What Is Waves Community Token?
The blockchain technology will change the globe. That is right. Since 2009 when Bitcoin entered the market, over 1600 cryptocurrencies have joined the industry and there is no sign of slowing down.
Every month, there are a number of ICOs (initial coin offerings) running in the market to gather funds for crypto-related or non-related projects. However, purchasing and selling the new tokens is never easy because they run in different countries with diverse laws and currencies.
To remove these challenges, a platform referred to as Waves that harmonizes all the buying and selling of new tokens in ICOs was created. However, even running the ICOs is still complex because of the many evaluations required to ascertain that ICO is right. This is why the Waves Community Token (WCT) was created.
- A closer look at Waves Community Token (WCT)
The Waves Community Token (WCT) is decentralized and open source cryptocurrency created with the objective of offering a tool for community assessment of various crowdfunding campaigns that are run on the Waves platform. The token was also intended to help incentivize the people who hold the WAVES coin (main coin in the Waves network).
The platform was opened in February 2017 when 20% of the total tokens were released into the market. Note that the coins were distributed to all the people who hold the WAVES tokens. This means that the Waves Community Token (WCT) is an additional incentive to help those with some stake in Waves to carry additional roles of assessing the crowdfunding in the market.
- The performance of the Waves Community Token (WCT) in the markets
When the Waves Community Token (WCT) was released into the market on February 2017, the value of the native coin was $0.3. It declined to $0.2 in May 2017 before rising sharply to hit a peak of $4.0 in June 2017. But the good performance did not last.
Between June and October 2017, the price declined to $0.5 before rising steadily to reach another peak of $5.25 on 23rd December 2017. This was the highest mark in the Waves Community Token (WCT) history.
Starting from late December 2017, the value of Waves community token took a bearish trend that culminated to $0.2 by the close of October 2018. As ICOs become more important in funding crypto projects, the Waves Community Token (WCT) demand is expected to increase and push the price up.
What is the problem that Waves Community Token Solves?
As one of the fastest growing methods of raising funds, ICOs have become items of abuse by people who only want to raise funds and then running away from the community. Though a noble idea of raising funds fast, the main question remains; “How can you tell the difference between a good and bad crowdfunding project?”
- Concerns that most ICOs being held today are fraudulent
In September 2017, China banned all ICOs in its jurisdiction indicating that they are fraudulent. China was so furious that it ordered all the exchanges that had received money from ICOs to return to investors. Though China was thought to be against cryptocurrencies, the issue was put into better perspective by the US Securities Exchange (SEC).
To demonstrate that many scammers can go to great lengths to steal from unsuspecting investors, SEC went ahead and created a fake ICO with a spruced website, white paper, and payment structure. Investors could not tell that it was a scam.
This implies that the risk of getting defrauded is still very high. The Waves community token (WCT) targets to subject ICOS to severe scrutiny to ensure that only the good ones run on the Waves platform.
- The danger of blockchain and tokens losing credibility
Think of a situation where you buy tokens only to realize that they were pump and dump scheme? Such a scenario is likely to make tokens lose credibility in the eyes of investors. Such is the scenario that is likely to play as more fake ICOs hit the market.
However, this problem is likely to affect even the new projects that are seeking funding from the community. The current trend where projects raise a lot of cash in no time is likely to reverse. If investors back and the blockchain projects stall, the entire blockchain niche is likely to recede.
- Slow uptake of cryptocurrencies in the market
Even as the blockchain niche keeps growing, concerns have emerged that the uptake of cryptocurrencies is slowing down. When an ICO is announced, most of the people who rush to buy are investors seeking to make a profit when the value grows.
What this implies is that though the industry appears to be growing, the application in daily lifestyle such as payment for goods and services is poor. The target of Waves community token is creating ample motivation to attract more people into the network.
How Does Waves Community Token Solve The Problem?
The main target of Waves community token is placing the power of deciding the tokens to be listed in the Waves system in the hands of the community. Here are the main roles that those with Waves community token do to help identify the right crowdfunding.
- Business side verification: The Waves community token holders help to follow the businesses to establish if they are real enterprises. They also evaluate the operational model to gouge if a business is viable and worth investing in. For example; the community will want to know how long the business has existed, it is licensed, its management, and profit report in the last couple of years.
- Proof of Concept verification: Before a token is released through an ICO, it has to release a proof of concept. Call it the white paper. This is a detailed outline that defines every component of the new token and its relation to the main concept. If there are mathematical demonstrations, they have to be vividly captured and demonstrated.
