The crypto market comprises a vast amount of digital assets. This spans across both the centralized and decentralized sectors. Most coins in the centralized sector are known tokens that traders have in their portfolios. Meanwhile, the DeFi sector has a massive pool of unknown tokens in the industry. But while most of them are relatively unknown, some of them are showing promise. One such token is the WAVES token. In this article, we will be looking into the WAVES token and if it is an excellent addition to our portfolio.
What Is Waves Crypto?
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Waves is a three in one ecosystem that works as a digital asset, a decentralized exchange, and a platform for launching tokens. The developers created the ecosystem to help in the development of Web 3 solutions. The main goal of the creation was to rival Ethereum and increase the adoption of blockchain technology in the market. The ecosystem also saves developers from confusion as regards creating projects on the blockchain. In this regard, Waves allows any developer to create tokens on its blockchain without a deep understanding of how the technology works. This means that developers can use Waves to launch their ICO and crowdfund.
Advantages of Using Waves
Waves is presently becoming a force to reckon with because of its simple method of promoting mass adoption. Traders and developers alike are open to a lot of benefits when they use Waves. Developers can use Waves to increase the use cases of their tokens in the future. Asides from that, below are some of the reasons why developers and traders are moving to the asset.
Ease Of Usage
Waves provide you with an easy way to create your token using their simple blockchain. In sharp contrast, developers would need to understand specific deep-level language to use Ethereum. Also, they might need to understand things like creating apps and executing smart contracts. However, one can add that tokens on Waves are not as robust as those on Ethereum. Since they are so easy to create, firms who need solutions regarding ICOs, utility tokens, and the likes can turn to Waves.
Like most tokens, users of Waves can earn rewards for staking their assets. The network’s security is based entirely on staking, thus rewarding stakers. To run a full staking node on Waves, a user would be required to stake nothing less than 1,000 Waves. This is because Waves run on a proof of stake consensus mechanism. In this regard, users need to deposit a larger amount of Waves to bridge any loss that could arise from a malicious node.
Users in the Waves ecosystem are opened up to a world of powerful decentralized exchange when they use Waves. Users can trade one token based on the network with another in a matter of seconds. The network allows users to carry out trades without the need for programming extensive smart contracts. New tokens are also opened up to liquidity, making a case for the ideal launch pad.
Why Should I Trade The Waves Token?
In the crypto sector, the Waves blockchain has made its way to the top of the pick. This is because the blockchain has been dynamic and innovative since its launch. It also boasts of a large user community base across the crypto sector of Russia. The outstanding performance of the token has been visible enough since it launched in 2016. Since the launch, the token has witnessed an increase of over 2000%. Even though it is not very popular, the token has shown so much promise over the years. But bear it in mind that just like most assets in the market, Waves is open to volatility and does not have the toughness of assets like Bitcoin for now.
The developers of Waves have created a great project that would go a long way in the future. Though it might not take up the shape of Bitcoin, it promises something close. With the way tokenization is rampant in the sector now, the idea behind a simple token launch platform is a great move. One thing for sure is that Waves would continue to fight for the top spot in the market. This is because, asides from its simple blockchain design, the network is birthing projects that will help the crypto community across the world.