WAVES is more than just another alt-coin. WAVES is part of the next-generation of cryptocurrencies, coded completely from scratch and aiming to be to coloured coins what Ethereum is to scripting.
Some of the key features of the WAVES platform are: the ability to issue unique tokens under the WAVES coin and trade it on a decentralised exchange. The main use of this is set to be crowdfunding for open source projects - essentially like Kickstarter but fully in cryptocurrency.
Using WAVES, users will even be able to trade fiat tokens, tied to real-world currencies (eg US Dollars) over the blockchain, backed by existing financial institutions. The structure is similar to Ripple gateways, but has full backing by a third party entity.
Not only does WAVES support fiat tokens on their blockchain but also other cryptocurrencies including, importantly, Bitcoin. This will make asset-to-asset trading possible. This will effectively create a decentralised stock exchange & crowdfunding platform tied to both real-world currencies and cryptocurrencies. This effectively opens the way to quick and easy trading between fiat currencies and your digital currency of choice - cutting out the big centralised exchanges currently operating in the crypto markets.