Currently, I have all of my waves Licenses stored on the PC that I use for my Sonar Platinum DAW.  Since I perform all of my mixing on that PC, I figured having all of my Waves plugins needed to be stored there as well. 
 
Well, like I said, that PC has Sonar Platinum on it and now I have another PC in another room that I want to doddle on instead of my laptop which I have been using at times. Here is the concern.   I just discovered that I can add my Waves license to a USB flash drive and share my Waves Licenses between whatever computer I am connected to and have the plugins appear in my DAW.
 
So now if I download Cakewalk By Bandlab onto the computer in  the other room I should have access to my Waves plugins in that DAW as well.
 
Is there anyone using this method now, and if so, how well does it work!  I am even correct in thinking that Waves offer this.  I saw this video from Waves and thought that was what they were talking about - Waves: The Manage Licenses Page

I've been using a USB to store my licenses for four or five years and it works like a charm. 

Same here. I used to dual boot windows 7 and 10 so putting my waves licenses on a USB stick was the easiest way for both OS's to see them. It worked reliably.

Same here - and as a matter of fact, my USB stick got hosed one time, and I was able to just restore to a new USB stick. You can only do that once a year though.

I can't remember exactly what I did - but it was something like "emergency restore to new USB device" or some such thing...

USB here too ... never a problem.

Man,  I must be living in the Ice Age then.
 
Do you have to leave the USB in the drive the entire time you are working with your DAW and Wave. or only when you bring up a Waves plugin to place in as an FX?
 
Thank for the insight everyone.

Mine Waves thumb drive stays plugged in

Jesse, you keep the USB key in the machine you want to use your plugins on. When you want to go to another machine just eject your USB stick and take it with you.

I have used the USB stick method you are talking about for a while now with no problems. I also send my licenses to the cloud. And transfer that way is also painless. But you have to have access to internet. Loose internet, can't get to your license.

Really wish that Waves would allow three machine authorization like a lot of others. How many machines can Slate and UA allow?

Thanks for the answers everyone,  This Guy is gong to be using a USB for my Waves Licenses !!!

Having a problem using my Waves license to the second computer.
 
The 1st PC is used with Sonar Platinum as my DAW and I have Waves working fine and using the USB flash drive, no problem there.
 
The 2nd computer is in the basement and has Cakewalk by Bandlabs installed.  I was creating songs and then transferring them to my Sonar PC to Mix.
 
1. So,  I went to Waves Central on the CbB PC (2nd PC) and clicked Install.
2. The message said to select a target Platform, so I select Windows.
3. Next I selected a folder on my Desktop called (WAVES MOVED) as the target directory.
3. Next, I click on the plugins I wanted to move to that folder and they appeared in the right siide of Wave Centra.
4. Finally, I clicked "Prepare Installer" and the plugins were moved there.
5. I moved the "Waves" Folder that was created in the (WAVES MOVED) folder I created to C:\Programs Files>     Common Files> VST3 and placed the new "Waves" folder there.
 
I ran my scan in CbB and I received the error message, "Wave License Engine is Missing".
I have the USB license drive in the PC, but the scan is stuck on WavesShell1-10.0.dll and I see the Wave license error of C:\ProgramData\Waves Audio\Modules\WavesLicenseEngine.Bundle
 
-Restore it and then click "Rescan Licenses"
-To continue without Waves products, click "Skip".
 
When I click Rescan License, the box just makes a ding sound and stays there, I have to click Skip.
 
Any suggestions?