Waves (WAVES) is a proof-of-stake smart contract-powered blockchain that powers a decentralized exchange and a wallet, allowing users to easily create their tokens as well as exchange and trade other cryptocurrencies.
This article takes a deep dive into the Waves project, where will learn more about what it is, how it works, what purpose its native WAVES token serves on the blockchain, its future price prospects, and where to buy WAVES, before determining whether it is a credible cryptocurrency and blockchain project.
What is Waves (WAVES)?
Waves is a smart contract blockchain that is designed to enable users to create and launch custom cryptocurrencies.
A key feature of the platform is that it allows for the creation and trade of crypto tokens without the need for extensive smart contract programming.
Rather, the tokens can be issued and managed via scripts that run on top of user accounts on the Waves blockchain.
The concept here is that new tokens and decentralized applications (DApps) that govern them should not be substantially different from launching a traditional web application.
The programs and applications on the blockchain run as attachments to these transactions and the new assets are given a unique identifier. These scripts can only be attached to the assets at the time of creation.
The tokens created on Waves are designed to trade within the Waves ecosystem. Waves has its built-in decentralized exchange (DEX) called Waves. The exchange facilitates trades between other WAVES tokens created on the blockchain.
The Waves Mainnet now has smart contract functionality that enables third-party developers to build DApps. Recently, Waves launched a version of its PoS blockchain that is designed for institutions.
How Does Waves Work?
The Waves blockchain is run by two different nodes: Full Nodes and Lightweight Nodes.
While the full nodes on Waves keep a complete history of the transactions, the lightweight nodes depend on full nodes for recovering confirmations on transactions and interacting with the network.
Waves use a variation of the PoS consensus mechanism called the leased proof-of-stake (LPoS). Under the traditional proof-of-stake consensus, any node that delegates tokens is eligible to add blocks to the blockchain.
The chances that a node can add a block to the network generally depend on the number of tokens they have delegated in a staking smart contract.
Under LPoS, nodes are also given the power to lease their balance to other full nodes, which means that when a full node is chosen to produce the next block and is compensated, the nodes that lend tokens to the particular full node earn a certain percentage of the payout.
What is the WAVES Token?
WAVES is the native utility and governance token of the Waves blockchain. The cryptocurrency provides security to the network and also powers its decentralized exchange.
WAVES holders get governing rights over the blockchain and the DEX. Moreover, the tokens are awarded to the nodes that generate blocks as rewards and transaction fees.
The more WAVES tokens the node has, the higher its chance of adding new blocks to the Waves blockchain.
WAVES: Price Prediction For 2024, 2025, and 2030
At the time of writing, WAVES is trading at $3.42 – up nearly 6% in the last 24 hours.
Based on its current market value, WAVES is forecasted to trade within a price range of $3.20 and $5.28 in 2024. If Waves manages to reach its upper price target this year, then its value could increase by 62.26%.
The price prediction for Waves in 2025 is for it to trade within a price range of $3.20 on the lower end and $5.58 on the high end. WAVES’s price will increase by 62.55% next year if it can reach the upper price target.
In 2030, WAVES is expected to trade between $2.80 and $25.91. The price of Waves could gain 654% if it manages to reach its upper price target during that year.
Where to Buy WAVES Tokens?
Here is a list of cryptocurrency exchanges where you can trade WAVES:
Is Waves A Good Cryptocurrency Investment?
Waves is a smart contract-powered PoS blockchain that allows users to create and trade their cryptocurrencies. The network offers a myriad of DeFi products that enable the widespread adoption of blockchain technology.
The protocol also provides developers with the opportunity to develop secure decentralized applications to compete with other, larger smart contract-enabled blockchains. Waves’ employs a variation of the PoS consensus mechanism called the leased proof-of-stake (LPoS).
The price prospects for WAVES are looking positive and the project has a lot of room for growth in the highly competitive token market.
All things considered, I can fairly say that Waves is a credible cryptocurrency and blockchain project. However, before investing in WAVES, it is highly recommended that you do your research about the token and only invest money that you can afford to recover.
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