WAVES | Ultimate Crypto Tokens Blockchain Platform

A new blockchain is coming

and it is going to change the way you think of blockchain technology. Its name is WAVES in honor of the recent discovery of gravitational waves and the crypto community is encouraged to join as one and unite under this new initiative.

WAVES

Technical Specifications

  1. 100 million issued tokens

  2. POS consensus algorithm

  3. Extensible custom transactions system

  4. Plugin/Blockchain apps system

  5. Decentralized reputation system

A new blockchain is coming and it is going to change the way you think of blockchain technology. Its name is WAVES in honor of the recent discovery of gravitational waves and the crypto community is encouraged to join as one and unite under this new initiative.

The functionality to be provided by WAVES is heavily influenced by the successful cryptocurrency and blockchain platform NXT which became famous for its vibrant Asset Exchange. The primary difference between WAVES and NXT is that WAVES will incorporate fiat trading. At launch, WAVES assets will be purchasable with USD and EUR. WAVES is completely decentralized and unlike Ripple, which is backed by third-parties, payment systems, and banks.

The man behind WAVES, Coinomat, is a well-respected member of the NXT and SuperNET communities. In addition to his well-established flagship service Coinomat, an instant cryptocurrency exchange, he owns and operates a range of assets on the NXT Asset Exchange and has paid consistent dividends on a weekly basis to his asset holders.

After the announcement of NXT 2.0, it became clear that NXT did not compliment Coinomat’s vision for the services and functionality he’d like to provide. Please refer to CORE Media’s article on NXT 2.0 for more information on the changes coming to NXT. The NXT community split into two groups of those holding primarily NXT and those holding primarily NXT assets. It became abruptly clear that there was no platform in the cryptocurrency sphere that was completely asset-friendly. Other cryptocurrencies that host assets and coloured coins generally lack a user-friendly interface, are clones of other Bitcoin 2.0 blockchains, have different interests or lack adequate liquidity. WAVES solves all of these problems.

WAVES is a blockchain developed specifically for asset holders. It will be a user-friendly, one-click installation Chrome plugin with a fully decentralized trading/crowdfunding platform. The full node client will be written in scala and the light client in JS.

WAVES aims to provide adequate liquidity to its ecosystem by pairing its assets with fiat currencies such as the USD and EUR immediately upon launch. Furthermore, JL777 is developing atomic trade functionality which will allow users to move assets from one blockchain to another. Assets will have the ability to move from BTCD, to BTC (via Iguana), to WAVES or even back to NXT. Other features to be implemented in WAVES upon its release are encrypted messaging, community management tools and a decentralized voting mechanism.

After the initial release of WAVES, which is planned for Summer 2016, Coinomat plans to implement a Reputation System and Privacy System. The Reputation System will use a custom “karma” token that can be transferred as feedback from other users. Asset holders are encouraged to be honest. The Privacy System, according to Coinomat, will allow for anonymous asset trading. “Without anonymity features it will be impossible to mimic the usual stock exchange experience of anonymous orders books.”

Wanting to find out more, I asked Coinomat a few questions about WAVES.

What is WAVES and what sets it apart from other cryptocurrencies?

“WAVES is a cryptocurrency platform with a strong emphasis on custom tokens operations – creation, transfer and decentralized trading – inspired by NXT. The WAVES team strives to create the ultimate asset platform supporting decentralized asset-to-asset trading, fiat assets backed up by financial institutions and a decentralized reputation system. Thus, a complete environment for community projects will be created, covering all the needs of distributed projects – fundraising and distribution, rewarding project contributors and community voting.

WAVES aims to become for cryptocurrency tokens what Ethereum is becoming for smart contracts. We hope that most open source projects’ crowdfunding in the future will take place on the WAVES platform.”

What is your opinion of NXT 2.0 and did that influence you in your decision to make WAVES?

“I consider NXT 2.0 plans to be quite destructive for the current NXT ecosystem, poorly thought through and, most importantly, not backed by any real community demand. The decisions NXT developers make seem to be quite random and not correlated with community opinion. I think that is the most disturbing part, that the current NXT team is unable to work in conjunction with the NXT community.”

Who is involved with WAVES? It was stated that JL777 will be involved in the background. What exactly is his role?

“The full node prototype will be built on Scorex, a compact cryptocurrency library. There will also be a lot of synergy between the SuperNET project and WAVES. There are plans to create a common asset protocol which can be used on multiple chains and provide two-way asset transfers between the BTCD and WAVES blockchains. Also, JL777’s expertise with light clients can be helpful for the WAVES team since the main end-user client will be realized as a browser plugin.”

What is the current roadmap for WAVES?

“Our goal is a fast development process and a live testnet by the summer of 2016. The most important features at launch will be asset-to-asset trading and deep integration of fiat assets. The mainnet launch is planned for the fourth quarter of 2016.”

The WAVES crowdsale is tentatively scheduled for April 2016. You may find the latest information on the WAVES crowdsale and development process here.

It’s time for a cryptocurrency asset revolution!