Get Started with Waves

Introduction

Waves Platform is a global, decentralized blockchain platform that was founded by Sasha Ivanov in 2016. Their website states that their mission is…

…to reinvent the DNA of entrepreneurship around the world by providing a shared infrastructure, offering easy-to-use, highly functional tools to make blockchain available to every person or organisation that can benefit from it.

Waves Platform

Since their launch, they have held true to this mission statement and have grown substantially as a result. Surviving the ICO rollercoaster of 2017, their team has proven to be consistently dedicated and innovative. They have also grown by making strategic partnerships with well-known companies such as Deloitte.

The Waves Client

The current version (1.0.28) of the Waves Client is a cryptocurrency wallet, decentralized exchange (DEX), and a tool for creating your own Waves-based tokens.

The Waves client can be accessed online, or it can be downloaded onto your device. The setup process is simple, quick and intuitive.

To get started, pick your preferred option:

Setting Up Your Account (Step by Step)

The following example uses the Online Client.

Once you have selected your preferred Waves Client option. The following steps will walk you through the account set up process.

Step 1 – Get Started

Step 2 – Create Your Account

Select your avatar. Remember, you cannot change it later.

Your account address is what can be shared in order to receive Waves. No one can access your account and spend your cryptocurrency with this public account address. Unlike some other cryptocurrencies, such as bitcoin, your account address with Waves does not change.

Step 3 – Choosing a Account Name & Password

Select your Account Name and Password.

For security purposes, avoid using your brain to generate a password. We recommend using something like passwordsgenerator.net to create a password that is at least 16 characters in length.

In this example, the following password was used: CBp=X9mc*’5~(&`E

Step 4 – Back Up Your Account

This is the most important step! Without your private seed, you will be unable to recover your account if you were to lose access. There are countless stories of people who lost money due to misplacing their private seed. Store your private seed in a secure location that you won’t forget.

Waves Platform will remind you to be aware of frequent scams and phishing attacks. It is isn’t built by Waves Platform, don’t enter in your private seed.

Write these 15 private seed words down and store them somewhere safe.

You will be prompted to input your 15 private seed words in order to make sure that you recorded them accurately.

If you misplace your backup private seed, but still have access to your account. You can locate it by going to “Settings –> Security” and clicking to show your Backup Phrase.

Step 5 – Explore

Once you are inside your account, click around and explore the many features!

Wallet

Decentralized Exchange (DEX)

Token Generator

Get Some Waves

There are three main options for purchasing Waves.

Option 1 – Waves DEX

The Waves Wallet supports Bitcoin, Ethereum, Litecoin and Zcash. If you already own one of these cryptocurrencies, you can easily make a transfer into your Waves Wallet. Once you have transferred Bitcoin, Ethereum, Litecoin or Zcash to your Waves Wallet, you can go to the Waves DEX and make a trade for Waves.

Option 2 – Centralized Exchanges

Many popular centralized cryptocurrency exchanges have Waves listed. You can make a trade for Waves on one of these exchanges and transfer them to your Waves Wallet.

You can go to any one of these exchanges to acquire Waves:

  1. Bittrex
  2. Tidex
  3. Exmo
  4. Changelly
  5. ShapeShift
  6. Binance
  7. Liqui
  8. Yobit
  9. Indodax
  10. Livecoin
  11. Litebit
  12. Coinbe
  13. Cryptomate
  14. Kuna
  15. Evercoin
  16. Indacoin
  17. OKEx
  18. Huobi
  19. HitBTC

Option 3 – Credit Card

You can purchase with credit card on the Waves Client. This is facilitated by trusted third-parties. This option is not available for US-based users.


Waves Platform addresses the number one barrier to entry into blockchain by making it easy to use. They are known for having the fastest transaction speeds, they have received glowing security audits by trusted third-parties and they have significantly reduced the cost and complexity that typically surrounds token creation.

Questions about how Waves could benefit your business? Contact our team!

Press Release: 12/12/2018

“The measure of intelligence is the ability to change.”

