The concept of cryptocurrency and crypto tokens has taken the global currency market by storm. Investors across the globe are taking their investment decisions on crypto coins. Despite the price volatility and huge market pressure cryptocurrencies have been able to sustain and provide investors with a huge return on 1k daily profit. The first cryptocurrency – Bitcoin entered the global market priced at $1 per coin. However, the same coin is now priced at $40k per coin. In addition to Bitcoin, there are other coins including Ethereum, Polkadot, Shiba Inu, and Dogecoin that have entered the currency market. Considering the diversification in crypto tokens there is also an opportunity to diversify investment options as well.
While there are popular coins, there are a few not-so-popular or famous names in the crypto industry. A few such coins to name are Waves, Juno, etc.
What is Waves cryptocurrency?
The blockchain-based cryptocurrency is developed and allows users to effectively create and launch customized cryptocurrencies and tokens. There is no need for previous programming knowledge or expertise in getting these tokens generated. Additionally, you also do not need to know extensive smart contracts knowledge to create your customized crypto token. The crypto tokens that you create can easily run on the individual accounts of every user. Individual scripts on these tokens manage the blockchain as deployed by Waves token.
Waves token works on the simple concept that creating and launching any new token need not differ from the traditional model of developing web apps. Each program and application that supports this development is enabled with unique identifier keys. These keys can have scripts attached to them. However, the catch here is to ensure that every asset can have a script only after a unique identifier is created.
All these customized tokens as developed using the Waves network can run only within the same network. This means trading of every wave’s token can happen only within the waves exchange and deploys the decentralized finance model as well. These tokens have also the capability of facilitating and enabling trade between waves blockchain and tokens.
Other than the existing capabilities, waves in 2018 came up with the project to include smart contracts in its platform. This allowed for third-party contract execution and leveraging decentralized apps features as well. Further to this technology advances, the development team also came up with a waves enterprise version that allows for creating networks for institutional logging.
Now that there is a detailed understanding of how waves tokens work, let us take a careful study on what factors contributed to its demand in the last few weeks.
The development team of Waves cryptocurrency announced its partnership with Allbridge. This partnership will allow for easy and effective chains transfers across the network. The development team is not tired of experimenting with new features and this has been an important reason for its success as well. This is one of the primary reasons for steering ahead of the crowd and gaining momentum in the crypto industry.
As per a recent study published by a leading crypto exchange, it is estimated that Waves ha increased exponentially by 120% since the second week of February.
Yet another reason for this growing demand is its announcement about platform migration. On February 11, the official Twitter page of Waves announced that the platform is expected to migrate to Waves 2.0. This new platform is capable of working in practical proof of stake technology. This technology is supported and runs on virtual machines that are Ethereum based.
Attracted investment close to $100 million
Another promising reason for the increased investment in WAVES is the recently announced partnership. The company has new partners being boarded marking an entry of more than $100 million in investment. The company also announced its ability to launch its decentralized finance model. This investment model will use a stand-alone system. It allows investors to select and invest in waves-based finance products.
Every user obtains the ability to create their tokens and the same may be executed without any prior experience. The transaction is installed and extended through the support of multiple plug-ins that are attached to these waves platforms.