The Waves Platform is a well-known decentralized blockchain that helps in building the bridge between fiat currencies and other Cryptocurrencies. The platform now plans to incorporate Smart Contracts too. This is expected to make it a tough competitor of Ethereum. We will look into this exciting development and how it could be a game-changer for Waves.
Waves Platform In a Nutshell
Waves Platform is a decentralized trading platform that helps in connecting the various fiat and cryptocurrencies. The fiat currencies that are supported by Waves are the US dollar, Euro, and Chinese Yuan. Waves by itself is a token that fuels the blockchain. Its major function is to help users send money anywhere in the world instantly. It also attempts to provide liquidity to cryptocurrencies it supports by allowing investors to make purchases using their fiat currency.
Waves also has a decentralized exchange (DEX). The Waves DEX is a decentralized trading platform that enables the settlement of trades on its blockchain. The exchange is quite fast and secure compared to other decentralized exchanges.
The Waves token is used to fuel the blockchain. It was valued at $6.80 with a market cap of USD 680 million at the time of writing. This token can be traded on the Waves DEX as well as other major exchanges like Binance, Hitbtc, and Bittrex.
Waves Smart Contracts
We have already reported in this post that the Atomic Swaps functionality was going to be incorporated in the Waves platform to enable the addition of ERC-20 tokens to its DEX. It turns out Waves need not list ERC-20 tokens. Waves would rather have its own Smart Contracts tokens listed on the platform. The Waves Smart Contracts are currently running on its testnet and should soon be available on the mainnet. The Waves team announced this in a tweet on Thursday and informed the community to download the testnet with the Smart Contract features from Github.
The Smart Contract integration would make Waves an Ethereum competitor. Ethereum is at the moment facing scalability and code vulnerability issues. We reported in this post that several ERC-20 tokens got affected by the ‘Batchoverflow’ bug that makes it possible for hackers to steal humongous amounts of funds in the form of tokens.
There are many other platforms that want to compete with Ethereum in providing robust and secure Smart Contract platforms. Amongst these platforms, Waves has proven itself with working products and its secure and reliable blockchain. Based on this, we can expect Waves to provide a better platform for companies to build their dApps on.
Apart from being scalable and secure, Waves has the added advantage of a DEX. The platform can handle hundreds of transactions per second in a trustless and decentralized manner. Also, unlike other centralized exchanges, the DEX has no limits for withdrawal of funds.
Benefits of Waves Smart Contracts
The Waves Smart Contracts provide the following advantages over other platforms:
- dApps are supported in a decentralized manner
- No additional fees like GAS in Ethereum Smart Contract
- Secure and affordable compared to Ethereum and other blockchains
- Due to the availability of the DEX, one can immediately trade the tokens on the platform
- Multi-signature wallets to avoid one-point failure.
- Atomic Swaps to convert tokens would be introduced in the future
- It allows the founders to lockup the tokens in the platform itself
The above benefits and the past record of Waves gives us more confidence that their entry into Smart Contracts will be a successful venture. By allowing future dApps to move forward with advanced and more robust technology, Waves could become a force to reckon with and a strong Ethereum competitor. One can see the Waves token becoming more valuable in the future if they successfully implement this Smart Contract and attract more blockchain companies to develop their products on their platform. We wish them the very best in this venture.