With the advent of the first blockchain and Bitcoin cryptocurrency, more than ten years have passed. Today, many companies not only invest in a promising financial direction but also actively engage in the development of similar systems. The motivation for such research is to increase the stability, security, and popularity of crypto. The Waves.tech community is no exception. This segment explores the issuance of WAVES tokens on the Ethereum blockchain.
Waves.tech Token on the Ethereum Blockchain
The WAVES token of the Waves.tech protocol on the Ethereum blockchain is a resource issued within the Waves.tech ecosystem. This information became publicly available after a representative of the company commented to the ForkLog resource. This collaboration made it possible for some users to access the decentralized services, smart contracts, DeFi protocols, and exchanges based on ETH, while others can use the functions and capabilities of Waves.
List of exchanges with ecosystem pool access: Curve, Uniswap, 1inch. Comments from the founder of WAVES, Alexander Ivanov: «If you look at cryptocurrency systems by the number of dApps, Ethereum takes the lead. To facilitate the interaction of users of both ecosystems, the optimal solution was chosen - issuing the WAVES token in ERC-20 format».
Reverse conversion of tokens is available. To make an exchange, it is enough to use a special Waves-Ethereum gateway on the Waves.Exchange platform. In the process of issuing ERC-20 WAVES in the Waves blockchain, one WAVES token must be locked.
Developers also announce that by the reality of 2021, the created gateway will be active on the Gravity protocol, allowing integration with other blockchains. To further facilitate users' work with digital coins, the system developers plan to stake tokens directly from the ETH wallet.
In recent news from the Waves.tech ecosystem - the launch of six different coins on the Neutrino protocol in the fall of 2020, the basis for which was the DeFo stablecoin ecosystem. To develop DeFi, in October of the same year, developers integrated the Solana blockchain into the Gravity protocol.
What is Waves?
Waves is a modern digital platform that provides the ability to issue independent tokens and conduct crowdfunding campaigns. The basis for the service's operation is the Proof-of-Stake protocol, more precisely its LPoS modification. The essence of the system is that users can provide their balances to so-called full nodes with subsequent profit from leasing. Basic information about the ecosystem:
- the platform was created in 2016 by Russian entrepreneur Alexander Ivanov;
- based on the crowdfunding company, the future project managed to raise thirty thousand BTC;
- in 2016, the promising platform was noticed by Forbes, where an extensive article was published about the features of the system's operation;
- to provide users with the opportunity to implement blockchain technology worldwide, the ecosystem was introduced to Microsoft Azure in 2017;
- in the same year, the Lite Client gateway was introduced, allowing smooth currency conversion from euros to ecosystem tokens.
The main mission of the platform is to provide a simple transition from centralized to decentralized servers, as well as to give users full control over their assets, finances, and personal data. It is an open network for Web 3.0 applications and an easy and accessible way to implement dApps applications.
Features of Ethereum
Ethereum is not just a cryptocurrency but a fully open platform, the basis of which is the so-called smart contracts. In turn, ETH is the main energy supply of the network. With the advent of Bitcoin and blockchain, the implementation of a separate platform for creating decentralized services became a matter of time. Programmer Vitalik Buterin embodied the idea.
Through smart contracts, a user of the system can pay for any goods and services, make exchanges, and deposits. Electronic protocols provide security and protection. The non-fulfillment of certain contract points is reinforced by a penalty system. Ether can not only be mined but also exchanged or bought on special exchanges. ETH tokens are one of the popular bases for short-term investments. Of course, to implement a profitable trade, dozens of external factors must be taken into account.
