Starting a wave: what will happen to the Waves after Vostok selling
Waves is one of the oldest blockchain startups from Russia. The project develops Web 3.0 technology, maintains its own DEX-exchange and stores data from more than 700 companies. However, recently the corporate branch of business has been sold, and it is unclear what the company will do next.
Waves can be divided into two directions. The first one is a public
blockchain where the platform itself works. The second one is aimed mostly to work with large corporations. That’s where Waves created a separate project with a closed Vostok blockchain.
One of the Waves founders and CEOs, Alexander Ivanov, announced in mid-July the sale of his share in Vostok to Mark Garber from the financial group GHP Group.
Details of the deal are not disclosed, as well as details of future plans by both Ivanov and Garber. Ivanov himself claims that he intends to concentrate his attention on the development of the blockchain platform Waves, which, under his leadership, has become one of the most successful Russian
Garber also promises that the Waves development team will continue to work on the project, and will implement the blockchain in the GHP Group.
“Distributed registry technologies are an incredibly promising market. Vostok is one of the leaders on the Russian market, with huge potential on a global scale. Progress made by Vostok project will help GHP Group projects to achieve a new level of technological development. The group will continue to build the project, retaining the current team of managers and developers, whose competence is confirmed by participation in the development of a distributed registry technology roadmap,” says Mark Garber.
Indeed, Waves and Vostok have more that enough to brag about. The projects managed to attract hundreds of millions of dollars for development, agree on cooperation with such giants as Rostech, and even create their own decentralised crypto
exchange. And all that in the tough conditions of the Russian market, which is currently being far from its best times. East, waves and hundreds of millions of dollars
The project Waves was launched in 2016. Then the company held an
ICO, and managed to raise over $16 million. Right after that, the startup began developing its own platform for ICO. At the same time, the Waves began to work on other projects.
In particular, Waves has created its own cryptocurrency exchange. Moreover, the marketplace was built on the best principles of the blockchain - decentralisation.
Also, the project worked on the development and implementation of blockchain solutions for business and government projects. And on the two-year anniversary of Waves, Ivanov announced the launch of Vostok, a company which goal is to create a blockchain platform for "implementing large business projects and state institutions."
Vostok had a completely different business model. Waves - open blockchain, and Vostok - on the contrary, private, i.e., closed.
Moreover, Vostok found partners before the launch of the new platform. For example, the project had an agreement with "Dom.RF". Allegedly, the new blockchain platform should help the organisation to "automate processes in the housing sector."
Vostok also managed to negotiate with the state-owned company Rostech, a Russian conglomerate that has a stake in more than 700 companies, including Avtovaz, KamAZ and Kalashnikov.
Vostok is committed to developing a blockchain platform for storing and processing data for Rostech. This project even allocated $ 2 million.
And those are not the largest investments in Vostok. In December 2018, Ivanov said that the platform was able to attract more than $ 120 million during a private offer. Then the project did not disclose the names of its investors, saying only that a group of 15 contributors participated in the round of investment. Among others, there supposedly were representatives of Europe, China, Singapore and Russia.
At the same time, Ivanov promised that by the full launch of the blockchain Vostok, which was scheduled for 2019, the project would raise additional $600 million. It is not yet known whether the startup managed to implement those plans.
The project did not stop there and continues to attract new partners. In February 2019, Vostok announced that it had signed a cooperation agreement with the National Center for Informatization of the Russian Federation. The startup undertook to transfer those organisations to the blockchain.
Vostok managed to conclude similar agreements with Sberbank, Transmashholding, VEB.RF and the Kazakh company Transtelecom.
As early as in June, Vostok, a private blockchain, started working at full capacity. Together with the launch, the project released 1 billion Vostok internal
tokens. The blockchain itself works on the Proof-of-Stake algorithm.
After that, Ivanov announced the withdrawal from the capital of the division in favour of Garber.
Vostok really has been actively developing lately. The Waves, however, did not stand still. The project even managed to rebrand and completely change the concept, managing to scare its users.
In early March 2019, the Waves website stopped working. Instead of all the information, there was only one message on it: “We are starting to change everything”. A week later, Ivanov announced that Waves would now work on implementing blockchain solutions for Web 3.0.
For that reason the project even decided to create a new smart contracts programming language - Ride. Waves also said it will develop a voting platform and a tokenised social network.
Ivanov even stated that the company plans to become something like Google and Facebook for the Internet of the future. Ivanov promised to concentrate on these areas after selling his share in Vostok.
As for the Ride language, the project introduced it into the main chain of blocks at the end of June. And according to the developers, it is much simpler and more efficient than its competitors in
Ethereum, TRON and EOS.
A month later, Waves announced the launch of another product - Waves Enterprise. According to the project, this is a universal blockchain solution designed specifically for big business.
Why Ivanov decided to sell his share in such a promising enterprise - one can only guess. It is possible that he really decided to concentrate on Waves and its new goal - the development of Web 3.0.
One can only hope that the new owner will continue to develop Vostok and keep on introducing blockchain while he still has carte blanche for that.
Author: Alexey Ryabukha