracts, providing developers with a framework that easily allows them to create custom tokens, providing a launchpad for projects, and a decentralized exchange that bolsters the trade of tokens after their launch.

Waves began as a crypto project with an ambitious dream but has amassed significant traction within the crypto space.

The creation of tokens on Waves is relatively simple. It doesn’t require a smart contract or coding knowledge. To create a token, individuals need to download the WavesLite app or visit the Waves website.

Bitcoin uses a proof of work consensus algorithm, Solana uses a proof of history consensus algorithm and Waves uses a leased proof of stake consensus algorithm.

Waves addresses the scalability issue through the implementation of lightweight nodes and full staking nodes. Essentially, users can lease their Waves tokens to full nodes, instead of running a full node.

What Is Waves (WAVES) Used For?

Waves has multiple uses including its own decentralized exchange, easy-to-create custom tokens, and an innovative launchpad for projects.

Essentially, the waves project aimed to speed up the adoption of blockchain by making the necessary improvements to blockchain infrastructure. What makes Waves work so well is that they offer tools for multiple parts of the crypto cycle. Waves offers token creation, the launchpad that facilitates the token sale, and an exchange where the tokens can instantly be traded.

Anyone can create their own tokens without having any extensive smart contract programming knowledge – creating a custom token is simplified. Creating your own token opens up an array of possibilities for growth, development, and value transfer.

Waves also developed the RIDE language to help streamline the process of creating smart assets, usable by crypto traders across any blockchain network.

Additionally, the WAVES token is frequently traded on many platforms by traders seeking to make profits by capitalizing on the token’s price volatility.

Where To Buy WAVES

WAVES is a commonly traded crypto token across multiple centralized exchanges. The WAVES token is also frequently traded on the WAVES DEX.

Sone of the most popular crypto exchanges used by traders are:

1. Gate.io
2. HTX
3. KuCoin
4. Crypto.com

Individuals can also transfer their WAVES token off an exchange to a digital wallet that is compatible with the WAVES ERC20 token. MetaMask is one of the most popular choices.

About Waves Protocol (WAVES)

How long has WAVES existed?

The Waves blockchain was initially founded in 2016 by Sasha Ivanov. Since the WAVES tokens listing it has seen significant price appreciation – listing at around $0,70 and currently trading at $15.

The Waves ICO raised more than $16 million in 2016.

What’s controversial about WAVES Protocol?

Before investing in any project, it’s important to do as much research as possible. Research the project’s founders, the total supply, consensus mechanism, use cases, and any other critical factors.

Let’s take a look at the top two controversies surrounding Waves (WAVES)

• Price manipulation – Waves recently experienced a massive plummet in price, sequentially Waves stablecoin, Neutrino USDN depegged and dropped to $0,82. Founder Ivanov blamed Alameda Research for manipulating the price and causing a crash by using FUD. The full Twitter thread goes on to explain the entire scenario.
• Waves was hacked – After a year and a half of beta testing, the WAVES DEX was officially launched but hackers caused significant damage. Hackers exploited the exchange and started phishing for users’ personal wallet information. The server took hours to recover and the credibility of the exchange was tarnished shortly after its release.

How many WAVES tokens are there?

At the time of writing, WAVES has a circulating supply of108,105,730.00 WAVES.

The total supply of WAVES is 108,105,730.00 WAVES.

Can WAVES be mined?

WAVES is not a mineable cryptocurrency. Unlike Bitcoin and Ethereum which use proof of work consensus algorithms, WAVES uses a leased proof of stake consensus algorithm.

However, individuals typically earn yields through liquidity provision and adding to a full node on the Waves platform.

What is the market cap of WAVES?

The market cap of any cryptocurrency can be calculated as follows:

The total amount of coins in circulation times the current market price.

WAVES Market Cap = 108,105,730.00 WAVES x $15,65 = $1,69 billion (57th largest cryptocurrency in the world by market cap).

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Waves Platform And WAVES Token

Waves is a multi-purpose platform that provides users with several innovative features. What makes the Waves network unique from other projects is the multi-purpose functionality of Waves.

The Waves team has been very successful in the launch of these unique features and it has garnered the project an immense amount of attention and investment.

However, Waves is not the only project in the crypto space to offer these features. Some of Waves competitors are the likes of Binance, Cardano, and Avalanche.

Binance

• PancakeSwap
• Binance Launchpad
• BNB Chain
• Easy BEP20 smart contracts

Cardano

• SundaeSwap
• Occamfi Launchpad
• Cardano Proof of stake blockchain

Avalanche

• Pangolin DEX
• Avalaunch
• Avax Interoperable Blockchain

There are multiple projects with flourishing ecosystems that offer the same features as Waves. These projects also have a significantly higher amount of users interacting, deploying DApps, and trading on their platforms.

What Are The Future Plans Of WAVES?

Waves had quickly grown to become a popular project in the crypto space. Recently, it has been surrounded by controversy after its price plummeted more than 30% in a single day. The crash resulted in the depegging of its stablecoin, Neutrino USDN.

This caused a considerable amount of concern in the community and led to many calling Waves a failed project and a ”rug pull”. Controversies are very common in crypto because of the unique nature of the blockchain space – there isn’t a sufficient legal framework to protect individuals against ”bad actors” and fraudsters.

Going forward, Waves has announced that it intends to keep building blockchain solutions that have real-world utility and bolster blockchain adoption globally.

It aims to provide scalable and secure solutions that are an improvement on existing models. The growth of the Waves ecosystem will likely be the largest factor driving user adoption and shedding light on innovative decentralized applications within the ecosystem.

The competition that the project faces is important to consider. Other blockchain projects like Ethereum have giant ecosystems with thousands of decentralized applications, billions of dollars in trading volume, and world-class developers.

Going forward, Waves will need to ensure that provides unique applications with innovative value proponents that attract prospective consumers.

Pros And Cons Of WAVES

Pros:

• Multi-purpose platform – Waves positions itself as a multi-purpose platform and offers an array of unique features. Waves has its own blockchain, DEX, smart contract functionality, custom token creation, and launchpad. All these blockchain applications create an immense amount of prospective value for the project.
• Low network fees – The network fees for various actions on the network are considerably more affordable than popular blockchains such as Ethereum. Gas fees on the Ethereum network have previously surged to more than $100 for a single transaction.
• Unique leasing proof of stake consensus mechanism – Waves incorporates its own unique proof of stake mechanism. The leasing proof of stake consensus algorithm allows users to contribute towards a full staking node instead of needing to create their own full nodes, which would be costly and would likely exclude many token holders. This system allows Waves token holders to earn yields in a lucrative way.
• RIDE language – Waves has developed its own unique programming language. The RIDE language allows for easy smart contracts and DApp deployments on the Waves blockchain.

Cons:

• Waves price manipulation – Recent price plummets, allegedly stemming from Alameda Research, caused a significant amount of concern among members of the Waves community. The depegging of the stabecoin also resulted in many individuals losing faith in the project and calling it a failed project.
• Significant competition – Waves isn’t the only platform that offers a multitude of blockchain features to its users. The crypto market is already saturated with phenomenal projects that have garnered an immense amount of user adoption and have solved real-world problems.

  The success of many projects is determined by how many users actually use the applications and how much investment these projects can raise. Waves lacks the backing and user adoption that other projects such as Ethereum, Avalanche, and Cardano have already obtained.