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- Waves (WAVES) has snatched the spotlight from Bitcoin and others in the market as the Smart Contract Altcoin surges more than 117% in just one month.
- The total value locked of the altcoin climbed to around $2 billion, at the time of writing. Launched in 2016, the platform has various uses including decentralized applications and smart contracts.
- Last month, the network disclosed that it will be transitioning to Waves 2.0, meaning that it will implement the new version of Waves Consensus, based on Practical Proof-of-Stake Sharding.
Most of the crypto market including Bitcoin is experiencing a sideways drift while under-the-radar altcoin is increasing.
At the time of writing, the price of the smart contract blockchain platform Waves (WAVES) is $27.48, up 2.32% in the last 24 hours and over 37% in the past week.
The 42nd-ranked crypto asset by market cap has experienced a surge of approx 118% in the past month, by 40% in the last 7 days, recording a Wednesday high of $30.34.
Users can create, launch and trade their own crypto tokens on Waves. The platform also provides access to various ready-to-use products and tools, allowing them to build decentralized applications and make new tokens. The total value locked at the time of writing of the altcoin was around $2 billion.
What’s Next For Waves ?
In an announcement last month, the network said it is transitioning to Waves 2.0. The transition means the implementation of the new version of Waves Consensus, which is based on Practical Proof-of-Stake Sharding.
This spring will mark the development of the Ethereum Virtual Machine-compatible and highly scalable network. The old one will be connected to the current one to facilitate a smooth transition to Waves 2.0, “without depreciating the old network’s value or efficacy,” explains the Waves team.
The blockchain technology company behind the project, Waves Labs also intends to launch a $150 million fund, along with an incubation program that will back the development teams who are working on building projects on the network.
About Waves
As mentioned above, as a multi-purpose blockchain platform, Waves has various use-cases such as decentralized applications (DApps) and smart contracts.
The initial aim of Waves, launched after the earliest initial coin offerings (ICO) in the cryptocurrency industry in June 2016, was to improve on the first blockchain platforms through increased speed, utility, and user-friendliness.
The platform has introduced many new spin-off features and made various new changes to its original design.
WAVES is the native token of Waves and is used for standard payments such as block rewards.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
