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Review of project Waves

November 27, 2018 03:42:07 -

ICO is often used for different purposes – scamming, promotion of “raw” ideas, impudent deception of investors. It’s pretty rare for any project to bring innovations, especially in the areas most popular among investors (cryptocurrency, bank accountings, etc.). Therefore, the project Waves that started back in 2016 has double interest to look into. And on top of that it is one of the few Russian cryptocurrency projects.

The history of the Waves appearance

Waves was originally being developed only by 1 person, Alexander Ivanov, a young Russian entrepreneur. He had graduated the physics faculty of MGU, then he experimented a lot with blockchain due to his big interest to digital payment systems and neural network. And in 2016 he launched Waves that had attracted a lot of attention and brought good investments in.

You can say that Waves was in a very lucky time space to launch. In 2016 there wasn’t many decentralized exchanges yet the issue for enhanced security for cryptowallets was already relevant (first well-known thefts from users web-wallets started to appear). So the concept was supported and Ivanov collected $ 16 million for the platform (at the rates Bitcoin-dollar for 2016) and even the Forbes mentioned about the project Waves.

Over time public attention subsided, but the platform continued to improve: it became possible to pay directly from the bank account using Bitcoin, the first decentralized DEX exchange was launched, where you could trade with Bitcoins. And even now the average daily trading volume on the exchange holds above $ 6 million.

Differences from ETH and other tokens. Its perspective.

The concepts of Ethereum and Waves are very similar. Both cryptocurrencies are using Proof-of-stake protocol, anyone can create their own token and carry out an ICO on these platforms. Even the common ideas of Buterin and Ivanov, which they express in their interviews, are about “the freedom of the cryptomarket” and “complete lack of control”. But Waves has a lot of its own features. First, the project is better adapted for beginners and has a friendly interface.

Secondly, Ivanov improved the PoS protocol to make it more reliable and safe. Is the Waves really faster and more efficient than Ethereum? It is questionable, but there are definitely differences in the work of the networks. But it is impressive that Waves already managed to create a multicurrency wallet, a decentralized exchange and a convenient cryptocurrency exchange around the world with less resources than ETH.

In addition in summer of 2018 the exchange DEX received a major update attracting attention of hackers. They made a phishing attack on the resource and it held its positions against the attack though the site wasn’t accessable for several hours. Yet in recent times even the biggest Korean and Japanese exchanges had to give up under the pressure of hackers attacks.

Summary: Waves is a reliable and proven project that is gradually developing acquiring new features and getting more convenient. It’s unlikely that Waves will replace Bitcoin and Ethereum, but it evidently has a lot of room to grow.

Category: News

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