CDS CDS Wiki What is Waves Crypto? What Does Waves Crypto Do?
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What is Waves Crypto? What Does Waves Crypto Do?

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What is Waves Crypto? What Does Waves Crypto Do?

With Waves crypto, anybody can easily create their coins, exchange, and trade cryptocurrencies. Waves is a proof-of-stake blockchain network, decentralized exchange, and wallet. Moreover, the Waves protocol supports smart contracts.

What is Waves Crypto? What Does Waves Crypto Do?

Users can build and release unique crypto tokens using the Waves blockchain. With Waves Crypto, you can create and trade cryptocurrency tokens without having to write any lengthy smart contract programming. In short, on the Waves blockchain, tokens can be produced and managed by scripts that run in user accounts.

What Does Waves Crypto Do?

The Waves ecosystem is made to be adaptable, versatile, and, most importantly, open to a variety of users. Anyone, regardless of background in technology, can develop their cryptocurrency token thanks to Waves. As a result, users can employ Waves tokenization in practical applications. Crowdfunding, simple initial coin offers (ICOs), and loyalty programs are among the examples.

Smart Assets

For the platform’s smart contract component, the Waves team also built a brand-new programming language called RIDE. RIDE users can establish Turing-complete “smart assets” and “smart accounts.” Virtual currency tokens known as “smart assets” stand in for both tangible and intangible real-world assets. Items may be purchased, sold, or swapped by the script rules that apply to the Waves network.

In this instance, validating each transaction involving the asset is the responsibility of the script that is associated with it. The smart assets are therefore designed to provide higher autonomy, greater anonymity, and lower transaction costs.

The Waves DEX

Another feature of the Waves network is its built-in decentralized exchange, or DEX, which allows for smart asset trading (Waves.Exchange). The Waves DEX makes it easier to exchange Waves blockchain-based tokens for other WAVES crypto tokens as well as for fiat currencies.

Main Characteristics of the Waves Crypto

The creation of tokens, the decentralized exchange, and the wallet are the three main components of Waves crypto.

Token Creation

One of the most used components of the platform is the ability to create tokens. Individuals may create a token using Waves in under a minute by just filling out a few fields, such as the token name and supply, and it only costs one Wave. The token is then instantly published on the Waves decentralized exchange and is available for trading against all of the trading pairs in the DEX.

Decentralized Exchange

Only the Waves decentralized exchange provides a variety of fiat to cryptocurrency gateways. Users can swap USD, EUR, and CNY for different cryptocurrencies on the DEX, and all Waves-created tokens are instantly listed there as well.

Waves Wallet

Users can create, transfer, and trade their digital assets using the Waves wallet, a Chrome Extension. Waves decentralized exchange is integrated within the wallet. Thus, it allows users to trade and exchange cryptocurrencies and fiat right from their desktop or mobile device.

Advantages of Waves Crypto

The appeal of Waves is that anyone may use blockchain technology, including those without extensive technical understanding. Ethereum, in comparison, necessitates that developers are proficient in coding languages like Solidarity.

Being open-source and allowing users to design and launch their own coins that can be traded on the Waves DEX, Waves is also user-friendly.

History of Waves Crypto

In 2016, Ukrainian businessman Alexander (Sasha) Ivanov established the Waves blockchain. It was created as an Ethereum substitute to promote widespread usage of the blockchain.

In April 2016, the WAVES team conducted an initial coin offering (ICO) for the WAVES token, raising the equivalent of $22 million. On the other hand, Waves is listed on various exchanges, including Binance, Huobi, FTX, Okex, Bybit, Bithumb, Kucoin, and Kraken. As the date of 18/02/2023, the market cap and circulating supply, and token price is shown on the chart below.

References

www.sofi.com

www.kraken.com

www.abra.com

www.coinmarketcap.com

www.waves.tech

Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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