Waves (WAVES) network claims to be a cryptocurrency Kickstarter that helps to create a token in just a few clicks. One does not need programming or blockchain knowledge to do it. You are only required to give the token a name and follow straightforward instructions to install the application. However, you need a talented programmer to create something more than just a coin.
This article will tell you about Waves — a blockchain platform, its features, and advantages in launching smart contracts and DApps. Furthermore, we will give several pieces of advice on hiring an experienced blockchain developer for Waves, for instance, like Merehead.
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What is Waves (WAVES)?
A Ukrainian theoretical physicist — Alexander Ivanov, launched Waves in 2016. He was one of the former CEOs of the cryptocurrency platform Coinmat. Also, he actively participated in developing the NXT’s currency blockchain. It inspired Ivanov to launch his blockchain start-up, Waves.
Alexander Ivanov believed that blockchains had two critical disadvantages that he intended to fix with the help of the Waves. First, managing cryptocurrency assets was quite tricky, even buying, selling, and storing bitcoins. This disadvantage made cryptocurrencies far less attractive for users.
Second, traditional business and financial structures had a biased opinion on decentralized, open-source systems. Many people think that blockchain and cryptocurrencies are a threat rather than a beneficial offer. And worse still, blockchain was hard to comprehend for the management of the companies. As a result, it was almost totally ignored by businesses.
Three directions of development
Ivanov decided to follow three directions to fix those two disadvantages. He hired a team of fifteen programmers, ten of them were focusing only on frontend development. In other words, they were responsible for creating a flawless user experience and implementing interfaces familiar to regular people. Namely, they were copying designs and interfaces of popular banks.
Next, he focused on businesses. Ivanov and his team began to negotiate with enterprises and governmental institutions. He was reaching for feedback on an ideal blockchain solution for businesses to their minds. Furthermore, he developed separate blockchains, Waves Enterprise for private companies, and Vlostok (later Global Chain) for the public sector.
Finally, Waves focused on developing cryptocurrency crowdfunding. His team and Deloitte founded the BetterTokens association. They created standards and recommendations for token sales and the due diligence procedure to estimate the investment risks. Moreover, they launched Waves Lab — an incubator for crowdfunding projects. It helps with ICO preparation and sometimes with funding.
Hence, Alexander Ivanov created the Waves — a blockchain platform that has three crucial advantages:
- Straightforward and familiar user interface. Any user can issue their token in just a few minutes.
- The functionality helps businesses to raise funds through token sales, tokenize assets, and integrate blockchain into business processes.
- Instructions and standards help the developers launch their tokens, smart contracts, and DApps.
How does the Waves blockchain work?
Yet, the Waves blockchain structure has two levels:
- Main level. It is centralized and is built of complete nodes, providing the system’s performance, transaction validation, and storing the transaction history. In other words, these are the servers of the Waves network.
- External level. It is decentralized and has many `light nodes` that store only the records of recent transactions and pass them to complete nodes to legislate them in the Waves’ blockchain
The features of the blockchain platform
Leased Proof of Stake (LPoS). Waves employs its modification of the Proof-of-Stake (PoS) algorithm to maintain the synchronization within the network. They call it Leased-Proof-of-Stake (LPoS). The token holders choose several node-validators responsible for processing the transactions and preserving the history.
Anyone can become a validator. It is enough to have an excellent computer, reliable internet connection, and 100 WAVES on the wallet ($14 150 according to the rate of 14.01.2022). One can use their coins or rent from other users, as in Delegated Proof of Stake (DPoS).
The validators receive rewards for their work in tokens:
Waves network also has WCT tokens. They were spread among the WAVES holders in 2017 as airdrops. WCT holders have a voting right in LPoS, and they also allow users to estimate projects on Waves.
Custom Application Tokens (CATs). This technology allows businesses to launch their digital currency employed for paying goods and services within their project. A simple interface allows you to do it in a few minutes. It is available on the web, PC, Android, and iOS. Creating a user token costs 1 WAVE ($14.2 according to 14.01.2022).
In September 2018, Waves added smart contracts and DApps. Unlike Ethereum, smart contracts work on RIDE and do not require gas. Instead, the network charges a minimal fixed fee.
- WAVES. Primary token of the platform. It is necessary for transaction fees and commission payment for launching new tokens, smart contracts, and Dapps. If a validator uses rented coins, a minor part of the reward will be the owners. Waves are not minted yet spread from the commissions.
- MRT. According to the following scheme, these are rewarded to the validators together with WAVES: 60 MRT for the first 70 blocks per day and 30 MRT for each block further. MRTs are necessary for commission payments, and they also give a vote right while choosing a validator. These tokens are also not minted yet spread from the commissions.
The opportunities smart contracts provide on Waves. Source: Waves blog
Tokenomika. This is the first investment bank on the blockchain. Waves developed it along with the law firm Baker&McKenzie, and Singapore regulators. The idea of Tokenomika is to provide the services for primary ICO: technical support, law consulting, marketing.
Waves Exchange (former WavesDEX). It is a hybrid platform combining irreversibility of transactions, security, user funds control of decentralized exchanges at the speed of centralized trading platforms.
LiquidWave. A derivative market for Waves tokens provides liquidity and opportunities to invest in similar projects.
