Waves Coin: Understanding The Waves Platform

Introduction

Waves Coin offers an easy-to-use platform for developers to build smart contracts, cryptocurrency exchanges, marketing applications, and DApps.

It is a decentralized blockchain platform that facilitates the creation of blockchain-based tokens, that lets users trade assets, conduct microtransactions, build dapps, and achieve provable deals.

These smart contracts, which are crypto assets, are created on the Waves platform. Users can also launch their own smart contracts without any programming skills.

The ICO This ICO introduced the Waves platform to the world and provided developers and enthusiasts an opportunity to acquire WAVES tokens. ICOs have been banned in China and ICOs in Russia, following a crackdown in 2017. Both countries viewed ICOs as illegal fundraisers.

Waves Coin Platform

The Waves platform was designed from the outset to support various use cases and allow users to build and launch their own digital assets and smart contracts.

Waves’ decentralized network is built on a fork of the Ethereum blockchain and utilizes the same Proof-of-Work (PoW) consensus algorithm, but utilizes a protocol to reserve a percentage of the network’s computational power for any digital asset that wishes to submit transactions on the platform.

Tokens can be created on the Waves blockchain using any of the popular open-source programming languages. “Waves is an open-source platform,” Jutta Steiner, marketing director of Waves, told INN. “We want to open the protocol so that anyone can build their own app and send transactions.

What is Waves Coin?

Waves is a blockchain platform based on smart contracts which takes place on a permissioned network and which supports several kinds of cryptocurrencies.

The Waves network focuses on user experience and works to foster new ways to exchange value between individuals and businesses.

On the platform, participants can create digital tokens, called “tokens,” which can represent value in real-world assets such as equity, debt, or anything else that users may want to trade on the Waves blockchain.

The platform uses an internally developed cryptocurrency called WAVES to run on its blockchain. A unique feature of the Waves blockchain is the ability to send and receive coins with ease; this offers the opportunity to perform instant peer-to-peer (P2P) transactions on the platform.

Waves Coin ICO

The Waves ICO platform started on 16th June 2016 and was managed and executed by a New York-based start-up and crypto media platform, ShapeShift.io.

Waves’ ICO was highly successful, with over $30.3 million raised in just 10 days. Waves is not a new project. The team behind it has already produced a platform (Waves Go) which powers the decentralized exchange (DEX) on the Waves platform.

Waves Go was launched in 2014, and its community has grown over the years. Waves Go serves as an experimental blockchain development environment for Waves’ developers, allowing them to test new projects on the protocol and evaluate new code releases. Launch Waves was originally built with an emphasis on usability.

Waves Coin Platform Development

Development of the Waves platform has been overseen by Waves Platform AG, an Austrian-based subsidiary of the Waves Foundation, a Swiss-registered nonprofit entity.

To date, Waves has launched multiple iterations, including the Waves Client 1.0 (WCL), the Waves Platform 1.0 (WPC), and the Waves Token 1.0 (WTS), all of which add to the public blockchain network.

The WCL is designed to make the application of decentralized applications on blockchain networks more user-friendly and intuitive. By taking a full documentation approach, the company sought to simplify the process of setting up a decentralized application, as well as provide a platform for faster adoption of the technology.

Conclusion

Despite numerous hurdles, Waves is a technology to watch as it is headed toward commercialization. Despite numerous hurdles, Waves is a technology to watch as it is headed toward commercialization.

The final and greatest challenge for the platform to become a self-sustaining reality lies in the need for mass adoption among the cryptocurrency community. If that happens, Waves will have the foundation to become an industry standard.

Must See: What Is Siacoin? Everything You Need To Know About Siacoin.

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