Waves’ new framework, called WavesGo, makes it easier to deploy gateways for new cryptocurrency coins. WavesGo is a new gateway service that enables crypto coins to shift their infrastructure to the Waves blockchain.
The Waves ecosystem already offers the fastest blockchain in the world, a safe and secure multifunctional wallet, a decentralized exchange, and the ability to issue your own tokens. Now, Waves continues to benefit the cryptocurrency community as a whole by making the creation of gateways easier and more seamless than ever.
There are a number of reasons why a coin’s community might wish to do this. An obvious use case is for coins that are struggling to maintain their own networks. Security is critical for any cryptocurrency, and if hashrate, miners and active nodes fall in number then a network might become unsustainable or unsafe to use. Although a cryptocurrency can survive with just a handful of nodes — even two or three — this is far from ideal and raises the risk of the blockchain being compromised.
Another reason would be to give a coin access to the existing Waves community and expands its feature set, since it would allow a coin to trade on DEX against bitcoin, fiat and other tokens. In the future it would give access to voting and smart contracts.
What is a Gateway?
WavesGo has created a gateway that will enable such coins to migrate to the Waves platform. Coins are sent to the gateway, where they are burned (destroyed by sending them to an unspendable address) and swapped for Waves tokens. Once on the Waves network, they can be held, transferred and traded on the built-in decentralised exchange (DEX).
Due to the features of the WAVES platform, it is not even necessary for users to hold WAVES to pay transaction fees — although many will choose to for convenience. Asset payments mean that transactions may be processed with fees paid in any token, and coins can be traded against BTC, WAVES or any other Waves token.
Gateways are an important and crucial feature of the Waves ecosystem. They give users the opportunity to deposit various cryptocurrencies and receive dedicated Waves tokens, which are securely held in the gateway and backed 1:1. These tokens can be transferred and traded at will or returned to the gateway for the funds they’re backed by.
Cryptocurrency gateways aren’t subject to the same constraints as their fiat counterparts, which require banking and compliance relationships. Rather, anyone can easily and seamlessly set up a gateway for a new coin, thanks to WavesGo, which removes the technical overhead from this process.
WavesGo originally started as a block explorer but has evolved to boost the Waves ecosystem with a variety of services. Most importantly, it provides a framework that removes the complexity from launching a new gateway, allowing coin teams to incorporate their project with Waves and grant their community the ability to trade it on DEX.
The WavesGo framework takes care of all the work that comes with integrating blockchain elements that are common for all coins. Only the unique aspects of a particular cryptocurrency need to be supplied by developers — specifically, the interface to their protocol.
WavesGo has already integrated Litecoin (LTC) into the Waves ecosystem using this method, proving the efficiency of the framework. Only roughly 100 lines of code were needed for Litecoin — the rest was provided by the gateway framework.
The WavesGo gateway framework is implemented in Python3. This means that the blockchain for which the gateway is being developed also needs to be compatible with Python3 — a feat easily achieved by utilizing a special Python API, or via a standard interface like JSON-RPC, REST, etc.
The WavesGo framework is now available so that other blockchain projects may use it and build on it thus creating new gateways to the Waves ecosystem. This will bring even more liquidity onto the Waves DEX, and benefit many other cryptocurrencies in the process.