Waves recently announced that it will work with institutions around the world to develop Vostok’s private blockchain. The objective of this will be to provide distributed accounting solutions to the business and government sector.
A total of USD120 million was received by the WAVES team from private and institutional investors for the development of the Vostok project. Sasha Ivanov, founder of Waves, is also behind this initiative.
Vostok’s design will integrate the Waves-NG protocol, which will allow transactions to be processed much faster than in other block chains. When interviewed recently, Ivanov said that Vostok will compete with the Hyperledger project, which was created by Linux in 2015. Vostok developers also expect the project to enter the WEB 3.0 wave and combine distributed accounting technology with Internet of Things and Artificial Intelligence.
The first projects in Vostok are planned to materialize by 2019 within which are included their partners from Asia and Europe With a significant contribution in the round of funding by the financial services group of London, called Dolfin.
The founder of Waves states that, “the cryptomoney fever has passed” so he will focus his efforts on business solutions, since “the use of a decentralized network to store data and reduce costs is still in force,” he said in the interview. This contrasts with Waves’ initiative to distribute 3% of the supply of tokens belonging to the Vostok blockchain among WAVES holders. The team assured that the legal viability of this airdrop will be evaluated before executing it.
Blockchain to Develop Enterprise Solutions
WAVES has obtained an increase of more than 50% earlier this month, after the launch of a mobile application, the value of WAVES has increased by 23.30% according to CoinMarketCap.
In a Waves blog post last week, the team indicated that data collected by BetterTokens will be written on the Waves blockchain. BetterTokens or Tokenisation Standards Association (TSA), being this an association working on a regulation that would standardize the creation of tokens in the cryptoactive industry. It was announced in August of this year. To carry it out, Waves then partnered with Deloitte and two Swiss-based law firms.