Making WAVES part 2
Monday 28 March 2016
WAVES is an exciting new 2.0 platform, to be launched in the summer by Sasha Ivanov (Coinomat).
In the last article I talked to Sasha about some of the ideals behind his new WAVES platform, which will be launching its ICO later in April. In this part, we discuss some of the technical and financial details of the platform, and the reasons behind them.
Q: What are the key features from a technical perspective, and why did you make those choices?
A: We chose a two-tier architecture, with the main user client being a lightweight browser plug-in, storing no blockchain and connecting to full nodes for most network interaction. We do not think that this brings excessive centralization; the most important fact is that any user can set up and run a full node, so the platform is open and non-permissioned.
We chose Proof-of-Stake as a consensus protocol. It’s my personal belief that in the long run the proof-of-work model won't survive and will be replaced by a more cost-effective approach. PoS is an algorithm that has proven to be sufficiently stable, and much more elegant that PoW.
We chose the Scorex platform as a basis for our backend. It is a lightweight cryptocurrency platform, written from scratch, with a very clean code and strict modular approach. We will be able to add all necessary features much faster this way.
WAVES won't seek to create a new form of money: it will aim to change the way existing money is handled and business conducted
Q: Overall, what specific problems are you seeking to solve - both technically and practically?
A: Technically we want to do for colored coins what Ethereum did for bitcoin scripting: develop it to its full potential. Also a light clients / full node approach seems to be important for general blockchain technology adoption, since it can provide familiar interfaces and simple installation procedures for the end user, at the same time as maintaining full network decentralization.
Another thing which we will be working on is the first reputation system on the blockchain. It should be a great breakthrough for blockchain technologies, providing some sort of decentralized AML/KYC, and making WAVES crowdfunding functionality safe and resistant to abuse and fraud.
Q: It seems to be a good climate for launching ICOs right now. LISK recently raised over 14,000 BTC from almost 4,000 participants. What do you think has changed in the last few months?
A: Of course Ethereum’s success trickles down to the whole of crypto ecosystem. New players are coming to crypto, big business is starting to see huge potential behind it. And this is just the beginning. We should all thank Ethereum for what they are doing, we really appreciate that, and we want to add to their approach, not to compete with it.
Q: You have a lot of assets and services on the Nxt blockchain right now. Will you be moving these across to WAVES, and if so, how?
A: YES! WAVES is going to be the ultimate asset platform, and we'll move all our assets there. To that end a simple burn protocol will be used, which enables transfers between Nxt and WAVES blockchains. Also in our plans is the creation of common asset standard for all blockchains, and bi-directional asset transfer with BitcoinDark blockchain.
Q: You’ve got a pretty tight release schedule, which means that the WAVES platform will be up and running by the end of the summer. Where do you see things by this point in 2017?
A: We want to have dozens of successful campaigns taking place on the WAVES platform, established payment providers working on the WAVES blockchain, and the reputation system effectively preventing abuse and fraud. And a market cap of around $100 million :)
Q: How can I keep up-to-date and invest in the ICO?
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