Top Cryptocurrencies

What is WAVES? Complete guide to the smart contract platform and coin

What is Waves

Waves is a decentralized platform that can facilitate the trading of different cryptocurrencies. It not only gives investors the liberty to trade different cryptocurrencies, but it also allows the stakeholders to custom create their cryptocurrency and use of Smart Contracts.

Investors can complete transactions on the WAVES platform using their choice of cryptocurrency, but when paying up transaction fees for the same operations, they are limited to using the WAVES crypto coins.

Key features of Waves

Waves

I.    WavesDex- this is a decentralized platform based on the waves blockchain that gives investors the liberty to trade other cryptocurrencies for Waves or a resource token that’s issued on the platform.

Investors can access WavesDex by installing a chrome extension or the lite wallet on their browsers.

II.    Smart Contracts– the smart contracts on the WAVES platform lack intricacy like those on the Ethereum platform, but they are more secure, capable and Non-Turing.

III.    Tokenization– this feature makes WAVES to standout from other cryptocurrencies, it allows users to custom create their tokens and other forms of digital money. The user is required to have at least one token to be able to complete the creation process. Tokenization makes WAVES the perfect platform for ICO and Swarm subsidizing.

IV.    Fiat Gateways– investors can trade any of their tokens and digital currencies such as Bitcoin and Ethereum for genuine Fiat currency such as the USD or Euro.

V.    Combined features of the decentralized and centralized worlds– any exchange between digital money and Fiat currency and vice versa, is recorded on a blockchain, which is a combination of the features from the decentralized frameworks and incorporated frameworks. 

Advantages of WAVES

  1. It uses the proof-of-stake consensus model, the Scala language and the WAVES-NG algorithm that ensures high transaction speeds and secure gateways. It allows peer-to-peer transactions eliminating middle-men from transactions.
  2. It has a decentralized network system which can be accessed by all users and all data stored on the ledgers cannot be altered.
  3. It has a secure way in place through which users can trade, exchange currency as well as other transactions by using Smart contracts executed only after set terms are achieved.
  4. It is expected and hoped that it will become the fastest decentralized cryptocurrency platform globally. Waves fast speed will make it a useful tool for use in the corporate world.
  5. DEX ensures that data is stored on a single server but distributed to the public.
  6. The Smart Contracts ensure that all parties get a fair deal without discriminating the other.

Some factors to consider before investing in the tokens

  1. Usage; if you intend to use the waves platform then you will be forced to purchase their official tokens. Also, it is important to analyze possible future uses of the platform to see if it’s a viable option to buy the tokens. You can check any new applications on the token’s official website.
  2. Goals of the WAVES platform; the WAVES company hopes to attract companies wishing to make use of the blockchain in loyalty programs and crowdfunding. This means that the platform will grow stronger and more viable for investing in, in the future.
  3. The performance of the platform; as an investor it is essential to study how the prices fluctuate before you buy the token. It may be difficult to predict future prices using the past performance of the token because of the changes experienced in the cryptocurrency market.
  4. Developments and partnerships made by WAVES; you should monitor all events on the platform as well as partnerships between WAVES and other companies.
  5. The Waves Roadmap; consider if the platform has followed the schedule as outlined on the Waves roadmap.

Where to buy the WAVES tokens

If you have decided to invest in WAVES, then you can buy the token from exchanges such as;

I.    Coinbase– it operates in more than 40 countries and accepts purchase using debit and credit cards.

II.    Cex.io- can be used in more than 90% of the countries, worldwide. It also accepts credit and debit cards.

III.    Coinmama- accepts credit and debit cards

IV.    Local Bitcoins- this exchange accepts payments made through PayPal, western union and gift cards. It does not require you to provide identification when making some payments.

V.    LiteBit.eu- this exchange is based in Europe and tokens are priced in Euros. Investors can also purchase other altcoins from this exchange.

VI.    Etoro– it’s a cryptocurrency social trading network that allows users to copy trading strategies used by leading investors in the market.

Step-by-step guide on buying WAVES from major exchanges

  1. The first step is to create an account with an exchange platform of your choice. In most cases, you will be required to provide your email address for verification and also enable the two-factor authentication for better security of your coins.
  2. Secondly, you will have to deposit funds into the account that you have created. It is important to note that depending on the exchange platform you choose; you can either deposit fiat currency or not. If your exchange of choice allows fiat currency, then you can directly use the deposit feature to deposit funds, but if it does not, you will be required to open another account on an exchange which supports fiat currency deposits then purchase a currency pairable with WAVES.
  3. The third step is buying WAVES. After the cryptocurrency has arrived on your wallet, you will have to exchange the cryptocurrency for Waves coins. When purchasing, you will be required to: select the pair you want to trade, size of your order and amount you will spend and then click the buy button.

How to Store the coins

Waves

When selecting a wallet to use for the storage of your coins, there are some factors that should be looked at regardless of the wallet type, they include; compatibility, ease of use, developer team, the security it provides and control user is given over the security keys.

WAVES coins can be stored in the following wallets

  • Waves Android wallet
  • Waves iOS wallet
  • Waves lite App which is an extension for the chrome browser
  • Ledger Nano S- this is a hardware wallet
  • Exodus wallet- supports multiple cryptocurrencies with a simple UI
  • Guarda wallet- has an in-built exchange service. Runs on Android devices

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coinmag

Daniel is a determined and experienced writer with a keen eye on emerging technologies. Daniel aims at educating the crypto community on the developments within the space.

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