Disclaimer: The text below is a press release that was not written by Cryptonews.com.
What is the blockchain?
Whilst the technology sitting behind Blockchain is rather complex, the principle foundation is quite simple: A Blockchain is a growing list of records that include time and transaction data in “blocks” that are linked together in a chain by cryptographic hashes.
By design, it is decentralised and operated by a peer-to-peer network that prevents its modification and was invented to operate the Bitcoin cryptocurrency, but now has thousands of other applications. Due to its open-source nature, any web developer can work on it.
WAVE partnered up with top of the class Blockchain developers that worked in the past for IBM Hyperledger, which is IBM’s blockchain framework, developed government smart contracts and developed for other major fintech companies.
When starting out with WAVE Blockchain development, it is imperative that you begin with a Testnet.
Simply, a Testnet is an alternative Blockchain that is used solely for testing purposes.
The coins created and tested on the Testnet are never supposed to have any value, unlike actual cryptocurrency coins.
As of today the Testnet is version 3 and has been improved over time to reduce the difficulty of testing and bring down processing times.
Once our developing team is finished with the Testnet and confident in the Blockchain’s functionality & security, the work on the Mainnet will begin, which is the term used to describe a fully-functioning Blockchain capable of sending and receiving transactions.
These transactions will be broadcasted, verified and recorded on our Blockchain in a smart, safe and secure way.
In recent years, developers have begun ICOs (Initial Coin Offerings) before and during the development of the Mainnet as a way of raising funds during the creation of the new cryptocurrency, and some of these have been very popular.
Not only does this help with finances, but it enables the creation of a community around the new coin, which can be vital to the success of a new project.
WAVE chose to offer ERC-20 tokens to its community as part of an ICO, and in the next step there will be a so-called Mainnet swap performed, once the WAVE coin is released its own proprietary blockchain, which means the WAVE Tokens you’re holding now, will be converted 1:1 into WAVE coins.
Not long ago, other popular blockchain platforms such as Stellar or TRON have been undergoing the same procedure.
Talking about use cases, perhaps WAVE’s strongest potential for the future is in its many use cases, which will center around empowering an individual to control their own funds, assets, data and privacy through the use of decentralized finance and blockchain technology.
Based on WAVE’s blockchain, the foundation for further developments of the WAVE platform is hereby laid.
- Desktop & Hardware Wallets, for secure storage of your digital assets.
- A decentralised trading platform
- The possibility for ICO’s to build their tokens on the WAVE blockchain
- A decentralised shopping platform built on the WAVE blockchain
Just yesterday the company announced more amazing news:
Aside from the own blockchain that’s currently being developed, WAVE is working on a full integration on the ERC-20 protocol which will already be done within the next weeks!
As a result of that, WAVE will then be storable on myetherwallet as well as on your hardware wallets like Ledger or Trezor.
Following all that, WAVE aims to be listed on the first 2 external exchanges and subsequently also on coinmarketcap. Which exchanges this are going to be, will be announced soon in WAVE’s official channels.
As soon as the full ERC-20 integration has been completed, WAVE will run on this protocol until the mainnet swap, which is scheduled on the roadmap for Q3/ Q4 2020.
Summed up, WAVE is a really interesting early stage crypto project with huge upside potential, should all the development steps be put in place like announced and the community continues to grow as it does right now.
We will keep a close eye on it!