. What is Waves Coin? Here is the Crypto Currency WAVES Token in All Details – In this article, What is Waves Coin? We will answer the question and try to present details about the project. In this way, you will have detailed information about a token in the cryptocurrency world.
What is Waves Platform?
Waves is a blockchain platform that you can use to create your own private token. Whether you want to crowdfund a project, create a loyalty rewards program, or create an in-app currency, the Waves platform can be worth exploring.
According to their website, you can create your own token in as little as a minute (although you might want to take some time and have a good plan of how to use it first). Waves also includes a decentralized exchange (DEX) where you can exchange your newly created cryptocurrencies for any other Waves tokens in a trading pair.
How Does Waves Platform Work?
Simply put, the new tokens you create and transfer using the Waves platform are made in addition to blockchain transactions. However, there is an inherent problem with this strategy. Using the typical blockchain protocol as seen in Bitcoin, the network client software needs to be updated with each new transaction type. This update is more commonly known as a hard fork. As we’ve seen in blockchain history, hard forks come with a significant number of risks and a large amount of work.
To prevent this, Waves implements new transaction types via plugins as an extension above the core software. That way, even if a client add-on is missing, it can continue to transfer the private process across the network. They can participate effectively in the network without updating their software.
There are several features included in the core Waves software:
Special Application tokens (CATs)
Decentralized exchange (DEX)
Smart Contracts
Waves Platform Interface
Waves Coin Nedir?
Waves is slightly different from the traditional architecture used by other blockchain companies. To avoid scaling issues, the platform uses a two-tier architecture, both lightweight and full nodes that protect the network. This is different from the full node approach that Bitcoin simplicity prefers.
Waves uses the Scorex platform to facilitate trust between lightweight and full nodes. Instead of downloading the full history of transactions, lightweight nodes use the current network state. They then use this state to create simplified payment verification processes.
The platform uses a variation of the traditional Proof-of-Stake consensus algorithm to maintain network integrity. In the Leased Proof-of-Stake (LPoS) system, you can stake your tokens by “leasing” your tokens to full nodes running the network. The rental cost is 0.002 WAVES.
Waves seems to be building a niche with a focus on mass adoption through simplicity. The tokens you can create with Waves lack some functionality seen on other platforms but are ridiculously easy to make. As the team continues to add smart contract functionality, the feature gap will be further narrowed.
Waves is also facing significant competition on the DEX front. IDEX is one of the biggest competitors, and protocols such as 0x and Kyber Network make it relatively easy to create a new DEX. The Waves team focuses on availability and transaction speed to separate the exchange from the package.
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