Your questions about Waves Enterprise answered
– There was news about the sale of the Vostok project to GHP Group. Can you elaborate on the details of the deal?
The Vostok brand and a portfolio of projects were sold to GHP Group. GHP Group will use the brand to develop its own blockchain projects in the Russian Federation. VST token and VST network remain under the control of the Waves team. The funds raised while the first investment round also remain under the Waves team’s control.
– How are the investors’ funds ($120 mil) going to be used?
The funds will be used for development of the Waves ecosystem, including the Enterprise department. Part of the funds will also be used to enable the eventual merge of Waves Enterprise and Waves Platform network on a sidechain technology basis.
– What do you mean by Waves Platform and Waves Enterprise networks merging?
This is what will happen in our next major release, which we are calling ‘Waves 2.0’. This is currently in the research stage. Further details about this release will be published in Q4 2019.
– Will there be a VST and WAVES merger?
We do not plan to merge these tokens. We are starting development of both Waves Enterprise and Waves Platform networks in a such a way that they will become sidechains for each other, and they will interact with each other via a special protocol. Again, technical details about this development will be published in October 2019.
– Are VST tokens related to the (sold) Vostok project?
VST tokens remain in the Waves ecosystem and are under the control of the Waves team. The sale did not result in the transfer of tokens to GHP Group.
– How (and when) will the remaining VST airdrop tokens be distributed?
We reserved 4 percent of total VST supply for the airdrop, and the final tranche will be distributed to verified accounts (via Waves Keeper or transaction). Verification was introduced to ensure the distribution of tokens only among active accounts and community members. Complete verification to confirm account ownership, and you will be included in the token distribution list. Tokens will be sent within a week of verification.
– What will happen to VST token in future? How the token will be utilized?
VST is now used as the native token of the Waves Enterprise blockchain. Waves Enterprise (WE) is a permissioned blockchain solution focused on the institutional and public sector markets, offering fast transactions, high throughput, modular cryptography and Docker smart contracts. VST will be renamed WEST (Waves Enterprise System Token) in order to avoid confusion. WEST will be used to pay for all transactions and other operations on the WE public network.
– Since Vostok was sold, will there be further sales of WEST (former VST) tokens or not? If so, when?
We do not plan to conduct any further public sale, but additional liquidity can be added to the market based on demand if necessary. This will only happen if the price reaches $1.60.
– How WEST (former VST) tokens were sold during the early investment rounds? Are these the same tokens that were distributed during the airdrop?
During the closed investment round, 20% (200,000,000) of VST tokens were sold for $0.60 per token. Another 4% (40,000,000) of VST tokens were reserved for the airdrop. All WEST (former VST) tokens were issued, and there was no division of these tokens into separate types or purposes — they are the same token.
Vostok -> Waves Enterprise
– What is Waves Enterprise chain?
Waves Enterprise chain is a permissioned (administered) public blockchain network, to which corporate sidechains anchor in order to guarantee their consistency. It will be connected to other public chains through a sidechain protocol, and will eventually use WAVES and WEST tokens.
– Why have you made this step?
Waves has always been a global project, and we intend to expand worldwide. Waves Enterprise, which originated in the Vostok project, has become a global division of Waves. We sold Vostok to focus on international expansion and avoid becoming restricted to certain markets. Besides, the concept of unification of private and public networks in one ecosystem is what drives the future Waves 2.0 platform. Re-branding our private network as an explicitly Waves-based project is a part of the Waves 2.0 roadmap.
– Do the Vostok investors from whom you raised $120 million have a share in Waves Enterprise?
WEST tokens are utility tokens. They do not give investors the right to a share in Waves, Vostok, or Waves Enterprise. When Waves 2.0 has been fully launched, Waves Enterprise network will be connected to the Waves Platform public chains and they will interact with each other.