WAVES is a Russian based blockchain platform which majorly focuses on Token creation and transfer of assets via decentralized blockchain technology. It organized a successful ICO in June of 2016, collecting funds upto $16,000,000. The market cap for the WAVES has grown over the years, and it currently sits at $550,000,000.
The WAVES platform can be used to create tokens for the new and upcoming projects, and till now it has hosted several successful ICOs on its platform. The team behind the network is headed by CEO & Founder Sasha Ivanov, who was also associated with the NXT project.
Let us look at some of the definite pros which other platform or network similar to the WAVES can see into or incorporate, and a few cons which WAVES need to work upon in order to flourish further and faster.
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Pros of the WAVES Platform
- The Ethereum like working structure
WAVES has been able to conduct many successful ICOs for the upcoming new projects on its platform and there are many more lined up for the future. This feature is quite uncanny to the Ethereum Blockchain, which primarily serves as a platform for other new and upcoming projects for token/coin creation and also provides support for it. Ethereum is now quite a significant name and known world-wide. However, WAVES is currently concentrated in Russia where there are several new crypto projects on the rise.
- Decentralization Implemented Correctly
Decentralization in Blockchain is the very core part and the reason for the rise of the digital currency market. WAVES know the importance of decentralization in the field of cryptocurrency and they have made sure to implement the same on their pet project. Decentralized platforms have proven to be the better, cheaper and more secure option than any form of a centralized system. So, it is a big boost not only for the project but the people connected to it. Decentralization puts you a few steps ahead in the game of cryptocurrencies.
- Great partnerships bring in greater investors
WAVES as a decentralized platform has made most of the decisions wisely, for a new project to flourish it requires some great partners and WAVES has chosen them wisely. The partners include some of the top banks in Russia, a great sign for the new and upcoming blockchain based decentralized projects. The list of partners include some of the prominent names which include international consulting firm Deloitte (for ICO advisory services), Russia’s Central Securities Depository (they manage nearly as much money than Goldman Sachs), Russian Burger King (they created a token called the Whoppercoin), and a partnership with a prominent billionaire politician to create an ICO incubator to encourage Russian blockchain innovations.
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Cons of the WAVES Platform
- The Application User Interface Could be Better
WAVES User Interface on its platform is currently very bad and users have found it difficult to navigate through various options. The visual interface is far from appealing and need a great deal of work to make it more easily usable. However, people should not look it as a major problem as the User Interface can be changed and made better with time. The layers of technical inputs going behind the curtains are quite complex and would get better with time.
- Security Concerns
The major roadblock for the WAVES network is its security concerns. Currently, you cannot store your WAVE token on most of the prominent hardware wallets available in the market. Another issue that many have pointed out is the lack of two-factor authentication. The development team is aware of the lapses and they are working on the issue.
- Lack of Visibility
WAVES is not available for trading on the major exchanges of the crypto world. The two primary exchanges on which WAVES is listed are YoBit and Bittrex apart from its own decentralized network. This aspect has made the platform accessible to many thus lacks any visibility on the crypto trade market. However, it has been reported that the company is planning for a major upgrade in terms of listing and in near future, it would have the option of trading on the major exchanges of the Trade market.
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The list of Pros and Cons paints a fair picture of the WAVES platform. It surely has some of the unique features to become a major player in the crypto and blockchain world. There are certain issues which surely comes in the way, but they are no fundamental flaws, and the technical ones can be fixed or made better.
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