Waves Cryptocurrency (WAVES): Everything You Need To Know

Waves Cryptocurrency

Blockchain & Bitcoin will change your life. Even if you don’t want it to, your life will change.

But there is a long way to go as the technology is still in its infancy. It has to break the adaptation barriers down for the masses. There are many areas of friction to be addressed in order to make this technology feasible for mainstream adoption.

  • Almost every day, a new ICO or a new startup comes up with a vision. Getting funding is the most daunting challenge for them to survive in the market.
  • Buying and selling crypto-assets is still not easy in many countries, as they don’t have ready access to Euros, US Dollars, or Chinese Yuan.
  • Trading of many immovable yet precious commodities is not possible without a cumbersome authentication process.
  • The process of listing shares of a company, in many countries, is highly complicated or unclear.

What if all this were to change for the better?!

Any guesses??

Right!

That would make life easier for all of us!

To remove all this friction and to make the world a better place, a blockchain platform called Waves is now out.

Waves advocates itself as a blockchain platform which intends to be a decentralized place for crowdfunding and trading by tokenization.

It is too technical!!!

But before I give you a less technical definition, I should tell you that Waves prices are soaring high! Its price in June 2016 was $ 0.7 per unit, and it is now above $0.78 per unit.

Waves exchanges: Where to get Waves Token from?

What is Waves Cryptocurrency?

Wave-Platform-Working

Waves are the name of the both, a proof of stake blockchain and the cryptocurrency that fuels that blockchain.

Waves enable you to make custom tokens, which means you can launch your own cryptocurrencies. You can also decentralize trading and crowdfunding, as it has integrated fiat currency gateways like USD/EUR/CNY right in your wallet.

Via Waves, you can also launch ICOs to fund your projects from around the world in a matter of minutes, without going through intensive cryptocurrency coding. This will make life easier for startups and open up a new era of community-backed projects.

The Waves cryptocurrency (WAVES) has real-world tradable value on various exchanges.

Key Features of Waves Cryptocurrency 

– WavesDex 

How ironic it is to keep decentralized assets such as BTC/ETH on centralized exchanges. Hacks like MtGox and Bitfinex are an example of this level of stupidity.

Wouldn’t it make sense to keep and exchange decentralized assets on decentralized exchanges?

WavesDex is a decentralized exchanged built on the Waves blockchain. It allows users to trade their BTC/ETH/etc. in exchange for Waves (or any other asset token issued on the Waves platform). And it has fiat gateways like EUR, USD etc for the fiat currency lovers.

The volume at the time of writing on this exchange is 182 BTC which I think is decent for a decentralized exchange with 72 cryptocurrencies/crypto assets listed on it.

You can use WavesDex by installing the Lite client also.

– Smart Contracts

In Waves, smart contracts are not as complex as they are in Ethereum. They are Non-Turing complete, but powerful and secure. According to the most recent development roadmap, published by The Waves Platform, Smart Contracts (non-Turing) are scheduled to be added to Full Node software builds during Q1, 2018 and Turing complete smart contracts are scheduled during Q4, 2018.

– Tokenization

You can make your own custom tokens or cryptocurrencies in one minute on the Waves platform. You will require at least 1 WAVES token to do so.

You can decide what name to give the token, how many to be issued, and how many decimal fractions you want to keep.

This is ideal for crowdfunding and ICOs.

– Fiat Gateways

Fiat Gateways such as USD/EUR/CNY will allow you to exchange any token issued on the Waves platform (or any other cryptocurrency like BTC/ETH) for “real” money, which can be deposited in a bank.

– Best of both worlds

All transactions between cryptocurrency to fiat or fiat to cryptocurrency will be recorded on the Waves blockchain. This is like mixing the best of both worlds (i.e. centralized systems and decentralized systems).

– KYC/AML

KYC/AML is needed to deposit and withdraw fiat money. However, KYC is not necessary for cryptocurrency transactions.  

-ICOHUB

Waves also started an initiative called ICOHub, where their community votes on the popular projects that are seeking to begin their ICOs. In this way, the winner of the competition gets help from Waves platform directly in hosting and conducting their ICO.

Team behind Waves

#1 Sasha Ivanov – CEO and Founder

Sasha is a physicist by education and has been involved in payment systems software development. With blockchain technology, he launched the first instant cryptocurrency exchange coinomat.com.

#2 Martin Spodymek – Head Community Manager

Martin is an engineer and is fascinated by blockchain technology and cryptography as a whole. Martin supports Waves for tech support and marketing.

# 3 Alexey Kiselev – Back End Developer

Alexey is a passionate programmer who started programming 8-bit processors. He graduated from Moscow State Technical University.

#4 Sergey Ishchenko – Front End Developer

Sergey is a software engineer who specializes in Java with over ten years of experience. His primary responsibility on the Waves project is the Lite Client development and Distributed Team Coordination.

You can see the Waves team list here.

Total WAVES To Be Produced

The Waves ICO period was from April 12, 2016 – May 31, 2016. During this ICO, $16,436,095 was raised (equivalent to 30,096.7 BTC).

