Waves is a blockchain platform that allows users to launch their own custom cryptocurrency tokens. Launched in June 2016, the platform is developed, marketed, and operated by the company Waves Platform AG. The spectacular thing about Waves is that anybody can create a cryptocurrency token in minutes without any knowledge of programming.
Much more than a platform for token creation, Waves also has its own decentralized exchange (DEX) where cryptocurrencies, fiat currencies, and tokens created on the Waves platform can be traded. Tokens created on the Waves platform are seamlessly added for trading on the DEX.
The WAVES coin is required as a fee for the creation of custom tokens on the Waves blockchain.
The Waves Client beta was first released on December 13, 2017, and the major release was announced on July 24, 2018.
Before the major release, substantial success has already been recorded on Waves Client beta. About 330,000 wallets have been created, 30 million transactions made, 90,000 traders registered, and 17,000 custom tokens created.
Waves Client allows users to store, send, exchange, and issue tokens easily and swiftly without any technical background required. The Token Launcher is a feature of the Waves Client with which users can issue their own custom tokens in minutes and trade on the exchange right away.
The basic information needed by the Token Launcher includes a name of the asset, description, the total supply of tokens, reissuable function, and decimals. There is an asset creation fee for the process which is about 1 WAVES coin.
The Waves Wallet is also a feature of the Waves Client and it includes fiat currencies such as US dollar, euro, lira, and cryptocurrencies such as bitcoin, ether, litecoin, and zcash. It offers unlimited withdrawals in crypto. The wallet is available on Android and iOS.
Asset Manager is a new feature of the Waves Client version 1.0 that makes it possible to search, pin, and unpin tokens on the main page. Another new feature is the night mode for 24/7 traders.
The biggest development of all is the updated decentralized exchange (DEX). The Waves DEX allows users to trade tokens including the ones they issue without moving funds to a third-party service. The updated DEX has a new interface, new APIs, and improved stability.
Orders on the DEX are transferred to the Matcher over an encrypted channel and remain unseen by other participants until the moment of execution. The purpose of the Matcher is to make sure exchange is carried out securely. When a user sends an order to the Matcher, they do not transfer the ownership of their assets to anyone.
The next phase of development of the Waves platform includes:
- Integration of Waves Client with hardware wallet
- Implementation of 2-Factor Authentication after the release of smart accounts on the mainnet