Since the inception of the Waves platform, there has been a belief by a number of cryptocurrency devotees that this platform rivals Ethereum. While very much has not been said about this misconception, it should be noted that the Waves platform is very different from Ethereum and as such has no form of rivalry between Ethereum and the Waves platform. While Ethereum is a platform for smart contracts, the Waves platform is basically a platform which was built for the purpose of crowd funding and also for currency exchange. As a result of this, it makes use of a virtual wallet which is known as the Waves Wallet. Let’s get to know what the Waves Platform really is.
Please note that the creator of Waves did recently introduce smart contracts, but this new offering has not yet been fully explored.
The Waves Platform
The Waves platform is one of the many amazing platforms that leverage Blockchain technology. It was designed by Alexander Ivanov in 2016 and was set-up with the use of Scala programming language. This platform was built to tackle some of the problems that were experienced by users of Blockchain technology. With this platform, regular individuals have the freedom to transfer, exchange, and create Blockchain tokens without needing a third party.
The Waves wallet is the approved wallet that is made use of by everyone on the Waves platform. This wallet is a tool for carrying out any task on the Waves platform. The Waves wallet can be used on Mac devices, Linux, and Windows OS. This wallet is highly recommended for every user of crypto money. The Waves Wallet can work with BTC, Waves, ETH, ZEC, LTC in addition to Euros and the US Dollars.
How does Waves wallet Work
Before Waves wallet can be enjoyed and made use of, it first has to be downloaded and installed. This can be done in 6 steps. They are:
- Visit the official website of the Waves Platform and select “Download Client (Beta)”
- Select your Operating System by clicking on it, this will begin the download process
- Now that Waves Wallet has been downloaded, the next thing you need to do is click on “Get Started”
- Select any avatar of your choice, and then, create a strong password. After this is done, ensure you have your secret phase saved.
- As a result of an increase in the frequency of scam, the platform will remind you of the need to be cautious. At this point, you should click on I Understand to continue. After this, ensure that you put down your recovery phase and click on “I’ve written it down”.
- Get your backup phrase verified and then select “confirm”.
As soon as you are done creating an account, you can make use of your Waves wallet securely with your SEED. This is because your account is not connected to your email address. It is also important to note that your secret phrase (SEED) is the most important piece of information that is needed to access your account. If lost, there will be no way for you to access your account.