WAVES Open-blockchain financial platform. Blockchain for the people.
Waves Release Mainnet Lite client v0.4.9
Added bitcoin gateway support.
Waves ‘sidechains’: bitcoin gateway goes live
A secure, reliable bitcoin gateway enables users to hold bitcoins on the Waves network — moving them around with the speed and efficiency of Waves, rather than on the slower and increasingly costly bitcoin network.
Bitcoin is here to stay. Its network effect and battle-tested security make it the first, the largest and the default currency of the crypto world. Vastly more money is transferred as bitcoin than any other digital currency. Alts trade against it. It is the reference currency and the reserve currency of crypto land.
Unfortunately, bitcoin’s greatest strength is also its chief weakness. Decentralisation brings with it freedom from outside interference. It also means that development is slow, and it is hard (perhaps even impossible) to achieve consensus about changes to the protocol.
And so we have the current situation, in which bitcoin transactions are backing up, and consequently fees rising sharply. A year ago a transaction with a fee of 0.0001 BTC would go through almost immediately. Today, the same fee might lead to a delay of 48 hours before a miner picks it up. With the recent bull run, the fee necessary for a fast transaction isn’t just higher in BTC terms — it’s higher in dollars too. This means that the cost of a fast transaction can approach that of moving money in the legacy banking system.
There are various proposals to fix this issue, all of which have met with a mixed response. It is hard to keep all of bitcoin’s various stakeholders — miners, end-users, wallet companies and businesses, amongst others — happy at the same time. Raising the block size has proven divisive, to say the least. There has been support for sidechains, but the technical hurdles are significant.
Sidechains can be thought of as a black box in which transactions occur, ultimately settled on the bitcoin blockchain, but without every transfer being registered individually. What happens in a sidechain stays in a sidechain. Funds are locked to an address using a smart contract, and within the system of the sidechain may be moved around thousands of times to different addresses, before exiting back onto the main blockchain. It’s an ingenious way of using bitcoin’s blockchain for vastly higher transaction volumes, without bloating it to the point of uselessness.
The Waves bitcoin gateway functions, conceptually, in a similar way. Funds are securely ‘locked’ when they are deposited to the cluster of servers that hold BTC in multi-sig storage, with a token being issued on the Waves blockchain to represent them 1:1. Those Waves bitcoins (WBTC) can then be moved around on the Waves blockchain, with its advantages of speed and scalability. Whilst this may not have the theoretically unbreakable security levels of smart contracts (assuming they are implemented correctly), security is nevertheless extremely robust and far in excess of that of traditional exchanges with their single-point-of-failure problems.
For cold storage, when funds are not moved for long periods, the bitcoin blockchain is the best option. But when funds are being moved around frequently, perhaps being used as a means of payment in BTC (i.e. not moved to an exchange), WBTC can profitably stay within the Waves system. It is only when they need to be moved to an exchange that the bitcoin blockchain is required again — assuming that exchanges do not integrate the WBTC token. This makes it easy and efficient once again to move BTC around. Higher costs and/or delays are only incurred when exiting to use the bitcoin blockchain.
You can download Waves Client 0.4.9 here — https://chrome.google.com/webstore/detail/wavesliteapp/kfmcaklajknfekomaflnhkjjkcjabogm
The Growing WAVES in the Crypto Ecosystem
Aside from existing token creation and transfer features, the client now offers a bitcoin gateway to allow BTC to be securely stored and transferred on the Waves blockchain. Transaction volumes on the network are rising rapidly.
An updated version of the Waves lite client has been released, with powerful new functionality aimed at real-world use cases. As before, the lite client offers a familiar and straightforward user experience, and requires no blockchain downloads – making it suitable for anyone to get started with cryptocurrency applications. The client can either be downloaded and run as html, or as a standalone Chrome app that automatically updates when new versions are released. The network is secured by full nodes run by members of the community. For security reasons, a minimum of 10,000 WAVES is currently required to run a mining node.
In addition to being able to transfer the native WAVES currency, which is the fuel for the Waves platform, the lite client makes it extremely easy to create and send new tokens. Custom Application Tokens (CATs) are secured on the Waves blockchain and can be launched in minutes. These assets are shown in the Portfolio tab in the wallet.
Mass distribution to a large number of addresses is also possible, making Waves the ideal platform for crowdfunding and distributing new tokens. This has made Waves attractive for a growing number of blockchain businesses and applications. These include:
- Waves Community Token. A token used to reward WAVES holders through periodic airdrops and engage the community, including in the process of collective due diligence for new crowdfunded projects.
