Blockchain Technology’s Next Big Superstar
09/08/2017 11:55 am ET Updated 18 hours ago
ICOs (Initial Coin Offerings) are on the rise, as more startups turn towards blockchain-based platforms to raise funds. Just during the first half of 2017, startups raised a record of $1.27 billion through ICOs.
The rise of ICOs has also resulted in the growing popularity of Bitshares and Ethereum, two of the most well known cryptocurrency platforms. ICOs use these cryptocurrency protocols to create digital currencies on top of these platforms.
However, several issues are starting to arise with ICOs related to fraud and “illegal fundraising”. China, for example, just banned ICOs as forms of new digital currencies in order to prevent fundraising scams.
The illegitimate nature behind ICOs are a result of two things. First off, when doing an ICO, a company should develop its own tokens, which requires an in-depth understanding of blockchain principles and technology. Secondly, companies involved with an ICO are also operating in the real world and will have little use for the crypocurrency they raise. This means that ICO tokens should also be exchangeable for fiat currency, in order to pay for salaries, services, legal fees, etc.
A Cryptocurrency Platform For “The Real World”
Clearly, there is still much work to be done to further legitimize blockchain-based networks and ensure the growth of ICOs. And to make sure that the blockchain bubble won’t burst anytime soon, industry leaders are taking action to promote the growth of this revolutionary technology.
For example, Sasha Ivanov is an expert in cryptocurrencies and blockchain technology. Sasha graduated from the Faculty of Theoretical Physics at Moscow State University (MSU), undertaking further postgraduate study at Leipzig University in Germany. He took an early interest in electronic currencies and became involved in programming bots to trade on the international Forex markets, later working on trading operations and neural network trading systems for banks.
In order to further legitimize the ICO process, Sasha founded Waves in 2016, an open source cryptocurrency platform that allows individuals to issue and transfer custom blockchain tokens, and trade them on an integrated peer-to-peer exchange. After crowdfunding 30,000 bitcoins at a market value of $16 million, Waves has become the fifth largest crowdfunded blockchain project. Currently, the overall Waves token capitalization exceeds $400 million. Many startups have held multi-million dollar ICOs on the Waves Platform, including MobileGo, ZrCoin, and Encryptotel.
What makes Waves so successful is its unique features that differentiates it from other cryptocurrency platforms. Waves emphasizes custom token creation, transfer and decentralized trading, with deep fiat integration and a focus on community-backed projects. Waves is designed to make it extremely easy for anyone – not just startups and companies - to crowdfund a project using a blockchain token or to launch their own blockchain initiative.
Waves is particularly focused on ensuring that the benefits of blockchain technology is accessible to mainstream businesses as well as individuals. All transactions are verified by the network, which uses a proof-of-stake consensus, unlike bitcoin’s energy-intensive proof-of-work.
Waves is a cryptocurrency platform focused on building a bridge between the crypto world and the real world that we live in. I hope Waves can integrate blockchain technology into our everyday lives to help individuals and businesses become more transparent,” Sasha said.
Credits:. Huffpost.com