Updated 06 April 2021.
Copyright: European Union Public License, version 1.2 (EUPL-1.2).
Waves Platform is an open-source Blockchain platform, which allows its users to create their own cryptocurrencies and build applications. Built for investors and traders, Wavesplatform is a decentralized token platform.
Contents of this article:
- What is Wavesplatform?
- How does Wavesplatform work?
- Features of Wavesplatform.
- How to create your wallet?
- Depositing and withdrawing fiat money.
1. What is Wavesplatform?
Founded by Alexander Ivanov, a Russian physicist in 2016. He first proposed the platform in early 2016, having previously founded other startups like Coinomat and Nxt cryptocurrency platform. The initial goal of Waves was to resolve the blockchain issues Ivanov had detected, with scalability being the major one. Among other issues he discovered was unfriendly UX (user experience) and slow speed.
The NXT cryptocurrency platform was not a success, so the team decided to scrap the project and start from scratch which led to the birth of the Wavesplatform placing a major emphasis on inherent fiat integration.
The Waves Platform was able to crowdfund about 30,000 BTC ($16 million), becoming the second largest successfully crowdfunded blockchain project of its time.
Waves Platform is an open-source Blockchain platform, which allows its users to create their own cryptocurrencies and build applications. Built for investors and traders, Wavesplatform is a decentralized token platform. The tokens can be used to develop, exchange and transfer custom made tokens and assets on the Blockchain. With Waves you can trade digital tokens for fiat money and crypto assets.
It is a decentralized platform with powerful real-world tools and functionality hosted on the blockchain. The Waves team is doing its best to create user-friendly, fast and secure blockchain solutions. Waves ecosystem is a multilevel structure of interconnected instruments, entities and institutions aimed at achieving any kind of goal in daily life, business or development.
The main purpose of the Wavesplatform is to adopt the current Bitcoin Blockchain and advance its features and functionality, and their primary aim is to create a platform that will not just enable the exchange of cryptocurrencies but also value transfer.
Currently, Waves is the fastest blockchain in the world. The platform has implemented a cutting-edge consensus protocol called Waves-NG. The protocol excludes any possibility of creating forks, whilst significantly speeding up network’s throughput and cutting time for the creation of a new block.
The Wavesplatform is quite different from Waves as a cryptocurrency, in the sense that the Wavesplatform is the tree and Waves is a branch of the tree. Created to help developers build applications, Waves is a software framework that is made up of various tools and applications and Waves is the token used to pay to run these applications.
The supply of the platform’s token WAVES is fixed. It is set at a 100 million WAVES which uses a network consensus algorithm based on Bitcoin-NG, updated for proof-of-stake networks, called Waves-NG.
2. How does Waves Platform work?
The Waves Platform enables anyone to launch their own cryptographically-secured blockchain tokens, as well as private networks, quickly and easily — allowing businesses and individuals to build powerful, versatile applications with all the advantages of peer-to-peer technology All these can be done in less than a minute, but we advise you take your time, read all the instructions carefully and store your seed phrase carefully. To store your seed phrase, you can use password managers.
You need to buy WAVES if you want to create/issue your own custom token via the blockchain, these tokens can be bought on Bittrex, Tidex or other exchanges. Creating your own tokens for your business gives you the freedom to pay for goods and services, pay for other projects, you can even go as far as crowdfunding for a cause or a project. This feature is quite popular and has proven to be useful as about 5000 tokens have been created on Waves.
The Waves Platform has some outstanding tools, among which are the following:
• Decentralized exchange (DEX): With DEX you use a centralized matcher to either buy or sell tokens. The orders are fulfilled in a centralized way, while the trading process is executed on a peer to peer basis. Your funds are stored in your wallet, so there’s no possibility of a hack or freezing of funds by an administrator.
• Custom Application Tokens (CATs): The token you create can be traded, bought and sold without using a middleman.
• Anonymity features: Everything you do on the Waves Platform is completely anonymous, but when using fiat gateways, you need to pass KYC/AML procedures.
3. Features of Wavesplatform.
Some of the features of Waves that makes it outstanding are the following:
• Speed: Waves is extremely fast, with 6000+ txs per minute. A token can be created in less than a minute.
• Affordability: You can pay transaction costs on Waves with tokens and each transaction costs about 0.001 WAVES, which is quite cheap.
• Accessibility: The UI of Waves is quite clean, intuitive and friendly. You can use a browser version, a stand-alone version or a mobile version of the Waves client. The best part is that you don’t have to download the Blockchain to use Waves.
• Fiat transfer: All tokens on Waves are fully backed by fiat deposits, Bitcoin gateways and various other token gateways. There are various licensed fiat gateways, e.g. USD and EUR.