ICO Investors85 Million Allocated
Pre-ICO bounties1 Million Allocated
Post-ICO bounties1 Million Allocated
Strategic partners and backers4 Million Allocated
Development & Marketing9 Million Allocated
In Total100 Million

Market Cap

As per CoinMarketCap the total circulating supply of WAVES is 100 million tokens, and the current price of each unit is $2.12, which makes its market cap approximately $211 million (at the time of this article).

Popular Waves Wallets

How To Buy Waves Cryptocurrency

Buy Waves from Changelly

Buy Waves from Changelly

The easiest way to buy Waves is to exchange it for BTC/ETH. This is a hassle-free way which will let you acquire some WAVES tokens.

You just need two things:

  1. Your Waves address where you would like to get your WAVES tokens. That you can create one using official client here.
  2. BTC/ETC/altcoin to exchange for WAVES.

Note: Though this guide shows how to buy Ripple in exchange for BTC, the process is exactly the same to buy Waves. 

Buy Waves from Waves Wallet

Buy Waves from Waves Wallet

Waves Wallet

Buy-Waves

You can also buy WAVES using the Lite Waves Wallet or Lite Waves Chrome app. The process is the same for both of them.

  • Go to https://waveswallet.io/
  • Click New Account and register there (no need for email or phone number).
  • WRITE DOWN THE SEED!
  • Click Deposit on the Waves Wallet area.
  • Select and enter an amount in EUR/USD.
  • Click Buy.
  • Pay using the secure gateway.
  • Your WAVES will be credited to your Waves wallet.

Caution: Your seed will also allow you to import your account to other devices. This seed is critical and must be kept in a safe place since it’s the only way to recover your account in case of a lost wallet, corrupted data, or hardware failure. 

Buy Waves from Shapeshift

Buy Waves from Shapeshift

You can buy your first Waves by exchanging any supported cryptocurrency via Shapeshift. However, I prefer using Changelly for better exchange rates and a more detailed transaction history to track my funds.

If you need to know the step-by-step process of exchanging your cryptocurrencies for WAVES, see our guide on Shapeshift.

Note: Though this guide is for exchanging ETH for BTC. the process is exactly the same to buy WAVES.

You can also get Waves Cryptocurrency from exchanges. Currently, WAVES is available on following exchanges:

  • Binance– Supported pairs Waves/BTC, Waves/ETH, Waves/BNB
  • Livecoin– Supported pairs Waves/BTC

Waves vs. Ethereum

Waves vs. Ethereum

Waves intend to impact fiat currency transfers and crowdfunding markets on the blockchain. It also provides smart contracts, but they are unlike the Ethereum ones.

Here, smart contracts are written by built-in plug-ins, making the entire process easier.

Waves make certain things simple by using plug-ins; things which if done on Ethereum could be very lengthy and complicated.

However, there are significant differences between both cryptocurrencies and technologies.

Use Cases and the Future of Waves

Some of the use cases which are being built or are already in production:

  • Tokenomica – A transparent venture capital organization.
  • Upcoin  – A political engagement initiative.
  • ZrCoin – A green manufacturing technology business.
  • MobileGo – A marketing drive for a mobile gaming platform.
  • EncryptoTel – A secure telecommunications infrastructure company.
  • Incent – A blockchain loyalty scheme.

Waves NG: And with the launch of new Waves-NG consensus mechanism, Waves has become the fastest blockchain right now in production with a capacity of 6000 tx per second that too on-chain. The idea was conceived from Bitcoin-NG proposal but first time implemented on Waves blockchain in the last quarter of 2017.

Waves labWaves Lab is a blockchain technology incubator that focuses on pre-ICO projects and teams. Waves Lab is a focused startup incubator for talented visionaries creating disruptive solutions to real-world problems using the Waves Platform infrastructure. Initiatives like this are sure to take Waves in a positive direction.

With many more innovations on the way, the future looks promising for Waves and as per there 2019 roadmap, they are positioned well in the market.

Waves is now hovering around the top 40 cryptocurrencies by market cap, with each unit price still cheap when compared to Ethereum like ICO launcher.

Who knows.. tomorrow it might climb to the top ten or top twenty!

I hope this detailed analysis of the Waves cryptocurrency helps you in making a good decision. Let me know in the comments if you are excited about the future of the Waves platform!

Update: Waves Platform Enhances Security With Ledger Integration

Resources

To keep yourself updated about Waves, check out:

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35 thoughts on “Waves Cryptocurrency (WAVES): Everything You Need To Know”

    1. @Sharat
      Yes, it’s bit difficult for US people. Even https://waveswallet.io/ which has a USD gateway doesn’t allow this for US citizens.
      Another cost-effective way is to buy BTC first from US like from Coinbase or Bitfinex and then transfer it Bittrex to buy Waves. Hope this helps 🙂

      1. Thanks for your answer Sudhir! Slightly OT question if you don’t mind. I have noticed that Coinbase charges a big fee per transaction ($7.95). Any other sites where I can buy for cheaper?

