A Monero (XMR) gateway has now been added to the Waves Client, allowing anyone to use the popular privacy coin within the Waves network. The gateway will enable Waves umbrella platform users to deposit, store, trade and withdraw Monero from the Waves blockchain ecosystem.
Monero is one of the foremost cryptocurrencies to offer anonymous transactions. It uses ring signatures to obscure sender and recipient, and its success has seen it rise to a current market cap of $3 000 000 000 – comparable with DASH, the other leading privacy coin.
XMR can now be deposited to a dedicated Waves gateway, where it is held on a secure server and used to back corresponding Monero tokens on the Waves blockchain at a 1:1 ratio. These Monero tokens can be stored in a hot or cold Waves wallet, sent to other users, or traded on the built-in DEX against bitcoin, WAVES or any other token in the Waves ecosystem.
When you have finished trading and want to hold your XMR in an external wallet, simply withdraw your tokens via the gateway. To download and explore the Waves wallet, visit https://beta.wavesplatform.com.
The multilevel ecosystem of the the Waves Platform lets anyone launch their own cryptographically-secured blockchain tokens, as well as private networks. In June 2016, Waves completed the ICO, raising over $16 000 000 (30 000 bitcoins). The total market capitalization of Waves is about $600 000 000. Among the most notable token sales on the platform are MobileGo, ZrCoin, EncryptoTel, PrimalBase and Starta Accelerator.