• Perfect crowdfunding tool: Various startups use Waves to raise funds for their projects. These startups can create tokens, and distribute them on a safe and secure platform. Among the most notable crowd sales on the Waves Platform are MobileGo and PrimalBase.
• Smart contracts: non-Turing complete smart contracts have been recently activated on the Waves TestNet are much easier to use than Ethereum’s smart contracts.
4. How to create your wallet.
This is the most important part of using Waves. Your wallet is where your tokens are stored, and here are the steps on how to create a wallet.
• In your browser enter https://wavesplatform.com.
- You can either decide to download the client Beta or the Online client; I suggest you download the client (beta).
- After the file downloads, extract the zip file and install.
- Read the introduction about Waves Platform and click on the button “What you need to know about your seed”, read all the instructions carefully before clicking “I Understand”.
- Click on “Get started” and fill in the appropriate fields.
- Check all the boxes, confirm and begin.
- The 15 word seed phrase that’s provided is the most important thing to keep your wallet safe. It’s important to either write it down or store it somewhere safe as without it your account cannot be restored in any way and all your tokens will be lost.
5. Depositing and withdrawing fiat money.
With Waves you can send, receive, hold or transfer fiat money on its Blockchain. To do this, you need to verify your identity first with IDnow. Make sure your country is eligible for verification and that you have the required documents for verification. Follow these steps for verification.
- In the Wavesplatform wallet click on “Receive”.
- After that choose “Bank”.
Important note: Waves doesn’t accept international wire transfers from US citizens or from banks in USA .
- Choose a currency from the list.
- Next, click on “Get verified”. You’ll be redirected to the IDnow website fill in your personal information.
- Click on “Continue”.
- Choose a device: a smartphone, tablet or computer.
For the smartphone or tablet identification the convenient way is to install the “IDnow Online-Ident” app.
After launching the app make sure you provide your Ident-ID.
For computer identification you can only use the Google Chrome browser, no additional software is required.
- The last step of identification is “Result”. You’ll need a valid ID to verify your identity. An expert will conduct the identification.
- After that, you will have to enter a personal code sent to you. It takes 2 or 3 days for the confirmation process to be completed. You will be notified by email when you will be eligible for Euro/USD gateway.
- To withdraw, you need to make a deposit first. Make a wire transfer from your personal bank account to one of the following bank accounts.
Note: It is important to fill in the payment details field with this information: “CNM- your WAVES address”. Failure to do this will lead to your account not being credited e.g. CNM-3P8QhagLR9iPzJW42U8v163JACyKVdFH5hm.
Note that you must use the same Waves address that you used to make the KYC&ALM requests. If a mistake is made or you entered a Waves address that’s different, your account won’t be credited.
If you’ve been verified and have deposited either Euro or USD into your wallet, you can withdraw either one to your bank account. To do so, make a SEND transaction to the Waves address “3P7qtv5Z7AMhwyvf5sM6nLuWWypyjVKb7Us”. Fees are 1% from the amount transferred, the minimum amount that can be transferred is 100 USD/Euro.
After your first withdrawal, the next ones will process without verification and funds are arriving within two days into your fiat bank account.
Keep in mind that one person can have several verified accounts but only if they are in different fiat currencies, for example you can have different accounts for EUR and USD. But one wallet can be related to only one identified person, therefore you can’t have more than one bank account linked to one wallet. And you can’t link more than one bank account per fiat currency.
A huge con of Wavesplatform is that during withdrawal from your Waves wallet to your bank account, Coinomat sends you an email acknowledging your withdrawal request, you’re then asked to provide a recent bank statement from the account used to deposit fund which is privacy invasive as your bank account statement divulges more information about you than you’d want to provide.
That aside, Wavesplatform is one of the best cryptocurrency exchanges and wallet you can find in the market. From the beginning, it was built with the intention for mass production, and with the introduction of smart contracts into the platform the Waves wallet and DEX are a massive plus. The best part about waves is that they are security and client data conscious (they request for little details from users ensuring their privacy). Wavesplatform is becoming the go-to website for all things cryptocurrency.
Beginner’s Guide to Waves | Create Your Own Token. Retrieved from https://coincentral.com/waves-platform-beginner-guide/
Waves (WAVES) Review – Crypto Coin Judge. Retrieved from https://www.cryptocoinjudge.com/waves/
Waves Cryptocurrency (WAVES): Everything You Need To Know. Retrieved from https://coinsutra.com/waves-cryptocurrency/
Waves Platform Review – Custom Cryptocurrency Blockchain Token Creation?. Retrieved from https://bitcoinexchangeguide.com/waves-platform/
How to receive and send fiat money (EUR, USD) / Knowledge base Forum / Wavesplatform. (2018). Retrieved from https://support.wavesplatform.com/en/knowledge-bases/2/articles/4081-how-to-receive-and-send-fiat-money-eur-usd