Albert Einstein

Paul Vigna, a reporter for the Wall Street Journal, published an article yesterday (12/11/2018) that highlighted the recent layoffs that were spurred as a result of Bitcoin’s decrease in price and market volume this year. CEOs of cryptocurrency companies have had to lay off employees, reassess their business models, and adjust their approach to the market.

We fully recognize the current struggles of the blockchain industry and have experienced our fair share of the challenges that have resulted from the recent decline. In response to the changes, we are formally taking a pivot from our original focus on blockchain-centric consulting services and have broadened our scope to encompass the trends of emerging technology as a whole with the skillsets we already have on hand.

Throughout our time in business, we have experienced several major transitions and our company is not unfamiliar with the tides of change. We are excited to enter a wider market with the highly unique skillsets and competencies that our team has grown fluent in. Our website has undergone several major changes, and as of yesterday (12/11/2018), those changes have gone live!

Please check out the latest changes and let us know your thoughts. Also, if you are a business owner or entrepreneur and have had to undergo fundamental changes as a result of the declining cryptocurrency markets, we would love to connect with you.

resonova.com

Blockchain in Business

Is your business thinking about leveraging blockchain technology? The type of blockchain a company builds upon is entirely dependent on the needs of the company. There are many different options, but each blockchain comes with its own pros and cons and sometimes a customized blockchain is needed.

Here are a few topics that companies need to consider.

Why blockchain?

In 2017, people were launching a “blockchain” project even when blockchain was not a necessary component. Publicly traded companies got in on the hype surrounding the new technology, for example, Long Island Ice Tea changed its name to Long Blockchain Inc. and saw its stocks spike 500% in one day and Kodak’s stock prices tripled after announcing they were launching an ICO. In retrospect, Long Island Ice Tea simply changed its name to make money. Kodak, on the other hand, launched a functional product and held a private ICO. Long Island Ice Tea was merely doing a PR stunt, while Kodak was doing business and improving their company.

The SEC has clearly warned against using statements about blockchain to increase their stock prices. If blockchain is not going to be used to improve business processes or provide an industry solution, you may want to reconsider using a blockchain.

Blockchain protocols

If blockchain is a reasonable component to a project that you are building, what exactly does your blockchain need to be able to do? Ethereum has emerged as the most widely used platform, but other popular platforms include Neo and Stellar. The Waves blockchain now has data transaction capabilities and will be launching non-turing complete smart contract capabilities this year (2018). The user-friendliness of the Waves blockchain and continuous development will likely position Waves as a powerful competitor to Ethereum. If a private blockchain is selected, one of the popular options is IBM’s Hyperledger. If none of the existing blockchains meet your needs, you always have the option to build your own.

Intended Userbase

If your intended userbase is going to include the cryptocurrency community and individual users, it is unadvised to use anything other than a public blockchain. This target market wants transparency and they want control over their digital assets.

If your intended userbase is traditional businesses and large corporations, they would likely be more receptive to a private blockchain, such as IBM’s Hyperledger. When the focus is on improving internal business processes, a private blockchain allows for more corporate control but sacrifices the benefits of using a public blockchain.

Development Team

It is extremely important for companies to put together a strong team for the project. The technology is still extremely new and rapidly expanding. The open source aspect of blockchain allows for participants from all over the world to strengthen existing and new systems. Having a team that keeps up with the developments and guides the project in the right direction is crucial for success.

The role of a private blockchain and its related cryptonomy

Private blockchains are not really blockchains at all. According to Investopedia, “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions.” A private blockchain leverages some of the cryptographic aspects of blockchain technology, but if you are not allowed into the network, you do not have permission to interact with the data on the private blockchain ledger.

Private blockchains can still provide important value to companies. Companies can use private blockchains to solve many internal problems and inefficiencies. Private blockchains used only by one organization can be modified more easily than a public blockchain. Private blockchains can also provide more privacy by only giving permission to read to individually selected nodes. Tokens are used in private blockchains to send a transaction or as an access key that proves permission to view the data on the private blockchain.