  1. Great article Sudhir. Can you tell me which one is better waves or NEO for executing smart contracts.

    I was reading it that contracts on NEO block chains are easy to code and execute

    1. Thanks @Priyanka

      Yes NEO is easy and they are Turing complete as well. They are also integrating many mainstream programming languages also.
      But for ICOs like smart contracts Waves is too easy. You can just go and launch an ICO now on Waves. Moreover, Waves is non-Turing complete.

      Turing and non-Turing simply mean there is a limit to what Waves can do but NEO can do many things which Waves can’t just like Ethereum and in some cases even better.

  2. @Priyanka, I need some help as I have some hard assets that I want to use to back my new currency. Is smart contracts the only way to do that and if so what is top three platforms NEO, Waves, ETH?

  3. Hi Sudhir, thank you for the great article.

    Can you please tell us what is the difference between Waves, Ubiq and Neo ?

    I can see that all three are really promising and i would like to choose one or two to invest in.

    1. Waves- Is a crypto, DEX and smart contract platform but limited to certain usecases.
      Ubiq- is a clone of Ethereum but it is stable and doesn’t undergo frequent updates. Read here more
      NEO- Is china’s Ethereum with better features added to it. Read here more.

        1. It is not Turing complete.
          It not focused. Trying to do many things like ICOs, DEX and limited DApps which will not be Turing complete.
          But a good project which is more stable then Ethereum if you don’t want Turing completeness.

  4. Waves WALLET app Android dosent work.My waves coins got stuck there. ı sent e mail to waves platform no one answered.ı can not sell ,transfer.

    1. Use your back recovery seed and restore your wallet in other types of wallets/clients you will be able to access them.

  5. Excellent article! Thank you. Besides Etherium who are the other Waves Platform top competitors? NEO? Am I mixing apples and oranges? What I mean is which platform can help ORDINARY PEOPLE and SMALL BUSINESSES and NONPROFITS easily launch their ICOS? In othor words which company can/will provide the Easiest, User Friendly platform?
    Thanks again.

  6. Using Waves The Client… Trying to send ETC … Address is never valid.
    Tried using JAXX with no success. My funds are stuck… HELP?!

  7. How Can I run ICO for the token created on waves and How can I link them to my website and how can someone use these tokens to use my services? Should I create the different wallet for it? Or should I use waves for that? And How can my token trade on other exchanges?

  8. Hi,

    Nice article.. Actually I’m interested to WavesDEX, but they have many limitations especially in the withdraw areas :(..

    Is there any way or workaround to withdraw fiat from WavesDEX, if they do not support verification for your country ?

    Thanks in advance!

  9. You have not told any thing about waves mining. We can earn waves by leasing waves on http://wavesworld.io node and the best thing about this is that all waves will stay in our wallet after leasing and we will start earning reward on it. I hope you will mention it in the this blog article

  10. Since the beginning of this year i have been using WAVES DEX to test it and see if such exchanges will really be the future or have any livelihood at all. I do have some experience in trading in general also not only on crypto but in other markets too. I would like to share with you my user experience today.

    1) Somehow they now only offer the “beta” version of the DEX. This beta version is still in development and full of bugs. The problem is that it is used for real trading, but when something is wrong then WAVES would just tell you that its the beta therefor not their problem. Which seems like they are not really behind the their own product.
    Some of the list of bugs i noticed; Client start using all cpu power of a strong laptop after a while; Sending and updating orders can take a while; order screen for making orders completely missing; hard to find your own open orders; unable to cancel orders; client closing down and re-asking for the seed (this happens regularly, so you need the seed very close by).

    2) Their api isn’t really working, or at least useful. The api shows asset-pairs in different ways, so it is hard to guess which would be first; the data is incorrect, the api may show 8 decimals and instead the asset-price itself is showing 14 decimals (or 8-10-12 whatever)

    3) They do have a fiat gateway, although that is a plus point the gateway provider they use (coinomat) is a bit of a sketchy one. The transaction time from sending it from your waves account to the bank can take up to three weeks. Sometimes you even need to email this provider as it seem they just lost the transaction (after the email you get the funds in some working days, so i think the transaction really just was “forgotten”); They say they charge 1% but in reality its between 1.1% and 1.3% and both WAVES nor Coinomat can explain really why (i gave up asking for it as they blame my bank but that is impossible as they structure fees and transactions separately); who charges 1+% per sepa transaction!? Such transactions cost only 15 cents maximum.

    4) Trading itself is not really easy for a beginner, but it is manageable as long as they just stay with the “big” coins. The liquidity is very poor so often it cost traders a lot to make trades. (So transactions can be very cheap but in reality you are way worse off than at a normal exchange).

    Conclusion is that DEX seems interesting in reality it might be a better idea to stay at other places for now.

    Of course i addressed my problems/concerns/bugs with the WAVES DEX staff but i often got a rather desatisfying answer (very quick response time though) which didn’t really give any solution. Often the response was like: we don’t know, it will be in the future, tech is working on it, it’s a beta client so it is not our problem, ask Coinomat or ask at the developers forums.

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