What is Waves?
This blog post will cover:
- What is Waves?
- Where did Waves come from?
- What are the advantages of Waves?
- What are the disadvantages of Waves?
- How to buy Waves on SimpleSwap?
What is Waves?
Waves Technologies is an all-encompassing ecosystem of innovative blockchain solutions and products, with a special focus on inter-chain decentralized finances (InDeFi). Waves Technologies leverages three powerful blockchain protocols, Waves, Neutrino and Gravity, providing a developer-friendly infrastructure for creating cutting-edge products with substantial potential for mass adoption.
By building the InDeFi paradigm, Waves Tech aims to connect all existing blockchains, resolving the fragmentation issue and offering unlimited opportunities for building applications available on all chains. This, in turn, is set to revolutionize the financial sector, bringing in transparency, reliability and efficiency.
Waves is trying to address the crypto industry’s major challenges by providing whatever the crypto and developer communities might need to foster the mass adoption and wide spread of blockchain-based solutions. The Waves ecosystem comprises a plug-and-play development infrastructure with tools, services and libraries, as well as a variety of dApps and DeFi products based on the three core protocols’ unique features . This combination makes the ecosystem comprehensive and suitable for solving various kinds of tasks.
- Waves protocol
The Waves protocol offers a developer-friendly infrastructure, including SDK (Ride + IDE + Keeper); smart assets; and LPoS cost-efficient and sustainable algorithm with improved network security through the Waves-NG on-chain protocol, which addresses the speed and throughput challenges common for blockchains.
Gravity is a blockchain agnostic cross-chain communication and data oracles protocol. By circumventing the need for a dedicated token and blockchain, Gravity establishes a solid foundation for the creation of gateways and autonomous cross-chain applications and provides a solution for the scaling problems through sidechains.
A multipurpose protocol, Neutrino enables the tokenization of real-world off-chain assets through collateralized debt positions (CDP) by algorithmically maintaining the economic stability and parity of the synthetic asset rate. The first synthetic asset issued on Neutrino was a token tied to the U.S. dollar, USD Neutrino (USDN), built using Ride, Waves’ dApp-focused smart contract language.
Where did Waves come from?
The Waves project was founded in March 2016 by Alexander Ivanov. Alexander grew interested in blockchain technology after the release of the very first cryptocurrency. By then, he had already been involved in the development of software for payment systems. The Waves ecosystem unites distributed teams located all over the world and developing the three protocols and multiple dApps and tools.
The team also features:
- Aleksei Pupyshev (Waves Technologies evangelist, co-founder of the Neutrino protocol and Gravity protocol)
Alexei got initially involved with the crypto space in 2014 when he headed a team at an algorithmic HFT hedge fund, doing mining pool analytics and developing liquidity models for one of the first crypto exchanges. Since 2018, Aleksei has been an evangelist for Waves and other projects (Beam, Hedera, EOS). In 2019, his team’s close engagement with the Waves ecosystem began, including an online coding course, the Neutrino stablecoin and Gravity protocol.
- Sten Laureyssens (Strategic advisor, Waves Association)
A very avid supporter of Waves since its launch, Sten joined the Waves Association to offer his strategic advice. He oversees the product development plan, marketing strategies and community communications, also offering insight into the Waves infrastructure development. Laureyssens has been involved in crypto since 2011 as a trader, investor and advisor. That experience gives him a unique perspective on crypto investment cycles and blockchain industry operation.
- Inal Kardanov (Developer advocate, Waves Association)
Inal graduated from the IT systems department of the State University of Management (Moscow) in 2015. As a software developer, manager and co-founder, he has worked on several edtech and fintech products and startups. In 2018, Inal joined Waves as a developer advocate and is responsible for building a community of developers and helping third-party developers to build their applications on top of the Waves blockchain.
- Vladimir Zhuravlev (Developer advocate, Waves Association)
What are the advantages of Waves?
- Ease of use
For a long time, Waves main tagline has been “blockchain for the people,” meaning that products developed in the ecosystem are user-friendly for everyone. For instance, all dApps are accessible without downloading, since customers can interact with the blockchain, using Waves Signer on any device, including a mobile phone. To create their own tokens, users don’t need to learn a programming language. All they need to do is go to the official wallet, follow simple instructions and select appropriate settings. At the end, they pay a fee in one of Waves’ coins. This feature substantially simplifies processes for tokenization and ICO.
- Lower entry threshold
Waves offers a solution to the issue of a high entry threshold for new crypto users. Users can conveniently deposit fiat currency, convert it into the USDN stablecoin and then swap for any other DeFi asset or project token.
- More powerful blockchain
The Waves network can withstand more workload and concurrent transactions than Ethereum. This has been achieved through the more advanced code.
- Own decentralized exchange platform
Waves has its own P2P decentralized cryptocurrency trading platform, Waves.Exchange. It facilitates storage of cryptocurrency savings, also offering users many additional opportunities, such as DeFi staking, leverage trading and DeFo operations with stablecoins pegged to fiat.
What are the disadvantages of Waves?
- Custom smart contracts
Waves uses a specific smart contracts language called Ride. Developers cannot use Solidity, Rust or any other language for creating on-chain programs. This restriction was created to avoid gas and guarantee flat transaction fees, as Ride is a non-Turing complete language. In any case, Ride is quite easy to learn and use, with many templates, how-to’s and even a book for developers. Therefore, Ride is not a barrier for dApps creators.
- High miners threshold
To run a validating node on the Waves protocol, a user needs to deposit at least 1,000 WAVES. This might be a reason why only 300 nodes are currently running in the network. The good thing is that it’s possible to invest in WAVES miners, using the benefits of the LPoS consensus algorithm and without running a new node. WAVES holders can lease any amount of their tokens to node owners.
How to buy Waves on SimpleSwap?
Let’s say you want to buy Waves. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select WAVES in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. WAVES will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for your attention!