Waves is a platform that’s similar to Ethereum in that anyone can create and launch their own digital asset/token on top of it. Unlike Ethereum, it’s non-Turing complete, which the developers believe makes it more secure because the attack surface is significantly reduced.
Waves is also its own decentralized exchange, so owners of any Waves digital asset can directly exchange their coins/assets with any other owner of a Waves token straight from the Waves platform.
The Waves platform also offers users the ability to purchase fiat currency through virtual 1:1 representations of them, given names such as wEuro, wUSD, etc. This allows the fiat currencies to be transferred at much faster speeds on the blockchain, compared to transferring them via a bank.