Waves blockchain, waves UI and DevKit remain in testnet mode. Until release API and crypto technologies might change drastically.
Waves uses the newest cryptographic solutions in order to privode anonymous and direct interaction between two parties. The WavesDevKit helps you to work with the crypto solutions and use them to interact with Waves Blockchain technology.
The Waves Private and PublicKey is a seed where SHA256 computes the hash value of the string and then Base 58 encoded. See index.html for an example Private and PublicKey Generator.