WAVES-Token Creation Blockchain
WAVES is a blockchain launched in 2016 that focused on building generic technology a bit like Ethereum. Waves were the second biggest fundraising platform. Waves is a generic chain that has been focused on becoming many chains. Waves wanted to create their own version of smart contracts and didn't want to copy anyone else which resulted in the building of RIDE: this is the first non-turning complete smart contract language that allows you to do everything you can do with an Ethereum smart contract but "without Gas" which means that costs are always known upfront.
One of the key benefits of the Waves blockchain is the simplicity of issuing tokens. To launch your own token, you don't have to write a smart contract – just create an Issue transaction and send it to the blockchain. The only threshold for the issuer is to pay a fee: 1 WAVES for regular token (asset) or 0.001 for a non-fungible token (NFT).
New tokens are immediately available:
for transfers between accounts,
for trading on Waves.Exchange developed by the third-party team from the community (except for NFTs; smart assets trading is temporarily unavailable),
for payments attached to dApp script invocation.
You can use your tokens:
as a digital currency – to pay for goods and services in your project or for crowdfunding,
as in-game objects or arbitrary resources and so on.
CAT stands for Custom Application Tokens. That’s basically a fancy phrase for the custom tokens that users create using Waves.
For example, a restaurant could create 50 tokens and make each token worth a free meal. The restaurant could distribute these tokens to whoever is on their email list, as an incentive to get people to stop by for dinner.
That’s what can happen at a local level, but it gets even more interesting to think about how tokens can work on a national level. Let’s say that Burger King creates and distributes 50,000 tokens where each token is worth one free Whopper.
Some percentage of the people who receive the Whopper token will have no use for it. If that’s the case, the token holder can use the Waves Exchange to trade their token for something else. For example, someone could swap their Whopper token for a Big Mac token, or they could swap their Whopper token for WAVES.
For any of this trading to happen efficiently there needs to be a liquid market and that doesn’t exist yet. There just aren’t enough people trading tokens on the Waves Exchange, however, the potential is there. In five or ten years you might be able to swap Whopper tokens for Starbucks points or frequent flyer miles.
It’s actually really cool to think about everything that’s possible with Waves. Since creating a token is simple and inexpensive, this platform can work for everyone from small business owners to large enterprises.
Similar to other cryptocurrencies, there are two types of nodes on the Waves blockchain. Full nodes store a complete archive of all of the transactions that have ever taken place on Waves. Lightweight nodes don’t keep a copy of the blockchain. Rather, they connect to full nodes to retrieve any information that’s required.
Waves uses a Leased Proof of Stake (LPoS) consensus mechanism. LPoS allows the token holders to lease their tokens to the Waves nodes and earn a percentage of the payout as a reward.
By using LPoS, leasers will be able to participate in the process of generating new blocks because the larger the amount that is leased to a Waves node, the higher the chances for that node to be selected to generate the next block. If that node is selected, then the leaser will receive a reward.
When the user starts leasing the tokens, those leased tokens are locked and remained in the same address with the full control of their owner (They are not transferred to the node, they just remain unspendable until the lease is canceled by the leaser).
The only thing to consider when leasing is to choose the right node operator, as the operator's node may work with different efficiency and send back different percentages as rewards.
On the Waves platform there is a flat fee for transactions, ensuring that anyone can use the platform at any time. All transaction fees are payable in the native WAVES token.
Waves is one of those cryptocurrencies that has a very obvious use case. A platform that lets anyone create their own token has a lot of value and there are tons of different ways that these custom tokens can be used.
By the time this article was written, Waves has generated much interest and the WAVES token has a daily trading volume of about $145 million. If Waves can get more people and businesses to use the platform, there’s a possibility for significant growth in the future.
If you would like to buy WAVES tokens, you can purchase them in several big exchanges :
1. Binance Exchange - you can purchase WAVES on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
2. . Kraken Trade WAVES and other cryptos and get 10% discount on trading fees.
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