Waves in a Nutshell

Waves in a nutshell. So the Waves platform is one of the highest and most recommended topics for me to discuss. I want to talk about why it's so interesting, what it's used for, and I'm gonna give you a case example of how to use Waves. So first of all let's talk about why Waves is interesting. Waves have grown astronomically and it's right now in the 11th place in terms of market capital. It's worth $5.39 and it's just been growing like crazy recently and that's why it's attracted a lot of attention. If you look at the mass past one month or two months it's just crazy. The growth is astronomical. And with that brings a lot of questions. What are Waves and why is it growing at such a phenomenal rate? Well Waves in summary is a very quick way of creating tokens and these tokens can be used to represent anything in the world. They can be used to be represent gold, even diamonds, US dollars, and other commodities. So anyone can create a token on Waves and it just cost one wave to create any token you want. I'm gonna go through an example of that in a second. But let's talk about why that's useful first of all because Waves doesn't try to replace Bitcoin. Waves gives people and exchanges a way of just digitizing an asset. So if you're in a trust in exchange, for example, you hold a lot of US dollars and people trust you, you can convert that into a wave, a digital currency, a token that can be traded. And if people trust you enough, they can almost take this as a US dollar. So for example, you can potentially create a US dollar Tether token by yourself and you can promise people that you give them a token if they exchange it for one of these commodities. You can create your own tokens too and I'm gonna do that for you right now. So in terms of the Waves platform, they actually have a very very convenient Chrome app. They can just click and run. So I had tons of fun playing with this client. You basically click it on Chrome and you're good to go. And as a basis, you can actually use it as a wallet to deposit funds, and to deposit Waves, US dollar, Euro, Chinese Yuan, or the Bitcoins. I've used it to deposit Waves and I'm going to show you what I did with it. And I'm going to show you an example. Waves at its very core is about creating your own token. And I'm going to actually just create a token to represent this bag of candies right here. Let's assume this bag of candies has 30 candies inside and I'm going to create a token for that. Let's call it candy token. I'll probably have to use it one name. Alright, there we go. Each token redeems one candy. Alright, probably have to spell check that. There we go. Total tokens, let's say we've got 30 inside this package. Token decimal is zero. So they have tokens. And I can press submit and I instantly create Waves tokens called candy tokens. And now these can be traded on the Waves market. So it's easy as that. It does cost a fee of one wave, which is around $5. And of course, I'm a little bit too cheap to click that button right now. But let's assume I did. Then I'll instantly be able to hold assets called coins. I've actually created box mining tokens for fun as well. But you get the example. So I can issue out and create my own tokens. And this can be traded on the open market, on the kind of private market. You can transfer it. So you can transfer, you can send it to any account, Waves account. And they'll have these tokens in their wallet. So it's a neat way of kind of creating your own token. And what Waves tries to do is, it tries to encourage other businesses to kind of create their own tokens. And hopefully they'll get enough trust and enough people participating that you'll get, you'll be able to kind of exchange different commodities. For example, like I said before, maybe a gold exchange would actually issue out tokens to represent gold. And this can be traded very easily and very cheaply. Waves transfers only cost 0.01 wave. So that is virtually nothing. That's one of the cheapest transfers available. So it's been, you can easily transfer that using blockchain technology with, and have the benefits of blockchain technology, which is safe transactions, fast transactions, and of course, searchable transactions. So that's the whole point of Waves. And you can even see the description here, you know, how my box mining tokens, I'm going to issue it out. If you guys want to enter an address below and I'll, I'll send you box mining tokens. They have no value because I don't know what they do, but it was a fun token that I created when I was experimenting with this platform. But this could be a very easy way of creating your own currency or your own token and that can enter the market. So guys, do you guys have any questions about Waves? This is the core idea behind the platform. And would you guys use Waves to create your own tokens or sell tokens in Waves? Answer them below. And if you have a Waves address, I would love to send you some box mining tokens. I hope you enjoyed this video. I make other videos about other cryptocurrencies and if you subscribe to my channel, you won't miss out on any of them. Guys, thanks so much for watching. See you next time.