A new decentralized digital token and asset platform, Waves raises R30,000,000 in just 24 hours after launching their IPO. They raised over 5000 Bitcoins (Currently a total of 5314 BTC raised you can see the status of the ICO (Initial Coin Offering) at https://ico.wavesplatform.com/)
The platform promises a completely free decentralized blockchain similar NXT’s technology which anyone can use to issue their own cryptocurrency tokens. They will have a decentralized rating system for investors to rate assets launched on the platform.
They recently just launched their testnet and aim to have their platform fully launched by this winter.
Unlike similar asset platforms like Counterparty(who are a layer on top of the Bitcoin blockchain), they will used their very own decentralized blockchain designed specifically for this use. They promise quick transaction times and one of their main priority’s is ease of use for the end user, which is a much needed feature in the current Cryptocurrency climate.
Along with cryptocurrency tokens waves promises 100% backed FIAT tokens. (using the Ripple network and Bitshares to achieve this)
In an exclusive interview with the WAVES press team we bring you the latest updates:
1. Congratulations on your successful ICO crowdsale, how did you find the process of crowdsale using cryptocurrency? How will Waves make it easier for start-ups to do their very own ICO’s/IPO’s in the future?
A: Thank you. ICO with cryptocurrencies isn’t something new or unusual for our team. Waves’ CEO Sasha Ivanov is known for his work with cryptoasset.fund. It’s a venture fund for cryptocurrency-related projects. So, in fact we just used a tool convenient and well-known to our team. Waves would enable projects to raise funds in a decentralized way, and, most importantlt, on global scale. We have no intention to charge additional fees for crowdfunding, which is also a bonus. The key advantage here, however, is that crowdfunding becomes more comprehensible and profitable for backers and investors, as Waves solutions would give them not only direct monetary profits from supporting a project, but also would enable them to enter or withdraw at any time. This significantly expands supporting audience for a startup. Risks and profits become obvious. It’s very important for both crowdfunding and traditional investment.
2. Explain like I’m 5, without reading the whitepaper what are the technological differences and what separates Waves from similar POS Crypto-token asset platforms like NXT?
A: Generally speaking, PoS used in Waves mostly resembles that of NXT. However, we introduced an amendment, and thus implemented so-called Leasing PoS (LPoS) to reduce transaction time and enhance the network’s throughput capacity. Operations at the platform will be much faster, which is very important for user tokens. Our Leasing PoS offering in fact implies that, in order to increase chances of block generation and receiving fees for transactions, lightweight nodes transfer their balance values to their trusted full nodes. Notably, it doesn’t imply direct transfer of funds to the nodes. It’s more like delegating a stake without actual transfer of funds.
3. Will anyone be able to issue their own token on your platform? Is there a screening process or will it be completely open?
A: Yes, anyone may issue a token on Waves. It will be a completely transparent and free process. We’re making a decentralized platform, and it’s users who decide how to use its capabilities, whether to issue tokens or not, and whether to support a project or not.
4. You say that you will be issuing FIAT backed crypto-tokens disimilar to Ripple in the aspect that it will not be pegged but rather backed by actual FIAT currency, how are you able to manage this? Will their be full reserves of FIAT for every FIAT token issued?
A: Actually it’s BACKED in Ripple and PEGGED in Bitshares 🙂 Our approach is full backing, we don’t believe in pegged tokens. So, fiat asset is issued by the backer when a new payment in fiat is made by the user. Corresponding amount in fiat asset is issued, and transferred to the user. In this setup there can be no fractional reserve, and it guarantees full transperency.
5. How will the IPO work? Are there early bird discounts? How else can one be rewarded for being an early investor/adopter?
A: Yes, for sure. You can read about that in our blog: https://blog.wavesplatform.
6. Where can we follow the status of the development of the platform and what is the expected date of launch to the public?
A: You can watch it in our blog, and Bitcointalk tread. Few days ago we launched testnet) So, thinghs going fast)
7. Lastly, if someone wants to get involved or support this project, what are some ways we can go about it?
A: You can write us and tell about your backgound if you a developer. If you don’t have any dev background, you can take a part in testing testnet release and write us your feedback. We would be grateful for any kind of support. For example as an journalist you may write a stories about waves, articles, promote Waves in your country. There are many options how you can support us.