Tokens operate on top of a blockchain that facilitates the creation of decentralized applications.
In general, tokens are a reproduction of a particular asset or utility, which usually remains on top of another blockchain. Tokens can represent essentially any assets that are fungible and tradeable, from commodities to loyalty points to even other cryptocurrencies. Creating tokens is a much straightforward process as you do not need to modify the codes from a particular protocol or to create a blockchain from scratch. All you have to do to issue tokens is to follow a standard template on the blockchain such as on the Ethereum or on Waves platform which both allows you to create your own tokens.
Waves Platform empowers people with a non-coding background to develop tokens and even be able to launch their own ICOs without much hassle. The set-up is powered by WAVES tokens which enable users to transact over the platform.
Waves enable you to create custom tokens, which means you can launch your own cryptocurrencies without any coding requirements.
Tokenization, you can make your own custom tokens or cryptocurrencies in one minute on the Waves platform and there are tools that make it incredibly easy to distribute new tokens and carry out various other activities. You will require at least 1 WAVES token to do so. You can decide what name to give the token, how many to be issued, and how many decimal fractions you want to keep. This is ideal for crowdfunding and ICOs.
The tokens you create can immediately be distributed and traded on Waves decentralized exchange, DEX, with no further work. All-in-all, it’s a far more streamlined and useful approach.
- Ethereum Smart contracts are programmable computer codes that are self-executing and do not need any third-parties to operate.
Ethereum supports the ability to develop Smart Contracts using their platform and in the same directions Waves Platform has launched smart contracts on the Testnet so non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens on the Waves platform.
Tokens aren’t actually held in users’ Ethereum addresses. Rather, they’re registered to a smart contract and every time you move them, you’re really just updating the information that smart contract records. Waves tokens, however, are like WAVES itself — meaning they are treated exactly the same and are held in your address, while the platform still supports token creation in the core and from the standard Waves wallet.