We talked with the founder of Waves Platform, Alexander Ivanov, about what the difference between the cryptocurrency markets in Korea and Russia is, the NG technology, and why it is nice to get awards.
You have recently won an RBC-2017 award in the category “Startupper.” For you personally, is Waves still a startup?
Not anymore, but most recently it was. So, everything is OK. I am pleased to receive the award along with Dud (a famous Russian interviewer. — DeCenter).
Why with Dud?
He is a famous person, it was nice.
What do you think about the crypto valley in Russia? Zug, Singapore, Palo Alto, but in Russia?
I think it is possible. Such projects are being considered maybe in Innopolise or in this beautiful island (Digital October, Zamoskvorechiye District. — DeCenter).
So, do you believe that we have a favorable environment for startups?
There are many talented developers and experts in Russia; thus, our country has all the potential to become a leader in the field of blockchain technology. We also see the willingness of the authorities to develop regulations in this area. We hope that the new laws will encourage interesting teams and projects not to go abroad but stay in Russia.
Waves Platform actively enters into partnership agreements. Is it a part of the promotion strategy?
Yes, blockchain should be spread within the society. We are targeting real business, real life. So, we want to show that this technology can be used in business, public administration, and social order. We want to show that it is possible to make blockchain-based voting systems, and we will have such projects this year.
With whom did you have the most fruitful cooperation?
It is still ahead; the announcements are coming soon.
Why, in your opinion, did the question of regulation get hung up?
Such things are difficult for Russia. The question is not about cryptocurrencies but how everything works in the country. I think that this year everything will be decided, and we will have a regulatory framework.
When you are saying that it is difficult in Russia, what do you mean?
The Russian regulation is working quite challenging, while there are no such problems with regulation in the rest of the world, there are no problems in the West or in Asia.
You have just arrived from Korea; do you feel the difference between the audiences?
In Korea, all processes are systematized; there are questions from regulators to exchanges, to the market, and vice versa. But everything works; people sit in ordinary offices, and it looks like real business. In Russia, everything is unclear, and some uncertainty exists. Despite being technologically advanced, Russia falls behind in institutional terms.
A few months ago you changed your image, and Waves Platform has a new website now. How important is it for business?
Now blockchain is evolving from the thing for freaks and geeks to the thing for real large business. Therefore, it is vital for us to show that these things are not different from ordinary business processes.
Why was the NG technology introduced? What is the value for users?
One of the main problems that Protocol NG solves is scalability. Ethereum's CryptoKitties example has proved recently that even a little game could put a considerable strain on blockchain and slow down the network. NG just solves this problem. It is one of the most advanced onchain solutions in the market, which makes blockchain technology ready for mass adoption. Now Waves Platform can handle approximately 6,000 transactions per second, and it's more than any other decentralized blockchain system.
Were there any features you had to keep in mind, which Bitcoin-NG lacked?
One of the main features was that Bitcoin-NG had been developed for Proof-of-Work, and our platform worked on Proof-of-Stake consensus algorithm.
Why are you developing Waves? What are your main drivers?
Blockchain is one of the fastest developing industries in the world. By importance, it can be compared only to the emergence of the Internet. So, now we stand at the cradle of the revolution in society to be held due to blockchain soon.
Why is Waves Platform cool?
We aim to introduce blockchain technologies to the masses; that is why we try to make our products and services as simple, fast, and cheap in use as possible. Token issuance mechanism, decentralized exchange, and wallet represent a transparent and convenient ecosystem. Besides, we believe that products on blockchain should be safe and reliable for investors. For this reason, other players and we cooperate with authorities in various countries to develop the most favorable regulation that will protect the interests of investors. Self-regulation is improving as well. Recently, in cooperation with Deloitte and Ethereum, we announced the launch of the self-regulatory organization in Switzerland. SRO will develop standards in the fields of accounting, taxation, business checks for ICO, etc.