The community goes a step ahead to test the concept and its application in different scenarios. In some components are unclear, the token issuer might be required to provide a clarification or get the crowdsale approved or risk getting disqualified.
- Token specs advice: Having been in the cryptocurrency network for some time, the community members have sharp skills to easily note the crowdsale that have issues. Therefore, they provide advice on different crowdsales not just to pull them down, but to also clarify the core components. If an ICO is lacking in a small area, the community will help with ideas on its improvement.
- Help with product and services integration: Depending on the service that your startup is introducing into the market, holders of Waves community token will be there to help integrate it into the community. Consider it as a form of marketing for the new ICO and the services that the enterprise is introducing into the market.
What makes Waves Community Token better than it’s competitors?
The Waves community token has been described as the next big thing in the industry. Its design has helped to reintroduce the concept of decentralization in project analysis. Here are some of the things that make Waves community token better than its competitors.
- The token is associated with a highly successful coin, WAVES. When a new token is released into the market its association with a more successful token or project is considered to have an equally high potential. In the case of Waves Community Token (WCT), its association to Waves has made people develop a lot of trust in it. This is why it has been performing very well in the market.
- The coin touches on crowdfunding which determines how successful a project operate. If you plan to release a new token, it is important to appreciate that a lot of effort is required. You need a lot of resources to meet the coding, legal, website development, management, hosting, and security consideration. This is why many projects start with crowdfunding.
By attaching the Waves Community Token (WCT) to approval for crypto projects, the token has become a point of interest. This popularity has helped to draw a bigger community and grow the value of the token.
- The coin has been performing well in the market. As other coins in the market struggle to attract more people and grow in value, it has been, very easy for Waves community token. Since the tokens were distributed to those who already had WAVES, a large following was guaranteed.
The community has continued to grow as more people join the community that helps to determine whether an ICO is okay or not. You can also become part of the community by purchasing the coins in the market.
How can Waves Community Token better categorized?
The Waves Community Token (WCT) is a pioneer coin designed to decentralize the approval or crowdsales. The token was created to help make work easier for the Waves platform while adding credibility to the ICOs taking place in the community.
The token has demonstrated that though the ICOs had become the center of abuse, it is possible to cure the issue with additional scrutiny. The model is likely to get replicated as cryptocurrency communities target bringing back credibility to the blockchain niche.
What’s Waves Community Token’s vision on Security?
The Waves Community Token (WCT) vision on security is to make the token the most secure and attractive in the market. The team wanted to help restore trust in the cryptocurrencies so that individuals and even governments can believe and adopt crowdsales.
To achieve the vision on security, the Waves development team employed the following strategies and features:
- The platform is run as a completely decentralized network. Before a confirmation is given on whether an ICO is good or otherwise, the community has to come to a consensus.
- The Waves Community Token (WCT) and user details are encrypted to ensure that third parties do not easily get access to the details.
- The project is led by an aggressive team that progressively evaluates the network to seal gaps and vulnerabilities.
- The Waves Community Token (WCT) operates on the Waves blockchain that helps to serve as an additional layer of security.
Examples of Waves Community Token’s use cases / applications
The effectiveness of a cryptocurrency in the market is partly determined by the use cases. The Waves Community Token (WCT) development team has worked hard to increase the use cases of the token and raise its value. Here are some of these use cases.
- Waves Community Token (WCT) is used to motivate the members of the team that assesses the effectiveness of ICOs. Once you have the tokens, you can convert them to WAVES or other preferred coins in the exchanges.
- Trade Waves Community Token (WCT) in the markets. Like other tokens, WCT can be traded in the markets. Note that trading the token requires one to join the preferred exchange and selecting a trading pair.
- You can use the Waves Community Token (WCT) to send value on a peer2peer basis. As a peer2peer coin, users can send value directly without involving centralized third parties such as banks. This implies that the process is fast and cheap.
- Use the native tokens to save funds or invest in the industry. If you do not want to save money in a centralized bank, one good alternative is the Waves Community Token (WCT). When you purchase the tokens, they help to store value, and you can recover it by selling in the market.
The Waves Community Token (WCT) is considered a good investment option today because of the growing interest from the community. For example, the bearish trend running from January 2018 to the third quarter of 2018 is expected to change in the coming years as ICOs take root.
Note that even though the Waves Community Token (WCT) is considered a high potential coin, the expectation is speculative. Therefore, it is advisable to invest wisely because cryptocurrencies are highly volatile.
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