Waves is a powerful and straightforward cryptocurrency platform. Designed for mass adoption, it does not have the complex functionality of Ethereum, but allows fast and easy access to token facilities.
After the MobileGo crowdsale, MGO tokens will be available on both the Waves and Ethereum blockchains. Investors who claim their tokens on Ethereum will need an Ethereum wallet – for beginners, MyEtherWallet is recommended.
Waves users will need to download a wallet from www.WavesPlatform.com. The wallet is a lite client that is designed for the Chrome browser, though it can be used with other browsers if desired. Waves is intended to be extremely user-friendly, so the client does not require a blockchain download. (Anyone can run a full node, but this requires more technical expertise and a balance of at least 10,000 WAVES.)
The Waves lite client can be used in two forms:
- Html, which can be run in any browser (Chrome recommended)
- A standalone Chrome application
The benefit of the standalone app is that it automatically updates. Whilst the html can be used with a broader range of browsers, it will need updating manually.
Creating an account
The first step is to create an account using a SEED. This is generated by the client and takes the form of 12 random words. The SEED is used to recover an account in the event of hardware failure, or to import one onto a different device. The SEED is like a private key and must be carefully backed up, since if you lose it, you risk losing access to your wallet. It is also possible to Import a new account using a SEED you generate yourself. Since this is just a string of random characters, a bitcoin private key or other key can be used, so long as it is sufficiently complex to be secure. Most new users will want to let the client generate the SEED for them.
Your address(es) will be saved by the wallet, and for day-to-day use you will be able to log in with a password, rather than entering your SEED every time.
The wallet itself is very intuitive. The ‘home’ page has boxes for your WAVES balance, as well as Bitcoin (via the Waves bitcoin gateway) and fiat currencies, which may or may not be operational. A list of recent transactions is given below. Token balances (including MobileGo) are shown in the Portfolio tab, which also gives you the ability to transfer them to a new address.
Waves is continually being updated and new features added. In due course, the Decentralised Exchange (DEX) will make it easy to trade tokens against each other directly (that is, it will be possible to trade MGO for Incent, without going through WAVES or another currency as an intermediary). New tokens representing fiat currencies will be added as these gateways come online, so it will be possible to trade tokens against EUR, USD and BTC. It will also be possible to lease your WAVES balance to a full node, to help secure the network and to receive an income from staking fees.