What is ment by the term Waves Coin?
Waves Coin is a blockchain platform for the production of cryptographic tokens and for the execution of crowdfunding campaigns. With Waves Coin, merchants can securely store their assets with their local client of choice.
At the same time, they can also trade their assets quickly and safely by using a decentralized stock exchange that is integrated into the platform of Wave Coin.
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Organizations can use their own tokens to stimulate business potential, whether that’s by voting, loyalty programs, crowdfunding campaigns and more. One example recently released, the Whopper Coin cryptocurrency from Burger King’s Russian business base, utilizes the Waves platform.
Another important aspect of Waves Coin is its own decentralized stock exchange (DEX), which allows users to trade their tokens, including WELLT and BTC, on the Waves platform. This is done in a completely decentralized manner and without the need to hold funds on a central stock exchange.
Operating Principle von the Waves Coin
The platform works on the basis of LPoS consensus, a modification of the proof-of-stake. A feature of this technology is the possibility for users to transfer their own assets on a leasing basis to the node in exchange for a part of the profit from mining.
This is called account leasing. Account landlords have the right to recover transferred assets at any time. Users involved in generating blocks are selected based on the balance of the Waves coin.
In the context of the platform, the mining right only applies to the full nodes. Ordinary users can only transfer their digital assets and not participate directly in the mining process.
Issue and Sale of Tokens
In order to finance their own project, Waves platform users can release their own cryptographic assets. The tokens can be sold on the open market during crowdfunding campaigns.
The process of token issuance, which is designed to raise funds, is called Initial Coin Offering (ICO) and resembles the first public sale of IPO shares in its working model. Investors can buy project tokens in an appropriate currency, such as US dollars, euros, Bitcoins and so on.
The purchaser of the token has the right to resell, donate or exchange it with a token from another project within the framework of the Waves infrastructure.
The actual costs are allocated to the token by its integration into the application. As long as the application has a value, the associated token also has a value. The actual value of the token is determined during the course of natural trading on the open market.
The Community Token
The Waves platform has developed and introduced the Community Token, which is a tool for crowdfunding campaigns launched on the Waves platform. This token is designed to stimulate the long-term retention of funds in the Waves system, as owners of Waves tokens also receive additional revenue by constantly allocating resources to the platform.
The Community Token is in the implementation phase and will finally be introduced into the Waves platform after reaching full technical maturity. The Community Token will be distributed to all Waves owners within the first 9 months, with the exception of swap exchanges.
Under this plan, the allotment is carried out on the 15th of each month and is based on the results of a snapshot of the Waves balance. 20% of the assets are distributed within the first month (the first successful asset allocation occurred on January 15, 2017, with 10% distributed over the following months).
The Community Token increases the number of assets of its owners.
Further Development of Community Tokens
During the voting process, the owners of the token have the right to vote for a variety of projects. This will increase the value of any new projects, make screening possible, and stimulate interest in participating in the Waves community.
Rewards for Miners of Waves Coin
Participants of the Waves platform who support the work of their network, i.e. the miners, receive a monthly account fee in the form of a miner reward token. This is also referred to as the MRT. The size of the reward started at 50 MRI in March 2017 and is reduced by 5 MRIs per 50,000 block units.
To become a miner, the user must have a minimum effective credit of 10,000 WAVES on a personal system account.
Decentralized Stock Exchange DEX
Waves opened the first decentralized exchange DEX, where it’s possible to carry out transactions with Bitcoins with a fundamentally new technology. Users of such an exchange can trade any pair of tokens without having to carry out a transaction using an intermediate currency.
With this new exchange, bids are traded immediately; usually within milliseconds. The capacity of DEX is 1,000 transactions per second. Unlike conventional cryptocurrency exchanges, DEX, therefore, works quickly and safely.
The task of the user is to connect the seller and the buyer and fix the transaction in the blockchain. The commission is then awarded at the end of the process.
Conclusion of the Waves Coin
Waves Coin is a platform that acts as a “blockchain for people”, enabling users to store, trade and manage their own digital assets in a secure and easy way. The platform is offered to investors, traders, developers and general organizations to benefit everyone differently.
The Wave Coin Platform was founded in 2016 with the goal of reinventing entrepreneurship around the world through a common infrastructure. This infrastructure provides tools that are very functional and easy to use.
For developers using Waves Coin, the platform offers high network capacity, low transaction fees and low latency.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.
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