Waves (WAVES) is a blockchain-based network that allows users to create custom crypto tokens (smart assets) without extensive programming knowledge. It uses a modified Proof-of-Stake consensus protocol called Leased Proof-of-Stake (LPoS) and features a decentralized exchange, wallet, and smart contract capabilities. The network is designed for fast transaction speeds, low fees, and high scalability, making it suitable for various applications, including decentralized finance (DeFi) products.
The Waves (WAVES) token is the native cryptocurrency of the Waves ecosystem and serves several purposes within the platform. Here are some key ways WAVES is used:
Transaction Fees: WAVES is used to pay for transaction fees on the Waves blockchain. The fees are relatively low, with a standard fee of 0.001 WAVES for trading regular cryptocurrencies and 0.005 WAVES for trading custom tokens.
Token Creation: To create a custom token on the Waves platform, users need to pay a fee of 1 WAVES token. This token can then be traded on the Waves decentralized exchange (DEX).
Staking and Validation: WAVES holders can participate in the validation process by leasing their tokens to full nodes. This allows them to earn passive income without any lock-up period. The leased tokens are used to secure the network and validate transactions.
Governance: WAVES token holders have governance rights over the Waves DEX and, to some extent, the Waves blockchain itself. This means they can influence decision-making processes within the ecosystem.
Collateral: WAVES tokens can be used as collateral for issuing custom tokens. This ensures that the custom tokens are backed by a stable asset, enhancing their credibility and usability.
Trading: WAVES can be traded on various exchanges, allowing users to buy and sell the token as part of their investment strategies.
Overall, the WAVES token is central to the functioning of the Waves ecosystem, facilitating transactions, token creation, staking, governance, and collateralization.
To store Waves (WAVES) tokens, you can use a variety of wallets that support the Waves blockchain. Here are some options:
Official Wallets:
- Waves.Exchange: This is a decentralized crypto exchange with its own wallet that supports WAVES and other cryptocurrencies. It offers low fees, fast trading tools, staking options, and NFT support.
- Waves FX: This is an official desktop client compatible with Windows, macOS, and Linux. It is open-source and provides a high level of security for your funds.
Third-Party Wallets:
- Guarda Wallet: This wallet supports WAVES and allows you to manage your tokens on any device. It is known for its security features and ease of use.
- Trust Wallet: This is a multicurrency wallet that supports WAVES and other digital assets. It is available for both iOS and Android devices and is known for its simplicity and ease of use.
- Exodus: This is another multicurrency digital wallet that allows you to store WAVES and other cryptocurrencies. It provides an advanced yet user-friendly interface and supports over 80 digital assets.
- Ledger: Ledger offers hardware wallets like Ledger Nano S and Ledger Nano X, which can store WAVES and other cryptocurrencies securely.
Additional Options:
- Enno Wallet: This is a cryptocurrency wallet and decentralized finance gateway built for mobile devices. It provides an intuitive interface and supports WAVES.
- Muna Wallet: This wallet also supports WAVES and offers a range of features for managing your tokens.
When choosing a wallet, consider factors such as security, ease of use, and compatibility with your devices. Always ensure that you use official or well-established wallets to prevent the loss of your tokens.
To buy Waves (WAVES) tokens, follow these steps:
Choose a Cryptocurrency Exchange: Select a reputable exchange that offers WAVES trading. Some popular options include Kraken, KuCoin, Gate.io, and Binance. Ensure the exchange is available in your region and compliant with local regulations.
Create an Account: Sign up for a free account on the chosen exchange. This typically involves providing an email address and verifying your identity.
Secure Your Account: Set up two-factor authentication and other security measures to protect your account.
Deposit Funds: Add a payment method such as a debit card, credit card, or wire transfer. You can also use Bitcoin or other cryptocurrencies to fund your account.
Buy WAVES: Use your deposited funds to purchase WAVES tokens. You can do this through the exchange's spot market or other available trading options.
Store Your WAVES: You can store your WAVES tokens in the exchange's wallet or transfer them to a non-custodial wallet like Trust Wallet or Ledger for added security.
Remember to always follow the specific instructions provided by the exchange you choose, as the exact steps may vary slightly.
