Waves Wallet

Waves Wallet

Waves Wallet

The Waves Platform was developed by Sasha Ivanov, who breathed life into it at the beginning of 2016. At first, the idea behind the platform was to deal with the numerous perceived barriers to wider blockchain adoption, such as speed, user experience, and scalability. The development was funded through a crowdsale, turning into the second – largest blockchain program that was crowdfunded with great success, raising about 30,000 Bitcoins. The platform was developed for traders and investors. Additionally, this is a place where users can create their own custom tokens. For example, if you want to build a loyalty program, to crowdfund a project or make an in-app currency, the Waves Platform is a good starting point. You can create your own token in less than a minute and it offers a decentralized exchange (DEX), meaning you can trade your new coin paired with any other token in this community. And what is the best place for your Waves? The Waves Wallet, of course! Keep reading our Waves Wallet review for the details!

How to get it?

The Waves Wallet is provided by the Waves company and it will keep your funds in a safe place. It is available as a Google Chrome extension and also as a mobile application both for Android and iOS. The Waves Wallet app is very easy to download and set up; you need less than one minute to do that. The interface is very clear and clean and the good point is that you don’t need to download the whole blockchain. You can use it anywhere in the world and many people say it is one of the simplest wallets in the world of digital currencies. Only one person can have access to it and control it, so no one else can get to the cryptocurrency assets. It includes multiple cryptocurrencies. The Waves Wallet app has an overall 3.5 rating. Amongst many options (e.g. support for multiple wallets on just one device, managing your tokens, etc.)  it offers the option of requesting funds via a QR code or by sharing a link.

To download your Waves Wallet as a Chrome extension, go to the homepage of the company and first click on the new account option. There you will have to click the ‘I understand’ button and this will take you to the ‘Register Account’ page. This is the place where you have to write down your password, wallet name, etc. Also, don’t forget the seed words. They are very important in case you forget your password, so write them down and put them somewhere you won’t forget. When you click the link to your wallet, it will be copied on your clipboard. Next, go to the wallet page and log in with your Facebook or LinkedIn profile and paste the address of your wallet in the comment section. And that’s it. Have we mentioned it’s free of charge?

Waves Mobile Wallet

Waves Mobile Wallet

Waves Decentralized Exchange

Often abbreviated as DEX, the Decentralized Exchange was created by the Waves team because of the benefits of this kind of exchange compared to centralized exchanges. The Decentralized Exchange doesn’t put any limits on your withdrawals and if you buy digital currencies, they will register in your wallet instantly. Moreover, there are no high commission fees. There is only a fixed commission fee on each order. For example, if you want to create one sell or buy order on the DEX platform, you will have to pay only 0.003 Waves, but if you just want to transfer any of the existing tokens from your wallet, it will cost you 0.001 Waves.  

In the Waves Decentralized Exchange, your money is stored directly in your Waves Wallet. When it comes to DEX, there is almost no chance it will get hacked, plus you have complete freedom on your account because there are no administrators to limit your withdrawals or trades and freeze your funds.

Waves Platform

Waves Platform

It is also interesting that there are many different pairs for trading that are available on the Waves Decentralized Exchange. For example – Ethereum/Bitcoin, Litecoin/Bitcoin, Bitcoin/USD, etc. However, the most popular trading pair is Waves/Bitcoin.

When we were wrapping up this Waves Wallet review, the total number of Waves in circulation was one hundred million tokens and the price of each unit was at 6.88 US dollars. Based on this, we can conclude that its market cap is somewhere around 686 million US dollars. An interesting fact is that, soon after the ICO in 2016, the price of Waves rose by as much as 80% and stabilized at 0.20 US dollars.

Waves Wallet seed

If you decide to use the Waves Wallet, one of the first things you’ll notice while downloading it are the so-called seed words. As mentioned before in our Waves Wallet review, the seed is very important – each Waves Wallet has a unique address which is tied to a unique combination of 15 English words, called a seed. This combination is, basically, the passphrase to your funds because if you forget and/or lose this combination of words, you will also lose access to your account and your funds. The Waves Platform gives you an opportunity to set your own combination of words as your Waves Wallet seed, however it is not recommended to do so. The seed combination that the system gives you is cryptographically very secure and, important to mention, unbreakable with current technology. It is essential to know that during registration, seed words are the most important information you will get and you can always import your account just by knowing your seed combination. The Waves Wallet seed is also protected by ID touch.

Waves Mobile Wallet

Waves Mobile Wallet

Why Waves Wallet?

If our Waves Wallet review still hasn’t convinced you to download it, there are several more reasons to do it. The whole Waves Platform, just like the Waves Wallet, is still in its infancy stage and there are new features released very often, with many yet to come. It already has some interesting partnerships, like the one with Burger King in Russia, where the special ‘Whopper Coin’ was released to support its loyalty reward system for special customers. So, choosing this wallet means investing in future profits.

Recommended reading

Author's overall rating:
Author: Ben Prescott
Updated:

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