Waves is another blockchain product that promises to solve the trading issues between traditional fiat and cryptocurrencies. It also aims to offer a robust and a secure decentralized exchange to trade different tokens. So, let’s examine how trading is conducted on this platform, and also discuss other use cases and features of Waves that attempt to help end-users manage their funds.
Waves Platform In A Nutshell
Waves is a trading platform that is decentralized, supporting both fiat and cryptocurrencies. Waves, by itself, is a token which fuels the platform. It also offers various traditional currencies like US dollar, Euro and the Chinese yuan. Fiat currencies are incorporated into the Waves platform by collaborating with multiple payment providers. The platform’s goal is to be a one-stop shop for both fiat as well as cryptocurrencies.
Waves, written in the Scala language, was introduced in 2016. It also allows users to launch their own ICOs to fund projects straightforwardly within seconds. Moreover, it doesn’t require complicated coding, like on the Ethereum blockchain, to launch an ICO. The development team is led by Russian physicist Sasha Ivannov and has many other experienced developers, media managers, and community leaders to help it grow and reach a wider adoption.
Decentralized Exchange – DEX
Waves also has a decentralized exchange called ‘DEX.’ DEX claims to be a trustless system, allowing users to trade tokens issued on its platform. Decentralized exchanges are considered by many to be more robust and even safer than centralized ones, since they cannot be easily attacked or hacked. DEX also gives users the ability to trade their tokens issued on waves platform.
Furthermore, DEX appears to be a fairly decent decentralized exchange, since it is reportedly faster, secure and more robust that many other peer-to-peer crypto exchanges. On this exchange, sell/buy orders are matched centrally, but the final settlement happens only at the blockchain level. So, the orders processed at a faster pace compared to other decentralized exchanges. DEX can be installed by installing the Waves client from the official website, and one can start trading.
The Waves Token
Waves Token has a market cap of 591 million with each token priced at $5.91 at the time of writing. It has a fixed supply of 100 million tokens, and the tokens are used as part of transaction fees as well. The transaction fee for fund transfer is a very reasonable .001 Waves. Notably, tokens that were distributed during the initial ICO were bought from the holders and burnt. Burning these tokens led to an increase in their value.
Waves’s Unique Features & Use Cases
Most of the features on this platform are easy to use mainly because of a user-friendly GUI; and, simply by using the GUI, one can create their own tokens within minutes. Additionally, the trading has no limits and the funds, unlike other exchanges, are kept in the wallet and not on exchanges. The token can also be used as a ticketing system if we pay fiat online and get the tokens. This can be authenticated by just showing your Waves app from your phone at the counter.
It can even be used as a way of voting, by issuing a unique address for each voter and then allowing them to vote using their tokens. And last but not the least, even an ordinary end-user can create a mini-ICO for funding their projects using this platform.
There are many other use cases for Waves, but the main functionality is to send money anywhere in the world instantly. One currency can be traded for the other, and even fiat currencies are integrated within the platform to offer smooth liquidation of cryptocurrencies. It can also facilitate property purchases in minutes, rather than waiting for days when using traditional methods for money transfer.
Waves’s General Roadmap
Atomic Swaps functionality is being developed and will be implemented on the Waves platform in the foreseeable future. Integration of Atomic swaps helps in the inclusion of ERC20 tokens, as well adding more coins for trading to this platform.
Reportedly, the Waves team is in talks with major payment processing companies, and this could help in real-world scenarios such as buying goods online using the app. Moreover, major exchanges are in line to list this token, and it will assist in increased adoption. Hardware wallet integration is in progress as well to help users store their tokens most securely.
Furthermore, this platform is helping to integrate fiat and crypto to assist in creating a peer-to-peer revolution. This helps in transfer of goods and services without any mediators across the world. We need to watch if this platform can continue to evolve and potentially become a major trading platform.