Many large companies are turning to private blockchains because of the security, accuracy, and efficiency offered by them. The reason many companies are rushing to and exploring private blockchains is the same reason they utilized intranets.

Public vs. Private

Public and private blockchains have many similarities. They are both decentralized peer-to-peer networks where participants each maintain a ledger of all transactions that take place on the blockchain. Each ledger is maintained individually and transactions are verified as individual ledgers on the network come to a consensus.

The primary difference between a public and private blockchain is that anyone in the world can participate in a public blockchain whereas a private blockchain is a permissioned network where only those who receive permission may participate.

Public blockchains are at the mercy of the community. Since they are open-source, the code is public and some might say they are more susceptible to attacks. However, you could also say that public blockchains become “forged in the fire” as the community works together (and against one another) to attack and improve the blockchain in an endless cycle. This helps ensure that the blockchain is always at the forefront of technology. Private blockchains are closed off from the public, and as such, have a team that works on them without outside influence. Public blockchains are extremely powerful wherever transparency, democracy, and collaboration are required while still maintaining a high level of security and immutability.

Decentralization and the core values of transparency, freedom, and neutrality are foundations of blockchain technology and why it was created. A way to examine the core differences between public and private blockchains is to compare them to the internet and intranet. Intranets typically result in high cost, due to the infrastructure needed to maintain them, and have historically fallen behind the security and performance of the internet. Part of the reason for this was that intranets were maintained by a core group of people while the internet was being maintained by the entire user base.

Traditional businesses will likely be more inclined to adopt blockchain technology in an environment where they feel safe and in control, just like what occurred with the intranet. We do not expect this to impact the growth of public blockchain solutions. Just like the internet, blockchain technology is expected to grow and improve because of the users. Private blockchains will provide solutions to the needs of companies, but it is unlikely to overtake the use of public blockchains.

Intro to Cryptocurrencies and Blockchain Technology (Part 4 of 4)

Practical Application


Screenshot from 2018-08-02 04-13-52
(This does not constitute investment advice.)

On-Ramping via Bitcoin

To begin using cryptocurrency, start by getting some bitcoin first. Numerous methods are available for you to acquire Bitcoin:

The Blockchain Arms Race Has Started

Just like when the internet adoption began, businesses had the opportunity to be the first to leverage the new technology. Now, businesses that do not exist on the internet won’t survive.

We are presented with another opportunity to leverage one of the latest technological advances that is taking the world by storm – blockchain. The technology is only beginning to become more mainstream and the ability to be the “first in your industry” still exists.

NOW ACCEPTING BITCOIN

Screenshot from 2018-08-02 04-28-15.png

These are just a few of the companies that have started accepting Bitcoin as payment:

  • Microsoft
  • Dell
  • Sears
  • Gap
  • GameStop
  • Home Depot
  • Etsy
  • Shopify
  • Tesla

If you would like to know more about how you can plug into the world of blockchain and cryptocurrency, or if you are interested in how you can leverage blockchain technology in your industry, please contact us.

Sources

Intro to Digital Assets – https://willinspire.us/digital-assets/

Disruptive Presentation – http://disruptive.works

Intro to Cryptocurrencies and Blockchain Technology (Part 3 of 4)

Cryptocurrency as a Digital Asset


Bitcoin vs. Other Assets

Screenshot from 2018-07-31 03-23-51

“Bitcoin, that nebulous digital currency that trades in cyberspace and is “mined” by code-cracking computers, emerged as a better bet this year than every other foreign-exchange trade, stock index, and commodity contract. The electronic coin that trades and is regulated like oil and gold surged 79 percent since the start of 2016 to $778, the highest level since early 2014, data compiled by Bloomberg show. That’s four times the gains posted by Russia’s ruble and Brazil’s real, the world’s top two hard currencies.”

~Bloomberg (Dec. 16, 2016)

Value by Design

The blockchain protocol dictates that the supply of bitcoin is limited to 21,000,000 bitcoins. In addition to this limitation of supply, the reward that is given to the miners who verify the transactions of the network is designed to decrease by one-half roughly every four years. As a result, the supply of newly created coins will dwindle over time until all 21,000,000 have been mined.

