We have talked with the Waves Platform founder, Alexander Ivanov, about the difference between the cryptocurrency market in Korea and Russia, the new NG technology, and why it is nice to receive bonuses.
You recently received the RBC-2017 Prize in the “Startup” category. For you personally, is Waves still a startup?
No longer, but recently it was, so everything is ok. It’s nice to get a prize together with Dud.
Why is it nice with Dud?
He is a famous person, it was nice.
What do you think about crypto-valley in Russia? Like Zug, Singapore, Palo Alto, but in Russia?
I think that it is an option. Such projects are being considered, perhaps, in Innopolis, and maybe even on this wonderful island (Digital October, Zamoskvorechye .- DeCenter).
So we have a favorable environment for start-ups?
Russia has a lot of talented developers and specialists, so our country has all the opportunities to become a leader in the field of blockchain technologies. We also see the authorities’ desire to develop regulation in this area. We hope that the new laws will help ensure that interesting teams and projects do not go abroad, but remain in Russia.
Waves actively enters into partnership agreements – is it part of the promotion strategy?
Yes, we must popularize blockchain among the masses. And our vector lies towards real business, real life, so we want to show that this technology can be used in business, in management, an in social structure. We want to show that we can make voting systems – we will have such projects this year.
With who do you have the most effective cooperation
It hasn’t happened yet, but announcements will be made soon.
Why, in your opinion, is the regulation issue still not solved?
In Russia, such things are hardly carried out, it’s not the issue of cryptocurrencies, but of how everything works in the country. I think that this year everything will be decided, and we will have a regulatory framework.
When you say that it is hard in Russia, what do you mean?
Everything in Russia is complicated. There are no such problems with regulation in the rest of the world. In the West, there are no big problems, and in Asia too.
You have just come from Korea – do you feel the difference between the public?
In Korea, everything is systematized, there certainly are questions from regulators to exchanges, to the market and vice versa. But everything works, people are sitting in normal offices, everything operates as any other business. And in our case everything is uncertain. Despite technical progressivity, Russia is also lagging behind in organizational terms.
A few months ago you changed the image, also Waves now has a new site. How important is this for business?
Now there is a process of turning blockchain from freaks and geeks thing into a topic for a big, real business, the real world so to speak. Therefore, it is important for us to show that these are things that are no different from ordinary business processes.
Why did you introduce the NG technology? Why is it important to users?
One of the main problems that the NG protocol solves is scalability. As we saw recently on the example of Ethereum and CryptoKitties, even a small game can have a significant load on the blockchain system and slow down the network. NG just allows to solve this problem. This is one of the most advanced onchain-solutions on the market, which makes blockchain technologies ready for mass implementation. Now Waves can handle about 6,000 transactions per second, which is more than any other decentralized blockchain system.
Were there any features, not present in Bitcoin-NG, that had to be taken into account?
One of the main features was that Bitcoin-NG was still developed under Proof-of-Work algorithm, and our platform runs on Proof-of-Stake.
Why are you developing Waves? What are your main drivers?
Blockchain is one of the most developing industries in the world. In terms of importance, its invention can be compared only with the emergence of the Internet, and now we are at the root of the revolution that the society will experience in the near future.
Why is Waves cool?
In Waves, we are focused on the mass implementation of blockchain technologies, so we try to make our services and products simple, fast, and cheap to use. The mechanism for issuing a token, a decentralized exchange, and a wallet are combined into one understandable and convenient ecosystem. In addition, we believe that the blockchain-based products should be safe and reliable for investors. For this reason, together with other players, we cooperate with the authorities of different countries in order to work out the most favorable regulation that protected the interests of investors. Self-regulation is also developing. Recently, with Deloitte and Ethereum, we announced the launch of a self-regulatory organization in Switzerland. SRO will develop standards in reporting, taxes, business verification for the ICO, etc.