WAVES Token Platform ICO Raises 5,000 Bitcoins in First Week

Rage Review : Blockchain token platform WAVES has won its first battle, raising 5,000 bitcoins (US$2 million) in less than a week after the first token pre-sale. It is simpler than Ethereum's programmable blockchain expansion method, requiring only a simple plug-in. In addition, the platform uses its own blockchain, so there is no delay caused by the size problem of the Bitcoin blockchain. Its advantages also include compatibility with legal currency and traditional financial systems, and its own complete and independent market. These advantages help it break the barriers between traditional banking and decentralized finance.

Translation: Annie_Xu

Blockchain token platform WAVES raised 5,000 bitcoins ($2 million) in less than a week after launching its initial coin offering (ICO). Once launched, WAVES will allow anyone to issue custom tokens on the blockchain platform, rather than using the Bitcoin blockchain as a party to the contract.

The ICO has attracted a large number of potential users. At the end of the event, 85 million WAVES from the total ICO funding will be distributed among the crowdfunding participants according to their individual contributions. Previously, the crowdfunding was conducted through Ethereum smart contracts.

Although Counterparty Services also offers custom tokens, the size of the Bitcoin-based blockchain causes delays in the process. WAVES uses its own blockchain and can issue crowdfunding, with the goal of being compatible with legal currencies and integrating Internet finance.

Therefore, the WAVES wallet can store fiat currencies such as USD, EUR, and CNY in the form of tokens without having to download the blockchain.

Unlike Ethereum, which supports blockchain programming, WAVES simplifies the process by directly using plug-ins to expand blockchain functionality for the convenience of developers and users.

Support for legal tokens

Sasha Ivanov, Founder and CEO of WAVES, said:

“We will support legal tokens, tied to the world’s major currencies. Then, supported by existing financial institutions, market making in the relevant capital markets will be done in accordance with KYC and AML (Know Your Customer and Anti-Money Laundering Act). The architecture is similar to Ripple’s gateway, which is not an affiliated market, but a complete market supported by a third-party group.”

Traditional blockchain tokens are not backed by legal tender, and WAVES can break the barriers of the traditional legal tender system and decentralized banking with this new type of digital token.

Sasha Ivanov wrote in a lengthy blog post:

“One of our goals is to build a protocol for transferring tokens/assets between blockchains; imagine you have tokens on the NXT and ETH platforms and you want to transfer them to the BTC colored coins or WAVES blockchain.”

Currently, WAVES is developing a streamlined client that does not require downloading the blockchain and can be used after the ICO ends; however, before the main platform is officially released, only the test network supports WAVES token transactions.