What is Waves?
Waves is a blockchain that allows users to build and deploy custom crypto tokens.
Waves helps you to create and exchange crypto tokens without having to learn how to program smart contracts. Rather, tokens can be developed and handled using Waves blockchain scripts that run in user accounts.
The concept is that creating new tokens (and the programs that control them) should be similar to launching a conventional web application.
To do this, systems and software are attached to these transfers as dependencies, and new assets are assigned a unique identifier. Scripts may only be added when the asset is created.
How Does Waves Work?
The Waves Blockchain serves as the foundation for the Waves Client and other Waves-based applications. The blockchain itself was heavily influenced by the concept of “colored coins” and the Nxt blockchain’s custom tokens.
Waves is an extension of the colored coin and Nxt view, but it takes a different path to blockchain versatility.
Waves utilizes “plug-ins” to add different transaction modes instead of appending token transactions to standard blockchain transactions. These plug-ins are installed on top of the core program, which means that in order to access certain transactions, the customer must load the plug-in first.
The Waves blockchain will transact one custom token against another custom token. To put it another way, every commodity may be tokenized and traded on the blockchain.
The exchanging of tokenized national currencies is an illustration provided in the whitepaper, so I might exchange the custom token tied to the USD for the custom token tied to the Japanese Yen on the Waves blockchain. With that feature, the possibilities are really endless, and the Waves blockchain has a top-of-the-line consensus protocol to fit.
What is the History of Waves?
Sasha Ivanov, an entrepreneur, created the Waves blockchain in 2016.
That’s when Ivanov established Waves Platform AG, a for-profit organization based in Moscow with the mission of driving and funding the creation of a modern blockchain network.
In April 2016, the Waves team conducted an initial coin offering (ICO) for its WAVES cryptocurrency, earning $22 million (30,000 BTC).
In the third quarter of 2016, the Waves blockchain was released.
How Do I Hold Waves?
WAVES can be held on wallets such as Trust Wallet and Ledger.