Do you know what decentralization is? Decentralization means which don’t have a central authority. The advantage of a decentralized platform is it is not controlled by a single government or company, instead of its run by lots of people, so that no one can control or remove it. Coinpedia brings forth to you a detailed Waves DEX review. You will gather knowledge about Waves DEX exchange, how and where to buy Waves token, cryptocurrency, its benefits, and other trade-related information. To give you detail insight about Decentralization, here is Waves Dex Review.
Waves DEX Exchange ReviewQUICK NAVIGATION :
- What Is The Wave Platform?
- Features of Waves
- How To Trade On Wave DEX?
- Where to buy Waves?
- How does Waves DEX exchange work?
- Benefits of Exchange
- Waves Token Creation
- Lite Client
- Waves App
- Waves App
What Is The Wave Platform?
Waves Platform is a blockchain platform that offers fiat gateways, smart contracts, mobile wallets, token issuance, a Decentralized Exchange (DEX), and many more.
Waves Decentralized Exchange (DEX) offers the ability to trade, store and exchange digital currency without centralized middlemen and having the ability to let the user full control the fund’s storage (funds kept on the wallet and not the exchange) and how they transact.
It serves as a wallet, decentralized exchange (DEX) and a tool that allows releasing of tokens. The network manages easier and faster transactions because the system can perform hundreds of transactions per second. In fact, they regard themselves as the fastest blockchain in the world.
Features of Waves
The exchange is fully functional as it fast as a centralized platform but does not suffer from the same security problems.
The account and token controls which are included in Smart contracts provide the functionality to implement features such as multi-signature wallets, atomic swaps, and 2-factor authorization.
The fiat-crypto issues are resolved through Waves fiat gateways.
Waves-NG protocol increases TPS capacity as miners are no longer competing to verify transactions.
There is a Leased Proof-of-Stake(LPoS) algorithm to find a distributed consensus.
How To Trade On Wave DEX?
Access Trade platform
Once you are logged in to your account, go to the Waves Decentralized Exchange Tab. You will see “Waves buy orders” from where you access all the buy orders in a list, “Buy Waves” and “Sell Waves” buttons from where you can take these actions.
In this Waves DEX review, we have tried to cover all possible aspects. Waves’ trade platform has a neat interface. Users can view all on one page. There is a chart for exchange pairs, order-book, and transaction details. The Waves users can buy/sell waves here.
Buying and selling features allow you to specify the price of the coin you want to buy and the number of waves. Click on the “Buy” or “Sell” button to continue. You can change tradable pairs by choosing the one you want from the favorite panel on the right. Or replacing the assets name in the text form by the pair you desire. You can scroll through a menu to select the name from all the assets tradable on the DEX.
The order will show on the “My Orders” list after you create it. A transaction shows in the transaction history when you fill an order.
However, before trading Waves, you need to have a minimum of 1 WAVELET to work with on the Waves blockchain. WAVELET is 1/100,000,000 WAVES. That means you should buy Waves before trading.
So where to buy Waves from will be the next question intriguing you. Let’s find a solution for this.
Where to buy Waves Cryptocurrency?
Users can buy waves using one of the 2 ways –
Exactly where to buy Waves in the DEX platform?
DEX platform allows exchanging Waves using other BTC, ETH tokens. Users can also buy tokens using Fiat currencies as Card is accepted by waves DEX exchange. However, when purchasing Waves by credit card, the transaction costs are very expensive.
Buy/Sell Waves Cryptocurrency
As explained earlier, buying or selling Waves on this exchange platform is very easy.
How to Buy/Sell Waves Cryptocurrency?
Fill out the following fields –
- Amount – Amount of currency you want to buy.
- Limit price – enter the price of the currency. This will depend on the currency pair you have selected.
- Total – Check the summary of the currency to be bought.
By default, the order expires in a maximum of 30 days. Users can change the days for expiration. After 30 days or end of the expiry, the order is forced to cancel, in case if it not matched.
The open orders will be placed on the exchange page under “My Open Orders”.
Selling Waves is similar to the Buying process.
