Popular blockchain platform Waves has been making ripples in the blockchain space lately thanks to a skyrocketing 40 percent in the past week.
The market hype driving the price comes from a string of recent, positive announcements, beginning with the launch of its new mobile application.
By marketing itself as a blockchain for the people, Waves is looking to reach a wide customer base. It aims to create a highly customizable and accessible product without compromising security or privacy.
The accessible mobile phone app allows access to wallet functions, the platform’s decentralized exchange, and token creation tools from any compatible iOS or Android devices. With such an approach, Waves appears to be sticking to its goal of making a more user-friendly platform.
More recently, on Dec. 18, a Waves blog post announced a cooperation agreement with Tokenization Standards Association (TSA).
Looking to create standards for the crypto industry, the TSA will be operating under the name BetterTokens. BetterTokens is operating out of Zug, Switzerland, the canton known informally as Crypto Valley located in and around the Swiss canton of the same name. It is a known hot spot for crypto companies and talent.
Any token developers on the Waves platform can apply for Qualified Token Issuer status under the new agreement and obtain perks and verification for following BetterTokens standards.
This is an attempt to keep the platform free of scams and lack of regulation to better protect investors and keep projects honest and productive.
On Dec. 19, Waves released another blog post announcing a round of private funding that has raised $120 million for the implementation and development of the Vostok platform and private blockchain.
The Vostok blockchain is reported to be designed to aid the development and implementation of commercial and government IT systems. Waves is intending to develop new technologies such as artificial intelligence, Internet of Things (IoT), and blockchain using the new platform. This goal is a part of the systems integrator aspect of Vostok, which is an attempt to facilitate both open and private blockchain integration into large enterprises.
The private blockchain that Waves is intending to host is meant to provide faster transaction speed and security. Two months ago, the Waves Platform was able to process more than 6.1 million simultaneous transactions in a scheduled stress-test with no delays or disruptions in the network. No decentralized platform has been able to solve the scalability issue yet, thus the idea behind centralization.
The implications of the private blockchain can also be worrisome to some extent. When platforms are not decentralized, it gives admins access to altering token properties and supply. The new BetterTokens standards may indeed have the reverse effect of accessibility by creating exclusivity.
If projects do not comply with certain restrictions, they might see their tokens altered or taken down. There is no guarantee that this is the approach or intent of Waves, but investors must be wary of all possibilities. Regardless, the blog post offers comfort, saying Waves intendeds to “support a truly open and decentralized web,” even if its own blockchain is not decentralized.
Waves says it still intends to be the first Web3 company with the announcement of the Vostok project. A decentralized web with peer-to-peer transactions is the ultimate goal for many crypto enthusiasts. With crypto already offering P2P financial transactions, it’s only a matter of time before the rest of technology catches up.