Once new bitcoins are no longer being awarded to miners, the miners will be compensated by transaction fees instead of newly created bitcoins. While the supply grows less and the demand is growing larger, the value of bitcoin can only increase. Satoshi Nakamoto engineered this feature deliberately, and as we have seen, his purpose of continued valuation has worked flawlessly.

Below is a graph which shows the chronological progression of the monetary base and inflation rate of bitcoin.

bitcoin-inflation.png
Source: Official Bitcoin Talk Forum

GROWING GLOBAL USER-BASE

In 2017, the daily number of unique bitcoin addresses in use more than doubled from previous years which suggests a growing user-base. A growing user-base implies an increased demand.

While bitcoin’s price has historically seen a lot of volatile fluctuations, the overall trend is still going up. In a Forbes article written by Kashmir Hill, the price action of bitcoin was compared to the performance of other major assets during the same period.

Screenshot from 2018-07-31 03-59-27.png
Source: Forbes

Historical Price Action

Over the past eight years, the effects of high demand, capital controls (the shift toward a “cashless society”), and the increasing bitcoin scarcity (reduction in mining rewards) have driven the price of one bitcoin up by over 17 million percent.

Sources

Intro to Digital Assets – https://willinspire.us/digital-assets/

Disruptive Presentation – http://disruptive.works

Intro to Cryptocurrencies and Blockchain Technology (Part 2 of 4)

An Introduction to Blockchain


Distributed Ledger

All digital assets are defined and governed by a protocol which acts as a peer-to-peer distributed ledger system called the blockchain. Bitcoin is considered the father of the digital asset class because bitcoin was the world’s first functioning application of the blockchain protocol.

To understand the fundamental elements of the blockchain protocol and how it operates in conjunction with Bitcoin, observe the illustration below:

Public Key Cryptography

CRYPTO – CURRENCY

CRYPTO – Comes from the root word “cryptography”, which is the science of codes and encryption. Therefore, just as the word suggests, cryptocurrency is a form of money built upon the modern mathematically derived systems of encryption.

Public key cryptography was invented in 1970 by James H. Ellis, a British cryptographer at the UK Government Communications Headquarters (GCHQ). It is currently estimated, that if you used a modern supercomputer and attempted to “brute force” attack this cryptography, the attempt would take roughly 0.65 billion billion years to successfully complete.

For 38 years, this form of cryptography was used almost exclusively for communication purposes until Satoshi Nakamoto invented bitcoin in 2008. Public key cryptography is the foundation of blockchain technology and because of its secure foundation, Bitcoin has never been successfully “hacked” and likely never will be.

When a user creates a new bitcoin wallet, they are given two keys.

PUBLIC KEY

The bitcoin wallet address. It works similar to a bank account number, although unlike a bank account number, you can share it with anyone in the world and nobody can use it to steal your funds.

PRIVATE KEY

Essentially, this is the “password” to your bitcoin wallet. Every time you send bitcoin from your wallet to your friend’s PUBLIC KEY (or “bitcoin address”) your private key is used to authorize the sending operation.

Screenshot from 2018-07-21 03-05-53.png

This simple process is what makes blockchain possible.

Public key cryptography is what is used (behind the scenes) to authorize every single transaction that occurs on the blockchain around the world. When you “send” bitcoin, your key is used to authorize that “sending” action and no one else in the world is able to stop you or “fake” your private key.

Screenshot from 2018-07-21 03-10-25.png

Your PRIVATE KEY grants you access to subtract from the public ledger balance of your PUBLIC KEY. After doing so, the miners verify that your key is valid and then the global ledger is updated (usually within 10-40 minutes).

Fraud Prevention

Consumer Protection

Unlike traditional digital spending methods, you are not required to disclose your identity before being allowed to use, store, or transact with bitcoin. Upon bringing up the topic of bitcoin’s privacy provisions, many people initially begin thinking about the potential enabling of illegal transactions. However, upon closer examination, there is a major benefit to the anonymity of bitcoin that is often overlooked: Consumer protection.