The advantages of development on Waves
High bandwidth. Recently, Waves-NG was launched — the leading network to process 100 TPS (transactions per second) compared with 7 TPS for bitcoins and 14-20 TPS for Ethereum. After switching to PoS, Ethereum might speed up to 100 000 TPS, yet Waves will have its side chains till that time.
The comparison of transaction speeds of Bitcoin, Ethereum, Waves, and Waves-NG:
Low fees for transactions. Waves charge only 0.001 Waves ($0.014) per regular transaction and 0.005 Waves ($0.07) for transactions requiring a script. The commission in Ethereum’s network is $20-100.
Ultra-inclusive mining. The consensus mechanism of Waves LPoS guarantees that anyone who has Waves tokens can be rewarded by sharing their tokens with the mining nodes.
Smart tokens. This is a valuable and straightforward function of Waves. Anyone can use it to launch their tokens. They do not need programming experience for it. Launching a token on Waves is just as simple as registering an account on Facebook or buying a product on Amazon.
Crowdfunding. The other advantage of Waves is the opportunity to launch crowdfunding companies in just a few clicks.
Waves vs. Ethereum comparison
How to hire a Waves development company?
Websites like LinkedIn, Clutch.co, Goodfirms.co, Upwork, and Toptal offer a wide range of blockchain developers that will help with launching a solution on Waves. Furthermore, one may search for developers on niched platforms that focus on blockchain-related projects: Coinality, Blocktribe.com, Cryptojoblist.com, Crypto.jobs, Beincrypto.com, or BountyOne.
While searching for a candidate, you need to analyze several parameters. Here is the list of those parameters and a brief description.
Experience in working with Waves. First, see whether they have experience coding on RIDE and working on Waves. The language was integrated into Waves in 2019 (the network itself was launched in 2016). It is possible that the candidate worked with Waves yet has never experienced RIDE.
The portfolio and the cases of the company. But for the experience in developing on Waves, the company should have experience creating solutions in the sector you require. If you want to launch a logistics platform, you must look for a similar case in the portfolio of the candidates. Thus, you will have more chances that the developer is experienced in the niche you need.
Wide Wine case — a platform that traces chains of wine supply. Source: Merehead
Reviews and client’s feedback. Next, see what the employers and the clients say about the company. You may find feedback on LinkedIn, Clutch, and Goodfirms. Also, sometimes the employees leave feedback on Fairygodboss, Glassdoor, Vault, CareerBliss, JobAdvisor, and WorkAdvisor.
Bear in mind that reviews can be bespoke. Honest reviews usually contain information about who wrote them: name, surname, place of work, position, and a link to social media. In addition, it is also imperative that the author of the review is a current and former client of the developer company.
This is an example of explicit feedback on Clutch.com that has all details on the author.
A blog and social network pages. The other criteria that will help you define the candidate’s expertise are their blog. Most significant developers have their blog describing their cases, sector trends, important news and create learning content. You shall not read all articles, and it is enough to study several posts to see whether it is expert information.
Language of communication. The last factor you shall pay attention to is the manager’s and programmers’ language. Sure, many people speak English now, yet it is not guaranteed, so it is essential to check. You may do this by visiting the company's website or the pages on a social network.
Why should you choose Merehead?
The Merehead company offers vast technological support and development services on the Waves blockchain platform for projects of any complexity. We have considerable experience developing solutions for finances, e-commerce, logistics, medicine, video games, and other sectors. We can help you reach the best results in developing smart contracts, cryptocurrencies, wallets, cryptocurrency exchanges, or private blockchains. Also, we can help you with launching crowdfunding crypto campaigns.
The advantages of working with Merehead
- 5+ years of average team experience
Since 2015, our team has worked on blockchain solutions of various complexity. Starting with smart contracts and ending with cryptocurrency exchanges and NFT platforms.
We provide a weekly report and sign an NDA with your company before starting the work. You will rule the project and keep the idea in the highest safety.
- Simple project management
Our experienced project managers and the flexible interaction model allows you to trace the development and immediately introduce the required changes
Our software solutions on blockchain have high-level security from malicious acts, DDoS attacks, fraud, and data leaks.
Our roadmap (the way we work)
- Defining the aim. Our experts will determine the needs of your business and will start deploying the blockchain solution on Waves after thoroughly analyzing the market and your requirements.
- UI/UX design development. Next, our designer analyzes the target audience and competitors’ relevant design trends to create a neat and effective user interface.
- Writing the code. Next, our programmers will create a safe and secure product on Waves that will fit your business requirements.
- Testing the product. Our developers test each application thoroughly to ensure a superb user experience and meet the client’s requirements. Moreover, we try the security and productivity of the system to conduct an audit of smart contracts and NFT solutions.
- Deployment and release. When a blockchain solution on Waves is ready and tested, we transfer it from the working environment to the production environment. We add it to Google Play and the App Store if it is a mobile application.
- Support. We also offer support and service after the development. It will keep your blockchain solution at a decent level. It will also keep up with the requirements of your business.
Our recent projects
It is a platform for selling sports NFTs using ERC-1155. All tokens are issued in cooperation with sports teams and players or their official representatives.
This BaaS platform provides freelancers and enterprises with a solution to manage and transfer their digital assets, create smart contracts with integrated escrow features, and take a loan with cryptocurrency collateral.
A logistic blockchain platform that helps trace the supply chains of wine and verify the authenticity. Study the case.