Waves is a platform that offers a decentralized cryptocurrency exchange, which not only allows the exchange of cryptoassets, but also the implementation of smart contracts to create online tokens, which in turn can be exchanged on the platform.
As with the Ethereum network, new cryptoassets are born through the creation of a smart contractbut with the difference that we won’t have to download the entire blockchain to create a new cryptocurrency.
In this guide, we will learn the steps to follow to register on the Waves platform and create our crypto assets on it.
Sign up for Waves
To begin, let’s register on the platform. Let’s go to The main Waves portal, once here we will select an online client. We can also download the client to our computer, but for the purposes of this tutorial, we will do it in the online client.
waves main portal
Here we will see the following:
Form for creating a new account in waves
The first thing we’re going to do is choose an avatar image, This image will be associated with the hash or address of our account; so, every time we log in and enter our address, we will see this oval image that we chose when we created our account.
After that, we will choose a strong password, i.e. a password that contains a minimum of 8 characters, including letters and numbers and a special character. This is for the purpose of greater security for our funds. After confirming the password, click continue.
Next, Waves gives us the option to create a backup right away or leave it for later. Recommendation before using any wallet, exchange or platform where we will store funds: We must always make a backup before making any deposit to our accountsince in this way, in case of equipment damage or other errors that compromise the login on that device, we will be able to access our account on another computer without major inconvenience.
It must also be taken into account that through backup words we can log in again on another computer together with the password we previously entered. If there is no backup, we risk not being able to log in anymore.
Also, it is important to note that if we log in on the same computer, it will remember the last login address that was used, and we will only have to enter the password. If not, you will need to sign in with 15 spare words.
In relation to what was discussed above, the next step is to create a backup of our account. To do this, we will click on Back Up Now. Here we will see a warning about how careful we must be with this recovery phrase and, as much as possible, keep it away from any digital storage media. In practical terms, write our phrase on paper to avoid exposing this information to the risk of possible hacks. Once we understand this, we will click on Yes, I understand (I understand).
Phrase reserve words must be stored in the same order as they were generated
What we see then is our recovery phrase. This phrase must be saved in the same order as it was generated. Before we continue, we need to write down our phrase in a safe place (on paper, there’s no better safe place) because after that we need to confirm that we saved our backup words correctly.
After saving, we’ll select that we already wrote it down (I wrote it down)
The words must be ordered exactly as they were previously seen.
As you can see, here we have to organize the words in the same order that we stored them previously. In case of an error, we can return to the previous screen where we will see our backup phrase by clicking on return, which is under Confirm backup.
After placing your order, we will click Confirm to complete the creation of our account.
Some security measures that Waves takes to ensure that users understand the responsibility of using the platform.
This box that appears right before starting to use our account touches on very important points that are worth considering. First, it refers to the fact that we understand it Our funds are securely stored on the device and not by the company providing the service to us.
The second paragraph mentions that we understand that in case the app is moved to another device or deleted (mostly in the case of people who download the installer, but the same is true in the case that we use another device to open our account ), the only way we can get our account is via recovery phrases.
The last sentence asks us if we would like to help Waves by sending statistics about the use of the platform and thus improve the user experience.
After we have accepted at least the first two options, we can click Confirm and Start to start using our account.
Wave research
Waves main portal after creating an account.
As you can see on the main screen, Waves offers us a portfolio of different crypto assets that we can use to exchange in its internal exchange. We can also use it as a wallet, because there will be no fees for storing cryptocurrencies. However, each output will have a commission of 0.001 Waves to exchange the crypto assets we want to send.
On the left side is the menu where we will find our portfolio, the exchange platform and the section to create our token. We will use the latter later.
How to get WAVES inside the platform
To begin with, we must first remember that we must have 1 WAVES in our portfolio, as this is the creation cost. For that we can make a deposit in any of the crypto assets listed on the platform and exchange it for WAVES. In this guide we will deposit Ether (ETH).
To do this we need to know the address of our ether wallet on the platform. In this sense, we will go to the section where our funds are located and we will select Ethereum, where we will later click on Deposit.
Ethereum address to deposit funds.
Now it’s time to make a deposit to that address and wait for it to be confirmed so we can see the funds reflected in our portfolio. At the time of writing this guide, WAVES costs $8.20. That’s the price we have to top up in ETH equivalent.
