What is Waves?
Waves is an open-source blockchain platform originally founded by Russian physicist, Sasha Ivanov in 2016. Currently, it is being developed, marketed, and operated by Switzerland-based Waves Platform AG. Waves is a comprehensive blockchain platform that features fiat gateways, smart contracts, mobile wallet, token issuance, a DEX (decentralized exchange), and more. WAVES is the token on Waves platform, and offers a number of incentives to holders. In addition to the Waves DEX, the WAVES token can also be traded on Huobi Pro with BTC and ETH pairs.
Waves’ Consensus Algorithm & Platform Features
Waves’ PoS (proof of stake) consensus algorithm is called Waves-NG, and is based on the Bitcoin-NG (New Generation) algorithm that was presented in 2015. Bitcoin-NG is a forward-looking PoW consensus algorithm designed to increase the Bitcoin network’s throughput and performance. The algorithm works by electing a leader every ten minutes who is in charge of vetting transactions as soon as they occur. This greatly increases TPS capacity because miners no longer compete to verify transactions. Instead, miners compete to be elected as leader, thus removing the block size and block interval performance limitation of Bitcoin’s current PoW algorithm. Waves’ consensus algorithm, Waves-NG, is a PoS implementation of Bitcoin-NG.
Token Issuance & ICO Platform
The Waves platform allows users to issue their own digital tokens, which can be traded on the open market. Businesses and projects have used the Waves platform to issue tokens for their ICOs (initial coin offerings). Tokens generated by Waves can be used for a variety of purposes on the platform including transfer of value, voting, ratings, and more. Currently, over 15,970 tokens have been released on the Waves platform, with MobileGo being the most successful Waves project with a $53 million ICO.
The Waves client has a built-in P2P DEX (decentralized exchange), and supports a number of popular trading pairs. The DEX currently processes ~$6 million in daily volume, making it one of the more successful decentralized exchanges out there. In terms of assets, the Waves DEX supports many popular crypto trading pairs such as ETH/BTC, DASH/BTC, XMR/BTC, and more. On the fiat side, the DEX supports WAVES/USD and WAVES/EUR.s
Multi-Currency Wallet, Staking, and Mining
Waves’ multi-currency wallet supports WAVES, Waves tokens, major cryptocurrencies, and fiat currency (USD & EUR). The wallet is available as a desktop client, online client, and mobile app. Users can participate in “mining” by staking a minimum of 1,000 WAVES tokens. Alternatively, users can also choose to lease their tokens to a mining pool in exchange for a proportionate share of transaction fee payouts.
The Waves Team
Waves currently has over 50 employees working in various locations around the world. The core team consists of Sasha Ivanov, Maxim Pertsovskiy, Mariya Borovikova, Natalya Malyova, Alexey Kofman, Ilya Smagin, Alexey Koloskov, and Phil Filippak.
Here’s a recent photo taken from Waves’ headquarters in Moscow.
Recent Developments & Future Milestones
2018 has been the year of smart contracts for Waves. In Q1 2018, the team focused on smart contract implementation. Unlike Ethereum’s Turing complete smart contracts, Waves’ initial solution will not be Turing complete. This isn’t necessarily a bad thing, as we all know about Ethereum’s The DAO and Parity Wallet debacles. Waves’ approach is to create non-Turing complete smart contracts first, which can still be used for automation and logic in business situations. Since Waves’ blockchain platform is targeting businesses, this makes complete sense. In Q4 2018, the team is expected to release Turing complete smart contracts after they have taken enough time to ensure the platform is secure and reliable.
Other recent accomplishments include…
- Hardware wallet and ShapeShift support.
- Updated DEX trading interface.
- Desktop client release and updated mobile apps.
- Launch of MRT buyback program.
- Launch of Waves Node v0.13.2, which supports data transactions, token burns, fee sponsorships, and fair PoS.
- On-chain messaging.
In the future, Waves is expect to release…
- Atomic swaps for interoperability with other blockchains.
- Frontend voting GUI.
- Off-chain messaging service to reduce blockchain bloat.
- Turing complete smart contracts.
Waves is a leading blockchain platform in the space, and it’s certainly a project to keep your eyes on. To this day, platforms like Ethereum, ICON, Cardano, and Waves have been synonymous incredible returns on investment over the last two years. While this is not financial advice, platform coins may continue to yield positive returns as the industry moves to the early adopter and mass adoption phases over the 5-10 years. In my opinion, Waves is certainly a competitive player in the space with its feature-rich platform, business partnerships, and sleek marketing. If you’re interested in the WAVES token, head over to Huobi Pro where BTC and ETH trading pairs are available.
Disclaimer: This post was sponsored by Huobi Global, a leading exchange that provides secure and reliable digital asset trading and asset management services to millions of users in over 130 countries around the world. Click here to learn more about Huobi Global.