WAVES is a decentralised platform that uses custom blockchain tokens to represent value. Tokens can be issued by any kind of end user and can be transferred, swapped and traded on a integrated decentralised exchange. Tokens may represent a share in a new crowdfunding project, an economic instrument, or any other product with natural value. Standard crowdfunding and exchange platforms rely on a 3rd party to maintain them, thus compromising transparency and becoming prone to failures caused to over-centralisation.Blockchain technology allows the elimination of any kind of centralised point of failure, storing all the platform data on all system nodes in a distributed fashion. It makes fully decentralised trading, crowdfunding and value transfer possible. WAVES furthermore makes it possible for traditional financial institutions to issue and support blockchain tokens representing national currencies and monetary instruments. This connects WAVES to the world of conventional finance, allowing KYC/AML-compliant business methods supported by decentralised technologies. It offers traditional institutions access to blockchain technologies with lower maintenance costs, bringing transparency as well as access to new markets.THE WAVE TOKEN:WAVES is inflation-less system, limited to a supply of 100 million tokens (called WAVES), which will be the fuel for the whole platform and used for every operation. WAVES currently trades on standard exchanges like Bittrex.com and Touzibi.com, whilst in the future it will be possible to trade the tokens on the platform itself.After launch in Summer 2016 the platform will have its own decentralised exchange. All transactions occurring there will require the Waves token as fuel. It will be used for all operations, including converting and issuing assets, transferring them, paying dividends and withdrawing supported currencies, which are hosted on the platform as assets.The 100 million WAVES tokens were distributed according in proportion to the amounts invested by individuals during the crowdfunding stage. WAVES tokens will be redistributed among network participants during the course of normal operations, but no new ones will be created.
THE WAVES WALLETThe WAVES lite client has an offline storage option and users can run it on any device in the browser, so it is simple with no blockchain download, instant connections, and the ability to import and set up quickly on different devices.It is possible to import/recover an account on any device by using the unique seed from which each account address is generated, so accounts are accessible from any device. This is particularly useful in the case of hardware failure. In addition to the unique seed users encrypt access to their account with a password. Offline storage for the lite client and 2fa will be implemented in a later phase of development.THE FULL NODEIf you are a lite client user only (with no blockchain download) you will be able also to receive rewards from the network by leasing your balance to a full node (which requires full blockchain download). The rewards from the full node’s activities will be shared between all users leasing their balance to it.There are no masternodes and no minimum requirements for a full node. The same incentives apply to everyone who has a balance above 0. The bigger the balance, the bigger the share from the reward pool a user receives.Users with lower balances may choose to lease their balance to full node, which validates blocks more often than they would. Unlike with many other crypto initiatives, the Waves platform has unique real-world use cases that prove to be superior to the existing centralised services. Here are some potential use cases.First of all, it is important to understand the underlying technology, asset-to-asset trading. The opportunities this feature brings are countless. It means that users will be able to create their own assets (as with Counterparty or Nxt), and trade them against any other assets.1) Fiat integration. If a financial company creates its own asset and backs each token with $1 of real value, buying and selling it for that amount, that asset can function as a blockchain-based USD token. Its value is 1 USD, backed by real USD held in the bank account of that financial institution.
This means that anyone can trade any crypto-asset created in the platform against that USD token. These other assets might include BTC, ETH or many others. This means there is no need to worry about the reliability and security of centralised exchanges, so long as there is confidence in the token issuer. In regular exchanges, cryptos are often stored in hot wallets and users pay commission fees for trading. But when you trade in the decentralised exchange of the Waves platform, you will hold your crypto as well as your fiat in the Waves wallet, and the only trading fees are the network fees of the platform - a few cents or less.
2) Crowdfunding projects. Waves acts like a decentralised Kickstarter. Individuals may issue their own token and sell it against USD in the platform. The benefits of such an application are obvious. Users don't pay fees to a middleman. The shares in the crowdfunding project are tradable. It is like the company being listed in a stock exchange, right at the crowdfunding phase. And no one has to worry about the price volatility of bitcoin, since the token trades against USD.3) International money transfers. This is a direct follow-on from fiat integration. There will be many gateways in many countries, each issuing their local currency.If Alice wants to send 100 USD to Bob, and Bob wants EUR instead of USD, this is easily achievable by buying USD tokens, converting them in the decentralised exchange to EUR tokens, and then sending them to Bob, who will then use the EUR gateway to have the tokens redeemed and sent to his bank account.This is the most disruptive feature to the traditional centralized model. The platform forms the infrastructure of a wide range of companies which are competitors to Kickstarter, PayPal and Bitfinex. The long-term potential is obvious. So why invest in the Waves token? Because each transaction in the platform will require a transaction fee, which is payable in Waves.The adoption of the platform means demand for Waves tokens, which should increase its value.Note that the Waves platform doesn't only serve the cryptocurrency community, but thanks to fiat integration, aims to be the decentralised network for non-crypto audiences too.You can find more information about Waves Platform here:
Webpage: https://wavesplatform.com/
Official Forum: https://wavestalk.org/
Bitcoin Talk: https://bitcointalk.org/index.php?topic=1530257
Twitter: https://twitter.com/wavesplatform
Facebook: https://www.facebook.com/wavesplatform/
You can see my original article here: https://bitbillions.com/waves-platform/
Thanks for your reading.
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