- Incent. A blockchain-hosted loyalty programme, based on the principle of ‘Open Value’ rather than the restricted value of traditional rewards points.
- Bankcoin. A far-reaching initiative to introduce cryptocurrency payments into universities in Latin America.
- Upcoin. A project launched by a Russian political party to engage and reward active members, and use the blockchain for voting. This is the first ever blockchain platform used by a political party.
- Ripto Bux. A community project founded around the idea of a tipping currency, Ripto Bux (RBX). A Slack tipbot enables anyone to create, send and receive Waves tokens as tips, with RBX being the default tipping currency. Ripto Bux also uses the BlockSwap technology developed by Incent to transfer tokens securely between the Waves and Ethereum blockchains.
- New projects are coming to Waves all the time. On 25 April, MobileGo will launch a major crowdfund to drive cryptocurrency adoption within the gaming sector. Over the coming weeks and months many new businesses will launch their own tokens and crowdsales on Waves.
The Waves bitcoin gateway allows users to deposit and withdraw bitcoins to and from the Waves blockchain. Coinomat servers process bitcoin deposits and exchanges them for the equivalent amount of the WBTC token. This can be sent quickly and at low cost between users within the Waves blockchain. Upon withdrawal, the gateway conducts the same process in reverse, swapping WBTC for BTC, which are sent to a designated bitcoin wallet address. WBTC are always backed 1:1 by real BTC.
The gateway means that Waves can function as a kind of ‘sidechain’ to the bitcoin blockchain, offering greater speed and efficiency, but always giving users access to their bitcoins when they wish to withdraw them.
The Waves client is now available as an Android app. This can be downloaded from Google Play. It is a convenient way to access your Waves account on the go from a mobile device, and offers much of the functionality that the fully-fledged lite client does in the Chrome app. It is possible to import the SEED from which an existing address has been created, in order to use the same account from multiple locations and devices.
Things happening in the Waves ecosystem
Waves development is highly active, with numerous features and approaches being prepared.
- The Decentralised Exchange (DEX) will enable users to trade Waves tokens peer-to-peer, directly from the lite client. The DEX back-end code is complete, with release pending front-end integration.
- Fiat gateways are being implemented, starting with a Euro gateway. This will allow users to transfer fiat on the blockchain, with the lower costs and greater speed this provides.
- Balance leasing (LPoS or Leased Proof-of-Stake). WAVES holders will be able to lease their balances to full nodes to help secure the network and receive rewards from transaction fees, while maintaining full control of their funds at all times.
- Transaction fees will be payable in tokens, subject to full nodes accepting them as payment. WAVES will always be accepted, but this feature means that applications built on Waves will not have to worry about the additional friction and complexity of providing a second currency for fees.
- Improved Authenticated Dynamic Dictionaries
- POS NG
- Smart contracts roadmap, which are to be implemented on Waves. These will be non-Turing complete, but still extensive and powerful.
Rising transaction volumes
Since the beginning of February the number of transactions on the Waves blockchain has been increasing rapidly. It currently averages around 5,000 tx/day, though as many as 15,000 have been recorded. For comparison, Ethereum sees around 60,000 transactions per day and bitcoin around 300,000. Few cryptocurrencies have such high levels of activity, with even Litecoin averaging around 7,500 tx/day.
As new businesses launch tokens and use cases on Waves and as the DEX comes online, we expect to see transaction volumes increase further and significantly, driven by real-world adoption – rewarding mining nodes and those who lease their balances to them.
For more information, visit www.WavesPlatform.com
Waves Release Testnet v0.6.1
WARNING Please, remove your existing Testnet blockchain.
- An explicit order type and an assets pair in exchange transaction were introduced
- Leasing transaction was fixed
- Incorrect generation balance calculation was fixed
- Asset issuance was fixed
- Home directory on Windows bug was fixed
Waves Pre- Release GUI V0.4.10
Tabs under development are now removed. They'll be back as soon as implemented.
Three ground-breaking crowdsales coming on Waves Platform
MobileGo, EncryptoTel and ZrCoin are all launching crowdsales in the coming weeks — and all are unique in their own way.
With the release of the Bitcoin gateway and with DEX and fiat gateways in active development, Waves platform is coming of age. A series of projects have already launched on Waves, thanks to its powerful and accessible token facilities. Over the next two months, at least three major businesses will hold their own crowdfunds — each of them addressing the needs of a different sector with the unique proposition offered by blockchain technology.
