With a successful ICO (Initial Coin Offering), the Waves platform raised an impressive 29,634 bitcoins, the second highest crypto crowdfunded project of all time. The value at completion of the 51 day offering was almost 16 million USD.
Assuming the Waves team are still holding bitcoin, that’s an impressive 21.8 million USD at the time of this article.
A quick comparison: Ethereum (a public blockchain platform with programmable transaction functionality) raised 18.4 million USD (31,529 bitcoins on completion of it’s ICO (2nd September 2014). Ethereum recently hit a 1.58 billion USD market cap)
Waves Platform brings a sound plan and a clear direction of it’s platform.
Key features include:
- Full-scale decentralised financial platform (browser plugin) — An intuitive user platform that resembles that of an online banking interface.
- National currencies on the blockchain — USD, CNY, EUR currencies backed by established financial institutions; the familiarity of fiat currency with the benefits of the blockchain.
- Custom blockchain Tokens — Creation, transfer and deletion.
- Decentralised token exchange — Fully decentralised asset trading and decentralised order books, supporting cross-token and asset-to-asset trading (enabling trading against national currencies).
- Decentralised crowd funding & community management — Fund raising, project participants compensation, community management and communication (all managed on WAVES). Think Kickstarter, where backers have the ability to trade their participation tokens.
It’s exciting that Waves embraces the transparent, decentralised nature of the blockchain —a permissionless public ledger, that allows logical participation from the banking finance sector.
Think of it like the financial institution becomes an API of the Waves platform. All KYC/AML activity and vetting will be operated by the local gateway, allowing for compliance of local laws. The gateway would then charge a small fee and in return will exchange traditional fiat for it’s blockchain equivalent.
A SOLID PLAN
Alexander Rugaev, Chief Business Development Officer at WAVES spoke with Kokkinos Marinos of Cointelegraph
“Put simply it’s like combining Ripple with Next and Tether. In future the banking finance sector will have token gateways which will implement USD, EUR, GBP, CNY. This is the first priority of the team and we hope it will be done by September at the latest, but in a stable decentralized trading system on top the Wave platform.”
(In regards to stability of fiat tokens)
“Every issued token will be backed up by the same amount of fiat currency at gateways bank account, plus a few layers of security, combined with multi-signatures to issue and redeem tokens and regular or real-time audit.
So the amounts of tokens will always be equal or less than the amount of fiat collateral, like Tether. It will be like digital cash.”
Success is generated by focusing on mutual benefits. Waves enables a win/win outcome for both the participants of the platform and the financial institutions that plug-in.
Waves is set to launch trading on Bittrex exchange at 10.am PDT.
You can view the full Cointelegraph interview here.
Read the whitepaper
View the website
ICO summary
Follow Waves on Twitter
