Friday, June 9, 2023

Waves Taking Over Altcoins


New coins are plentiful in the crypto world. Hundreds of coins offer the same services. Thousands more do nothing. Some cryptos, however, provide a unique service.

The leading cryptos include Cardano (CCC: ADA-USD),  Ethereum (CCC: ETH-USD), and Internet Computer (CCC: ICP-USD). One of these is Waves (CCC: WAVES-USD).

Waves is a blockchain ecosystem built to investigate if the existing blockchain technology is improvable. It aims to provide all blockchain offers with a decentralized exchange and non-fungible token (NFT) exchange.

But more crucially, its goods foreshadow a shift in how people use digital. This paradigm shift will be led by Waves CEO Sasha Ivanov, according to InvestorPlace.

Waves with Playful Ecosystem

A legacy chain, Ivanov invented the Waves protocol in 2016. Waves, according to Ivanov, is a generic chain that supports many decentralized applications (DApps). Waves’ decentralized exchange (DEX) was one of its first DApps, introduced in 2017.

Ivanov praises Waves for being unlike Ethereum and other competitors. Ethereum-based blockchains use EVM for testing, security, and other functions. An EVM sits between a network’s code and the machine that executes it, providing structure to the network.

But Ivanov and his colleagues ruined everything. They do it their way, he explains. No EVM. It’s always been like that because that’s what I wanted to accomplish.

Waves have found its success by not using Ethereum as a base product. Instead, it employs Ride’s smart contract terms to build DApps. It has its decentralized exchange, which programmers actively convert into a hybrid exchange.

Waves’ Products Fill Gaps

Enthused Ivanov is about his blockchain’s potential to push new boundaries; he admits they are pretty nervous since it has never been done. There will be a standard order book, but users can contribute liquidity and launch their tokens via their liquidity pool.

The final product will allow developers to construct and deploy their DeFi products and tokens within the Waves ecosystem without leaving Waves. A bold statement, yet one that accurately predicts the future of blockchain technology.

It aims to improve upon the alternative blockchain’s already amazing feats. Neutrino (CCC: USDN-USD) stablecoin has now reached $1 billion in total worth locked on the exchange, indicating the DEX’s quick rise to prominence.

Similarly, increasing scalability is a fun puzzle for Waves’ developers. A new strategy based on sharding or layer-2 technologies is not the goal. It would be a blast, he adds. Both sharding and layer-2 options exist to increase the number of operations per second on blockchain networks.

Due to the protocol’s current scalability, it isn’t necessary to pursue it right now, but it is something to expect forward to as goods are released. Everything else will be added soon; Ivanov also says that we’ll have an entire DeFi ecosystem by mid-summer. Based on recent tweets by Ivanov, he is on target with his timeline.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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