What is Waves?

What​ ​is​ ​Waves?

WAVES is a decentralized blockchain platform that focuses on allowing businesses and users to create custom tokens on the blockchain. The decentralized token exchange of WAVES enables users to do several types of fundraising models on the platform, such as crowdfunding. WAVES also allows its users to trade financial instruments on the blockchain in a completely decentralized fashion.

There are several features that are supported by WAVES for its users, such as:

  • Creating custom tokens, as well as deleting them and trading them
  • A decentralized token exchange
  • Completely anonymous, including anonymous order books which allows its users to trade on the platform knowing they are completely secure.

WAVES is an important step forward for decentralized exchanges by providing features to its users to trade one token with another (custom tokens that were created by WAVES users). This essentially opens up a pandora’s box of opportunities for cryptocurrency traders, including allowing the trading of tokens that are paired with national currencies to completely replace the financial infrastructure that we currently have.

The​ ​Cryptocurrency

WAVES was created on the Scorex framework, which uses the current network state instead of having to store the complete transaction history. For the lightweight node of WAVES, a simplified payment verification procedure will be implemented which brings another layer of security for users. The system state of WAVES can be downloaded by users on a lightweight node, and the simplified payment verification procedures are based on the system state. WAVES was created to enable community-based projects to develop and grow. For that reason, messages and decentralized voting are implemented in WAVES. WAVES brings a DAO experience when managing community projects, while still being straightforward to developers from a technical point of view.

WAVES will also allow for the payment of network transaction fees of WAVES using custom tokens, or assets.

Timeline

  • April 12, 2016: WAVES ICO begins
  • May 31, 2016: WAVES ICO ends, raises $16 million
  • May 10, 2017: Waves surpasses $100 million market cap