WAVES blockchain was launched in 2016 by a Ukrainian entrepreneur known as Sasha Ivanov. 2016 was also the year when Ivanov founded Waves Platform AG, a for-profit corporation based in Moscow. Its mission was to drive and fund the development of a new blockchain network.
In April 2016, the Waves team staged an initial coin offering (ICO) for their WAVES cryptocurrency, raising the equivalent of $22 million (which is approximately 30,000 BTC). In the last quarter of 2016, the Waves blockchain was released.
What is Waves (WAVES)?
Waves enable the creation and trading of cryptocurrency tokens without the need for complex smart contract implementation. On the other hand, tokens may be produced and controlled using scripts that run in user accounts on the Waves blockchain network.
The idea is that inventing new tokens (and the apps that control them) should be similar to establishing a standard web application. To achieve this goal, programs and apps are executed as attachments to these transactions, and new assets are given a unique identifier. Scripts may only be attached when the asset is created.
These assets are designed to be traded inside the Waves ecosystem. This ecosystem has its own built-in decentralized exchange (Waves Exchange). Smart contract capability was implemented on the Waves mainnet in 2018 by the WAVES team. This implementation allowed a third party to make decentralized apps (DApps). Later in 2019, the Waves platform team began promoting Waves enterprise, a version of the network designed for institutions.
How Does WAVES Work?
The Waves blockchain supports two types of nodes:
- Full nodes
- Lightweight nodes
On the one hand, full nodes maintain a complete history of transactions. On the other hand, lightweight nodes rely on full nodes for transaction confirmation and network interactions.
WAVES employs leased proof-of-stake (LPoS), a version of the proof-of-stake (PoS) consensus mechanism, to keep its distribution network in sync.
The LPoS Blockchain
The original consensus mechanism used by Waves was a simple Proof-of-Stake implementation. After the ICO, all 100 million WAVES tokens were issued, and supply is fixed: there is no inflation, as there is with Proof-of-Work mined cryptocurrencies.
As a result, Waves block validators, aka miners, get transaction fees but no block rewards from the blocks they process.
In May 2017, the Leased Proof-of-Stake (LPoS) system was officially released. This system allows Waves lite users – those who did not operate a full node – to lease their WAVES tokens to mining nodes. Leased WAVES are neither transferable nor tradeable and must remain in the user’s account.
However, the account holder has complete control over the tokens, and leases may be canceled at any moment.
Waves-NG
The network was upgraded again in December 2017 with the introduction of Waves-NG. This was a unique protocol based on Cornell IT professor Emin Gun Sirer’s Bitcoin-NG proposal. The original Bitcoin protocol selects each miner randomly. Miners compete to discover a valid hash for the next block depending on the current state of the blockchain once a block is uploaded to the blockchain.
Meanwhile, freshly created transactions are placed in the memory pool (mempool), where they will stay pending until a miner gathers and verifies them.
Waves-NG separated the Waves blockchain into two other kinds of blocks:
- Key blocks
- Micro blocks
Key blocks are created by choosing a random proof-of-stake miner. Then, in the same block, a public key is used by other nodes. Thus, creating many microblocks, which include transactions.
Smart Assets
In the center of the Waves blockchain is the capacity to generate “Smart Assets” tokens, with an associated script written in Ride. In other words, Ride is a Waves-native programming language. Moreover, any token can be given its functionality if a script is attached to it. It costs you 0.004 WAVES to execute a script.
Waves allows users to create tokens without having to know how to program them. Therefore, the token and subsequent transfers are done as attachments to transactions.
Plug-ins, which are implemented as extensions on top of the blockchain, are used to create other transaction kinds.
Roadmap
Sasha Ivanov, the founder of WAVES, tweeted the roadmap for 2021/2022.
Below is the Roadmap for 2022:
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Tokenomics
The platform’s native token is the WAVES token, and its tokenomics are quite good. This token initially had a fixed quantity of 100 million tokens, which were all generated at the time of launch. However, WAVES switched to an inflationary monetary policy in October 2019, which was totally controlled by token holders.
6 WAVES have been selected as the starting block reward. Miners have a 10,000 block window every 100,000 blocks (roughly 70 days) to vote on whether to increase or decrease the block reward by 0.5 WAVES or leave it unchanged.
Moreover, the token creators inside the platform have total control over the inflation of Waves. The fact that the issuance of tokens is not centralized is a huge plus.
Waves (WAVES) Price Analysis
According to CoinMarketCap, Waves (WAVES) was trading at an average price of $1 in June 2016. After a few months, in August 2016, the price of WAVES reached its all-time low of $0.1227. Its all-time high is $41.33, which it hit in May 2021.
From 2021 until now, the price of WAVES has decreased, and it currently is trading at $6.10. Waves (WAVES) has a market capitalization of $3.46 million, thus, ranking #70 in CMC.
Rank: 257
Crypto Academy Waves (WAVES) Price Prediction
We at Crypto Academy came up with our own price prediction for Waves. Of course, our forecast is based on hours of research and analysis. Nevertheless, this is not financial advice, so please proceed with caution and always do your own research (DYOR).
Crypto Academy Waves (WAVES) Price Prediction 2022
Waves current price range may pique the interest of many traders. As a result, we predict that WAVES might reach $26.10 by the end of 2022 with substantial partnerships with financial institutions. With an average price of $19.30, it has the potential to outperform its current price trend and set new highs. The price tagline may change as the cryptocurrency market gets more volatile toward the end of 2022.
