Waves was proposed early in 2016 by Alexander Ivanov, who had previously founded the Coinomat instant cryptocurrency exchange and had been involved with the Nxt cryptocurrency platform. Waves was created to address a number of the perceived barriers to wider blockchain adoption, including speed, scalability and user experience. Development was funded by a crowdsale that raised the equivalent of $16 million. At the time, Waves represented the second-largest successfully crowdfunded blockchain project, collecting almost 30,000 Bitcoins. The mission of Waves is to build a block-ecosystem, which allows solving real problems in various fields. They create a block-infrastructure with convenient tools for users of the platform, developers and businesses. WAVES is a decentralized block-based platform, oriented to operations with user tokens. Entering and withdrawal of fiat money in the WAVES blockhouse is carried out with the help of special gateways in accordance with the law.