Portfolio showing funds already confirmed.
Once our funds are confirmed, it’s time to exchange them. To do this we need to click on the icon of the exchange platform (second from top to bottom) in the side menu.
Waves decentralized cryptocurrency exchange platform.
When entering the exchange platform, we will not complicate our lives by understanding how it works, but go directly to the list located in the upper left corner. There we will look for the ETH/WAVES value. When we find it, we will click on SELL or the red button.
A form for performing an exchange on the Waves exchange platform.
In the pop-up window we will put the amount in ETH equivalent to 1 WAVES inside the box labeled Amount. Below is the last purchase price, and at the bottom we will see the total WAVES which we buy. Once that’s done, we’ll mark the order as placed by clicking Place Order to Sell and wait for the sale to take place. After that we will be able to see our WAVES reflected in our portfolio.
Now with waves in our portfolio, we can start creating our own token.
Creating crypto assets in Waves
Now with the means to create our crypto assets, we will go to the section provided for this. In the side menu, we will select the appropriate icon (the last icon).
Form to create a new token in Waves.
Let’s understand a little with what data we need to fill this form:
The name of your asset
Here we will indicate the name we will give our cryptocurrency.
Description
In this box we will put some description of our token. We can link to the project or any other reference. It is important to take this into account Once a cryptoasset is created, the description cannot be changed.
Total tokens
This refers to the total number of tokens that will be created with the condition. On the right side of the box we will find two options: Reissue and Nepon’s issue. If we choose the first one, we indicate that regardless of the number of tokens we create, we can add more tokens later. On the other hand, if we put the second option, we say that it will be the only amount to live on.
That is, if Reissuable is selected, this field can be modified later; while selecting Cannot Reissue, we will never be able to change that. It should be noted that because Waves is now in beta, it is not possible to generate new funds from an already created token.
Decimals
Here we will indicate the number of decimal places we want our crypto asset to be divisible into. For example, bitcoin has a total of 8 decimal places. In this case, we can mark the placement from no decimal, up to a maximum of 8. All we have to do is enter the appropriate number.
Overview
In this section they will show us an overview of the characteristics of our crypto assets.
Overview of our token features after filling out the form.
Once we have all the correct information, we’ll click Generate to create our token. The next thing is to confirm that the data is correct and that’s it! Now we have to wait for the smart contract to be validated online and we will have the funds in our portfolio.
To see our tokens, we just have to click on our portfolio in the left menu, then click on Portfolio, where we will see our crypto assets.
Cryptoassets we have in our portfolio.
As you can see, we as creators have all the funds for this crypto asset.
Exchange of created crypto assets
Since the cryptocurrency was created on the Waves platform, we can only exchange it on this platform (for now). To send our token, we just need to have the recipient’s Waves address handy, since it is the same one used to exchange the token we created. Therefore, in order to receive that or another token created on this platform, we only need to share the address of our WAVES wallet.
When we will send the created tokens, we need to go to the main page of our portfolio, position ourselves on our token and click on Send.
Form to send our token.
In the pop-up window that we will see, we will enter the address of the Waves wallet, below we will enter the amount to send and finally the description of the transaction (the latter is optional). To conclude, it is only necessary to click on Continue, but first it is important to understand that in order to exchange the created token, we must have WAVES in the wallet to pay a commission of 0.001 WAVES per transaction. This is because at the time of exchange, this transaction must be confirmed on the blockchain, which entails a mining fee. Once we figure it out, we confirm and send the funds.
To receive tokens created on this platform, we need to get our Waves address, which we can see by clicking on Your address.
The address of our Waves wallet, which is also used to receive personalized tokens created on this platform.
If you use the Share your address option, you only need to send the displayed address to the person who will send us the funds.
Conclusions about waves
Waves is a platform that, despite being in the development phase, has a number of features that are very interesting, such as: Decentralized exchange platform, as well as the speed of its blockchain to confirm transactions. The only drawback of Waves for now is the fact that it is in beta and does not give us the ability to publish our tokens on the exchange platform, nor can we issue new amounts of our tokens. We’ll have to wait a bit for these options to activate, but for now, Waves is doing very well.
If you want to see a video tutorial of this article, you can find it on our channel. YouTube.
