When it came to planning our business model and crowdsale, it was clear that Waves was the right blockchain infrastructure partner. However, Ethereum also had unique functionality we wanted to use. The good news is that we can have our cake and eat it.
EncryptoTel is one of the first dual-blockchain projects. Its token will exist on both the Waves and Ethereum blockchains, and move freely between them thanks to a new piece of tech called BlockSwap. This approach allows us to leverage the benefits of both platforms. Two tokens, two communities, two sets of different tech and opportunities. Here are some of the specific reasons we wanted to do it this way.
Quite simply, Waves is the only enterprise-ready custom tokens platform in existence. It was designed for easy crowdfunding, with a more-or-less self-contained ecosystem of elements and services to support that:
· Straightforward token operations. It takes less than a minute to create your token, and there are tools that make it incredibly easy to distribute new tokens and carry out various other activities that will be necessary for EncryptoTel, like buying back and burning ETT in the course of our business.
· Fast transactions and future-proof scaling. Few platforms have really solved the blockchain scaling issue, despite the fact that this is absolutely vital for long-term success and mass adoption. Waves has solutions already in place and being implemented, backed by strong and ongoing research. Without this, no platform can gain critical mass.
· Instant access to an exchange via DEX. Whilst it was once simple to have a new coin listed on an exchange, this process has become much harder. With increasing regulation and a number of high-volume coins already giving them significant profits, exchanges are less and less interested in new projects. They now act as gatekeepers, often requiring a large fee, and their decision to list or ignore a coin can have a major impact on its success. DEX solves this problem by enabling secure, high-speed trading, whilst we continue to work towards listing on other exchanges.
· Large and friendly community. Waves already has a broad user base, and some very engaged and productive supporters.
Meanwhile, there’s one feature-set that Waves doesn’t yet have, although it’s on the roadmap: smart contracts.
· Smart contracts. Ethereum remains the only truly viable solution for implementing these. No other smart contract platform has proven its utility, and none has the level of adoption that Ethereum does.
· Profile. Ethereum’s status as the de facto leader in the smart contracts space brings with it huge network effect and a very large community. It has been tested (sometimes almost to breaking point) by numerous applications that have been released for use. We’ve been able to learn a lot about security and development along the way.
· Expertise. The recognition around Ethereum means that there is a lot of hands-on expertise we can tap into. We’re in touch with some of the best Ethereum developers in the world, and we’re very grateful to be able to benefit from their experience.
Hopefully, this will give readers a sense of the nature of Waves and Ethereum, and why we wanted to use both. They are ideal blockchain partners, complementary in the functionality they offer and the kinds of applications for which they are ideally suited.