Waves is a versatile blockchain platform that caters to a range of applications, including decentralized apps (DApps) and smart contracts.
After its launch in June 2016, which came on the heels of one of the first initial coin offerings (ICO) in the cryptocurrency industry, Waves aimed to enhance the earlier blockchain platforms by boosting speed, utility, and ease of use.
The platform has continually evolved, integrating new features to enhance its original framework.
The native token of the platform is WAVES, an uncapped token used for regular transactions such as block rewards.
Who Are the Founders of Waves?
Waves is closely associated with its creator, Alexander Ivanov, a scientist from Ukraine also known as Sasha Ivanov.
Before establishing Waves, Ivanov was already involved in the cryptocurrency scene, having launched Coinomat, an instant exchange that is now defunct, as well as an indexing site called Cooleindex. He was also behind CoinoUSD, an early stablecoin linked to the U.S. dollar.
Ivanov actively promotes Waves, frequently participating in interviews to discuss both the platform and broader blockchain trends.
According to Waves' promotional information, the company now employs over 180 people at locations such as Moscow and Switzerland.
What Makes Waves Unique?
As a pioneer in its sector, Waves aimed to advance the initial blockchain platforms and offerings.
From its inception, it targeted businesses interested in leveraging blockchain to enhance processes or develop new services.
Waves supported the development of smart contracts and DApps, ensuring faster speeds and user-friendliness compared to its competitors at the time.
Since then, additional offerings have been developed, such as Gravity, a network for cross-chain and oracle functions, and Neutrino, a platform focused on decentralized finance (DeFi). Waves DEX is a decentralized exchange for cryptocurrencies.
In 2020, Waves announced its platform would become compatible with the Ethereum network by launching the WAVES token as an ERC-20 standard asset.
How Many Waves (WAVES) Coins Are There in Circulation?
Initially, WAVES was a fixed-cap token on the Waves platform with a total of 100 million tokens available.
During its ICO, which raised 30,000 BTC, 85% of the supply was allocated to sale participants, 4% to partners and supporters, 9% to developers, and 1% each to early supporters and bounty programs held after the ICO.
Over time, as its utility grew, the supply cap was lifted in 2019, transferring governance to network participants.
Currently, the block reward stands at 6 WAVES, and any changes are decided via votes—users can choose whether to decrease the block reward by 0.5 WAVES every 110,000 blocks.
How Is the Waves Network Secured?
Waves employs a modified proof-of-stake algorithm known as WavesNG. This technology is derived from Bitcoin-NG, a scaling proposal by Cornell University developer and recognized Bitcoin advocate, Emin Gün Sirer.
Waves emphasizes that its code is open source, promoting greater trust and easier maintenance compared to proprietary enterprise blockchain solutions.
Where Can You Buy Waves (WAVES)?
As a cryptocurrency that has been on the market for over four years, WAVES is available on numerous exchanges.
Trading pairs exist between WAVES and various cryptocurrencies, stablecoins, and fiat currencies.
Trading volume is well distributed, with major platforms like Binance and Huobi Global leading the market.
New to cryptocurrency? Check out our simple guide to buying Bitcoin or any other token.