Payment Processing

The increased level of consumer protection used by the bitcoin network would save billions of dollars if implemented in place of the American dollar. Most credit card and debit card users are unaware of the amount of information stored on the magnetic strip on their credit card. Every single time they swipe their card to make a purchase, they share every last bit of their private payment authorization information with the merchant and the 5-7 various intermediary entities which stand between their bank account and the bank account of the merchant. During CNP (“card not present”) transactions over the phone and the internet, all information required to authorize the spending of funds is also relayed in a similar (and often less secure) manner.

transaction_flow_01.png
Source: Wallet Hub

CNP Fraud

Hackers have come to learn about this high level of sensitive information exchange and, for quite a while now, have been cracking payment databases of countless thousands of merchant websites. Once inside, cybercriminals make off with customer data belonging to thousands of unsuspecting victims. After acquiring all of the necessary data to initiate transactions from the accounts of all the hacked merchant’s previous customers, the hackers use the data to carry out CNP fraud (“Card not present”: Transactions over the internet or by phone). Even worse, statistics show a dramatic 113% increase in an even more dangerous type of fraud called “new account fraud” in which hackers will open entirely new accounts in the name of the victims and then leverage that person’s credit score to borrow as much money as possible before making off with all of the money from that new ghost account.

EMV Chips

The recent implementation of EMV chips on credit cards has done little to reduce the level of fraud as this new shift only protects users from fraud during “card present” transactions using terminals equipped to handle an EMV transaction. All non-EMV terminal swipes and all online based purchasing remains just as vulnerable as before. See the conclusions of the report by Javelin below:

card-not-present-cnp-fraud-in-a-postemv-world-by-javelin-1-1024-copy.jpg
Source: Javelin Strategy & Research

The Upcoming “Cashless Society”

The gradual global shift to a “cashless society” will only further the fraud increase in the traditional centralized monetary system. The final conclusion is sobering: By simply using a debit or credit card, users put the funds of their financial accounts into the hands of every single merchant they make a purchase from which, as we have seen, presents a critical vulnerability in the traditional centralized digital payment system.

Data Breaches

The following graph from the Insurance Information Institute shows an overview of how large of a scale this kind of theft has become:

Identity Theft

A simplified breakdown of the total amount of money lost due to fraud:

Screenshot from 2018-07-22 03-27-17.png

Money stolen every minute of every day – due to identity fraud!

A report in the Wall Street Journal also highlights the total amount of money lost due to card fraud and the results are staggering:

Screenshot from 2018-07-22 03-23-25.png
Source: The Wall Street Journal

The Ultimate Solution

Rampant financial fraud is enabled by the required transmission of private authorization information. The bitcoin network requires no such transmissions to be made for users to spend and send funds. The bitcoin network is immune to fraud resulting from any such credential attacks. This inevitably results in a safer financial transaction ecosystem and a dramatically lower cost of operation. As a result, many merchants are beginning to prefer bitcoin payments over traditional payment methods.

Screenshot from 2018-07-22 03-35-32.png

Thousands of Blockchains

The simple, powerful technology of blockchain has already been applied in thousands of ways. Almost every version of a blockchain brings another “token” or cryptocurrency along with it. These digital assets are all traded on global exchange platforms much like stocks and forex. Cryptocurrency trading takes place all day (24 hours) every day of the year.

Supply Chain Solutions

The Wall Street Journal explained how the blockchain is being implemented in the commodities markets with the help of IBM.

Screenshot from 2018-07-22 04-07-46.png

Results showed involvement reduction with supply chain reduce from 3 hours to only 25 minutes and supply chain costs were reduced by 30% during the testing of this new method.

Banking the Unbanked

According to research conducted by McKinsey & Company, 2.5 billion of the world’s adults don’t use banks or microfinance institutions to save or borrow money. Unbanked people remain at an economic disadvantage because they have no way to easily conduct business on a global level (among other things). Traditional banks have yet to provide a working solution for this problem. Because of blockchain technology, the unbanked finally have a solution. Users are not required to have identification documentation in order to exchange monetary value with cryptocurrency.

