- The funding round was led by Dolfin and other private investors also participated
- Waves say the funds will be used in developing a highly secure and superfast private blockchain specifically for large corporations and state entities
- The price of WAVES altcoin has surged significantly in the past 24 hours
Waves (WAVES), a decentralized distributed ledger technology (DLT) platform that claims to make it easy for startups to develop, trade, store and manage their digital assets securely, has reportedly secured $120 million in its first funding round, to enable it launch own private blockchain that would serve large firms just like the Linux Hyperledger, reported Bloomberg on December 19, 2018.
Waves Developing a Private Blockchain
In a bid to develop a fast, secure and highly scalable version of its Vostok system, the Waves Platform has successfully raised a whopping $120 million from private investors in its first investment round.
With its new war chest, the Waves team has said it would now go-ahead with the development of its private blockchain that would be based on its Vostok system.
For the uninitiated, Vostok is a private DLT platform based on the proof-of-stake (PoS) consensus algorithm.
Waves claim that Vostok leverages the latest breakthroughs in blockchain tech to offer users increased stability, speed, and capacity.
Vostok for Large Firms and Governments
While the existing Waves DLT platform is home to a vast array of decentralized applications and ICO projects, the primary objective of Vostok is to “connect public administration services, banks, registries, and payment providers to form the foundation of the digital infrastructure for the certifying, registering and tracking of data.”
Founded in 2016 by Sasha Ivanov, a Moscow-based theoretical physicist via a crowdfunding process that reportedly raised 30,000 BTC ($18 million at the time), the Waves platform has grown to become a heavyweight in the blockchain technology ecosystem, with about 300,000 active users in 25 countries.
Commenting on the latest development, Ivanov noted that:
“The cryptocurrency craze is over now, while the idea of using a decentralized network to store data and cut costs is still relevant,” amidst that backdrop, he added that it makes sense to create a robust private blockchain to overcome the scalability and security challenges of public DLT systems and make blockchain technology more accessible for large firms and governments.
At press time, the price of WAVES token sits at $3.97, with a market cap of $397 million as seen on Nomics.