waves cryptocurrency guide

Waves Cryptocurrency – A Beginner’s Guide

Creating a flexible network for investors has been the drive-force behind the Waves blockchain platform. The Waves blockchain network has made this possible by granting users the ability to create their token, launch ICO, and perform trades within and outside its chain. This article is geared to the full understanding of Waves cryptocurrency from its meaning, history, market cap, features, how to secure it, and its mining process.

History of Waves Cryptocurrency

The Waves cryptocurrency network was founded by Sasha Ivanov in the first quarter of 2016. Sasha Ivanov who was a physicist started his early career in Nxt Blockchain network. His drive and potential within the Nxt blockchain platform led him to create Waves cryptocurrency. Though the Waves blockchain was created to meet the large demands of investor, its root can be traced to the Nxt blockchain network.

When its ICO was launched in April 2016, it raised over $16 million within a space of three months. This made Waves one of the largest funded crowdfunding projects in the cryptocurrency industry. This pushed Sasha Ivanov to work on its mainnet and implement great features like smart contracts, decentralized exchange for trading, and its scalability features.

Waves and its Market Cap

The launching of Waves mainnet with its DeX and scalability features made it possible to experience huge trading volumes. Its current market cap as at 4th March 2019 is $258,139,087 which is equivalent to 68,956BTC making it rank 22 among other coins. The most active exchange that is currently trading Waves is binance.

Waves and its meaning

Waves cryptocurrency is an open source decentralized network that grants users the ability to create their own token. When users create tokens, it can be traded and exchanged for other tokens within the wave blockchain. The idea behind this approach was to give users the ability to host their own crowdfunding, customize their tokens, and perform multiple trades through the use of the Waves platform. With the use of an integrated gateway for fiat currency exchange, Waves platform has sustained a robust community for the trading of different pairs of currency.

Key features of Waves Cryptocurrency

  • Decentralized Exchanges – One of the admirable features of the wave is its flexibility to trade different cryptocurrencies in its platform. Waves have made this possible by implementing different fiat gateways like GBP, EUR, and USD in order to facilitate trades.
  • Smart Contract-type – The release of Waves smart contract feature was to create dominance over other smart-contract types of coins in the area of security. Waves smart-contracts are non-Turing complete making it highly secured when setting rules and regulations for negotiating the terms of the contract.
  • Token of Tokens – Waves blockchain network allows you to make your token, issue it and create other custom features. This helps an individual with no prior knowledge of programming to customize their token to their specificity and launch it under the Waves crypto network.

Securing Waves Coin

The process of securing Waves coin starts with:

1. Owning a wave wallet

The official wallet of Waves has been designed to be accessible to both desktop and mobile users. Examples of the official wallets for Waves coins are:

  • Waves official Android Wallet – Waves android wallet is built with full potential to receive, store and send coins. Its security system such as fingerprint scan and encryption of private keys make it extremely difficult for cyber hacks. Some of its features include warning about any suspicious attacks, decentralized exchange system and use of the plastic card to top-up accounts. Other features are the ability to pay fees with sponsor’s access, fix errors during transaction, and the ability to create aliases for an address.
  • Waves Official Lite App (Chrome Extension) – This chrome extension wallet helps you to get quick access to your wallet and coins. Some other benefits include an easy connection to the nodes of wave blockchain in other to receive information from the Waves platform. Another benefit is that it allows you to store your seed and import it whenever you want to use it again. A further benefit is the signing of every transaction with javascript without revealing your wallet seed.
  • Waves Official wallet for iOS – Waves official wallet for iOS users provides maximum security by supporting touch and face identity. It works perfectly with currencies like bitcoin, ethereum, EURO, USD, Dash, and Zcash. In addition to its features, iOS wallet helps with transaction management, account top-ups using I.D as well as detection of any suspicious attack.
  • Other Wallet Systems – Ledger Nano wallet, Myetherwallet.

2. Buying of Waves Token

After owning Waves wallet, securing Waves token should be the next step. This involves new client online registration and generation of your new account name and password. Registering as a new client in Waves gives you access to funding your wallet with bitcoin, ethereum and fiat currencies. This is done before you can use any of the decentralized exchanges found on Waves. Some examples of cryptocurrency exchanges where you can buy Waves coin are:

  • Bittrex – This is a platform designed for the exchange of cryptocurrencies. sIt has multiple layers of security for the protection of fund during the exchange process. Trading for Waves cryptocurrency involves registering in their platform with your details and performing the trade.
  • TiDex – This trading network is generally accepted by the Waves community. TiDex has a fair price of 0.1% for trades placed at any time of the day. Its flexibility not only accepts trading with Waves or ethereum but wide access to many coins for trade
  • Coinbe – This trading platform has an easy user-interface. It offers exchange services for a large number of cryptocurrencies. You can start your trade by registering your email and your password.

3. How to create your token in Waves

Creating your token on the Waves blockchain requires 1 Wave as the standard fee. When creating your token, it requires you naming your asset with an ID, then you write the description of your token, and define your total token and its maximum supply.

Mining of Wave Coins

The mining process of Wave coins is created with great simplicity as compared to other coins. Waves cryptocurrency uses the proof-of-stake algorithm. In the proof-of-stake algorithm, the higher the amount of Waves coins generated as a miner, the higher your chances of performing more mining activities hence the ability to add more blocks.