Crypto Academy Waves (WAVES) Price Prediction 2023
The cryptocurrency market is driven by volatility. Thus, it is difficult to predict and stay up with current pricing today. The crypto bans and additional limitations are still causing alarm among cryptocurrency users. If the market is a bit more bullish during 2023, we predict that the Waves price may surpass $31. Given that it is expected to be held by long-term investors, we suggest that its average price for 2023 may be around $30.
Crypto Academy Waves (WAVES) Price Prediction 2024
We at Crypto Academy suggest that Waves could see a rise in the long run. 2024 might be the year that WAVES reaches $50 considering the fact that the next Bitcoin halving will occur that year. Thus, we predict that its highest price might reach as high as $57.50. If the market is bullish by then, the minimum price might rise to $43.10.
Crypto Academy Waves (WAVES) Price Prediction 2025
The Waves price might reach new highs due to the large community and, as such, will be considered a better alternative. Moreover, price variations are difficult to predict, especially when the market is more bullish or bearish than it has ever been. We predict that the WAVES price might reach as high as $105.10 by 2025. The average price may be around $84.30.
Crypto Academy Waves (WAVES) Price Prediction 2026
The WAVES token has enormous potential, and with certain partnerships and innovations, the number of users and adoption may increase. If the market focuses on investing in Waves, the price might skyrocket. We predict that the highest price for 2026 might be $110. If the market falls, the WAVES price is predicted to turn around a little. 2026 might end with an average price of $100, with a low of $85.
Waves (WAVES) Market Price Prediction
It is possible that the price of WAVES can exceed in the future. Here is what other crypto experts have to say about its price in the coming years;
Wallet Investor
Wallet Investor, one of the biggest algorithm-based prediction websites, has a bullish outlook on WAVES. This website predicts that the price of WAVES can slightly increase in the next five years. They suggest that the price of WAVES might rise over 1800%, whereas the price of one WAVES would be around $120.
PricePrediction.net
PricePrediction.net suggests that the price of WAVES can increase significantly in the next nine years. They predict that by the end of 2022, WAVES will have a price of $44.49. By 2024, it is suggested that its price may go a little over $102.28. As of 2031, the price could have a bullish run and reach over $1,359.82.
Digital Coin Price
Digital Coin Price suggests that the price of Waves will increase but at a slower pace. They predict that the price of WAVES in 2022 can be around $44.96, higher than its current price. In 2026 the price might go up to around $63.69, reaching its new all-time high. Finally, for 2031, they predict that the price of WAVES may be approximately $178.29.
Advantages VS. Disadvantages
Advantages
- An account-based system that considerably simplifies the management of addresses and tokens. You may also use “aliases” instead on an address while doing transactions.
- Because of the utilization of LPoS, transactions are cheap and quick.
- It is extremely adaptable and comes with a rich collection of development tools.
- Scala and Ride are used by default as secure programming languages for the creation of its core and smart contracts.
Disadvantages
- Developers who do not completely comprehend the platform’s potential may be driven off by the lack of Turing Complete smart contracts.
- Deploying a complete node within the network is expensive (10 WAVES, around $130,000).
- The Waves-NG LPoS model has limited scalability (around 100 TX per second) and structural flaws that prevent it from scaling properly.
How To Buy Waves (WAVES)?
Step 1: Open an exchange account & verify
The first step to purchasing the WAVES token is to open an exchange account that supports the token. Furthermore, after opening the crypto exchange account, you are required to verify it by providing documents that verify your identity.
Step 2: Fund your account
The next step is to fund your account. You can do so in a number of ways. However, the best is to use your credit/debit card or transfer from another wallet.
Step 3: Buy WAVES
Finally, after verifying and funding your account, you are ready to purchase the token. This is done simply by choosing the amount you want to purchase and pressing BUY.
Frequently Asked Questions (FAQ)
What is the WAVES token?
The blockchain of WAVES allows its users to develop and release customized crypto tokens. In essence, this blockchain is a multi-purpose one where developers can even build decentralized applications (DApps) and other smart contracts.
Is WAVES a good investment?
Yes. We think that Waves is a good investment because of the community support and also its promising future. Their architecture is quality-based and their overall project is being developed nicely. Therefore, with a focused team and a dedicated community, WAVES might be the best investment you can make right now.
Will WAVES reach $100?
Yes. The Waves token might reach $100 and even exceed it by 2025. Our price prediction shows WAVES trading at $105 by the end of 2025. Despite many challenges along the way, we believe that WAVES has the elements necessary to reach such a price and even surpass it with time.
Takeaways
Waves blockchain was launched in 2016 by a Ukrainian entrepreneur known as Sasha Ivanov.
Waves enable the creation and trading of cryptocurrency tokens without the need for complex smart contract implementation.
The Waves blockchain supports two types of nodes: Full nodes and Lightweight nodes.
The original consensus mechanism used by Waves was a simple Proof-of-Stake implementation.
In 2017, the Leased Proof-of-Stake (LPoS) was launched.
In December 2017, Waves-NG was launched.
You can purchase WAVES on any cryptocurrency that supports the WAVES token.
By 2025, WAVES is likely to surpass the $100 milestone and reach a trading value of more than $105.