Global Remittance

As the world continues to globalize through the use of the internet, more people are sending funds across borders than at any other time in the history of the world. The current monetary system requires long waiting times and often outrageously high fees in order for one to remit funds abroad. Users are moving to cryptocurrencies in an effort to circumvent all the unnecessary fees and waiting times.

Sources

Intro to Digital Assets – https://willinspire.us/digital-assets/

Disruptive Presentation – http://disruptive.works

Intro to Cryptocurrencies and Blockchain Technology (Part 1 of 4)

An Introduction to Bitcoin


The Creation of Bitcoin

The birth of bitcoin occurred on the 31st of October, 2008 (a time period of great economic distress worldwide) when a pseudonymous creator using the name Satoshi Nakamoto published his Bitcoin Whitepaper and shared it on an obscure cryptography mailing list. This seemingly small event set into motion a worldwide financial revolution which spreads and grows exponentially stronger to this day.

satoshi nakamoto bitcoin quote

What is Bitcoin?

Bitcoin is the first example of a growing category of money known as cryptocurrency

Bitcoin is a form of digital currency that is created and held electronically. No one controls it. Unlike fiat money, bitcoins aren’t printed. Instead, bitcoin is produced when people and businesses use their computers to solve complex mathematical functions. The production of bitcoin is a process known as “mining“. Mining occurs simultaneously with transaction verifications. Violations of the math are rejected by the system, making forgery statistically impossible.

Bitcoin can be used to make electronic purchases. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic and the thing that makes it different from conventional money is that it is decentralized. No single institution controls the bitcoin network. Decentralization allows for users of bitcoin to operate outside the confines of bank holidays and fees. Bitcoin users can also transact value globally without the need for identity or residency information.

centralized versus decentralized networks

The bitcoin blockchain has had ZERO minutes of “downtime” since its launch in 2009

The entire bitcoin network runs on a global peer-to-peer distributed ledger system called a “blockchain” which can be easily accessed from any location via the internet. The transactions which take place between the users are verified and added to the global blockchain ledger by “miners” who, by contributing their computing power, earn small transaction fees and generate new bitcoins. The distributed nature of the blockchain ledger adds a level of resiliency that is unmatched in the current payment processing space.

Centralized -vs- Decentralized

FEDERAL RESERVE

The Federal Reserve calculates all their payment processing at 100 Orchard Street, East Rutherford, New Jersey. They also have backup systems that can be brought online within 60-90 minutes at the Federal Reserve Banks of Richmond and Dallas. If those three centers were compromised or destroyed then the entire monetary system of the United States would be completely nonfunctional.

BITCOIN NETWORK

The Bitcoin network cannot be so easily compromised in this way as it has a current total of 9899 mining nodes (or “processing centers”) with more being added every day by various individuals and companies around the world. In order for the Bitcoin network to be taken out by a physical attack, all of the thousands of Bitcoin nodes scattered around the world would have to be destroyed.

The bitcoin blockchain equally distributes authority to all the users of the network. The bitcoin network is not owned, issued, or governed by any central authority, but is governed by the blockchain protocol which clearly lays out the never-changing rules of the system. Users ARE the system. No human status or title will ever cause the system to treat one user more favorably than another.

cnbc quote about bitcoin

THE AGE OF CRYPTOCURRENCY – New York Times Best Seller (2015)

“At its core, cryptocurrency is not about the ups and downs of the digital currency market; it’s not even about a new unit of exchange to replace the dollar or the euro or the yen. It’s about freeing people from the tyranny of centralized trust. It speaks to the tantalizing prospect that we can take power away from the center – away from banks, governments, lawyers, and the tribal leaders of Afghanistan – and transfer it to the periphery, to We, the People.” – Paul Vigna (Markets Reported at The Wall Street Journal) and Michael Casey (Former global finance columnist at The Wall Street Journal)


Sources

Intro to Digital Assets – https://willinspire.us/digital-assets/

Disruptive Presentation – http://disruptive.works