What is Waves?

What is Waves (WAVES)? Waves is a platform that acts as a “Blockchain for People”. It is designed to enable users to store, trade, manage and issue their own digital assets in a safe and easy way.

The platform provides benefits to investors, traders, developers and organizations.

POS (Proof-of-stake) technology employed in Nxt was used as a model for the Waves blockchain. Its principle is to distribute profits between token holders without the participation of third party mining capacities.

The Waves implemented a modified Bitcoin-NG protocol. It was developed by professors from Cornell University to solve the problem of Bitcoin scalability. Based on it, developers created the Waves-NG protocol which provided excellent technical capabilities of the platform. First of all, an enormous network capacity - about 1,000 transactions per minute.

Another important part of Waves is its own decentralized exchange (DEX). DEX allows users to trade their tokens, including Waves, BTC, and any other assets issued on the Waves platform. They can do it without verification and with no need to transfer their funds to a centralized exchange.

Where did Waves come from?

The Waves project was founded in March 2016. CEO and founder of the Waves project is Alexander Ivanov. Alexander became interested in technology of blockchain with the release of the very first cryptocurrency. From the very beginning he was engaged in the development of software for payment systems. His first blockchain-based project was Coinomat which allowed to make instant cryptocurrency exchange between users. His next startup was his own decentralized platform with p2p crypto-exchanges.

The team also includes:

  • Martin Spodymek is Head Community Manager who has an engineering degree. The main areas that he deals with are cryptography and Blockchain technology. As part of the Waves team, Martin is involved in technical support and marketing.
  • Alexey Kiselev is a developer. He graduated from Moscow State Technical University with a degree in computer programming.
  • Sergey Ishchenko is a front-end developer, a software engineer with ten years of experience who specializes in Java programming. He is developing and improving the Lite Client at Waves.

What are the advantages of Waves?

  • Ease of use
    Network members don’t need to learn a special programming language to create their own token. All they need to do is to download the official wallet, follow simple instructions and select appropriate settings. At the end they pay a commission in one of Waves coin. Algorithm of actions greatly facilitates the work of users who want to create their own ICO with a tokenized system. Due to the network gateway technology the created new token is pegged to a currency (US dollar, euro, etc.)
  • Easy to invest
    Investing in an ICO which is based on the Ethereum platform, one first has to transfer fiat money into Ethereum coins. This, in turn, gives investors some inconvenience. Waves decided to fix this problem. There will be a possibility to invest fiat currency directly in the project if Waves is used as a platform for the ICO.
  • 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 cryptocurrency trading platform called WDEX. Here one can safely store their savings in cryptocurrency, and operate them quickly if necessary.

What are the disadvantages of Waves?

  • Despite its outstanding bandwidth the network is prone to failure
    People who trade on Tidex, a Waves-integrated exchange, suffer from system bugs and as a result lose their money sometimes.
  • Although the goal of developers was to create a publicly-accessible decentralized system, it seems doubtful that they managed to bring this idea to life
    In Waves, users’ transactions can be frozen if the administration finds them suspicious.

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.

This is everything you need to know to buy WAVES.

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