WE mainnet and WEST — what’s next?
We share our vision on our mainnet and WEST (Waves Enterprise System Token) development and application in 2021 and beyond.
The recent crypto bull run has raised many questions for our team and we can reduce all of them to a core one — when moon!? This article is exclusively written to reflect our mainnet/WEST vision so we hope that you will get answers there. But before sharing this vision Waves Enterprise team wants to repeat our mantra again: WE technology stack and our devotion to enterprise blockchain in general has no direct connection with crypto profits, pumps & dumps and related services. We are not the typical public blockchain providers and not a crypto project. Waves Enterprise already earns its money by providing an advanced enterprise-grade blockchain platform and solutions on top to digitizing companies around the globe (without getting a single penny from WEST) mostly by private blockchain project installations. We trust that hybrid blockchain will thrive in the years to come, which means a bright future for WEST but we can’t guarantee digital transformation shifts at a specific time. We hope you will keep all this in mind while reading our action plan on boosting Waves Enterprise tokenomics.
1) Enterprise DeFi. Half a year ago we stated that Waves Enterprise don’t go to DeFi space until it had a tangible reaction in the global financial system. Well, it looks like the time has come. Enterprises (our core market) have started sending more and more signals of interest in crypto/DeFi. So, we and our partners start to react. The first DeFi protocol based on Waves Enterprise blockchain will be revealed this March. This project is being developed by our partners and aims to provide various liquidity mechanics and even its own stablecoin based on Real-World Assets (RWA). It also will be a part of a bigger enterprise-grade ecosystem that connects diversified RWA like debt instruments, crypto and different blockchain platforms. We are so excited for many reasons but mostly for the fact that our mainnet is becoming an infrastructure for 3rd party developers and complex DeFi things. Obviously, all of this should give speedup to WE’ mainnet and WEST in particular.
2) Current demand for our mainnet. As you know, Waves Enterprise is a hybrid blockchain platform — we provide both private (sidechains) and public permissioned networks. In hybrid deployment, sidechain transactions are anchored or validated by public chain consensus. As Gartner predicts such models will have a significant impact on blockchain platform design going forward — promoting interoperability, multi business process automation, privacy, and trust. We are strong believers in a hybrid blockchain approach for enterprise needs. Unlike private blockchains it provides the promised trust and transparency, while preserving business confidentiality.
Alas, more than 90% of enterprises these days including our customers still prefer to use private blockchain networks due to a conventional IT and infrastructure approach. That means that our current commercial projects are not yet utilizing mainnet and WEST accordingly (except https://we.vote/) and based only on private WE networks. The shift to hybrid and even public blockchain infrastructure will be done sooner or later. We forecast that this will happen in a 3–5 year perspective. Consider it deferred potential of our mainnet; we plan to get lots of customers in the next few years and then to pull many of them to the mainnet! By the way WE.Vote service (as you remember it runs on mainnet) is gaining momentum and during recent few months since launch we’ve got several new customers. More to come in 2021!
3) Marketplace. A marketplace for decentralized applications is an important part of our overall strategy. It will allow us to bring various blockchain-based services (like e-voting, deponent system, loyalty services, etc) to wider audiences (e.g. small and medium businesses) that don’t require their own blockchain networks and can utilize solutions on top of our mainnet. Initially we planned to launch Marketplace in the end of 2020, but had to move this launch by 1 year. It takes quite a long time to develop a suite of decent services. Moreover we don’t want to be only developers here and recruiting 3rd party teams to bring more value to our showcase. We are really looking forward to marketplace launch in Q4 of this year and so should you. It means bigger numbers of mainnet participants and transactions with engagement of WEST will be beneficial for everybody in the WE ecosystem.
4) Other. There are several other minor factors that can affect WEST dynamics in the short term. There is an initiative from one of our community members to develop and release ERC-20/BEP-20 versions of WEST to represent at various decentralized exchanges. We will support this project as long as authors are devoted to releasing Ethereum/BSC tokens. It may be quite beneficial due to increasing liquidity volumes at DEXs. Another Ethereum connected initiative is being researched by our team right now — emulation of Ethereum Virtual Machine (EVM) in Waves Enterprise smart contracts. Potentially it can allow us to run numerous Eth applications in services in WE environment obviously with dramatically lower costs.
We would also like to remind you that a significant amount of overall WEST supply (team’ tokens) is locked at least till 2022 and current token supply is quite limited. BTW recent issues with WEST supply at coinmarketcap are fixed now, the wrong numbers were invoked due to mistakes in CMC calculation algorithms.
With all these factors we continue to be certain about Waves Enterprise mainnet’s good future (as well as WEST). And with all due respect to the WEST trading community, we will say it one more time: Waves Enterprise is exclusively focused on providing top-notch blockchain technologies for business but not on crypto speculations. Please keep this in mind.