Over the years, cryptocurrency and its underlying technology called ‘blockchain’ have earned immense popularity all over the world. Its secured and decentralized function made it an attractive investment for business enthusiasts all over the world. One such cryptocurrency that allows decentralized exchange is Waves.
Waves is an all-encompassing blockchain ecosystem that functions as a cryptocurrency, decentralized cryptocurrency exchange and token launch platform. It is designed to help users create a new token using a quick and easy solution that even those with no experience in blockchain development can understand.
Instead of using smart contract programming, you can create and manage tokens using the scripts that run in the user accounts on the Waves blockchain. This way, the development of new tokens and applications can be as simple as launching a traditional web application.
The initial goal of Waves is to create an alternative to Ethereum ERC20, a DeFi technology that allows developers to create their own token to trade within the Ethereum blockchain. However, it requires users to have a coding experience to manage and create said tokens.
Meanwhile, in Waves, you can create custom tokens easily. The company even claims that it won’t even take you more than a few minutes!
What problems do Waves solve?
For beginners, cryptocurrency and the blockchain’s technicalities can be difficult to understand, which Waves attempts to solve. Its developers want to create a cryptocurrency and blockchain platform that is easy to grasp even for people without prior crypto knowledge.
Waves reached such an impressive state of accessibility that a basic coin can be created in under 10 minutes. The simplified process of creating coins ensures that Waves has a secured value via ‘tokenization’ for a range of real-world assets, making it ideal for crowdfunding, ICOs and loyalty programs.
Benefits of using Waves
Simplicity is the strength of Waves and it is this feature that will allow it to promote mass blockchain adoption. Aside from that, Waves is also a pioneer in its field of custom blockchain tokens operation so there is less competition in the market.
Take a look at its comprehensive list of benefits below:
Easy to use
Unlike Ethereum’s ERC20, Waves doesn’t require users to learn programming language to create decentralized applications and smart contracts. Instead, it presents you with a basic solution in creating utility tokens for ICOs and other programs.
Secured and easy stakes
Waves network uses stakes to keep the blockchain secured. To run a full staking node on the Waves network, you need to stake at least 1,000 WAVES tokens. This qualification process ensures that all members will perform up to the standard with their tokens at stake.
Additionally, this process is perfect and safe for beginners since you can share potential financial losses with other nodes in case you run on a malicious node in the network. This is possible by making larger deposits in the Proof-of-Stake network of Waves.
All users of Waves are eligible to use the blockchain’s powerful decentralized exchange (DEX) where they can trade their Wave-based tokens with other tokens in the ecosystem in a matter of seconds. Aside from this, there are also countless new projects in the Waves network that allow you to have instant access to liquidity, making it ideal for several exchange strategies.
Dapps or decentralized applications
Another thing that makes Waves ideal for beginners is its zero-fee structure. Unlike Ethereum that requires you to pay fees called Gas to form your custom currency, Waves eliminates these charges and replaces them with a flat fee you can easily pay.
With a flat fee, you can develop your Dapps any way you want and customize them into your ideal cryptocurrency with the features you need.
How to create your own token using Waves!
As mentioned above, Waves presents a simplified version of creating your own tokens. Take a look at the step by step process below and start creating your token at Waves now!
- Install Waves Wallet
Download the Waves Wallet on your desktop or laptop device. To do this, you need to head to Waves’ official website and scroll to the bottom of the page until you find the ‘Download now’ button at the dropdown box.
Select the operating system suitable for you and create an account on the Waves Wallet app. Make sure that you have a strong password.
- Build your coin!
To generate a custom cryptocurrency, you need to have at least one Waves token in your wallet. Once you are sure you have the needed amount for your token, look for the token generation option in the left-hand column of your screen. Then, enter the following details for your custom token:
- Name of your asset
You can name your token however you like but you can only use 16 bytes of data for this one.
This is the selling point of your tokens so you need to think of how you can make them sound credible and likeable to your audience. It should answer questions such as: why did you create it, what purpose it serves, and who it is for?
- Total tokens
How many tokens do you want to issue? There is an option that will allow you to make it reissuable which means you can come back to Waves and create more tokens in the future.
You can select the number of decimals that your cryptocurrency can be divided into.
- Smart asset
Waves simplify the creation of coins using smart assets wherein a script stating a set of conditions in every transaction made using your token is attached. For instance, you can reduce or increase the cost for exchange.
- Sell your tokens
Create a sale listing in the Waves DEX on your Waves Wallet to entice people into buying your custom token. Make sure that your token has an attachment to a crypto project so it will be easier for people to invest in your currency.
Making Waves in the crypto market!
Waves is a cryptocurrency that has a clear purpose in the crypto market—making coin creation easy and accessible to the general public. Additionally, it presents the users with different ways to enjoy their custom-made coins.
Waves currently has a daily trading volume of about $20 million and with tokenization as one of the fastest-growing sectors in the crypto market today, a bright future can be expected for Waves. Trade now and ride the waves of this unique cryptocurrency!
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