How does Waves DEX exchange work?
Above is the Waves DEX workflow –
- A seller will ask/bid for an order. Similarly, the buyer will search for matching orders in the order book.
- The order book then handles these requests and matches accordingly using a Matcher protocol.
- The matched orders are sent to a mining node which then verifies the orders with help of signature
Waves have a standard flat fee model for both makers and takers. The exchange charges 0.003 Waves for every transaction. hence, trading fees are low compared to other exchanges.
Benefits of Exchange
This decentralized exchange is based on the Waves cryptocurrency. This allows users to trade WAVE-based digital assets such as WAVES coin, fiat and other tokens such as wETH and wBTC. In other words, you can trade different cryptocurrencies in exchange for Waves and other tokens generated on this platform. It offers around 66 token trading pairs. It also provides low charges for those transacting with the transaction fees going for as low as 0.001 WAVES per transaction.
The Waves trade for Waves coin, Waves wallet transactions all happen on the blockchain. Concerning trading cryptocurrencies, there is no limit on withdrawals. A cryptocurrency appears in a wallet’s balance immediately after purchasing.
Waves Token Creation
With the Waves decentralized exchange, users can establish, issue and distribute their version of crypto assets within the platform.
Benefits of Issuing Your Tokens
Issuing your own cryptocurrency on the Waves platform could be helpful for your business whether you are crowdfunding, having loyalty programs, doing voting and much more. It can also help if you are accepting tokens as payment for goods and services. Users can also use tokens to create voting systems and loyalty.
Waves Lite Client
Waves Lite Client is a Chrome Extension that can be easily installed and used to perform most actions in the Waves Platform. the Waves Platform allows users to issue, transfer and trade assets. The wallet has a built-in decentralized exchange platform that can be used to exchange assets, cryptocurrencies and fiat tokens.
Important Notice: As we write, Waves Lite Client will shut down from 1st October 2019. The company has urged to backup the SEED secret phase and use the new improved Waves Wallet.
The Waves wallet is a cold storage wallet. Waves wallet enables you to send, receive and store digital assets securely. You can lease your WAVES to help secure the network and trade assets on Waves decentralized exchange (DEX). It is available for Windows, macOS, and Linux as well as Android and iOS.
The DEX exchange application is available for Windows, macOS, and Linux. The company also offers Android and iOS apps so that users can trade on the go. This is in addition to storing the assets in the local lite client.
The exchange has started an initiative for supporting talented developers and promising startups who are focused on decentralized technologies. It is termed as Waves Labs. Global developers can access Waves resources and build dApps
Security is an important aspect of Waves DEX Review. The Waves exchange takes security very seriously. Every account has a private key, SEED. if you lose your SEED, you lose access to your account. So, do not forget to create a backup copy of the seed phrase.
The exchange platform has a detailed guide for beginners’ help. The blog section also updates the latest announcement.
20 May 2019: The new /coin flip game by Tradisys is ready to run on Waves testnet! Help us to test the game and you can win real mainnet $WAVES! 3 winners will be determined every week. Check out how to play the game and win 300, 200 or 100 real WAVES
20 May 2019: They will distribute VST Tokens For each wave/ WCT token, in the 19 may snapshot for the second phase of the Vostok airdrop.
19 May 2019: A new round of the dice-roller.io game will start tomorrow on the testnet at 12 pm (CET)! To play this game you need to have Waves Keeper installed and testnet $WAVES in your Waves wallet. And, the winners will receive prizes of real WAVES in 300, 200 and 100!
17 May 2019: Web3.0 coding course will start from today! In the first module, we will review the tools and services required for completing the course, and it will create a boilerplate web application and learn how to update and improve the app.
Waves DEX exchange wants to revolutionize crypto industry. Check out their future plans.
Waves platform offers an easy way to create your token and provide simple blockchain functionality. With the latest web 3.0 update, it will have the most advanced features of blockchain. The platform is good for people going for a crowdfund or to create a simple loyalty coin for their business.
Also, the smart contract functionality adds an extra feather, as the platform is becoming more competitive compared to other popular dApp platforms.