Blockchain technology is developing at a rapid speed, and for many startups, the choice of an underlying solution is crucial for the success of their project. Here are the reasons why some of the startups wanted to use Waves as an alternative to Ethereum, and most importantly, why both technologies can be used at the same project while delivering twice the benefits.
Let’s take a project that wants to use both Waves and Ethereum. Thanks to yet another new smart technology called Blockswap it is possible to reap unique benefits of both blockchains in the same project. It was the perfect combination that could set up an example for digital entrepreneurs who want to get the best from both technologies. Here are the main reasons.
Why Choose Waves
Waves allow enterprises to create their own custom tokens. This is especially useful if the project wants to do crowdfunding and needs to create its own platform made of customized elements that support their efforts.
- Waves makes token operations very efficient even for a small enterprise. Creating a new token takes a few minutes, and specialized tools help perform all necessary actions with these tokens. For example, investors can sell back the company the tokens or the company may wish to reassign the tokens for other purposes, depending on their unique business needs. Transaction speed on this platform is incredibly fast – reaching thousands of transactions per minute – which helps business users to implement various types of payments and other financial activity.
- Scaling on Waves platform is very streamlined too. It is a struggle for many blockchain solutions to grow and adapt to specific business needs which is the reason why blockchain is still far from mass adoption. Smart solutions Waves make it easy to scale without compromising security and usability.
- Waves offers a direct connection to the DEX cryptocurrency exchange so the new token can be listed almost instantly. Other technologies do not allow for direct access to a transaction or make it increasingly difficult, mainly because exchanges are less happy to list new coins and prefer to focus on popular coins that are trading in high volumes. If the new token cannot be listed on the exchange without significant hassle and delay, this could be critical for the overall success of the crowdfunding project. DEX resolves this challenge allowing direct trading and Waves promised to add access to more exchanges in the future. No wonder that this blockchain technology has quickly won popularity among its large community of supporters.
When You Need to Use Ethereum
The main reason for a project to turn to Ethereum is its ability to host and implement smart contracts. No other blockchain technology can accommodate such complex yet user-friendly code which truly viable in many industries. The industry reputation of Ethereum as a leader in smart contracts and decentralized ledger technology is supported by a large network of applications that run on its platform and a very loyal customer and supporter base. The intelligent contract platform continues to evolve delivering even more useful features.
No other technology has the level of adoption that Ethereum does. The industry recognition of Ethereum results in the growing pool of talent which benefits the business of any scale. Some of the best developers in the world are gaining experience in Solidity language, and this is a substantial benefit of Ethereum. Which doesn’t mean of course that Waves and Ethereum are not compatible, and in fact, with the right skill set they can be ideally combined in one project.