Zirconium Dioxide (ZrO2). It’s not sexy, but it is highly in-demand as a refractory material in the production of ceramics, amongst other things. A team of international researchers have come up with a way to extract it from waste materials, rather than mining it from the ground. The result is a higher-quality, more cost-effective and environmentally-friendly form of zirconium. The Russia-based team is seeking to roll out production on a larger scale, but venture capital funds come with unacceptable strings attached and the banks won’t deal with projects this small.
ZrCoin’s solution is a blockchain-based option for ZrO2. It’s the first such blockchain commodity of its type, making it an innovative financial as well as technological project. Investors will buy an option for ZrCoin, each representing 1kg of synthetic ZrO2, at a discount during the crowdfund. This will be bought back at market price once production and sales are under way. As a commodity-backed token, it will be freely transferable but also stable in value — making it a way for traders to park or store value on the blockchain.
ZrCoin’s crowdsale will launch at the beginning of April and will last for 30 days. For more information, register on the website.
The telecommunications industry is expanding rapidly thanks to the growth of new VoIP technologies, though older telephone infrastructure is falling from use. Most offices typically use a form of IPPBX (Internet Protocol Public Branch Exchange), an internal phone network hooked up to the internet as well as the external phone system. These can be fairly inefficient. Additionally, the more we communicate, the more surveillance becomes a problem, whether that is conducted by home or foreign governments, corporations or hackers. Aside from the civil liberties issues associated with this, industrial espionage is an increasing issue.
EncryptoTel’s Team met whilst working for a telecommunications company and realised they could create a solution that was better than anything currently on the market. They have already built a working beta for a virtual PBX that can be deployed and used by anyone, individuals or companies, with no additional hardware or infrastructure required beyond an existing internet-enabled device and a web connection. All communication is encrypted, payments using cryptocurrencies are enabled for added privacy, and the multiplatform approach supports a wide range of softphone and communications apps for video and audio calling and instant messaging.
EncryptoTel’s crowdsale will open on 1 May and will last for one month. The funding will allow them to complete their product and market it aggressively into the VoIP sector.
Gaming is a $100 billion industry and growing fast. Large amounts of money are moved into and out of in-game economies every day, but this is an inefficient process that is riven by problems thanks to the nature of the legacy banking system. Deposit limits, delays and poor exchange rates make it difficult and frustrating for gamers to transfer cash to their chosen games.
Gamecredits has been working to address this issue for three years. The cryptocurrency is a Litecoin clone, just about the simplest of crypto tokens, since that’s all it needs to be. Using GAME, it’s possible to move money into and out of, but also between, games — with the near-frictionless payments that blockchain currencies allow. It’s an ideal use case for crypto, and one that has been picked up by a major developer,Datcroft, who are helping to market the idea to the entire gaming industry.
MobileGo is the marketing fund for that project. It’s designed to drive GAME adoption within the gaming industry through a very neat mobile gaming platform that has already attracted hundreds of game developers. All game payments will be channelled through GAME, increasing demand markedly, whilst MobileGo will receive revenues from the commission paid on this when users buy it through the credit card-enabled GameCredits wallet.
The MobileGo crowdsale begins on 25 April and will last for one month. You can find out more on the GameCredits website.
These three projects alone show how blockchain tech is going mainstream in 2017 — and there’s plenty more coming for Waves.
Waves unveils new website for next phase of adoption
The Waves Platform website has been given a full revamp as it releases new services and positions to become the foremost custom tokens blockchain application.
Waves was designed with mass adoption in mind and focuses on custom token operations. ‘We believe that these very basic facilities — creating, distributing, transferring and trading simple tokens — will be the forefront of blockchain adoption,’ explains CEO Sasha Ivanov. ‘This is the functionality that businesses are exploring now and want to implement in their applications. We want to make it as easy as possible for businesses to deploy their custom tokens, and for their customers to use them.’
The new website explains exactly what a blockchain token is — knowledge that cannot be assumed for newcomers seeking to explore the benefits of distributed ledger technology for their businesses — before offering a straightforward tutorial for creating tokens on Waves. ‘Waves is “Blockchain for the People”, and we mean to makes these powerful tokens facilities available to everyone, without a significant technical overhead,’ continues Ivanov.
As well as introductions and guides, the site lists some of Waves’ flagship projects — applications that have crowdfunded on the platform and are already up and running using Waves technology. Each are represented by a token on the Waves network. These include WBTC — a bitcoin token that allows Waves users to store, send and receive bitcoin on the Waves platform via the secure Bitcoin Gateway — and the Waves Community Token (WCT), which allows holders to participate in collective due diligence for new projects and to benefit from regular airdrops. Third-party projects such as Darcrus and Incent are also included, offering some sense of the growing ecosystem building up around the core Waves technology and infrastructure.
Optimised for convenience
Lastly, the site has been fully optimised to give a faster, smoother experience, and to ensure it is better suited for mobile browsing. ‘Our attention is always on users. During its early period of development blockchain technology was difficult to use. Everything was very technical and hard for users — cryptocurrency clients, blockchain downloads, complicated and unreliable exchanges and other services, and even finding the information you need to get up and running. Waves aims to change that for every element of blockchain adoption, from our website right through to the wallet itself.’
For more information, visit www.WavesPlatform.com.
WavesPlatform Excited To Announce MobileGo Crowdsale April 25th
As you may have heard, MobileGo is launching a crowdsale starting April 25th on the Waves platform. MobileGo is a smart contract token and the backbone of three decentralized mobile gaming products: a virtual marketplace for the trade of in-game content, gamer to gamer match play plus wagering and decentralized tournament play.
All three of these products will exist within the Gamecredits Mobile Store, an android app two years in development, launching Q2 of this year. The Gamecredits Mobile Store has hundreds of games and gaming developers signed on to its initial launch from over a dozen countries. Plans are to have over 1000 games on the platform by the end of 2017.
MobileGo will also be the first large token issuance to be done on both the Waves and Ethereum blockchains. This is being done to leverage technical advantages of both, while also bringing wider recognition to the Waves platform in the larger crypto space. The team of Ethereum developers we have employed look forward to working with Waves to find ways the two communities can work closer together in the future.
The MobileGo team is diverse, with industry leaders in the gaming industry and crypto space. Our developers span Australia, Europe, and Russia with offices in the U.S., Western and Eastern Europe. MobileGo already has established partnerships in China, Japan, and over a dozen other countries to help promote this crowdsale and expand the MobileGo product reach.
For more information or to register for updates please visits www.mobilego.io.
You can also join our MobileGo Slack https://gamecredits.com/slack.html
Or join the MobileGo discussion at Mobile Bitcointalk Thread https://bitcointalk.org/index.php?topic=1801798.0
Waves Release Testnet v0.6.2
- Minor improvements and fixes.
Credit card purchases integrated within Waves client
It is now possible to buy WAVES and bitcoin with a credit card, depositing BTC directly into the Waves client as a native blockchain token.
Waves has implemented credit card purchases for WAVES and bitcoin within its lite client via a partnership with Indacoin. The bitcoins purchased will be delivered directly to the user’s wallet as a WBTC token via the Waves bitcoin gateway, or instantly converted to WAVES if preferred. The service is best suited for buying small amounts of BTC and WAVES, in order to use the platform’s token creation and distribution facilities.
Users can already deposit bitcoins to their Waves wallet using the bitcoin gateway. The gateway processes bitcoin transfers and exchanges them for the native Waves bitcoin token, WBTC. The token is backed 1:1 with bitcoins that are stored in a multi-sig account, managed by a cluster of secure servers. New fiat gateways will be added in due course, starting with a Euro gateway.
An additional option has been added to the BITCOIN and WAVES Deposits tab in the client. A pop-up dialogue allows users to buy cryptocurrency with a credit card. On confirming they want to continue, the user is redirected to Indacoin to complete the purchase. The bitcoins are then deposited to the user’s Waves account via the bitcoin gateway, as normal, or converted on-the-fly to WAVES. An exchange rate calculator within the client ensures that users know how much cryptocurrency they will receive at the point of transaction.
Credit card processing has been outsourced to Indacoin, an instant exchange platform that allows fast and easy purchase of bitcoins. Indacoin is well-established in the bitcoin space and has been offering credit card purchases since 2014. No registration is required.
‘Whilst we’re lining up gateways that will enable users to move larger amounts of money into and out of the Waves system efficiently, credit card purchases allow anyone to buy bitcoin and WAVES quickly and easily,’ comments Sasha Ivanov, CEO of Waves platform. ‘So they can access token creation facilities on the platform — something that will be necessary as we target mainstream adoption and facilitate entry into the rapidly-growing blockchain crowdfunding sector.’
Indacoin deals with the problem of chargebacks through an enhanced verification process. To ensure that the owner of the card really does want to purchase bitcoin, a call is placed to the buyer’s mobile and a four-digit code provided for confirmation on the site. A spending limit applies for first-time buyers, which is progressively raised for later transactions. Visa and Mastercard credit/debit cards can be used.
In due course, it will be possible to trade WBTC and WAVES against other tokens on the platform’s decentralised exchange (DEX).
For more information, visit www.WavesPlatform.com